0(0%) Volume: 48,701,006 3:15AM EST| Market Cap : 1.28 T | Enterprise Value : 1.28 T | P/E (TTM) : 23.12 | P/B : 14.33 |
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Return-on-Tangible-Equity is calculated as Net Income attributable to Common Stockholders divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Apple's annualized net income attributable to common stockholders for the quarter that ended in Dec. 2019 was $88,944 Mil. Apple's average shareholder tangible equity for the quarter that ended in Dec. 2019 was $90,010 Mil. Therefore, Apple's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2019 was 98.82%.
During the past 13 years, Apple's highest Return-on-Tangible-Equity was 57.50%. The lowest was 32.12%. And the median was 41.67%.
* 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-Equity |
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70.97 | 41.34 | 39.72 | 58.57 | 98.82 |
* The bar in red indicates where Apple's Return-on-Tangible-Equity falls into.
Apple's annualized Return-on-Tangible-Equity for the fiscal year that ended in Sep. 2019 is calculated as
| Return-on-Tangible-Equity | = | Net Income attributable to Common Stockholders | / | ( (Total Tangible Equity | + | Total Tangible Equity) | / count ) |
| (A: Sep. 2019 ) | (A: Sep. 2018 ) | (A: Sep. 2019 ) | |||||
| = | Net Income attributable to Common Stockholders | / | ( (Total Stockholders Equity - Intangible Assets | + | Total Stockholders Equity - Intangible Assets ) | / count ) | |
| (A: Sep. 2019 ) | (A: Sep. 2018 ) | (A: Sep. 2019 ) | |||||
| = | 55256 | / | ( (107147 | + | 90488 ) | / 2 ) | |
| = | 55256 | / | 98817.5 | ||||
| = | 55.92 % |
Apple's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2019 is calculated as
| Return-on-Tangible-Equity | = | Net Income attributable to Common Stockholders | / | ( (Total Tangible Equity | + | Total Tangible Equity) | / count ) |
| (Q: Dec. 2019 ) | (Q: Sep. 2019 ) | (Q: Dec. 2019 ) | |||||
| = | Net Income attributable to Common Stockholders | / | ( (Total Stockholders Equity - Intangible Assets | + | Total Stockholders Equity - Intangible Assets) | / count ) | |
| (Q: Dec. 2019 ) | (Q: Sep. 2019 ) | (Q: Dec. 2019 ) | |||||
| = | 88944 | / | ( (90488 | + | 89531) | / 2 ) | |
| = | 88944 | / | 90009.5 | ||||
| = | 98.82 % |
* 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-Equity, the net income attributable to common stockholders of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data, the net income attributable to common stockholders data used here is four times the quarterly (Dec. 2019) net income attributable to common stockholders data. Return-on-Tangible-Equity is displayed in the 10-year financial page.
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Net income attributable to common stockholders is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
From GuruFocus
By PRNewswire about AAPL 2020-02-26 11:03:07
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