Professional Documents
Culture Documents
(AAPL)
Company Overview
Apple Inc., together with subsidiaries, designs, manufactures, and markets mobile
communication and media devices, personal computing products, and portable digital
music players worldwide. Its products and services include iPhone, a handheld product
that combines a mobile phone, an iPod, and an Internet communications device; iPad, a
multi-purpose mobile device; desktop computers, such as iMac, Mac Pro, and Mac mini;
portable computers, including MacBook Pro and MacBook Air; a line of iPod portable
digital music and media players; and iCloud, a cloud service. The company also offers a
range of software products, including iOS and OS X operating system software; server
software; iLife and iWork application software; and other application software consisting
of Final Cut Pro, Logic Studio, Logic Pro, and its FileMaker Pro database software. It
also manufactures the Apple LED Cinema Display and Thunderbolt Display; sells a
variety of Apple-branded and third-party Mac-compatible and iOS-compatible peripheral
products, including printers, storage devices, computer memory, digital video and still
cameras, and various other computing products and supplies; and Apple TV, a device
Low Risk
5
4
3
2
1
0
Strong Moat
High Growth
Good Financials
Under Valued
Well Managed
Valuation
Current Price
NCAV
Total Net Reprod. Cost
Earnings Power Value (EPV)
Discounted Cash Flow (DCF)
Katsenelson Absolute PE
Ben Graham Formula
$
$
$
$
$
$
$
460.16
3.84
123.39
442.94
460.06
469.98
461.28
Key Statistics
Mkt Cap ($M)
52 Wk High
52 Wk Low
% off 52Wk Low
Margin of Safety
-100.0%
$800.00
-100.0%
$700.00
-3.9%
$600.00
0.0%
2.1%
$500.00
0.2%
$400.00
$300.00
Company Stats
$
$
$
432,117.85
705.07
435.00
5.8%
Cash Flows
Free Cash Flow
5 yr FCF Growth
10 yr FCF Growth
54.3%
69.2%
Shares Outstanding
Shares Float
Insider Ownership
Insider Transactions
Institutional Ownership
Float Short
939.1
938.8
0.03%
3.7%
64.1%
2.0%
Short Ratio
Piotroski (TTM)
Altman (MRQ)
0.9
5
5.3
Beneish (TTM)
-2.8
Effectiveness
Margins & Profitability
CROIC
Avg
FCF/S
Avg
ROA
Avg
ROE
Avg
64.3%
25.3%
18.0%
Gross
Gross Margin
Operating
Operating Margin
Net Profit
Net Margin
41.9%
33.5%
25.4%
27.7%
8.2
65.8
47.7
Current Ratio(MRQ)
Quick Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)
1.5
1.5
0.0
0.0
$200.00
$100.00
$0.00
Feb-02
Feb-04
Feb-06
Stock Price
Feb-08
Feb-10
Feb-12
Intrinsic Value
Fundamental Ratios
Buy Price
2011
2012
TTM
P/E
P/E (cash adjusted)
EV/EBITDA
13.17
12.16
8.86
14.63
13.93
9.94
10.43
9.48
6.68
10.49
3.15
4.46
4.67
10.46
11.35
33.8%
14.03
3.90
5.17
5.36
12.01
14.73
35.3%
8.55
2.65
3.42
3.55
8.38
9.41
32.8%
ROA
ROIC
CROIC
Current Ratio
Total Debt/Equity Ratio
Inventory Turnover
22.3%
41.0%
48.2%
1.61
0.52
70.53
23.7%
38.1%
38.2%
1.50
0.49
112.12
21.3%
37.6%
42.3%
1.54
0.54
65.75
Revenue
Gross Profit
Margin %
R&D
Margin %
Operating Income
Margin %
Net Income
Margin %
Earnings Per Share
Basic
Diluted
$
$
$
$
$
$
$
2008
32,479
11,145
34.31%
1,109
3.41%
6,275
19.32%
4,834
14.88%
5.48
5.36
$
$
$
$
$
$
$
902.14
$
$
2009
42,905
17,222
40.14%
1,333
3.11%
11,740
27.36%
8,235
19.19%
9.22
9.08
$
$
$
$
$
$
$
907.01
$
0.00%
9,596 $
2010
65,225
25,684
39.38%
1,782
2.73%
18,385
28.19%
14,013
21.48%
15.41
15.15
$
$
$
$
$
$
$
924.71
2011
108,249
43,818
40.48%
2,429
2.24%
33,790
31.22%
25,922
23.95%
28.05
27.68
$
$
$
$
$
$
$
936.65
$
0.00%
10,159 $
$
0.00%
18,595 $
2,954
47,501
4,355
31,640
4,768
75,183
6,670
47,791
2012
156,508
68,662
43.87%
3,381
2.16%
55,241
35.30%
41,733
26.67%
44.64
44.15
$
$
$
$
$
$
$
945.36
$
0.00%
37,529 $
TTM/Latest
164,687
69,019
41.91%
3,633
2.21%
55,111
33.46%
41,747
25.35%
44.55
44.10
947.22
2.63 $
0.41%
50,856 $
5.26
1.14%
56,728
(Dollars in Millions)
$
$
$
$
2,455
39,572
4,450
21,030
$
$
$
$
$
$
$
$
$
$
$
$
7,777
116,371
11,786
76,615
$
$
$
$
15,452
176,064
19,312
118,210
$
$
$
$
15,422
196,088
21,863
127,346
Refresh
Enter Ticker
Apple Inc.
(AAPL)
CLEAR
Figures in Millions except per share values
2/18/2013
2003
Income Statement
2004
Revenue
6,207.0
4,499.0
72.5%
1,708.0
27.5%
1,212.0
19.5%
471.0
7.6%
113.0
1.8%
113.0
1.8%
Cost of Revenues
COGS (%)
Gross Profit
Gross Income (%)
2005
2006
8,279.0
33.4%
6,020.0
72.7%
2,259.0
27.3%
1,421.0
17.2%
489.0
5.9%
476.0
5.7%
150.0
1.8%
$
$
2007
13,931.0
68.3%
9,888.0
71.0%
4,043.0
29.0%
1,859.0
13.3%
534.0
3.8%
1,829.0
13.1%
179.0
1.3%
$
$
2008
19,315.0
38.6%
13,717.0
71.0%
5,598.0
29.0%
2,433.0
12.6%
712.0
3.7%
2,678.0
13.9%
225.0
1.2%
$
$
2009
24,006.0
24.3%
15,852.0
66.0%
8,154.0
34.0%
2,963.0
12.3%
782.0
3.3%
4,726.0
19.7%
317.0
1.3%
$
$
2010
32,479.0
35.3%
21,334.0
65.7%
11,145.0
34.3%
3,761.0
11.6%
1,109.0
3.4%
6,748.0
20.8%
473.0
1.5%
$
$
2011
42,905.0
32.1%
25,683.0
59.9%
17,222.0
40.1%
4,149.0
9.7%
1,333.0
3.1%
12,474.0
29.1%
734.0
1.7%
$
$
2012
65,225.0
52.0%
39,541.0
60.6%
25,684.0
39.4%
5,517.0
8.5%
1,782.0
2.7%
19,412.0
29.8%
1,027.0
1.6%
$
$
Q1
108,249.0
66.0%
64,431.0
59.5%
43,818.0
40.5%
7,599.0
7.0%
2,429.0
2.2%
35,604.0
32.9%
1,814.0
1.7%
$
$
Q2
3
$
46,333.0
25,630.0
55.3%
20,703.0
44.7%
10,040.0
6.4%
3,381.0
2.2%
58,518.0
37.4%
3,277.0
2.1%
2,605.0
5.6%
758.0
1.6%
18,061.0
39.0%
721.0
1.6%
Q3
156,508.0
44.6%
87,846.0
56.1%
68,662.0
43.9%
Q4
39,186.0
-15.4%
20,622.0
52.6%
18,564.0
47.4%
2,339.0
6.0%
841.0
2.1%
16,124.0
41.1%
740.0
1.9%
$
$
Q1
35,023.0
-10.6%
20,029.0
57.2%
14,994.0
42.8%
2,545.0
7.3%
876.0
2.5%
12,408.0
35.4%
835.0
2.4%
$
$
1000000
TTM
Next Year Est
35,966.0
2.7%
21,565.0
60.0%
14,401.0
40.0%
2,551.0
7.1%
906.0
2.5%
11,925.0
33.2%
981.0
2.7%
$
$
54,512.0
51.6%
33,452.0
61.4%
21,060.0
38.6%
2,840.0
5.2%
1,010.0
1.9%
18,798.0
34.5%
1,588.0
2.9%
164,687.0
5.2%
95,668.0
58.1%
69,019.0
41.9%
$
$
Operating Expenses
Selling, General & Admin. Expenses
SG&A (%)
Research & Development
R&D (%)
EBITDA
EBITDA (%)
Other Special Charges
Depreciation & Amortization
D&A (%)
$
$
$
$
$
Operating Income
Operating Income (%)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
10,275.0
6.2%
3,633.0
2.2%
59,255.0
36.0%
4,144.0
2.5%
$
$
$
$
25.0
0.4%
349.0
4.2%
1,650.0
11.8%
2,453.0
12.7%
4,409.0
18.4%
6,275.0
19.3%
11,740.0
27.4%
18,385.0
28.2%
33,790.0
31.2%
55,241.0
35.3%
17,340.0
