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Apple (NAS:AAPL) Cyclically Adjusted PB Ratio

: 31.82 (As of Today)
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As of today (2023-12-10), Apple's current share 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 for today is 31.82.

The historical rank and industry rank for Apple's Cyclically Adjusted PB Ratio or its related term are showing as below:

AAPL' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 7.54   Med: 11.69   Max: 31.82
Current: 31.82

During the past years, Apple's highest Cyclically Adjusted PB Ratio was 31.82. The lowest was 7.54. And the median was 11.69.

AAPL's Cyclically Adjusted PB Ratio is ranked worse than
99.51% of 1840 companies
in the Hardware industry
Industry Median: 1.60 vs AAPL: 31.82

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 adjusted book value per share data 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.

Shiller PE for Stocks: The True Measure of Stock Valuation


Apple Cyclically Adjusted PB Ratio Historical Data

The historical data trend for Apple's Cyclically Adjusted PB Ratio 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 PB Ratio
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 10.93 21.27 24.26 22.35 27.84

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 PB Ratio Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 22.35 21.24 26.80 31.50 27.84

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 PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

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

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

* 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.

Apple's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2023 is calculated as:

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.

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.


Apple  (NAS:AAPL) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Apple Cyclically Adjusted PB Ratio Related Terms

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


Apple (NAS:AAPL) Business Description

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