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Apple Asset Turnover

: 0.27 (As of Mar. 2022)
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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 Mar. 2022 was $97,278 Mil. Apple's Total Assets for the quarter that ended in Mar. 2022 was $365,927 Mil. Therefore, Apple's Asset Turnover for the quarter that ended in Mar. 2022 was 0.27.

Asset Turnover is linked to ROE % through Du Pont Formula. Apple's annualized ROE % for the quarter that ended in Mar. 2022 was 143.60%. It is also linked to ROA % through Du Pont Formula. Apple's annualized ROA % for the quarter that ended in Mar. 2022 was 27.34%.


Apple Asset Turnover Historical Data

The historical data trend for Apple's Asset Turnover 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 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21
Asset Turnover
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.66 0.72 0.74 0.83 1.08

Apple Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
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 0.26 0.24 0.25 0.34 0.27

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. 2021 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (A: Sep. 2021 )/( (Total Assets (A: Sep. 2020 )+Total Assets (A: Sep. 2021 ))/ count )
=365817/( (323888+351002)/ 2 )
=365817/337445
=1.08

Apple's Asset Turnover for the quarter that ended in Mar. 2022 is calculated as

Asset Turnover
=Revenue/Average Total Assets
=Revenue (Q: Mar. 2022 )/( (Total Assets (Q: Dec. 2021 )+Total Assets (Q: Mar. 2022 ))/ count )
=97278/( (381191+350662)/ 2 )
=97278/365926.5
=0.27

* 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.

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 Mar. 2022 is

ROE %**(Q: Mar. 2022 )
=Net Income/Total Stockholders Equity
=100040/69665.5
=(Net Income / Revenue)*(Revenue / Total Assets)*(Total Assets / Total Stockholders Equity)
=(100040 / 389112)*(389112 / 365926.5)*(365926.5/ 69665.5)
=Net Margin %*Asset Turnover*Equity Multiplier
=25.71 %*1.0634*5.2526
=ROA %*Equity Multiplier
=27.34 %*5.2526
=143.60 %

Note: The Net Income data used here is four times the quarterly (Mar. 2022) net income data. The Revenue data used here is four times the quarterly (Mar. 2022) revenue data.

* 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.

** 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 Mar. 2022 is

ROA %(Q: Mar. 2022 )
=Net Income/Total Assets
=100040/365926.5
=(Net Income / Revenue)*(Revenue / Total Assets)
=(100040 / 389112)*(389112 / 365926.5)
=Net Margin %*Asset Turnover
=25.71 %*1.0634
=27.34 %

Note: The Net Income data used here is four times the quarterly (Mar. 2022) net income data. The Revenue data used here is four times the quarterly (Mar. 2022) revenue data.

* 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.


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.


Apple Asset Turnover Related Terms

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


Apple Business Description

Apple logo
Industry
Technology » Hardware NAICS : 334220 SIC : 3571
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), AirPods, and TV boxes (Apple TV), among others. The iPhone makes up the majority of Apple's total revenue. In addition, Apple offers its customers a variety of services such as Apple Music, iCloud, Apple Care, Apple TV+, Apple Arcade, Apple Card, and Apple Pay, among others. Apple's products run internally developed software and semiconductors, and the firm is well known for its integration of hardware, software and services. Apple's products are distributed online as well as through company-owned stores and third-party retailers. The company generates roughly 40% of its revenue from the Americas, with the remainder earned internationally.
Executives
Kondo Chris officer: Principal Accounting Officer 1 INFINITE LOOP CUPERTINO CA 95014
Maestri Luca officer: Senior Vice President, CFO 1 INFINITE LOOP CUPERTINO CA 95014
Adams Katherine L. officer: SVP, GC and Secretary APPLE INC. 1 INFINITE LOOP CUPERTINO CA 95014
Williams Jeffrey E officer: COO ONE INFINITE LOOP CUPERTINO CA 95014
Cook Timothy D director, officer: Chief Executive Officer C/O APPLE INC ONE INFINITE LOOP CUPERTINO CA 95014
Jung Andrea director C/O APPLE INC ONE APPLE PARK WAY CUPERTINO CA 95014
Wagner Susan director C/O BLACKROCK, INC. 40 EAST 52ND STREET NEW YORK NY 10022
Bell James A director C/O THE DOW CHEMICAL COMPANY 2211 H.H. DOW WAY MIDLAND MI 48674
Levinson Arthur D director C/O GENENTECH INC 1 DNA WAY MS 49 SOUTH SAN FRANCISCO CA 94080-4990
Sugar Ronald D director 10877 WILSHIRE BLVD. SUITE 1650 LOS ANGELES CA 900274
Gore Albert Jr director C/O APPLE INC 1 INFINITE LOOP CUPERTINO CA 95014
Iger Robert A director C/O WALT DISNEY CO 500 S BUENA VISTA STREET BURBANK CA 91521-1062
Ahrendts Angela J officer: Senior Vice President 1 INFINITE LOOP CUPERTINO CA 95014
Srouji Johny officer: Senior Vice President 1 INFINITE LOOP CUPERTINO CA 95014
Federighi Craig officer: Senior Vice President 807 11TH AVENUE SUNNYVALE CA 94089

Apple Headlines

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