37.4%
15,384.0
39.3%
11,573.0
33.0%
10,944.0
30.4%
17,210.0
31.6%
55,111.0
33.5%
EBIT
Interest Expense
Interest Income
Other Income
Total Other Income
$
$
$
$
$
92.0
83.0
10.0
93.0
$
$
$
$
$
383.0
53.0
4.0
57.0
$
$
$
$
$
1,815.0
183.0
(18.0)
165.0
$
$
$
$
$
2,818.0
394.0
(29.0)
365.0
$
$
$
$
$
5,008.0
647.0
(48.0)
599.0
$
$
$
$
$
6,895.0
620.0
620.0
$
$
$
$
$
12,066.0
407.0
(81.0)
326.0
$
$
$
$
$
18,540.0
311.0
(156.0)
155.0
$
$
$
$
$
34,205.0
519.0
(104.0)
415.0
$
$
$
$
$
55,763.0
1,088.0
(566.0)
522.0
$
$
$
$
$
17,477.0
137.0
137.0
$
$
$
$
$
15,532.0
148.0
148.0
$
$
$
$
$
11,861.0
288.0
288.0
$
$
$
$
$
10,893.0
1,088.0
(1,139.0)
(51.0)
$
$
$
$
$
17,672.0
421.0
41.0
462.0
$
$
$
$
$
55,958.0
1,509.0
(662.0)
847.0
$
$
92.0
24.0
26.1%
68.0
-
$
$
$
$
17,672.0
4,594.0
26.0%
13,078.0
-
$
$
$
$
10,893.0
2,670.0
24.5%
8,223.0
-
$
$
$
$
11,861.0
3,037.0
25.6%
8,824.0
-
$
$
$
$
15,532.0
3,910.0
25.2%
11,622.0
-
$
$
$
$
17,477.0
4,413.0
25.3%
13,064.0
-
$
$
$
$
55,763.0
14,030.0
25.2%
41,733.0
-
$
$
$
$
34,205.0
8,283.0
24.2%
25,922.0
-
$
$
$
$
18,540.0
4,527.0
24.4%
14,013.0
-
$
$
$
$
12,066.0
3,831.0
31.8%
8,235.0
-
$
$
$
$
6,895.0
2,061.0
29.9%
4,834.0
-
$
$
$
$
5,008.0
1,512.0
30.2%
3,496.0
-
$
$
$
$
2,818.0
829.0
29.4%
1,989.0
-
$
$
$
$
1,815.0
480.0
26.4%
1,335.0
-
$
$
$
$
383.0
107.0
27.9%
276.0
-
$
$
$
$
$
$
55,958.0
14,211.0
25.4%
41,747.0
-
$
$
68.0
-
$
$
276.0
-
$
$
1,335.0
-
$
$
1,989.0
-
$
$
3,496.0
-
$
$
4,834.0
-
$
$
8,235.0
-
$
$
14,013.0
-
$
$
25,922.0
-
$
$
41,733.0
-
$
$
13,064.0
-
$
$
11,622.0
-
$
$
8,824.0
-
$
$
8,223.0
-
$
$
13,078.0
-
$
$
41,747.0
-
69.0
1.1%
276.0
3.3%
1,335.0
9.6%
1,989.0
10.3%
3,496.0
14.6%
4,834.0
14.9%
8,235.0
19.2%
14,013.0
21.5%
25,922.0
23.9%
41,733.0
26.7%
13,064.0
28.2%
11,622.0
29.7%
8,824.0
25.2%
8,223.0
22.9%
13,078.0
24.0%
41,747.0
25.3%
$
$
$
0.10
0.10
721.3
726.9
$
$
$
0.37
0.36
743.2
774.6
$
$
$
1.65
1.56
808.4
856.8
$
$
$
2.36
2.27
844.1
877.5
$
$
$
4.04
3.93
864.6
889.3
$
$
$
5.48
5.36
881.6
902.1
$
$
$
9.22
9.08
893.0
907.0
$
$
$
15.41
15.15
909.5
924.7
$
$
$
28.05
27.68
924.3
936.6
$
$
$
44.64
44.15
2.65
934.8
945.4
$
$
$
14.03
13.87
931.0
941.6
$
$
$
12.45
12.30
933.6
944.9
$
$
$
9.42
9.32
936.6
947.1
$
$
$
8.75
8.67
2.65
934.8
945.4
$
$
$
13.93
13.81
2.65
938.9
947.2
$
$
$
44.55
44.10
5.30
939.1
947.2
$
$
$
3,396.0
1,170.0
766.0
$
$
$
2,969.0
2,495.0
774.0
$
$
$
3,491.0
4,770.0
895.0
$
$
$
6,392.0
3,718.0
1,252.0
$
$
$
9,352.0
6,034.0
4,029.0
$
$
$
11,875.0
12,615.0
4,704.0
$
$
$
5,263.0
18,201.0
5,057.0
$
$
$
11,261.0
14,359.0
9,924.0
$
$
$
9,815.0
16,137.0
11,717.0
$
$
$
10,746.0
18,383.0
18,692.0
$
$
$
10,310.0
19,846.0
16,484.0
$
$
$
10,121.0
18,417.0
13,769.0
$
$
$
7,945.0
19,709.0
14,298.0
$
$
$
10,746.0
18,383.0
18,692.0
$
$
$
16,154.0
23,666.0
21,534.0
Balance Sheet
MRQ
Assets
Cash and Equiv
Short-Term Investments
Net Receivables
1.0%
15.6%
39.9%
221.8%
16.8%
7.5%
96.2%
18.1%
59.5%
40.7%
-26.3%
3.8%
30.7%
$
$
$
16,154.0
23,666.0
21,534.0
15.2%
15.2%
4.0
2.0
1.0
50.0
100.0
$
$
56.0
$
$
$
$
Prepaid Expenses
Current Deferred Income Taxes
Other Current Assets
$
$
$
190.0
309.0
$
$
$
101.0
80.4%
231.0
485.0
$
$
$
$
$
$
$
$
$
$
$
$
$
5,887.0
350.0
357.0
467.0
1,174.0
669.0
109.0
150.0
928.0
$
$
$
$
$
$
$
$
$
$
$
$
$
Total Assets
6,815.0
Accounts payable
Short-Term Debt
Taxes Payable
Accrued Expenses
Accrued Liabilities
Deferred Revenues
Current Deferred Income Taxes
Other Current Liabilities
$
$
$
$
$
$
$
$
Inventories, other
Inventories
$
$
$
165.0
165.0
63.4%
331.0
648.0
$
$
$
$
$
270.0
270.0
63.6%
607.0
2,270.0
7,055.0
351.0
446.0
501.0
1,298.0
707.0
97.0
191.0
995.0
$
$
$
$
$
$
$
$
$
$
$
$
$
10,300.0
361.0
545.0
575.0
1,481.0
817.0
96.0
183.0
155.0
1,251.0
$
$
$
$
$
$
$
$
$
$
$
$
$
8,050.0
11,551.0
1,154.0
304.0
899.0
-
$
$
$
$
$
$
$
$
1,451.0
1,229.0
-
$
$
$
$
$
$
$
$
$
$
$
$
$
2,357.0
235.0
235.0
$
$
$
$
$
2,680.0
294.0
294.0
Total Liabilities
Retained Earnings
Preferred Equity
$
$
$
Total Equity
2,592.0
2,394.0
-
$
$
$
4,223.0
6,815.0
$
$
$
$
$
$
$
346.0
346.0
28.1%
417.0
782.0
996.0
$
$
$
$
$
509.0
509.0
47.1%
475.0
1,447.0
3,065.0
$
$
$
455.0
455.0
-10.6%
309.0
1,135.0
1,135.0
14,509.0
626.0
760.0
689.0
2,075.0
1,281.0
160.0
38.0
1,217.0
2,696.0
$
$
$
$
$
$
$
$
$
$
$
$
$
21,956.0
762.0
1,019.0
1,060.0
2,841.0
1,832.0
382.0
38.0
88.0
1,051.0
3,391.0
$
$
$
$
$
$
$
$
$
$
$
$
$
34,690.0
810.0
1,324.0
1,613.0
3,747.0
2,455.0
285.0
207.0
1,935.0
4,882.0
$
$
$
$
$
$
$
$
$
$
$
$
$
17,205.0
25,347.0
39,572.0
1,779.0
576.0
501.0
628.0
$
$
$
$
$
$
$
$
3,390.0
1,191.0
746.0
1,144.0
$
$
$
$
$
$
$
$
4,970.0
1,260.0
1,410.0
1,659.0
$
$
$
$
$
$
$
$
$
$
$
$
$
3,484.0
601.0
601.0
$
$
$
$
$
6,471.0
369.0
381.0
750.0
$
$
$
$
$
9,299.0
897.0
619.0
1,516.0
2,974.0
2,670.0
-
$
$
$
5,076.0
4,085.0
4,005.0
-
$
$
$
7,466.0
7,221.0
5,607.0
-
$
$
$
9,984.0
8,050.0
11,551.0
17,205.0
$
$
$
$
$
1,051.0
1,051.0
131.0%
1,636.0
3,447.0
31,555.0
955.0
1,665.0
2,047.0
4,667.0
2,954.0
353.0
206.0
163.0
12,270.0
15,946.0
$
$
$
$
$
$
$
$
$
$
$
$
$
47,501.0
5,520.0
8,572.0
-
$
$
$
$
$
$
$
$
$
$
$
$
$
14,092.0
3,775.0
675.0
4,450.0
10,815.0
9,101.0
-
$
$
$
14,532.0
25,347.0
$
$
$
$
$
776.0
776.0
-26.2%
2,014.0
4,529.0
41,678.0
1,471.0
2,030.0
3,733.0
7,234.0
4,768.0
342.0
741.0
27,654.0
33,505.0
$
$
$
$
$
$
$
$
$
$
$
$
$
75,183.0
5,601.0
3,422.0
2,053.0
430.0
$
$
$
$
$
$
$
$
$
$
$
$
$
11,506.0
2,139.0
2,216.0
4,355.0
18,542.0
13,845.0
-
$
$
$
21,030.0
39,572.0
$
$
$
$
$
791.0
791.0
1.9%
2,583.0
6,458.0
44,988.0
2,059.0
2,599.0
7,110.0
11,768.0
7,777.0
3,536.0
896.0
59,174.0
71,383.0
$
$
$
$
$
$
$
$
$
$
$
$
$
116,371.0
12,015.0
1,593.0
2,984.0
4,130.0
$
$
$
$
$
$
$
$
$
$
$
$
$
20,722.0
2,370.0
4,300.0
6,670.0
15,861.0
23,353.0
-
$
$
$
31,640.0
47,501.0
$
$
$
$
$
1,236.0
1,236.0
59.3%
1,937.0
4,958.0
57,653.0
2,439.0
3,464.0
15,984.0
21,887.0
15,452.0
4,224.0
1,135.0
97,600.0
118,411.0
$
$
$
$
$
$
$
$
$
$
$
$
$
176,064.0
14,632.0
8,107.0
4,091.0
1,140.0
$
$
$
$
$
$
$
$
$
$
$
$
$
27,970.0
11,786.0
11,786.0
27,392.0
37,169.0
-
$
$
$
47,791.0
75,183.0
$
$
$
$
$
1,102.0
1,102.0
39.3%
2,253.0
5,050.0
54,771.0
2,090.0
2,742.0
7,508.0
12,340.0
7,816.0
3,472.0
896.0
71,726.0
83,910.0
$
$
$
$
$
$
$
$
$
$
$
$
$
138,681.0
21,175.0
9,879.0
5,953.0
1,535.0
$
$
