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Apple (BUE:AAPL) E10 : ARS284.52 (As of Dec. 2024)


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What is Apple E10?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

Apple's adjusted earnings per share data for the three months ended in Dec. 2024 was ARS404.081. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is ARS284.52 for the trailing ten years ended in Dec. 2024.

During the past 12 months, Apple's average E10 Growth Rate was 12.00% per year. During the past 3 years, the average E10 Growth Rate was 17.00% per year. During the past 5 years, the average E10 Growth Rate was 19.00% per year. During the past 10 years, the average E10 Growth Rate was 20.10% 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 E10 growth rate using E10 data.

During the past 13 years, the highest 3-Year average E10 Growth Rate of Apple was 67.10% per year. The lowest was -30.70% per year. And the median was 23.05% per year.

As of today (2025-03-17), Apple's current stock price is ARS13225.00. Apple's E10 for the quarter that ended in Dec. 2024 was ARS284.52. Apple's Shiller PE Ratio of today is 46.48.

During the past 13 years, the highest Shiller PE Ratio of Apple was 62.31. The lowest was 20.59. And the median was 37.31.


Apple E10 Historical Data

The historical data trend for Apple's E10 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 E10 Chart

Apple Annual Data
Trend Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 33.74 55.47 110.84 337.98 283.92

Apple Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
E10 Get a 7-Day Free Trial 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 413.05 242.15 308.91 283.92 284.52

Competitive Comparison of Apple's E10

For the Consumer Electronics subindustry, Apple's Shiller PE Ratio, along with its competitors' market caps and Shiller PE 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's Shiller PE Ratio Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Apple's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Apple's Shiller PE Ratio falls into.



Apple E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

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 earnings per share data for the three months ended in Dec. 2024 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Dec. 2024 (Change)*Current CPI (Dec. 2024)
=404.081/133.1571*133.1571
=404.081

Current CPI (Dec. 2024) = 133.1571.

Apple Quarterly Data

per share eps CPI Adj_EPS
201503 0.856 99.621 1.144
201506 0.701 100.684 0.927
201509 0.768 100.392 1.019
201512 1.769 99.792 2.360
201603 1.156 100.470 1.532
201606 0.827 101.688 1.083
201609 1.038 101.861 1.357
201612 2.220 101.863 2.902
201703 1.349 102.862 1.746
201706 1.148 103.349 1.479
201709 1.512 104.136 1.933
201712 3.096 104.011 3.964
201803 2.292 105.290 2.899
201806 2.432 106.317 3.046
201809 4.463 106.507 5.580
201812 6.568 105.998 8.251
201903 4.008 107.251 4.976
201906 4.059 108.070 5.001
201909 7.062 108.329 8.681
201912 12.455 108.420 15.297
202003 6.622 108.902 8.097
202006 7.418 108.767 9.081
202009 9.034 109.815 10.954
202012 22.791 109.897 27.615
202103 21.023 111.754 25.049
202106 20.529 114.631 23.847
202109 20.212 115.734 23.255
202112 35.354 117.630 40.021
202203 27.206 121.301 29.865
202206 24.071 125.017 25.638
202209 29.880 125.227 31.772
202212 52.541 125.222 55.871
202303 50.056 127.348 52.339
202306 50.410 128.729 52.144
202309 85.172 129.860 87.335
202312 131.190 129.419 134.979
202403 214.880 131.776 217.132
202406 208.992 132.554 209.943
202409 153.695 133.029 153.843
202412 404.081 133.157 404.081

Add all the adjusted EPS together and divide 10 will get our e10.


Apple  (BUE:AAPL) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

Apple's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=13225.00/284.52
=46.48

* 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.

During the past 13 years, the highest Shiller P/E Ratio of Apple was 62.31. The lowest was 20.59. And the median was 37.31.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


Apple E10 Related Terms

Thank you for viewing the detailed overview of Apple's E10 provided by GuruFocus.com. Please click on the following links to see related term pages.


Apple Business Description

Address
One Apple Park Way, Cupertino, CA, USA, 95014
Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple's iPhone makes up a majority of the firm sales, and Apple's other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple's sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.