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As of today, Apple Inc's current share price is $132.54. Apple Inc's E10 for the quarter that ended in Mar. 2015 was $5.25. Apple Inc's Shiller P/E Ratio for today is 25.25.
During the past 13 years, Apple Inc's highest Shiller P/E Ratio was 135.86. The lowest was 17.06. And the median was 41.23.
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.
Apple Inc's adjusted earnings per share data for the three months ended in Mar. 2015 was $2.340. Since most companies do not have as long as 10 years history, here we use 6 years to calculate. Add all the adjusted EPS for the past 6 years together and divide 6 will get our E10, which is $5.25 for the trailing six years ended in Mar. 2015.
For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.
The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.
Apple Inc's Shiller P/E Ratio for today is calculated as
|Shiller P/E Ratio||=||Share Price||/||E10|
Apple Inc's E10 for the fiscal year that ended in Sep14 is calculated as:
For example, Apple Inc's adjusted earnings per share data for the three months ended in Mar. 2015 was:
|Adj_EPS||=||Earnigns per Share||/||CPI of Mar. 2015||*||CPI of Current|
Since most companies do not have as long as 10 years history, GuruFocus uses 6 years to do the calculation.
Current CPI = 237.167.
Apple Inc Quarterly Data
|per share eps||1.973||1.441||1.070||1.180||2.070||1.660||1.280||1.418||3.060||2.330|
|per share eps||0.501||0.663||0.919||0.914||1.113||1.007||1.981||1.757||1.331||1.239|
|per share eps||0.287||0.396||0.524||0.476|
Add all the adjusted EPS together and divide 6 will get our E10.
Compared with the regular P/E ratio, which works poorly for cyclical businesses, the Shiller P/E smoothed out the fluctuations of profit margins during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Shiller P/E should give similar results to regular P/E.
Compared with the P/S ratio, the Shiller P/E makes the comparison between different industries more meaningful.
The Shiller P/E assumes that over the long term, businesses and profitability revert to their means. If a companys business model does not work in the future compared with the past, the Shiller P/E and P/S ratio will give false valuations.
Apple Inc Annual Data
Apple Inc Quarterly Data