$
$
$
$
$
$
$
$
$
$
$
38,542.0
19,312.0
19,312.0
39,756.0
62,841.0
-
$
$
$
76,615.0
116,371.0
$
$
$
$
$
1,122.0
1,122.0
1.8%
2,309.0
6,560.0
50,712.0
2,156.0
2,930.0
8,855.0
13,941.0
8,847.0
3,604.0
1,141.0
86,630.0
100,222.0
$
$
$
$
$
$
$
$
$
$
$
$
$
150,934.0
18,221.0
7,435.0
6,431.0
2,520.0
$
$
$
$
$
$
$
$
$
$
$
$
$
34,607.0
14,020.0
14,020.0
$
$
$
$
$
57,854.0
101,289.0
-
$
$
$
48,627.0
75,709.0
-
118,210.0
90,054.0
176,064.0
138,681.0
$
$
$
$
$
791.0
791.0
-29.5%
2,583.0
6,458.0
51,943.0
2,315.0
3,086.0
10,804.0
16,205.0
10,487.0
4,329.0
1,132.0
95,005.0
110,953.0
$
$
$
$
$
$
$
$
$
$
$
$
$
162,896.0
17,011.0
6,733.0
6,993.0
1,299.0
$
$
$
$
$
$
$
$
32,036.0
16,400.0
16,400.0
$
$
$
$
$
$
$
$
48,436.0
87,124.0
-
102,498.0
150,934.0
$
$
$
$
$
1,455.0
1,455.0
83.9%
2,895.0
6,644.0
$
$
$
$
$
1,455.0
1,455.0
83.9%
2,895.0
6,644.0
57,653.0
2,439.0
3,464.0
15,984.0
21,887.0
15,452.0
4,224.0
1,135.0
97,600.0
118,411.0
$
$
$
$
$
$
$
$
$
$
$
$
$
72,348.0
2,627.0
3,593.0
16,994.0
23,214.0
15,422.0
4,462.0
1,381.0
102,475.0
123,740.0
$
$
$
$
$
$
$
$
$
$
$
$
$
72,348.0
2,627.0
3,593.0
16,994.0
23,214.0
15,422.0
4,462.0
1,381.0
102,475.0
123,740.0
176,064.0
196,088.0
196,088.0
16,808.0
8,832.0
5,822.0
1,598.0
$
$
$
$
$
$
$
$
21,175.0
9,879.0
5,953.0
1,535.0
$
$
$
$
$
$
$
$
26,398.0
11,214.0
7,274.0
1,993.0
$
$
$
$
$
$
$
$
26,398.0
11,214.0
7,274.0
1,993.0
33,060.0
18,090.0
18,090.0
$
$
$
$
$
38,542.0
19,312.0
19,312.0
$
$
$
$
$
46,879.0
21,863.0
21,863.0
$
$
$
$
$
46,879.0
21,863.0
21,863.0
$
$
$
51,150.0
95,641.0
-
$
$
$
57,854.0
101,289.0
-
$
$
$
68,742.0
109,567.0
-
$
$
$
68,742.0
109,567.0
-
111,746.0
118,210.0
127,346.0
127,346.0
162,896.0
176,064.0
196,088.0
196,088.0
TTM
$
$
$
$
$
$
$
$
$
$
$
$
$
69.0
113.0
(11.0)
(8.0)
(201.0)
(11.0)
(64.0)
243.0
159.0
-
$
$
$
$
$
$
$
$
$
$
$
$
$
276.0
150.0
20.0
40.0
(8.0)
(45.0)
(215.0)
297.0
419.0
-
$
$
$
$
$
$
$
$
$
$
$
$
$
1,335.0
179.0
52.0
504.0
(121.0)
(64.0)
(211.0)
328.0
533.0
-
$
$
$
$
$
$
$
$
$
$
$
$
$
1,989.0
225.0
53.0
11.0
(357.0)
(105.0)
(1,626.0)
1,611.0
256.0
163.0
$
$
$
$
$
$
$
$
$
$
$
$
$
3,496.0
317.0
78.0
12.0
(385.0)
(76.0)
(1,540.0)
1,494.0
1,832.0
242.0
$
$
$
$
$
$
$
$
$
$
$
$
$
4,834.0
473.0
(368.0)
22.0
(785.0)
(163.0)
(1,958.0)
596.0
5,642.0
787.0
516.0
$
$
$
$
$
$
$
$
$
$
$
$
$
8,235.0
734.0
1,040.0
26.0
(939.0)
54.0
749.0
92.0
521.0
(1,063.0)
710.0
$
$
$
$
$
$
$
$
$
$
$
$
$
14,013.0
1,027.0
1,440.0
24.0
(4,860.0)
(596.0)
(1,514.0)
6,307.0
1,875.0
879.0
$
$
$
$
$
$
$
$
$
$
$
$
$
25,922.0
1,814.0
2,868.0
(1,791.0)
275.0
2,515.0
4,758.0
1,168.0
$
$
$
$
$
$
$
$
$
$
$
$
$
41,733.0
3,277.0
4,405.0
(6,965.0)
(15.0)
4,467.0
2,214.0
1,740.0
$
$
$
$
$
$
$
$
$
$
$
$
$
13,064.0
721.0
1,456.0
(4,767.0)
(460.0)
4,314.0
2,806.0
420.0
$
$
$
$
$
$
$
$
$
$
$
$
$
24,686.0
1,461.0
2,915.0
(2,042.0)
(326.0)
2,809.0
1,184.0
844.0
$
$
$
$
$
$
$
$
$
$
$
$
$
33,510.0
2,296.0
4,066.0
(2,571.0)
(346.0)
2,450.0
1,023.0
1,292.0
$
$
$
$
$
$
$
$
$
$
$
$
$
41,733.0
3,277.0
4,405.0
(6,965.0)
(15.0)
4,467.0
2,214.0
1,740.0
$
$
$
$
$
$
$
$
$
$
$
$
$
13,078.0
1,588.0
1,179.0
(2,842.0)
(664.0)
6,145.0
4,397.0
545.0
$
$
$
$
$
$
$
$
$
$
$
$
$
41,747.0
4,144.0
4,128.0
(5,040.0)
(219.0)
6,298.0
3,805.0
1,865.0
289.0
934.0
2,535.0
2,220.0
5,470.0
9,596.0
10,159.0
18,595.0
37,529.0
50,856.0
17,554.0
31,531.0
41,720.0
50,856.0
23,426.0
56,728.0
$
$
$
$
$
$
$
$
$
45.0
(164.0)
(2,648.0)
33.0
828.0
$
$
$
$
$
$
$
$
$
5.0
(176.0)
(3,270.0)
11.0
(1,488.0)
$
$
$
$
$
$
$
$
$
(260.0)
(11,470.0)
(21.0)
(2,556.0)
$
$
$
$
$
$
$
$
$
(657.0)
(25.0)
(7,255.0)
(18.0)
357.0
$
$
$
$
$
$
$
$
$
(986.0)
(17.0)
(11,719.0)
49.0
(3,249.0)
$
$
$
$
$
$
$
$
$
(1,199.0)
(220.0)
(38.0)
(22,965.0)
(10.0)
(8,189.0)
$
$
$
$
$
$
$
$
$
(1,213.0)
(101.0)
(46,724.0)
(74.0)
(17,434.0)
$
$
$
$
$
$
$
$
$
(2,121.0)
(638.0)
(18.0)
(57,793.0)
(2.0)
(13,854.0)
$
$
$
$
$
$
$
$
$
(7,452.0)
(244.0)
(102,317.0)
(259.0)
(40,419.0)
$
$
$
$
$
$
$
$
$
99,770.0
(9,402.0)
(350.0)
(151,232.0)
(48.0)
(48,227.0)
$
$
$
$
$
$
$
$
$
(1,429.0)
(40,175.0)
(34.0)
(17,128.0)
$
$
$
$
$
$
$
$
$
(2,938.0)
(350.0)
(85,022.0)
(48.0)
(31,604.0)
$
$
$
$
$
$
$
$
$
73,140.0
(5,901.0)
(350.0)
(121,091.0)
(56.0)
(43,914.0)
$
$
$
$
$
$
$
$
$
99,770.0
(9,402.0)
(350.0)
(151,232.0)
(48.0)
(48,227.0)
$
$
$
$
$
$
$
$
$
(2,455.0)
(284.0)
(37,192.0)
(52.0)
(13,521.0)
$
$
$
$
$
$
$
$
$
99,770.0
(10,428.0)
(634.0)
(151,232.0)
2,983.0
(66.0)
(44,620.0)
$
$
$
$
$
$
$
$
$
$
$
53.0
(26.0)
27.0
27.0
2,252.0
3,396.0
1,144.0
$
$
$
$
$
$
$
$
$
$
$
427.0
427.0
(300.0)
(300.0)
127.0
3,396.0
2,969.0
(427.0)
$
$
$
$
$
$
$
$
$
$
$
543.0
543.0
543.0
2,969.0
3,491.0
522.0
$
$
$
$
$
$
$
$
$
$
$
318.0
(355.0)
(37.0)
324.0
3,491.0
6,392.0
2,901.0
$
$
$
$
$
$
$
$
$
$
$
365.0
(3.0)
362.0
739.0
6,392.0
9,352.0
2,960.0
$
$
$
$
$
$
$
$
$
$
$
483.0
(124.0)
359.0
1,116.0
9,352.0
11,875.0
2,523.0
$
$
$
$
$
$
$
$
$
$
$
475.0
475.0
663.0
11,875.0
5,263.0
(6,612.0)
$
$
$
$
$
$
$
$
$
$
$
912.0
912.0
1,257.0
5,263.0
11,261.0
5,998.0
$
$
$
$
$
$
$
$
$
$
$
831.0
831.0
1,444.0
11,261.0
9,815.0
(1,446.0)
$
$
$
$
$
$
$
$
$
$
$
665.0
665.0
(2,488.0)
(1,698.0)
9,815.0
10,746.0
931.0
$
$
$
$
$
$
$
$
$
$
$
91.0
91.0
69.0
9,815.0
10,310.0
495.0
$
$
$
$
$
$
$
$
$
$
$
377.0
377.0
379.0
9,815.0
10,121.0
306.0
$
$
$
$
$
$
$
$
$
$
$
433.0
433.0
324.0
9,815.0
7,945.0
(1,870.0)
$
$
$
$
$
$
$
$
$
$
$
665.0
665.0
(2,488.0)
(1,698.0)
9,815.0
10,746.0
931.0
$
$
$
$
$
$
$
$
$
$
$
76.0
(1,950.0)
(1,874.0)
(2,493.0)
(4,497.0)
10,746.0
16,154.0
5,408.0
$
$
$
$
$
$
$
$
$
$
$
650.0
(1,950.0)
(1,300.0)
(4,981.0)
(6,264.0)
10,746.0
16,590.0
5,844.0
$
$
$
$
289.0
164.0
125.0
(108.0)
$
$
$
$
934.0
176.0
758.0
(198.0)
$
$
$
$
2,535.0
260.0
2,275.0
789.0
$
$
$
$
2,220.0
657.0
1,563.0
1,941.0
$
$
$
$
5,470.0
986.0
4,484.0
1,744.0
$
$
$
$
9,596.0
1,199.0
8,397.0
505.0
$
$
$
$
10,159.0
1,213.0
8,946.0
9,052.0
$
$
$
$
18,595.0
2,121.0
16,474.0
12,586.0
$
$
$
$
37,529.0
7,452.0
30,077.0
15,695.0
$
$
$
$
50,856.0
9,402.0
41,454.0
37,647.0
$
$
$
$
17,554.0
1,429.0
16,125.0
10,883.0
$
$
$
$
31,531.0
2,938.0
28,593.0
22,428.0
$
$
$
$
41,720.0
5,901.0
35,819.0
30,641.0
$
$
$
$
50,856.0
9,402.0
41,454.0
37,647.0
$
$
$
$
23,426.0
2,455.0
20,971.0
5,720.0
$
$
$
$
56,728.0
10,428.0
46,300.0
32,484.0
Apple Inc.
