10.44(3.57%) Volume: 44,072,763 12:28PM EST| Market Cap : 1.23 T | Enterprise Value : 1.24 T | P/E (TTM) : 22.29 | P/B : 13.81 |
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Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Apple's shares outstanding for the quarter that ended in Dec. 2019 was 4,384 Mil.
Apple's quarterly shares outstanding declined from Sep. 2019 (4,443 Mil) to Dec. 2019 (4,384 Mil). It means Apple bought back shares from Sep. 2019 to Dec. 2019 .
Apple's annual shares outstanding declined from Sep. 2018 (4,755 Mil) to Sep. 2019 (4,443 Mil). It means Apple bought back shares from Sep. 2018 to Sep. 2019 .
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| Apple Quarterly Data | ||||||||||||||||||||
| Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | |
| Shares Outstanding (EOP) |
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4,729.80 | 4,607.28 | 4,531.40 | 4,443.24 | 4,384.03 |
* The bar in red indicates where Apple's Shares Outstanding (EOP) falls into.
Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.
Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.
Please note: GuruFocus named Shares Outstanding (EOP) is the shares for that end of period. It is usually used to calculate balance sheet related items, such as Book Value per Share, etc. While Shares Outstanding (Diluted Average) and Shares Outstanding (Basic Average) are the weighted average shares over a period of time (a year, a quarter, or so). They are usually used to calculate income statement or cashflow statement related items, such as Earnings per Share (Diluted), etc.
A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.
If a company buys back shares, we should also observe negative number for Net Issuance of Stock in its cash flow statement. If a company issues shares, we will observe positive number of Net Issuance of Stock.
Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.
Warren Buffett looks for consistency and upward long term trend. Because of share repurchase it is possible for net earnings trend to differ from EPS trend. He preferred net income over EPS. The companies with durable competitive advantage companies report higher % net earnings to total revenues.
Important: If a company is showing net earnings history greater than 20% on total revenues, it is probably benefiting from a long term competitive advantage.
If net earnings is less than 10%, likely to be in a highly competitive business.
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