AppleHAM:APC -6.32%96 Gross Margin % is 49.27% as of Mar. 2026, which is 22% above its 10-year median of 40.43. GuruFocus rates HAM:APC with a GF Score™ of 96/100 and a GF Value™ of €237.57 (Fairly Valued). The stock has 1 warning sign investors should review. Among 2,450 Hardware companies, Apple ranks better than 85.51% on this metric.
Gross Margin % is calculated as gross profit divided by its revenue. Apple's Gross Profit for the
three
months ended in Mar. 2026 was €47,386 Mil. Apple's Revenue for the
three
months ended in Mar. 2026 was €96,174 Mil. Therefore, Apple's Gross Margin % for the quarter that ended in Mar. 2026 was 49.27%.
The historical rank and industry rank for Apple's Gross Margin % or its related term are showing as below:
HAM:APC'
s Gross Margin % Range Over the Past 10 Years
Min: 37.82 Med: 40.43 Max: 47.86
Current: 47.86
During the past 13 years, the highestGross Margin % of Apple was 47.86%. The lowest was 37.82%. And the median was 40.43%.
HAM:APC's Gross Margin % is ranked better than 85.51% of 2450
companies
in the Hardware industry
Industry Median: 24.53
vs HAM:APC: 47.86
Apple had a gross margin of 49.27% for the quarter that ended in Mar. 2026 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for Apple was 3.90% per year.
Apple (HAM:APC) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Apple had a gross margin of 49.27% for the quarter that ended in Mar. 2026 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Apple Gross Margin % Related Terms
Apple Gross Margin % Historical Data
* Premium members only.
The historical data trend for Apple's Gross Margin % 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.
HAM:APC vs SONO, VUZI, TBCH: Gross Margin % Comparison
For the Consumer Electronics subindustry, Apple's Gross Margin %, along with its competitors' market caps and Gross Margin % 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 Gross Margin % vs Hardware Industry
For the Hardware industry and Technology sector, Apple's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Apple's Gross Margin % falls into.
* 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.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Apple (HAM:APC) has a Gross Margin % of 49.27% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Apple and its competitors. This is 22% above median its historical median of 40.43. Over the past decade, Apple's Gross Margin % has ranged from 37.82 to 47.86. According to the industry distribution chart, Apple ranks #355 out of 2450 companies in the Hardware industry, placing it in the top 14.5%.
Is Apple's Gross Margin % too high?
Apple's current Gross Margin % of 49.27% is 22% above median its 10-year median of 40.43. Over the past 10 years, this metric has ranged from a low of 37.82 to a high of 47.86. The Hardware industry median Gross Margin % is 24.53. Apple's value of 49.27% is 100.9% above this industry median. Based on the distribution chart, Apple ranks #355 out of 2450 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Apple has a GF Score™ of 96/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Apple's Gross Margin % compare to SONO and VUZI?
According to the Hardware industry distribution chart, Apple ranks #355 out of 2450 companies for Gross Margin %. This places Apple in the top 15% of its industry — outperforming the majority of peers. The industry median Gross Margin % is 24.53. Apple's value of 49.27% is 100.9% above this benchmark. Historically, Apple's own Gross Margin % has ranged from 37.82 to 47.86 over the past decade. While the company's 10-year median is 40.43 vs. the industry median of 24.53, Apple has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for a Hardware company?
The median Gross Margin % among Hardware companies is 24.53, based on 2,450 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Apple's current Gross Margin % of 49.27% is 100.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Apple and its competitors. For the Hardware industry, the median Gross Margin % is 24.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Apple's current Gross Margin % is 49.27%, which is 22% above median its own 10-year median of 40.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Apple stock overvalued right now?
Based on GuruFocus' analysis, Apple (HAM:APC) is currently considered Fairly Valued. The stock's GF Value™ is €237.57, compared to a current price of €245.50 — trading 3.3% above its estimated fair value. The current Gross Margin % is 49.27%, which is 22% above median its 10-year median of 40.43 and 100.9% above the Hardware industry median of 24.53. Apple's overall GF Score™ is 96/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Apple (HAM:APC), the current Gross Margin % is 49.27% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Apple (HAM:APC) Overvalued in 2026?
Based on GuruFocus' analysis, Apple stock appears to be overvalued.
The current stock price of €245.50 is trading 3.3% above its estimated GF Value™ of €237.57.
GuruFocus considers Apple to be Fairly Valued.
Key valuation signals for HAM:APC:
Gross Margin %: 49.27% (22% above median its 10-year median of 40.43)
GF Value™: €237.57 vs. price of €245.50 (3.3% above fair value)
Industry Position: 100.9% above the Hardware median (#355 of 2450)
No single metric tells the full story. See the HAM:APC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 accounts for the majority of the firm's sales, and Apple's other products, such as the 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, such as streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors and works with subcontractors such as Foxconn and TSMC to build its products and chips. Slightly less than half of Apple's sales come directly through its flagship stores, with the majority coming indirectly through partnerships and distribution.
96GF Score
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