(AAPL)
Enter Ticker
Refresh
2/18/2013
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Q2
Q3
Q4
Q1
TTM
Income Statement
Revenue
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Cost of Revenues
72.5%
72.7%
71.0%
71.0%
66.0%
65.7%
59.9%
60.6%
59.5%
56.1%
52.6%
57.2%
60.0%
61.4%
58.1%
Gross Profit
27.5%
27.3%
29.0%
29.0%
34.0%
34.3%
40.1%
39.4%
40.5%
43.9%
47.4%
42.8%
40.0%
38.6%
41.9%
6.2%
Operating Expenses
Selling, General & Admin. Expenses
19.5%
17.2%
13.3%
12.6%
12.3%
11.6%
9.7%
8.5%
7.0%
6.4%
6.0%
7.3%
7.1%
5.2%
7.6%
5.9%
3.8%
3.7%
3.3%
3.4%
3.1%
2.7%
2.2%
2.2%
2.1%
2.5%
2.5%
1.9%
2.2%
EBITDA
1.8%
5.7%
13.1%
13.9%
19.7%
20.8%
29.1%
29.8%
32.9%
37.4%
41.1%
35.4%
33.2%
34.5%
36.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
1.8%
1.8%
1.3%
1.2%
1.3%
1.5%
1.7%
1.6%
1.7%
2.1%
1.9%
2.4%
2.7%
2.9%
2.5%
Operating Income
0.4%
4.2%
11.8%
12.7%
18.4%
19.3%
27.4%
28.2%
31.2%
35.3%
39.3%
33.0%
30.4%
31.6%
33.5%
Interest Expense
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Other Income
0.2%
0.0%
-0.1%
-0.2%
-0.2%
1.9%
-0.2%
-0.2%
-0.1%
-0.4%
0.4%
0.8%
-3.2%
0.1%
-0.4%
1.5%
4.6%
13.0%
14.6%
20.9%
21.2%
28.1%
28.4%
31.6%
35.6%
39.6%
33.9%
30.3%
32.4%
34.0%
Income Taxes/(Credit)
0.4%
1.3%
3.4%
4.3%
6.3%
6.3%
8.9%
6.9%
7.7%
9.0%
10.0%
8.7%
7.4%
8.4%
8.6%
1.1%
3.3%
9.6%
10.3%
14.6%
14.9%
19.2%
21.5%
23.9%
26.7%
29.7%
25.2%
22.9%
24.0%
25.3%
Minority Interest
Net Income From Continuing
Operations
Net Income From Discontinued
Operations
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
1.1%
3.3%
9.6%
10.3%
14.6%
14.9%
19.2%
21.5%
23.9%
26.7%
29.7%
25.2%
22.9%
24.0%
25.3%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
1.1%
3.3%
9.6%
10.3%
14.6%
14.9%
19.2%
21.5%
23.9%
26.7%
29.7%
25.2%
22.9%
24.0%
25.3%
49.8%
36.9%
30.2%
37.2%
36.9%
30.0%
11.1%
15.0%
8.4%
6.1%
6.7%
4.9%
6.1%
8.2%
8.2%
Short-Term Investments
17.2%
31.0%
41.3%
21.6%
23.8%
31.9%
38.3%
19.1%
13.9%
10.4%
12.2%
12.1%
10.4%
12.1%
12.1%
Net Receivables
Balance Sheet
MRQ
Assets
11.2%
9.6%
7.7%
7.3%
15.9%
11.9%
10.6%
13.2%
10.1%
10.6%
9.1%
8.8%
10.6%
11.0%
11.0%
Inventories
0.8%
1.3%
1.4%
1.6%
1.4%
1.3%
1.0%
1.4%
0.7%
0.4%
0.7%
0.7%
0.4%
0.7%
0.7%
4.5%
6.0%
5.6%
13.2%
3.9%
7.7%
2.4%
4.6%
3.9%
3.7%
3.3%
4.0%
3.7%
3.4%
3.4%
86.4%
87.6%
89.2%
84.3%
86.6%
87.7%
66.4%
55.4%
38.7%
32.7%
33.6%
31.9%
32.7%
36.9%
36.9%
Fixed Assets
9.8%
8.8%
7.1%
7.4%
7.2%
6.2%
6.2%
6.3%
6.7%
8.8%
5.9%
6.4%
8.8%
7.9%
7.9%
Intangible Assets
1.6%
1.2%
0.8%
0.9%
1.5%
0.7%
0.7%
0.5%
3.0%
2.4%
2.4%
2.7%
2.4%
2.3%
2.3%
2.2%
2.4%
1.3%
7.1%
4.1%
4.9%
25.8%
36.8%
50.8%
55.4%
57.4%
58.3%
55.4%
52.3%
52.3%
13.6%
12.4%
10.8%
15.7%
13.4%
12.3%
33.6%
44.6%
61.3%
67.3%
66.4%
68.1%
67.3%
63.1%
63.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Accounts payable
16.9%
18.0%
15.4%
19.7%
19.6%
13.9%
11.8%
16.0%
12.6%
12.0%
11.3%
10.3%
12.0%
13.5%
13.5%
Short-Term Debt
4.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Taxes Payable
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Accrued Liabilities
0.0%
0.0%
5.0%
0.0%
0.0%
0.0%
7.2%
2.1%
7.0%
5.6%
4.5%
5.4%
5.6%
5.7%
5.7%
0.0%
0.0%
5.4%
6.6%
6.5%
0.0%
0.9%
5.5%
1.0%
0.9%
0.9%
1.0%
0.9%
1.0%
1.0%
34.6%
33.3%
30.2%
37.6%
36.7%
35.6%
24.2%
27.6%
24.0%
21.9%
21.2%
20.3%
21.9%
23.9%
23.9%
Long-Term Debt
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Other Liabilities
0.0%
0.0%
0.0%
2.1%
3.5%
9.5%
4.5%
3.2%
10.1%
11.0%
10.9%
11.1%
11.0%
11.1%
11.1%
3.4%
3.7%
5.2%
2.2%
2.4%
1.7%
4.7%
5.7%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
3.4%
3.7%
5.2%
4.4%
6.0%
11.2%
9.2%
8.9%
10.1%
11.0%
10.9%
11.1%
11.0%
11.1%
11.1%
Total Liabilities
38.0%
36.9%
35.4%
42.0%
42.7%
46.9%
33.4%
36.4%
34.2%
32.9%
32.1%
31.4%
32.9%
35.1%
35.1%
Retained Earnings
35.1%
33.2%
34.7%
32.6%
35.9%
35.0%
49.2%
49.4%
54.0%
57.5%
57.7%
58.7%
57.5%
55.9%
55.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
62.0%
63.1%
64.6%
58.0%
57.3%
53.1%
66.6%
63.6%
65.8%
67.1%
67.9%
68.6%
67.1%
64.9%
64.9%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Net Income
23.9%
29.6%
52.7%
89.6%
63.9%
50.4%
81.1%
75.4%
69.1%
82.1%
78.3%
80.3%
82.1%
55.8%
73.6%
39.1%
16.1%
7.1%
10.1%
5.8%
4.9%
7.2%
5.5%
4.8%
6.4%
4.6%
5.5%
6.4%
6.8%
7.3%
Deferred Taxes
-3.8%
2.1%
2.1%
2.4%
1.4%
-3.8%
10.2%
7.7%
7.6%
8.7%
9.2%
9.7%
8.7%
5.0%
7.3%
0.0%
0.0%
0.0%
7.3%
4.4%
5.4%
7.0%
4.7%
3.1%
3.4%
2.7%
3.1%
3.4%
2.3%
3.3%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Total Assets
Preferred Equity
Total Equity
Total Liabilities & Equity
TTM
Other
Net Cash From Operating Activities
-19.8%
11.8%
10.2%
-184.0%
30.3%
14.6%
7.0%
15.3%
18.4%
19.5%
9.3%
13.4%
19.5%
18.2%
23.4%
Acquisitions
0.0%
0.0%
0.0%
0.0%
0.0%
2.7%
0.0%
4.6%
0.6%
0.7%
1.1%
0.8%
0.7%
2.1%
1.4%
Sale of Assets
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
196.3%
336.2%
100.0%
98.1%
49.4%
43.3%
71.6%
72.6%
57.5%
-39.2%
99.5%
133.6%
-39.2%
-1.7%
-10.4%
-96.3%
0.0%
0.0%
-109.6%
-0.4%
-11.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
43.4%
31.1%
100.0%
336.2%
100.0%
-11.4%
49.0%
32.2%
71.6%
72.6%
57.5%
-39.2%
99.5%
133.6%
-39.2%
41.7%
20.8%
Issuance of Debt
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Repayment of Debt
0.0%
-236.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-236.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Dividends Paid
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
146.5%
0.0%
0.0%
146.5%
55.4%
79.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Apple Inc.
