13.38(5.26%) Volume: 43,773,350 4:00PM EDT| Market Cap : 1.05 T | Enterprise Value : 1.06 T | P/E (TTM) : 19.03 | P/B : 11.78 |
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Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Apple's annualized Net Income for the quarter that ended in Dec. 2019 was $88,944 Mil. Apple's average total tangible assets for the quarter that ended in Dec. 2019 was $339,567 Mil. Therefore, Apple's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2019 was 26.19%.
During the past 13 years, Apple's highest Return-on-Tangible-Asset was 29.53%. The lowest was 14.05%. And the median was 19.27%.
* 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 | |
| Return-on-Tangible-Asset |
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21.60 | 12.92 | 12.10 | 16.57 | 26.19 |
* The bar in red indicates where Apple's Return-on-Tangible-Asset falls into.
Apple's annualized Return-on-Tangible-Asset for the fiscal year that ended in Sep. 2019 is calculated as:
| Return-on-Tangible-Asset | = | Net Income | / | ( (Total Tangible Assets | + | Total Tangible Assets) | / count ) |
| (A: Sep. 2019 ) | (A: Sep. 2018 ) | (A: Sep. 2019 ) | |||||
| = | Net Income | / | ( (Total Assets - Intangible Assets | + | Total Assets - Intangible Assets) | / count ) | |
| (A: Sep. 2019 ) | (A: Sep. 2018 ) | (A: Sep. 2019 ) | |||||
| = | 55256 | / | ( (365725 | + | 338516) | / 2 ) | |
| = | 55256 | / | 352120.5 | ||||
| = | 15.69 % |
Apple's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2019 is calculated as:
| Return-on-Tangible-Asset | = | Net Income | / | ( (Total Tangible Assets | + | Total Tangible Assets) | / count ) |
| (Q: Dec. 2019 ) | (Q: Sep. 2019 ) | (Q: Dec. 2019 ) | |||||
| = | Net Income | / | ( (Total Assets - Intangible Assets | + | Total Assets - Intangible Assets) | / count ) | |
| (Q: Dec. 2019 ) | (Q: Sep. 2019 ) | (Q: Dec. 2019 ) | |||||
| = | 88944 | / | ( (338516 | + | 340618) | / 2 ) | |
| = | 88944 | / | 339567 | ||||
| = | 26.19 % |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data, the Net Income data used here is four times the quarterly (Dec. 2019) net income data.
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companyÂ’s earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companyÂ’s tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
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