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Apple Asset Turnover

: 0.33 (As of Dec. 2020)
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Asset Turnover measures how quickly a company turns over its asset through sales. It is calculated as Revenue divided by Total Assets. Apple's Revenue for the three months ended in Dec. 2020 was $111,439 Mil. Apple's Total Assets for the quarter that ended in Dec. 2020 was $338,971 Mil. Therefore, Apple's Asset Turnover for the quarter that ended in Dec. 2020 was 0.33.

Asset Turnover is linked to ROE % through Du Pont Formula. Apple's annualized ROE % for the quarter that ended in Dec. 2020 was 174.85%. It is also linked to ROA % through Du Pont Formula. Apple's annualized ROA % for the quarter that ended in Dec. 2020 was 33.93%.

Apple Asset Turnover Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

* Premium members only.

Apple Annual Data
Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20
Asset Turnover Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.71 0.66 0.72 0.74 0.83

Apple Quarterly Data
Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20
Asset Turnover 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 0.27 0.18 0.19 0.20 0.33

Apple Asset Turnover Calculation

Asset Turnover measures how quickly a company turns over its asset through sales.

Apple's Asset Turnover for the fiscal year that ended in Sep. 2020 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (A: Sep. 2020 )/( (Total Assets (A: Sep. 2019 )+Total Assets (A: Sep. 2020 ))/ count )
=274515/( (338516+323888)/ 2 )
=274515/331202
=0.83

Apple's Asset Turnover for the quarter that ended in Dec. 2020 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (Q: Dec. 2020 )/( (Total Assets (Q: Sep. 2020 )+Total Assets (Q: Dec. 2020 ))/ count )
=111439/( (323888+354054)/ 2 )
=111439/338971
=0.33

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

Companies with low profit margins tend to have high Asset Turnover, while those with high profit margins have low Asset Turnover. Companies in the retail industry tend to have a very high turnover ratio.

Apple  (NAS:AAPL) Asset Turnover Explanation

Asset Turnover is linked to ROE % through Du Pont Formula.

Apple's annulized ROE % for the quarter that ended in Dec. 2020 is

ROE %**(Q: Dec. 2020 )
=Net Income/Total Stockholders Equity
=115020/65781.5
=(Net Income / Revenue)*(Revenue / Total Assets)*(Total Assets / Total Stockholders Equity)
=(115020 / 445756)*(445756 / 338971)*(338971/ 65781.5)
=Net Margin %*Asset Turnover*Equity Multiplier
=25.8 %*1.315*5.153
=ROA %*Equity Multiplier
=33.93 %*5.153
=174.85 %

Note: The Net Income data used here is four times the quarterly (Dec. 2020) net income data. The Revenue data used here is four times the quarterly (Dec. 2020) revenue data.

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

** The ROE % used above is for Du Pont Analysis only. It is different from the defined ROE % page on our website, as here it uses Net Income instead of Net Income attributable to Common Stockholders in the calculation.

It is also linked to ROA % through Du Pont Formula:

Apple's annulized ROA % for the quarter that ended in Dec. 2020 is

ROA %(Q: Dec. 2020 )
=Net Income/Total Assets
=115020/338971
=(Net Income / Revenue)*(Revenue / Total Assets)
=(115020 / 445756)*(445756 / 338971)
=Net Margin %*Asset Turnover
=25.8 %*1.315
=33.93 %

Note: The Net Income data used here is four times the quarterly (Dec. 2020) net income data. The Revenue data used here is four times the quarterly (Dec. 2020) revenue data.

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

Be Aware

In the article Joining The Dark Side: Pirates, Spies and Short Sellers, James Montier reported that In their US sample covering the period 1968-2003, Cooper et al find that firms with low asset growth outperformed firms with high asset growth by an astounding 20% p.a. equally weighted. Even when controlling for market, size and style, low asset growth firms outperformed high asset growth firms by 13% p.a. Therefore a company with fast asset growth may underperform.

Therefore, it is a good sign if a company's Asset Turnover is consistent or even increases. If a company's asset grows faster than sales, its Asset Turnover will decline, which can be a warning sign.

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