(AAPL)
Enter Ticker
Refresh
Color Coding
2/18/2013
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
116.70
53.47
32.40
32.22
40.48
17.80
20.67
19.13
13.17
14.63
10.43
53.89
33.88
26.22
27.14
36.08
12.73
17.82
17.30
12.16
13.93
9.48
EV/EBITDA
37.36
19.85
19.16
20.19
26.68
9.12
11.77
12.48
8.86
9.94
6.68
33.77
12.46
15.41
34.60
28.12
7.33
16.41
14.71
10.49
14.03
8.55
P/S
1.37
1.80
3.11
3.32
5.89
2.65
3.97
4.11
3.15
3.90
2.65
P/BV
2.01
2.94
5.80
6.43
9.74
4.09
5.38
5.61
4.46
5.17
3.42
P/Tang BV
2.06
2.99
5.88
6.53
10.00
4.15
5.44
5.65
4.67
5.36
3.55
P/CF
38.00
30.66
28.19
27.27
35.48
15.45
18.22
16.47
10.46
12.01
8.38
P/FCF
67.87
19.67
19.04
41.06
31.55
10.25
19.03
16.27
11.35
14.73
9.41
ROE
1.6%
5.4%
17.9%
19.9%
24.1%
23.0%
26.0%
29.3%
33.8%
35.3%
32.8%
ROA
1.0%
3.4%
11.6%
11.6%
13.8%
12.2%
17.3%
18.6%
22.3%
23.7%
21.3%
-17.1%
-267.6%
-625.6%
277.5%
464.9%
444.4%
63.9%
48.2%
41.0%
38.1%
37.6%
-115.7%
-806.4%
-1172.7%
250.5%
677.3%
848.2%
71.4%
57.1%
48.2%
38.2%
42.3%
25.1%
28.1%
35.0%
32.5%
32.2%
28.2%
36.3%
34.2%
37.7%
39.0%
35.2%
Book to Market
49.8%
34.0%
17.2%
15.6%
10.3%
24.4%
18.6%
17.8%
22.4%
19.4%
29.2%
Quick Ratio
2.47
2.59
2.91
2.20
2.32
2.43
2.70
1.96
1.58
1.48
1.51
Current Ratio
2.50
2.63
2.96
2.24
2.36
2.46
2.74
2.01
1.61
1.50
1.54
0.61
0.59
0.55
0.72
0.74
0.88
0.50
0.57
0.52
0.49
0.54
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.07
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ROIC
CROIC
Solvency
Efficiency Ratios
Asset Turnover
0.91
1.03
1.21
1.12
0.95
0.82
0.90
0.87
0.93
0.89
0.84
Cash % of Revenue
54.7%
35.9%
25.1%
33.1%
39.0%
36.6%
12.3%
17.3%
9.1%
6.9%
9.8%
Receivables % of Revenue
12.3%
9.3%
6.4%
6.5%
16.8%
14.5%
11.8%
15.2%
10.8%
11.9%
13.1%
SG&A % of Revenue
19.5%
17.2%
13.3%
12.6%
12.3%
11.6%
9.7%
8.5%
7.0%
6.4%
6.2%
7.6%
5.9%
3.8%
3.7%
3.3%
3.4%
3.1%
2.7%
2.2%
2.2%
2.2%
45.0
34.1
23.4
23.7
61.3
52.9
43.0
55.5
39.5
43.6
47.7
4.5
6.1
6.1
7.2
8.0
8.7
6.5
9.7
4.4
3.3
5.6
93.6
88.0
65.7
90.2
114.4
94.4
79.6
110.9
82.9
88.0
100.7
-47.4
R&D % of Revenue
Liquidity Ratios
Days Sales Outstanding
Days Inventory Outstanding
Days Payable Outstanding
Cash Conversion Cycle
Receivables Turnover
Inventory Turnover
Average Age of Inventory (Days)
-44.0
-47.7
-36.1
-59.4
-45.2
-32.9
-30.1
-45.7
-39.0
-41.1
8.10
10.75
16.69
17.99
9.09
7.44
8.79
8.71
10.00
10.29
8.19
80.34
76.69
74.35
63.07
51.47
49.90
53.28
52.51
70.53
112.12
65.75
4.54
4.76
4.91
5.79
7.09
7.31
6.85
6.95
5.17
3.26
5.55
2.6%
1.9%
1.3%
1.6%
2.6%
1.4%
1.1%
0.7%
4.6%
3.6%
3.5%
Inventory % of Revenue
0.9%
1.2%
1.2%
1.4%
1.4%
1.6%
1.1%
1.6%
0.7%
0.5%
0.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-281.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
11.7%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
38.0%
36.9%
35.4%
42.0%
42.7%
46.9%
33.4%
36.4%
34.2%
32.9%
35.1%
41.6%
29.3%
15.7%
12.5%
8.9%
23.9%
11.8%
7.8%
5.0%
3.1%
5.8%
Quality Scores
Piostroski F Score
5.00
6.00
7.00
4.00
6.00
5.00
7.00
4.00
6.00
5.00
5.00
4.03
5.31
9.28
8.01
10.55
5.29
9.38
8.58
7.98
9.20
5.28
8.07
10.23
17.19
14.56
19.51
10.60
17.35
15.37
13.71
15.80
9.88
-2.92
-2.71
-1.91
-1.72
-2.80
-0.94
-2.04
-2.46
-2.53
-2.81
-2.79
-2.59
-1.76
-1.33
-2.85
-1.12
-1.87
-2.40
-2.19
-2.75
Apple Inc.
(AAPL)
2/18/2013
Enter Ticker
Refresh
CLEAR
http://tinyurl.com/7ucpoe2
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM/MRQ
-15.4%
60.3%
51.3%
10.3%
61.4%
44.6%
11.7%
-10.1%
-15.5%
-3.4%
36.2%
29.1%
5.0%
55.5%
47.8%
8.7%
96.9%
87.3%
32.7%
32.3%
29.5%
12.3%
58.6%
55.8%
24.8%
46.7%
44.9%
22.2%
3.4%
27.1%
15.1%
Earnings
Stock Price
$
$
0.10
11.7
$
$
0.36
19.3
$
$
1.56
50.6
$
$
2.27
73.1
Total Assets
Cash & Equivalent
Total Liabilities
Short Term Debt
Long Term Debt
Net Operating Assets (NOA)
$
$
$
$
$
$
6,815.0
3,396.0
2,592.0
304.0
1,131.0
$
$
$
$
$
$
8,050.0
2,969.0
2,974.0
2,107.0
$
$
$
$
$
$
11,551.0
3,491.0
4,085.0
3,975.0
$
$
$
$
$
$
17,205.0
6,392.0
7,221.0
3,592.0
Net Income
CFO
CFI
$
$
$
69.0
289.0
828.0
$
$
$
276.0 $
934.0 $
(1,488.0) $
1,335.0 $
2,535.0 $
(2,556.0) $
1,989.0
2,220.0
357.0
$
$
976.0
830.0
$
$
1,868.0
1,356.0
$
$
$
$
3.93
159.1
$
$
5.36
95.4
$ 25,347.0
$ 9,352.0
$ 10,815.0
$
$
$ 5,180.0
$
$
$
$
$
$
39,572.0
11,875.0
18,542.0
9,155.0
$ 3,496.0 $
$ 5,470.0 $
$ (3,249.0) $
(383.0) $
(588.0) $
1,588.0
1,275.0
$
$
$
$
9.08
187.7
$
$
15.15
289.8
$ 47,501.0
$ 5,263.0
$ 15,861.0
$
$
$ 26,377.0
$
$
$
$
$
$
75,183.0
11,261.0
27,392.0
36,530.0
$
$
27.68
364.4
$ 116,371.0
$ 9,815.0
$ 39,756.0
$
$
$ 66,800.0
$
$
44.15
645.9
$ 176,064.0
$ 10,746.0
$ 57,854.0
$
$
$ 107,464.0
$
$
44.10
460.2
$ 196,088.0
$ 16,154.0
$ 68,742.0
$
$
$ 111,192.0
$ 17,222.0
$ 15,510.0
$ 10,153.0
$ 9,272.0
$ 30,270.0
$ 28,812.0
$ 40,664.0
$ 39,104.0
$ 3,728.0
$ 29,639.0
Piotroski Score
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
Piotroski F Scores
1
1
1
1
0
1
0
0
0
1
1
1
1
0
1
0
0
1
1
1
1
1
0
1
0
1
1
1
1
1
1
0
0
0
0
0
1
1
1
1
0
1
0
1
0
1
1
0
1
0
1
0
1
0
1
1
1
1
0
1
0
1
1
1
1
1
1
0
0
0
0
0
1
1
1
1
0
0
0
1
1
1
1
1
1
0
0
0
1
0
1
1
0
1
0
1
1
0
0
2008
20,598.0
39,572.0
18,542.0
13,845.0
6,895.0
86,055.0
32,479.0
2009
$ 20,049.0
$ 47,501.0
$ 15,861.0
$ 23,353.0
$ 12,066.0
$ 170,244.8
$ 42,905.0
2010
$ 20,956.0
$ 75,183.0
$ 27,392.0
$ 37,169.0
$ 18,540.0
$ 267,972.3
$ 65,225.0
2011
$ 17,018.0
$ 116,371.0
$ 39,756.0
$ 62,841.0
$ 34,205.0
$ 341,332.2
$ 108,249.0
2012
$ 19,111.0
$ 176,064.0
$ 57,854.0
$ 101,289.0
$ 55,763.0
$ 610,567.0
$ 156,508.0
Q1
$ 25,469.0
$ 196,088.0
$ 68,742.0
$ 109,567.0
$ 17,672.0
$ 432,117.9
$ 54,512.0
5.29
10.60
9.38
17.35
8.58
15.37
7.98
13.71
9.20
15.80
5.28
9.88
Altman Z Score
Annual
Working Capital
Total Assets
Total Liabilities
Retained Earnings
EBITDA
Market Value of Equity
Net Sales
Normal Altman Z Score
Revised Altman Z Score
$
$
$
$
$
$
$
2003
3,530.0
6,815.0
2,592.0
2,394.0
92.0
8,483.3
6,207.0
$
$
$
$
$
$
$
2004
4,375.0
8,050.0
2,974.0
2,670.0
383.0
14,911.5
8,279.0
4.03
8.07
5.31
10.23
0.11
0.58
0.32
10.55
0.89
0.13
0.56
0.09
6.29
0.28
$
$
$
$
$
$
$
2005
6,816.0
11,551.0
4,085.0
4,005.0
1,815.0
43,310.2
13,931.0
9.28
17.19
$
$
$
$
$
$
$
2006
8,038.0
17,205.0
7,221.0
5,607.0
2,818.0
64,182.3
19,315.0
2007
$ 12,657.0
$ 25,347.0
$ 10,815.0
$ 9,101.0
$ 5,008.0
$ 141,486.4
$ 24,006.0
8.01
14.56
10.55
19.51
$
$
$
$
$
$
$
MRQ
Altman Z Score
X1
X2
X3
X4
X5
Annual
MRQ
Annual
MRQ
9.20
5.28
15.80
9.88
MRQ Edit
M Score - 5 Variable
M Score - 8 Variable
DSRI
GMI
AQI
SGI
DEPI
SGAI
TATA
LVGI
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
-2.92
-2.79
-2.71
-2.59
-1.91
-1.76
-1.72
-1.33
-2.80
-2.85
-0.94
-1.12
-2.04
-1.87
-2.46
-2.40
-2.53
-2.19
-2.81
-2.75
0.76
1.01
0.94
1.33
0.83
0.88
-0.08
0.96
0.69
0.94
1.05
1.68
0.97
0.78
-0.10
0.91
1.01
1.00
2.19
1.39
1.20
0.94
-0.01
1.25
2.59
0.85
0.75
1.24
1.01
0.98
-0.08
0.98
0.86
0.99
1.00
1.35
0.91
0.94
-0.12
0.97
0.81
0.85
4.46
1.32
0.81
0.84
-0.04
0.68
1.29
1.02
1.40
1.52
1.12
0.87
-0.06
1.14
0.71
0.97
1.43
1.66
0.94
0.83
-0.10
0.87
1.10
0.92
1.07
1.45
1.08
0.91
-0.05
0.91
1.09
1.05
0.94
1.05
0.83
0.97
-0.08
1.09
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2011
$ 108,249.0
$ 34,205.0
$ 34,205.0
$
$ 8,283.0
$ 25,922.0
$ 116,371.0
$ 76,615.0
2012
$ 156,508.0
$ 55,763.0
$ 55,763.0
$
$ 14,030.0
$ 41,733.0
$ 176,064.0
$ 118,210.0
TTM
$ 164,687.0
$ 55,958.0
$ 55,958.0
$
$ 14,211.0
$ 41,747.0
$ 196,088.0
$ 127,346.0
DuPont Analysis
Full tutorial, example and discussion of how the DuPont analysis is used is provided on the blog.
