Apple (NAS:AAPL) Cyclically Adjusted Book per Share

: $6.15 (As of Sep. 2023)

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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.

Apple's adjusted book value per share for the three months ended in Sep. 2023 was $3.997. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is $6.15 for the trailing ten years ended in Sep. 2023.

During the past 12 months, Apple's average Cyclically Adjusted Book Growth Rate was -0.50% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 4.20% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 6.10% per year. During the past 10 years, the average Cyclically Adjusted Book Growth Rate was 13.60% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Book Growth Rate using Cyclically Adjusted Book per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Book Growth Rate of Apple was 43.40% per year. The lowest was 1.80% per year. And the median was 11.70% per year.

As of today (2023-12-09), Apple's current stock price is $195.71. Apple's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2023 was $6.15. Apple's Cyclically Adjusted PB Ratio of today is 31.82.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Apple was 31.79. The lowest was 7.54. And the median was 11.69.

Apple Cyclically Adjusted Book per Share Historical Data

The historical data trend for Apple's Cyclically Adjusted Book per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Apple Annual Data

Trend

Sep14

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Cyclically Adjusted Book per Share

5.12

5.44

5.83

6.18

6.15

Apple Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Cyclically Adjusted Book per Share																6.18	6.12	6.15	6.16	6.15

Competitive Comparison

For the Consumer Electronics subindustry, Apple's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Apple Cyclically Adjusted PB Ratio Distribution

For the Hardware industry and Technology sector, Apple's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Apple's Cyclically Adjusted PB Ratio falls into.

Apple Cyclically Adjusted Book per Share Calculation

What is Cyclically Adjusted Book per Share? How do we calculate Cyclically Adjusted Book per Share?

Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Book per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the book value per share from 2001 through 2010.

We adjusted the 2001 book value per share data with the total inflation from 2001 through 2010 to the equivalent book value in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's book value is $1 a share in 2001, then the 2001's equivalent book value in 2010 is $1.4 a share. If Wal-Mart's book value is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 book value in 2010 is $1.35. So on and so forth, you get the equivalent book value per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Apple's adjusted Book Value per Share data for the three months ended in Sep. 2023 was:

Adj_Book	=	Book Value per Share	/	CPI of Sep. 2023 (Change)	*	Current CPI (Sep. 2023)
	=	3.997	/	129.8595	*	129.8595
	=	3.997

Current CPI (Sep. 2023) = 129.8595.

Apple Quarterly Data

	Book Value per Share	CPI	Adj_Book
201312	5.189	98.326	6.853
201403	4.981	99.695	6.488
201406	5.048	100.560	6.519
201409	4.754	100.428	6.147
201412	5.292	99.070	6.937
201503	5.597	99.621	7.296
201506	5.507	100.684	7.103
201509	5.349	100.392	6.919
201512	5.784	99.792	7.527
201603	5.953	100.470	7.694
201606	5.866	101.688	7.491
201609	6.008	101.861	7.659
201612	6.298	101.863	8.029
201703	6.439	102.862	8.129
201706	6.404	103.349	8.047
201709	6.537	104.136	8.152
201712	6.897	104.011	8.611
201803	6.417	105.290	7.914
201806	5.934	106.317	7.248
201809	5.633	106.507	6.868
201812	6.231	105.998	7.634
201903	5.744	107.251	6.955
201906	5.322	108.070	6.395
201909	5.091	108.329	6.103
201912	5.106	108.420	6.116
202003	4.534	108.902	5.407
202006	4.218	108.767	5.036
202009	3.849	109.815	4.552
202012	3.936	109.897	4.651
202103	4.146	111.754	4.818
202106	3.882	114.631	4.398
202109	3.841	115.734	4.310
202112	4.404	117.630	4.862
202203	4.158	121.301	4.451
202206	3.610	125.017	3.750
202209	3.178	125.227	3.296
202212	3.581	125.222	3.714
202303	3.953	127.348	4.031
202306	3.852	128.729	3.886
202309	3.997	129.860	3.997

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Apple (NAS:AAPL) Cyclically Adjusted Book per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Book per Share may underestimate the company's equity. Cyclically Adjusted PB Ratio can seem to be too high even the actual PB Ratio is low.

For the Cyclically Adjusted PB Ratio, the book value of the past 10 years are inflation-adjusted and averaged. The result is used for P/B calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PB Ratio is also called CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

Apple's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio	=	Share Price	/	Cyclically Adjusted Book per Share
	=	195.71	/	6.15
	=	31.82

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Apple was 31.79. The lowest was 7.54. And the median was 11.69.

Be Aware

Cyclically Adjusted PB Ratio works better for cyclical companies. It gives you a better idea on the company's real book value.

Apple Cyclically Adjusted Book per Share Related Terms

Thank you for viewing the detailed overview of Apple's Cyclically Adjusted Book per Share provided by GuruFocus.com. Please click on the following links to see related term pages.

Apple (NAS:AAPL) Business Description

Industry

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Traded in Other Exchanges

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Address

One Apple Park Way, Cupertino, CA, USA, 95014

Website

https://www.apple.com

Apple designs a wide variety of consumer electronic devices, including smartphones (iPhone), tablets (iPad), PCs (Mac), smartwatches (Apple Watch), and AirPods, among others. In addition, Apple offers its customers a variety of services such as Apple Music, iCloud, Apple Care, Apple TV+, Apple Arcade, Apple Fitness, Apple Card, and Apple Pay, among others. Apple's products include internally developed software and semiconductors, and the firm is well known for its integration of hardware, software, semiconductors, and services. Apple's products are distributed online as well as through company-owned stores and third-party retailers.

Executives

Alex Gorsky	director	JOHNSON & JOHNSON, ONE JOHNSON & JOHNSON PLAZA, NEW BRUNSWICK NJ 08933
Monica C Lozano	director
Deirdre O'brien	officer: Senior Vice President	ONE APPLE PARK WAY, CUPERTINO CA 95014
Robert A Iger	director	C/O WALT DISNEY CO, 500 S BUENA VISTA STREET, BURBANK CA 91521-1062
Andrea Jung	director	C/O APPLE INC, ONE APPLE PARK WAY, CUPERTINO CA 95014
Susan Wagner	director	C/O BLACKROCK, INC., 40 EAST 52ND STREET, NEW YORK NY 10022
James A Bell	director	C/O THE DOW CHEMICAL COMPANY, 2211 H.H. DOW WAY, MIDLAND MI 48674
Albert Jr Gore	director	C/O APPLE INC, 1 INFINITE LOOP, CUPERTINO CA 95014
Ronald D Sugar	director	10877 WILSHIRE BLVD., SUITE 1650, LOS ANGELES CA 900274
Katherine L. Adams	officer: SVP, General Counsel	APPLE INC., 1 INFINITE LOOP, CUPERTINO CA 95014
Luca Maestri	officer: Senior Vice President, CFO	1 INFINITE LOOP, CUPERTINO CA 95014
Angela J Ahrendts	officer: Senior Vice President	1 INFINITE LOOP, CUPERTINO CA 95014
Jeffrey E Williams	officer: COO	ONE INFINITE LOOP, CUPERTINO CA 95014
Philip W Schiller	officer: Senior Vice President	C/O APPLE INC, ONE INFINITE LOOP, CUPERTINO CA 95014
Eduardo H Cue	officer: Senior Vice President	1 INFINITE LOOP, CUPERTINO CA 95014