features

2006 q4

2007q1

2007q2

2007q3

current assets
Current Liabilities
inventory
Total Assets
Net Income

16664
7337
303
19461
431

16029
5490
208
18711
770

18745
6992
251
21647
818

21959
9299
346
25347
904

Stockholders' Equity

11228

12268

13404

14532

Sales
Gross profit
Operating income
net profit
Market Price of
Common Stock Per
Share

7215
2220
1322
1000

5264
1849
986
770

5410
1995
1041
818

6217
2090
1060
904

61

175

87

108

Earnings Per Share

1.14

0.87

0.92

total liabillity

8233

6450

8243

10815

Gross margin
Operating margin
Profit margin
ROA
price earning ratio
current ratio
quick ratio
net working capital
ROE

0.307692308
0.183229383
0.138600139
0.576948769
53.50877193
2.271228022
2.229930489
0.479266225
0.038386177

1
0.533261222
0.41644132
0.041152263
201.1494253
2.919672131
2.881785064
0.563251563
0.062764917

0.368761553
0.192421442
0.151201479
0.037788146
94.56521739
2.680921053
2.645022883
0.542938975
0.061026559

0.336175004
0.170500241
0.145407753
0.03566497
108
2.361436714
2.324228412
0.499467393
0.062207542

2006 q4

2007q1

2007q2

2007q3

current ratio

quick ratio

3.5

3.5

2.5

2.5

1.5

current ratio

1.5

1
0.5

2006 q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
200q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4

0.5

0.6

0.5

0.4

0.3

0.2
net working capital
ratio

0.1

0.05

0
0
2006 q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
200q4

net working capital ratio

ROE

0.35
0.3

0.25
0.2

0.15
0.1

2006 q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
200q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4

2007q4

2008q1

2008q2

2008q3

2008q4

26190
10535
459
30039
1581

28695
11235
468
32568
1609

30256
12569
485
34568
1689

32568
14562
496
37895
2658

34690
14092
509
39572
6119

16804

17896

18659

19865

21030

9608
3332
2126
1580

12056
4192
2671
1978

15069
5243
3331
2478

22562
7902
4997
3708

37491
13197
8327
6120

128

115

126

140

150.63

1.76

1.72

2.32

4.23

5.44

13535

14563

16234

16983

18542

0.346794338
0.221273938
0.164446295
0.052631579
72.72727273
2.485999051
2.442429995
0.521155831
0.078956423

0.347710683
0.221549436
0.164067684
0.06458723
66.86046512
2.482356894
2.440235689
0.536109064
0.089908359

0.347932842
0.221049837
0.16444356
0.10256487
54.31034483
2.47985623
2.432568
0.511658181
0.15689545

0.350234908
0.221478592
0.164347132
0.13568476
33.09692671
2.465895665
2.4296584
0.519654551
0.203568955

0.352004481
0.222106639
0.163239177
0.154629536
27.68933824
2.461680386
2.425560602
0.520519559
0.290965288

2008q1

2008q2

quick ratio

2008q3

200q4

price earning ratio

250
200
150
quick ratio

100

price earning ratio

50
0
2006 q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
200q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4

2007q4

2009q1

200q4

2008q3

2008q2

2008q1

2007q4

2007q3

2007q2

2007q1

ROE

2006 q4

2008q3
200q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4

ROE

ROA

2
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0

2006 q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
200q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4

2009q1

2009q2

2009q3

2009q4

2010q1

33468
13564
456
40256
6196

32568
12563
487
41256
62354

32056
11806
463
45896
79864

31555
11506
455
47501
8235

32336
12229
638
57057
3074

23654

24569

28456

31640

39348

38452
13623
9201
7125

39562
14463
9689
7456

41256
15623
10692
8026

42905
17222
11740
8240

13499
5841
3979
1620

105

112

123

102

210

4.56

5.26

6.89

6.34

3.33

17896

16956

16023

15861

17709

0.354285863
0.239285343
0.168564895
0.159863246
23.02631579
2.467413742
2.433795341
0.494435612
0.289655411

0.36557808
0.244906729
0.175645123
1.695623458
21.29277567
2.592374433
2.553609807
0.484899166
0.277236548

0.378684313
0.259162304
0.185645122
1.7256892
17.85195936
2.612568
2.676012197
0.441214921
0.270365484

0.401398438
0.273627782
0.192052208
0.173364771
16.08832808
2.6235689
2.702937598
0.422075325
0.260271808

0.432698718
0.294762575
0.12000889
0.053875949
63.06306306
2.644206395
2.592035326
0.352401984
0.078123412

2009q1

2009q2

2009q3

2009q4

2010q1

Profit margin

Profit margin

2006 q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
200q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4

price earning ratio

0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0

2010q4

2010q3

2010q2

2010q1

2009q4

2009q3

2009q2

2009q1

ROA

ROA

2006 q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
200q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4

2010q3

2010q4

36033
15612
942
64725
3253

41678
20722
1051
75183
4308

43927
23795
885
86742
6004

43111

47791

54666

15700
6409
4507
3070

20343
7841
5776
7900

26741
10654
8183
1140

271

295

325.72

3.51

4.64

6.43

21614

27392

32076

0.408216561
0.287070064
0.195541401
0.050258787
77.20797721
2.308032283
2.247694081
0.315504056
0.07545638

0.385439709
0.28393059
0.38833997
0.057300188
63.57758621
2.011292346
1.960573304
0.278733224
0.090142495

0.39841442
0.306009499
0.042631166
0.069216758
50.6562986
1.846060097
1.808867409
0.232090567
0.109830608

Gross margin
1.2
1
Axis Title

2010q2

0.8
0.6
0.4
0.2

2010q2

Profit margin

2010q3

2010q4

2006 q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
200q4
2009q1

Axis Title

2006 q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
200q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4

200q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4

Gross margin

Gross margin

Axis Title

Operating margin

0.6

0.5

0.4

0.3

0.2
Operating margin

0.1

IPHONE 2G

3.5

IPHONE 3G

IPOD TOUCH 1

IPHONE 3GS

IPOD TOUCH 2

2.5

1.5

0.5

0
2006 q4

2007q1

2007q2

2007q3

Finantial ratios
Gross margin
Operating margin
Profit margin
ROA
Current ratio
Quick ratio
Net working capital
ROE

2007q4

2008q2

IPHONE 3G
=
=
=
+
=
=
+

Sign
1
2
3
4

2008q1

+
=
?

2008q3

200q4

IPHONE 3GS
=
=
=
?
+
+
-

Implication
Increasing
Decreasing
No change
Uncertain

2009q1

IPHONE 4

IPHONE 3GS IPOD TOUCH 3

IPAD

Gross margin

Operating margin
Net Profit margin
ROA
current ratio
quick ratio
net working capital ratio
ROE

2009q1

2009q2

IPAD
+
+
+
=
+
+
=
=

2009q3

2009q4

2010q1

2010q2

2010q3

2010q4

Better Financial Implication

IPAD
IPAD
IPAD
?
IPHONE 3GS
IPAD
IPAD
IPHONE 3G

References:

References:

http://phx.corporate-ir.net/phoenix.zhtml?c=107357&p=irol-news
http://www.hotstocked.com/companies/a/apple-inc-AAPL-balance-sheet-51437.html
http://www.apple.com/investor/