http://www.oldschoolvalue.com/blog/accounting/dupont-analysis-model-spreadsheet/
Revenue
EBIT
EBT
Interest Expense
Income Tax
Net Income
Total Assets
Shareholders Equity
$
$
$
$
$
$
$
$
2003
6,207.0
92.0
92.0
24.0
69.0
6,815.0
4,223.0
$
$
$
$
$
$
$
$
2004
8,279.0
383.0
383.0
107.0
276.0
8,050.0
5,076.0
$
$
$
$
$
$
$
$
2005
13,931.0
1,815.0
1,815.0
480.0
1,335.0
11,551.0
7,466.0
$
$
$
$
$
$
$
$
2006
19,315.0
2,818.0
2,818.0
829.0
1,989.0
17,205.0
9,984.0
2007
$ 24,006.0
$ 5,008.0
$ 5,008.0
$
$ 1,512.0
$ 3,496.0
$ 25,347.0
$ 14,532.0
2008
32,479.0
6,895.0
6,895.0
2,061.0
4,834.0
39,572.0
21,030.0
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2009
42,905.0
12,066.0
12,066.0
3,831.0
8,235.0
47,501.0
31,640.0
2010
65,225.0
18,540.0
18,540.0
4,527.0
14,013.0
75,183.0
47,791.0
$
$
$
$
$
$
$
$
3.3%
1.03
1.59
9.6%
1.21
1.55
10.3%
1.12
1.72
14.6%
0.95
1.74
14.9%
0.82
1.88
19.2%
0.90
1.50
21.5%
0.87
1.57
23.9%
0.93
1.52
26.7%
0.89
1.49
25.3%
0.84
1.54
1.6%
5.4%
17.9%
19.9%
24.1%
23.0%
26.0%
29.3%
33.8%
35.3%
32.8%
0.72
1.00
4.6%
1.03
1.59
0.74
1.00
13.0%
1.21
1.55
0.71
1.00
14.6%
1.12
1.72
0.70
1.00
20.9%
0.95
1.74
0.70
1.00
21.2%
0.82
1.88
0.68
1.00
28.1%
0.90
1.50
0.76
1.00
28.4%
0.87
1.57
0.76
1.00
31.6%
0.93
1.52
0.75
1.00
35.6%
0.89
1.49
0.75
1.00
34.0%
0.84
1.54
5.4%
17.9%
19.9%
24.1%
23.0%
26.0%
29.3%
33.8%
35.3%
32.8%
Return on Equity
Five-Step DuPont Model:
Return on Equity
1.6%
30%
2.0
1.8
25%
20%
1.6
1.4
1.2
15%
5%
0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM
1.0
0.6
0.4
Return on Equity
0.8
10%
40%
2.0
35%
1.8
1.6
Return on Equity
30%
1.4
25%
1.2
20%
1.0
15%
0.8
0.6
10%
0.2
5%
0.0
0%
0.4
0.2
0.0
1
10 11
Apple Inc.
(AAPL)
2/18/2013
Enter Ticker
Refresh
2003
2004
$125.0
$758.0
% Change 506.4%
Owner Earnings
2005
$2,275.0
200.1%
2006
$1,563.0
-31.3%
2007
$4,484.0
186.9%
2008
$8,397.0
87.3%
2009
2010
2011
2012
TTM
$8,946.0 $16,474.0 $30,077.0 $41,454.0 $46,300.0
6.5%
84.1%
82.6%
37.8%
11.7%
Stock Price
2003
$11.7
% Change
2004
$19.3
65.0%
2005
$50.6
162.6%
2006
$73.1
44.7%
2007
$159.1
117.5%
2008
$95.4
-40.0%
2009
$187.7
96.8%
2010
$289.8
54.4%
2011
$364.4
25.8%
2012
$645.9
77.2%
TTM
$460.2
-28.8%
2005
16.3%
78.4%
2003
2004
2005
-115.7% -806.4% -1172.7%
% Change -596.7% -45.4%
2006
8.1%
-50.4%
2007
18.7%
130.8%
2008
25.9%
38.4%
2009
20.9%
-19.4%
2010
25.3%
21.1%
2011
27.8%
10.0%
2012
26.5%
-4.7%
TTM
28.1%
6.1%
2006
250.5%
121.4%
2007
677.3%
170.4%
2008
848.2%
25.2%
2009
71.4%
-91.6%
2010
57.1%
-20.0%
2011
48.2%
-15.7%
2012
38.2%
-20.6%
TTM
42.3%
10.7%
2004
27.3%
-0.8%
2005
5.2%
3.6%
2006
5.0%
-5.1%
2007
3.7%
-24.3%
2008
11.0%
192.5%
2009
8.5%
-22.5%
2010
8.0%
-5.7%
2011
11.3%
40.9%
2012
10.1%
-10.8%
TTM
15.0%
48.7%
2004
6.0
20.0%
2005
29.0%
6.4%
2006
29.0%
-0.1%
2007
34.0%
17.2%
2008
34.3%
1.0%
2009
40.1%
17.0%
2010
39.4%
-1.9%
2011
40.5%
2.8%
2012
43.9%
8.4%
TTM
41.9%
-4.5%
2005
7.0
16.7%
2006
4.0
-42.9%
2007
6.0
50.0%
2008
5.0
-16.7%
2009
7.0
40.0%
2010
4.0
-42.9%
2011
6.0
50.0%
2012
5.0
-16.7%
TTM
5.0
0.0%
2004
58.6%
-4.5%
2006
$2.27
45.5%
2007
$3.93
73.1%
2008
$5.36
36.4%
2009
$9.08
69.4%
2010
$15.15
66.9%
2011
$27.68
82.7%
2012
$44.15
59.5%
TTM
$44.10
-0.1%
2004
19.7
-71.0%
2005
19.0
-3.2%
2006
41.1
115.7%
2007
31.6
-23.2%
2008
10.2
-67.5%
2009
19.0
85.7%
2010
16.3
-14.5%
2011
11.3
-30.2%
2012
14.7
29.8%
TTM
9.4
-36.1%
2003
2004
1.5%
5.1%
% Change 245.0%
2005
5.3%
3.3%
2006
2.4%
-53.6%
2007
3.2%
30.1%
2008
9.8%
207.9%
2009
5.3%
-46.1%
2010
6.1%
17.0%
2011
8.8%
43.3%
2012
6.8%
-22.9%
TTM
10.6%
56.5%
2003
67.9
% Change
2003
2004
2.2%
7.5%
% Change 244.0%
2005
23.8%
215.5%
2006
30.2%
27.2%
2007
34.6%
14.3%
2008
29.9%
-13.5%
2009
52.5%
75.4%
2010
72.1%
37.4%
2011
138.0%
91.4%
2012
161.3%
17.0%
TTM
136.8%
-15.2%
2003
2004
1.1%
3.3%
% Change 199.9%
2005
9.6%
187.5%
2006
10.3%
7.5%
2007
14.6%
41.4%
2008
14.9%
2.2%
2009
19.2%
29.0%
2010
21.5%
11.9%
2011
23.9%
11.5%
2012
26.7%
11.4%
TTM
25.3%
-4.9%
2005
-2.6
7.3%
2006
-1.8
32.2%
2007
-1.3
24.2%
2003
4.0
% Change
2004
5.3
31.7%
2005
9.3
74.8%
2006
8.0
-13.6%
2007
10.5
31.7%
2008
5.3
-49.8%
2009
9.4
77.1%
2010
8.6
-8.5%
2011
8.0
-6.9%
2012
9.2
15.3%
TTM
5.3
-42.6%
2004
27.9%
7.1%
2005
26.4%
-5.3%
2006
29.4%
11.2%
2007
30.2%
2.6%
2008
29.9%
-1.0%
2009
31.8%
6.2%
2010
24.4%
-23.1%
2011
24.2%
-0.8%
2012
25.2%
3.9%
TTM
25.4%
0.9%
2005
55.7%
118.5%
2006
21.6%
-61.1%
2007
41.5%
91.5%
2008
45.3%
9.2%
2009
56.4%
24.5%
2010
60.1%
6.6%
2011
75.7%
25.8%
2012
71.7%
-5.3%
TTM
67.4%
-6.0%
2006
2007
2008
2009
2010
2011
2012
TTM
Tax Rate
2008
-2.9
-114.0%
2009
-1.1
60.6%
2010
-1.9
-66.8%
2011
-2.4
-28.2%
2012
-2.2
8.8%
TTM
-2.7
-25.5%
Debt to Equity
2003
61.4%
% Change
2005
$1.56
333.3%
2003
2004
$0.10
$0.36
% Change 260.0%
2003
2004
-2.8
% Change #DIV/0!
2009
2010
2011
2012
TTM
$9,052.0 $12,586.0 $15,695.0 $37,647.0 $32,484.0
1692.5%
39.0%
24.7%
139.9%
-13.7%
Piotroski F score
2003
5.0
% Change
2008
$505.0
-71.0%
Gross Margin
2003
27.5%
% Change
2007
$1,744.0
-10.1%
FCF Yield
2004
5.0%
88.2%
2006
$1,941.0
146.0%
Price / FCF
2003
2.7%
% Change
2005
$789.0
498.5%
Diluted EPS
FCF / Sales
2003
2004
2.0%
9.2%
% Change 354.6%
2003
2004
-$108.0
-$198.0
% Change -83.3%
2003
26.1%
% Change
2005
54.7%
-6.6%
2006
72.3%
32.2%
2007
74.4%
2.9%
2008
88.2%
18.5%
2009
50.1%
-43.1%
2010
57.3%
14.3%
2011
51.9%
-9.5%
2012
48.9%
-5.7%
TTM
54.0%
10.3%
2003
2004
4.8%
25.5%
% Change 428.5%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
41.1%
% Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
% Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2003
2004
2005
Apple Inc.
