Apple (NAS:AAPL) Cyclically Adjusted Revenue per Share

: $17.64 (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 Revenue per Share and the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted Revenue per Share of a company over the past 10 years.

Apple's adjusted revenue per share for the three months ended in Sep. 2023 was $5.711. Add all the adjusted revenue per share for the past 10 years together and divide the count will get our Cyclically Adjusted Revenue per Share, which is $17.64 for the trailing ten years ended in Sep. 2023.

During the past 12 months, Apple's average Cyclically Adjusted Revenue Growth Rate was 14.00% per year. During the past 3 years, the average Cyclically Adjusted Revenue Growth Rate was 19.10% per year. During the past 5 years, the average Cyclically Adjusted Revenue Growth Rate was 18.60% per year. During the past 10 years, the average Cyclically Adjusted Revenue Growth Rate was 20.50% 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 Revenue Growth Rate using Cyclically Adjusted Revenue per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Revenue Growth Rate of Apple was 39.10% per year. The lowest was -6.00% per year. And the median was 17.85% per year.

As of today (2023-12-10), Apple's current stock price is $195.71. Apple's Cyclically Adjusted Revenue per Share for the quarter that ended in Sep. 2023 was $17.64. Apple's Cyclically Adjusted PS Ratio of today is 11.09.

During the past 13 years, the highest Cyclically Adjusted PS Ratio of Apple was 14.12. The lowest was 4.61. And the median was 7.30.

Apple Cyclically Adjusted Revenue per Share Historical Data

The historical data trend for Apple's Cyclically Adjusted Revenue 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 Revenue per Share

9.03

10.43

12.71

15.47

17.64

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 Revenue per Share																15.47	15.93	16.59	17.11	17.64

Competitive Comparison

For the Consumer Electronics subindustry, Apple's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS 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 PS Ratio Distribution

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

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

Apple Cyclically Adjusted Revenue per Share Calculation

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

Cyclically Adjusted Revenue per Share is the average of the inflation adjusted Revenue 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 Revenue per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the revenue per share from 2001 through 2010.

We adjusted the 2001 revenue per share data with the total inflation from 2001 through 2010 to the equivalent revenue in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's revenue is $1 a share in 2001, then the 2001's equivalent revenue in 2010 is $1.4 a share. If Wal-Mart's revenue is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 revenue in 2010 is $1.35. So on and so forth, you get the equivalent revenue per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Revenue 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 Revenue per Share data for the three months ended in Sep. 2023 was:

Adj_RevenuePerShare	=	Revenue per Share	/	CPI of Sep. 2023 (Change)	*	Current CPI (Sep. 2023)
	=	5.711	/	129.8595	*	129.8595
	=	5.711

Current CPI (Sep. 2023) = 129.8595.

Apple Quarterly Data

	Revenue per Share	CPI	Adj_RevenuePerShare
201312	2.282	98.326	3.014
201403	1.854	99.695	2.415
201406	1.546	100.560	1.996
201409	1.763	100.428	2.280
201412	3.171	99.070	4.157
201503	2.485	99.621	3.239
201506	2.148	100.684	2.770
201509	2.266	100.392	2.931
201512	3.391	99.792	4.413
201603	2.281	100.470	2.948
201606	1.935	101.688	2.471
201609	2.172	101.861	2.769
201612	3.676	101.863	4.686
201703	2.513	102.862	3.173
201706	2.169	103.349	2.725
201709	2.536	104.136	3.162
201712	4.280	104.011	5.344
201803	3.016	105.290	3.720
201806	2.703	106.317	3.302
201809	3.244	106.507	3.955
201812	4.416	105.998	5.410
201903	3.085	107.251	3.735
201906	2.924	108.070	3.514
201909	3.542	108.329	4.246
201912	5.153	108.420	6.172
202003	3.310	108.902	3.947
202006	3.426	108.767	4.090
202009	3.749	109.815	4.433
202012	6.512	109.897	7.695
202103	5.292	111.754	6.149
202106	4.853	114.631	5.498
202109	5.011	115.734	5.623
202112	7.503	117.630	8.283
202203	5.930	121.301	6.348
202206	5.101	125.017	5.299
202209	5.593	125.227	5.800
202212	7.342	125.222	7.614
202303	5.984	127.348	6.102
202306	5.185	128.729	5.231
202309	5.711	129.860	5.711

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

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

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

For the Cyclically Adjusted PS Ratio, the revenue per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/S calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PS Ratio is also called CAPS 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 PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

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

Cyclically Adjusted PS Ratio	=	Share Price	/	Cyclically Adjusted Revenue per Share
	=	195.71	/	17.64
	=	11.09

During the past 13 years, the highest Cyclically Adjusted PS Ratio of Apple was 14.12. The lowest was 4.61. And the median was 7.30.

Be Aware

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

Apple Cyclically Adjusted Revenue per Share Related Terms

Thank you for viewing the detailed overview of Apple's Cyclically Adjusted Revenue 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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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