(AAPL)
2/18/2013
Enter Ticker
Update
CLEAR
Enter Competitor Tickers
AAPL
MSFT
DELL
HPQ
BBRY
Research In
Motion Limited
Technology
Diversified
Communication
Services
Canada
24-Mar-2011
Technology
Microsoft
Corporation
Technology
Technology
4
5 Country
68 Earnings Date
Personal
Computers
Application
Software
Personal
Computers
USA
23-Jan-2013
USA
24-Jan-2013
USA
19-Feb-2013
HewlettPackard
Technology
Diversified
Computer
Systems
USA
21-Feb-2013
65
6
66
67
60
61
55
56
57
58
Price
Market Cap
Change
Volume
Change from Open
Gap
50-Day High
50-Day Low
52-Week High
52-Week Low
$460.16
$432,117.85
-1.38%
13,961,008
-1.90%
0.53%
-20.45%
6.40%
-34.06%
6.40%
$28.01
$234,618.76
-0.11%
49,516,760
-0.14%
0.04%
-0.78%
6.66%
-13.15%
6.66%
$13.81
$24,010.07
0.73%
20,541,424
0.80%
-0.07%
-2.54%
39.49%
-23.56%
60.18%
$16.79
$32,786.17
-1.41%
15,324,705
-1.87%
0.47%
-3.78%
31.32%
-42.44%
49.33%
$14.15
$7,419.48
-6.07%
92,531,616
-7.48%
1.53%
-22.73%
33.66%
-22.73%
127.57%
7
8
9
10
11
12
13
14
15
P/E
Forward P/E
PEG
P/S
P/B
P/Cash
P/Free Cash Flow
Dividend Yield
Payout Ratio
10.43
9.04
0.55
2.62
3.39
10.85
9.86
2.30%
11.98%
15.39
8.86
1.84
3.22
3.23
3.43
11.36
3.28%
46.66%
9.39
8.32
0.97
0.41
2.36
2.13
7.67
2.32%
5.33%
0.00
4.81
0.00
0.27
1.47
2.90
5.60
3.16%
0.00%
0.00
0.00
0.00
0.59
0.78
2.72
8.99
0.00%
0.00%
min
min
min
min
min
min
min
max
min
16
17
18
19
20
21
22
23
EPS (ttm)
EPS growth this year
EPS growth next year
EPS growth past 5 years
EPS growth next 5 years
Sales growth past 5 years
EPS growth quarter over quarter
Sales growth quarter over quarter
$44.10
59.51%
13.72%
62.22%
18.98%
44.81%
-0.49%
17.65%
$1.82
-25.91%
10.88%
7.01%
8.38%
7.60%
-3.49%
2.73%
$1.47
39.82%
-2.92%
10.63%
9.67%
1.57%
-44.18%
-10.70%
($6.45)
-292.77%
5.12%
5.52%
0.00%
2.91%
-3027.70%
-6.73%
($1.62)
-64.95%
63.60%
14.99%
5.00%
43.43%
-94.72%
-47.21%
max
max
max
max
max
max
max
24.94%
38.41%
32.96%
12.83%
22.62%
16.84%
5.96%
27.66%
11.47%
-10.62%
-41.43%
-18.02%
-6.35%
-8.67%
-8.45%
max
max
max
1.54
1.51
0.00
0.00
2.81
2.76
0.16
0.20
1.18
1.11
0.52
0.89
1.09
0.95
0.97
1.27
2.23
2.08
0.00
0.00
max
max
min
min
39 Gross Margin
40 Operating Margin
41 Profit Margin
41.91%
33.46%
25.35%
75.35%
26.76%
21.20%
21.25%
5.53%
4.44%
22.95%
-9.19%
-10.51%
30.68%
-10.85%
-6.73%
max
max
max
24
25
26
27
28
29
30
31
Shares Outstanding
Shares Float
Insider Ownership
Insider Transactions
Institutional Ownership
Institutional Transactions
Float Short
Short Ratio
939.06
938.76
0.03%
3.68%
64.11%
-4.13%
2.01%
0.9
8,376.25
7,597.51
5.10%
-8.28%
66.93%
-1.20%
1.05%
1.6
1,738.60
1,490.73
0.06%
25.21%
68.56%
3.08%
2.76%
1.1
1,952.72
1,951.35
0.02%
331.33%
79.08%
-0.09%
4.13%
2.7
524.16
425.06
15.01%
0.00%
60.57%
0.16%
31.79%
2.2
42
43
44
45
46
46
48
49
50
51
52
53
54
59
62
63
64
Performance (Week)
Performance (Month)
Performance (Quarter)
Performance (Half Year)
Performance (Year)
Performance (Year)
Beta
Average True Range
Volatility (Week)
Volatility (Month)
20-Day Simple Moving Average
50-Day Simple Moving Average
200-Day Simple Moving Average
Relative Strength Index (14)
Analyst Recom
Average Volume
Relative Volume
-3.12%
-8.55%
-13.79%
-26.39%
-8.34%
-8.34%
1.04
13.49
2.34%
2.58%
-1.36%
-8.03%
-20.07%
43.21
2.00
21,597.98
0.65
1.67%
3.59%
4.36%
-6.26%
-5.40%
-5.40%
0.94
0.39
0.99%
1.52%
1.33%
2.85%
-2.76%
58.85
2.00
51,124.31
0.97
1.32%
9.52%
45.37%
15.08%
-22.24%
-22.24%
1.41
0.36
1.41%
2.21%
3.49%
17.35%
20.54%
71.00
3.10
38,353.08
0.54
-0.47%
-2.44%
28.96%
-11.77%
-40.63%
-40.63%
1.12
0.48
2.12%
2.52%
-0.09%
7.66%
-3.01%
56.60
3.20
29,973.36
0.51
-14.16%
-3.97%
66.73%
87.24%
-2.85%
-2.85%
1.64
1.38
10.29%
8.93%
-9.67%
2.46%
41.50%
45.76
3.40
62,980.89
1.47
Company
2
3 Sector
Industry
32 Return on Assets
33 Return on Equity
34 Return on Investment
35
36
37
38
Current Ratio
Quick Ratio
LT Debt/Equity
Total Debt/Equity
Apple Inc.
Dell Inc.
max
max
max
min
Apple Inc.
(AAPL)
Shares Out.
939.06
Fiscal Year
Cash Flow Data
Refresh
CLEAR
Trend
2003
Growth
Discount %
0.7%
9.0%
Terminal %
Select FCF
2%
FCF
50%
2/18/2013
Enter Ticker
M.O.S
939.06
0.7%
Current Price
Fair Value
Buy Under
Actual M.O.S
52 Wk High
52 Wk Low
$460.16
$460.06
$230.03
0%
$705.07
$435.00
2004
2005
2006
2007
2008
2009
2010
2011
2012
$50,856.0
($9,402.0)
$50,831.3
$289.0
($164.0)
$223.2
$125.0
YOY% Change
$934.0
($176.0)
$486.4
$758.0
506.4%
$2,535.0
($260.0)
$1,536.5
$2,275.0
200.1%
$2,220.0
($657.0)
$2,353.9
$1,563.0
-31.3%
$5,470.0
($986.0)
$3,987.5
$4,484.0
186.9%
$9,596.0
($1,199.0)
$5,571.5
$8,397.0
87.3%
$10,159.0
($1,213.0)
$9,341.3
$8,946.0
6.5%
$18,595.0
($2,121.0)
$16,275.2
$16,474.0
84.1%
$37,529.0
($7,452.0)
$32,629.7
$30,077.0
82.6%
27.5%
0.4%
1.1%
27.3%
4.2%
3.3%
29.0%
11.8%
9.6%
29.0%
12.7%
10.3%
34.0%
18.4%
14.6%
34.3%
19.3%
14.9%
40.1%
27.4%
19.2%
39.4%
28.2%
21.5%
$0.10
26.1%
$0.36
27.9%
$1.56
26.4%
$2.27
29.4%
$3.93
30.2%
$5.36
29.9%
$9.08
31.8%
-115.7%
2.0%
80.3
1.0%
1.6%
-806.4%
9.2%
76.7
3.4%
5.4%
-1172.7%
16.3%
74.3
11.6%
17.9%
250.5%
8.1%
63.1
11.6%
19.9%
677.3%
18.7%
51.5
13.8%
24.1%
848.2%
25.9%
49.9
12.2%
23.0%
61.4%
0.0%
4.8%
41.1%
58.6%
0.0%
25.5%
54.7%
0.0%
55.7%
72.3%
0.0%
21.6%
74.4%
0.0%
41.5%
2008-2012
53.1%
49.1%
57.1%
25.9%
18.6%
29.3%
40.1%
28.2%
21.5%
48.2%
69.4%
51.7%
2007-2010
49.7%
54.3%
374.4%
23.1%
15.6%
25.0%
36.8%
23.3%
17.0%
39.5%
56.8%
50.4%
2008-2011
52.2%
53.0%
64.3%
25.6%
18.0%
27.7%
39.8%
27.8%
20.3%
49.4%
72.8%
57.6%
2009-2012
53.9%
66.7%
52.6%
25.9%
20.5%
31.6%
40.3%
29.7%
22.7%
53.9%
69.4%
71.1%
2004-2011
46.8%
69.2%
64.3%
19.8%
13.0%
23.5%
34.1%
18.8%
14.7%
44.4%
86.0%
69.5%
2005-2012
47.9%
51.4%
64.3%
23.1%
15.6%
25.0%
36.8%
23.3%
17.0%
41.3%
61.2%
53.5%
2003-2008
38.2%
132.0%
67.4%
12.7%
11.6%
18.9%
29.0%
12.3%
9.9%
39.2%
121.7%
101.5%
2004-2009
44.4%
63.8%
160.9%
17.5%
11.9%
21.5%
31.5%
15.5%
12.4%
39.0%
90.7%
61.2%
TTM
33.0%
$56,728.0
($10,428.0)
$51,986.4
$46,300.0
15.8%
40.5%
31.2%
23.9%
43.9%
35.3%
26.7%
41.9%
33.5%
25.3%
$15.15
24.4%
$27.68
24.2%
$44.15
25.2%
$44.10
25.4%
71.4%
20.9%
53.3
17.3%
26.0%
57.1%
25.3%
52.5
18.6%
29.3%
48.2%
27.8%
70.5
22.3%
33.8%
38.2%
26.5%
112.1
23.7%
35.3%
42.3%
28.1%
65.8
21.3%
32.8%
88.2%
0.0%
45.3%
50.1%
0.0%
56.4%
57.3%
0.0%
60.1%
51.9%
0.0%
75.7%
48.9%
0.0%
71.7%
54.0%
0.0%
67.4%
2007-2009
48.7%
41.2%
677.3%
20.9%
13.8%
24.1%
34.3%
19.3%
14.9%
33.7%
52.0%
36.3%
2008-2010
51.2%
40.1%
71.4%
25.3%
17.3%
26.0%
39.4%
27.4%
19.2%
41.7%
68.1%
39.2%
2009-2011
52.8%
83.4%
57.1%
25.3%
18.6%
29.3%
40.1%
28.2%
21.5%
58.8%
74.6%
92.2%
2010-2012
55.0%
58.6%
48.2%
26.5%
22.3%
33.8%
40.5%
31.2%
23.9%
54.9%
70.7%
65.4%
Median
52.2%
54.3%
64.3%
25.3%
18.0%
27.7%
39.8%
27.8%
20.3%
48.2%
69.4%
57.6%
2005-2010
45.1%
48.6%
160.9%
19.8%
13.0%
23.5%
34.1%
18.8%
14.7%
36.2%
57.6%
49.0%
2006-2011
49.4%
80.7%
160.9%
23.1%
15.6%
25.0%
36.8%
23.3%
17.0%
41.2%
64.9%
76.0%
2007-2012
51.8%
56.0%
64.3%
25.6%
18.0%
27.7%
39.8%
27.8%
20.3%
45.5%
62.2%
56.2%
2003-2012
44.6%
90.6%
57.1%
19.8%
13.0%
23.5%
34.1%
18.8%
14.7%
43.1%
96.7%
77.6%
Median
45.1%
69.2%
64.3%
19.8%
13.0%
23.5%
34.1%
18.8%
14.7%
41.2%
86.0%
69.5%
$40,000.0
Margins
Gross Margin
Operating Margin
Net Margin
Debt Related
Debt to Equity
Capitalization Ratio
FCF to Total Debt
FCF to Short Term Debt
FCF to Long Term Debt
2007-2011
50.8%
60.9%
71.4%
25.3%
17.3%
26.0%
39.4%
27.4%
19.2%
45.7%
62.9%
61.8%
2003-2010
41.8%
100.8%
64.3%
17.5%
11.9%
21.5%
31.5%
15.5%
12.4%
39.9%
104.9%
81.3%
2013
2014
2015
$40,280.00
2023
$ 43,453.52
$40,561.96
2024
$ 44,322.59
Calculation
Total Cash
$
MAX(0,Current Liabilities-Current Assets)
$
Excess Cash
$
Adding some Intangibles
$
Interest Bearing Debt
$
Present Value
$
Shares Outstanding
Per Share Value
$
Desired Margin of Safety
Purchase Price
$
Current Price
$
Margin of Safety
$40,845.89
2025
45,209.04
$41,103.22
2026
46,113.22
2017
2018
$41,362.17
2027
47,035.49
2019
$41,622.75
2028
47,976.20
2020
$41,884.98
2029
48,935.72
2021
$42,122.47
2030
49,914.43
$42,361.30
2031
50,912.72
2022
$42,601.49
2032
51,930.98
Discount Rates
-3% $
-1% $
Growth Rates
0%
10%
10%
1%
$
3% $
5% $
7%
429.98 $
476.33 $
8%
402.12 $
444.15 $
528.58
587.46
653.76
491.45
544.66
604.49
$
$
$
$
$
$
9%
377.38
415.60
$
$
10%
355.33 $
390.20 $
11%
335.60
367.52
458.55
$
$
$
429.32
473.19
522.38
403.26
443.27
488.07
506.80
560.96
$
$
$
8%
-14.4%
-1%
3.4%
1%
12.9%
21.7%
29.6%
-3%
Growth Rates
Variable Fields
Intangibles% add to DCF
Decay Rate (Yr4E-Yr7E)
Extra Decay (Yr8E-Yr10E)
2016
3%
5%
9%
-21.9%
10%
-29.5%
11%
-37.1%
-3.6%
-10.7%
-17.9%
-25.2%
6.4%
15.5%
23.9%
-0.4%
-7.2%
2.8%
11.9%
-14.1%
-3.8%
5.7%
9.2%
18.0%
Apple Inc.
(AAPL)
Shares Out.
M.O.S
939.06
66%
Growth
939.06
Projection
5.5%
EPS
Corp Bond
$33.55
Forecast
4.00
5.5%
2/18/2013
Refresh
Enter Ticker
CLEAR
Current Price
Intrinsic $
Buy Under
$460.16
$461.28
$156.83
0%
$705.07
$435.00
5 Yr EPS Growth
2007-2011
62.9%
2008-2012
69.4%
2007-2010
56.8%
2008-2011
72.8%
2009-2012
69.4%
2007-2009
52.0%
2008-2010
68.1%
2009-2011 2010-2012
74.6%
70.7%
10 Yr EPS Growth
2003-2010
104.9%
2004-2011
86.0%
2005-2012
61.2%
2003-2008
121.7%
2004-2009
90.7%
2005-2010
57.6%
2006-2011
64.9%
2007-2012
62.2%
2003
0.10
2013E
Forecast Method
$
33.55
Linear Regression Method $
20.09
Analyst Estimate
$
44.75
Diltued EPS
2004
0.36
2014E
$
35.39
$
21.19
$
50.89
$
2005
$
1.56
2006
2.27
2007
3.93
2008
$
5.36
$
$
33.55
5.50%
4.00
461.28
66%
156.83
$460.16
0%
2010
15.15
$33.55 $35.39
$27.68
15%
15%
$15.15
$0.36
$1.56
$2.27
$3.93
$5.36
$0.10
2003
2004
2005
2006
2007
2008
$9.08
2009
2010
2011
2012
2013
2014
EPS
Growth
2009
9.08
$44.15
3.9%
4.7%
5.5%
6.3%
8.2%
$
$
$
23.48
280.27
301.58
$
$
$
28.52
340.33
366.21
$
$
$
$
$
322.89
344.20
393.22
$
$
$
392.08
417.96
477.48
$
$
33.55
400.39
430.83
$ 461.28
491.72
561.74
$
$
$
38.58
460.45
495.46
$
$
$
43.61
520.50
560.08
$
$
$
530.47
565.48
646.00
$
$
$
599.66
639.24
730.26
Median
69.4%
Median
86.0%
2011
27.68
2012
44.15
TTM
$ 44.10
Current EPS
Exp Growth Dividend Yield
Apple Inc.
(AAPL)
5%
2/18/2013
Enter Ticker
2.30%
Current PE
Refresh
Business
Risk
7 of 20 pts
7 of 20 pts
7 of 20 pts
Katsenelson Absolute PE Current Price Fair Value Fair Value PE Current PE FV Exp Grth
$469.98
10.66
10.43
5%
2%
2008
22.99%
2009
26.03%
1
17.34%
1
71.39%
1
1.12%
1
2010
29.32%
1
18.64%
1
57.12%
1
0.72%
1
2011
33.83%
1
22.28%
1
48.16%
1
4.62%
1
2012
35.30%
1
23.70%
1
38.24%
1
3.57%
1
TTM
32.78%
1
21.29%
1
42.33%
1
3.50%
1
12.22%
848.18%
1.36%
20 pts out of 20
2008
2.46
0.88
0.00
45.29%
2009
2.74
1
0.50
1
0.00
1
56.40%
1
19 pts out of 20
2009
40.14%
1
19.19%
1
$9.08
1
$10,159.00
1
16 pts out of 20
M.O.S
$460.16
Earnings
Predictabilit
y
2.30%
CLEAR
Financial
Risk
5.00%
2.30%
10.43
2.00
=
12.43
x
Below Average [1 + (1 - 1.05)]
1.05
x
Below Average [1 + (1 - 1.05)]
1.05
x
Below Average [1 + (1 - 1.05)]
1.05
=
5%
10.66
2011
1.61
1
0.52
1
0.00
1
75.65%
1
2012
1.50
0
0.49
1
0.00
1
71.65%
1
TTM
1.54
1
0.54
1
0.00
1
67.35%
1
Excellent 9% Factor
2010
39.38%
0
21.48%
1
$15.15
1
$18,595.00
1
2011
40.48%
1
23.95%
1
$27.68
1
$37,529.00
1
2012
43.87%
1
26.67%
1
$44.15
1
$50,856.00
1
TTM
41.91%
0
25.35%
0
$44.10
0
$56,728.00
1
Excellent 6% Factor
P/E
7.00
7.65
8.30
8.95
9.60
10.25
10.90
11.55
12.20
12.85
13.50
14.15
14.80
15.45
16.10
16.75
17.40
17.90
18.40
18.90
19.40
19.90
21%
20.40
20.90
21.40
21.90
22%
23%
24%
25%
AVERAGE
30.0%
5
19.2%
5
184.2%
5
2.5%
5
STDEV
4.8%
20
0.0%
AVERAGE
1.98
4
0.58
5
0.00
5
62.7%
5
STDEV
0.52
19
0.0%
0.65
0.50
325.5%
1.6%
0.15
0.00
11.1%
AVERAGE STDEV
40.0%
3.2%
3
21.9%
4.4%
4
24.25
17.16
4
$30,577.17 20708.01
5
16
Dividend Yield
0.0%
0.1%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
10.0%
4.2%
0.0%
Apple Inc.
(AAPL)
Shares Out.
Main. Capex
Normalized Income
939.06
$6,000.00
$40,000.00
$6,000.00
$40,000.00
Current Price
EPV
$460.16
$442.94
$123.39
939.06
2/18/2013
Discount Rate
R&D Years
SG&A %
9%
25%
EPV MOS
NCAV
52 Wk High
52 Wk Low
0.0%
($6.32)
$705.07
$435.00
Enter Ticker
Refresh
CLEAR
Shares Outstanding
Balance Sheet Assets
Adjusted Assets
Total Liabilities
Total Equity
Average SGA %
939.1
$ 196,088.0
$ 196,088.0
$ 68,742.0
$ 127,346.0
8.6%
Marketing/Brand Value
$ 13,504.6
Data: EPV
R&D Value
Cash Needed for Business
Interest Bearing Debt
Non Interest Bearing Debt
Excess Cash
$ 4,435.2
$ 1,646.9
$
$ 61,468.0
$ 36,689.8
Cost of Capital
Normalized Adjusted Income
Average Maintenance Capex
Interest Bearing Debt
1% of sales
Cash & Equiv
Adjustments:
Assets
$
$
$
$
$
127,346
(5,933)
214,028
145,286
115,870
$
$
$
$
$
Marketable Securities
Accounts Receivable
Other Receivable
Net Receivables
$ 23,666.0
$ 11,598.0
$ 9,936.0
$ 21,534.0
$
$
$
$
$
9.0%
40,000.0
6,000.0
1,646.9
39,820.0
Book Value
38,173.1
939.06
Net Repro
Value
EPV
$
$
EPV
680,000.0
485,714.3
Per Share
$
724.13
$
517.23
+ Cash - Debt
$
718,173.1
$
523,887.4
9%
11%
13%
$
$
$
$
Per Share
764.78
557.88
377,777.8
402.29
309,090.9
261,538.5
$
$
329.15
278.51
$
$
415,950.9
442.94
347,264.0
299,711.6
$
$
369.80
319.16
Q1
46,300.0
24,154.5
22,956.9
20,460.3
44,543.2
Calculation: EPV
135.61
(6.32)
227.92
154.71
123.39
Cash - Debt
Shares
Total
Per Share
$ 121,503 $ 129.39
$
$
$
$
$
Multiplier
Reproduction
Asset Value
$
16,154.0
$
$
$
$
23,666.0
11,598.0
9,936.0
21,534.0
$
$
$
$ 1,455.0
$ 1,455.0
$
$ 2,895.0
$ 6,644.0
$ 72,348.0
$ 1,381.0
$ 4,462.0
$ 5,843.0
$ 15,422.0
$ 102,475.0
$ 196,088.0
$
$
$
$
$
$
$
$
$
$
$
1,455.0
2,895.0
6,644.0
72,348.0
1,381.0
4,462.0
5,843.0
15,422.0
102,475.0
196,088.0
Adjustments:
Liabilities & Equity
Accounts Payable
Accrued Expenses
Accrued Liabilities
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Capital Lease Obligations
Deferred Income Taxes
Total Other Liabilities
Total Liabilities
Common Stock Equity
Retained Earnings
Total Capitalization
Total Equity
Total Liabilities & Equity
Book Value
$
26,398.0
$
$
11,214.0
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,993.0
39,605.0
21,863.0
68,742.0
127,346.0
109,567.0
127,346.0
127,346.0
196,088.0
Fixed BV
Multiplier
Reproduction
Liability Value
$
26,398.0
$
$
11,214.0
$
$
$
1,993.0
39,605.0
$
$
$
$
21,863.0
68,742.0
$
$
$
127,346.0
109,567.0
127,346.0
$
$
127,346.0
196,088.0
Apple Inc.
(AAPL)
2/18/2013
Enter Ticker
Current Price
NNWC
NNWC %
NCAV
NCAV %
$460.16
-$12.83
0.0%
$3.84
0.0%
CLEAR
BV
Multiplier
100%
Refresh
$
$
$
$
$
$
$
$
$
$
$
$
$
$
BV
16,154.00
23,666.00
21,534.00
21,534.00
1,455.00
1,455.00
72,348.00
196,088.00
68,742.00
939.06
75%
$
16,150.50
50%
$
727.50
$ 72,348.00
$ 196,088.00
$ 68,742.00
939.06
Total ($m)
$
72,348.00
432.1B
$
127,346.00
$
(12,044.00)
$
$
$
$
3,606.00
Per Share
77.04
460.16
135.61
(12.83)
0%
3.84
0%
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