Growth Profitability and Financial Ratios for Apple Inc

Financials
2011-09 2012-09 2017-09
Revenue USD Mil 108,249 156,508 229,234
Gross Margin % 40.5 43.9 38.5
Operating Income USD Mil 33,790 55,241 61,344
Operating Margin % 31.2 35.3 26.8
Net Income USD Mil 25,922 41,733 48,351
Earnings Per Share USD 3.95 6.31 9.21
Dividends USD 0.38 2.4
Payout Ratio % * 26.5
Shares Mil 6,557 6,617 5,252
Book Value Per Share * USD 11.78 16.99 25.83
Operating Cash Flow USD Mil 37,529 50,856 63,598
Cap Spending USD Mil -7,452 -9,402 -12,795
Free Cash Flow USD Mil 30,077 41,454 50,803
Free Cash Flow Per Share * USD 4.59 6.31 9.66
Working Capital USD Mil 17,018 19,111 27,831

Key Ratios -> Profitability

Margins % of Sales 2011-09 2012-09 2017-09
Revenue 100 100 100
COGS 59.52 56.13 61.53
Gross Margin 40.48 43.87 38.47
SG&A 7.02 6.42 6.66
R&D 2.24 2.16 5.05
Other
Operating Margin 31.22 35.3 26.76
Net Int Inc & Other 0.38 0.33 1.2
EBT Margin 31.6 35.63 27.96

Profitability 2011-09 2012-09 2017-09

Tax Rate % 24.22 25.16 24.56
Net Margin % 23.95 26.67 21.09
Asset Turnover (Average) 1.13 1.07 0.66
Return on Assets % 27.07 28.54 13.87
Financial Leverage (Average) 1.52 1.49 2.8
Return on Equity % 41.67 42.84 36.87
Return on Invested Capital % 41.04 42.01 19.86
Interest Coverage 28.59

Key Ratios -> Growth

2011-09 2012-09 2017-09
Revenue %
Year over Year 65.96 44.58 6.3
3-Year Average 49.37 53.94 7.84
5-Year Average 41.16 45.49 7.93
10-Year Average 35.05 39.17 25.31
Operating Income %
Year over Year 83.79 63.48 2.2
3-Year Average 75.28 67.57 5.32
5-Year Average 68.97 65.8 2.12
10-Year Average 124.48 30.12
Net Income %
Year over Year 84.99 60.99 5.83
3-Year Average 75.03 71.77 6.96
5-Year Average 67.11 64.2 2.99
10-Year Average 90.88 30.04
EPS %
Year over Year 82.71 59.5 10.83
3-Year Average 72.85 69.41 12.61
5-Year Average 64.9 62.22 7.87
10-Year Average 85.81 32.28

Key Ratios -> Cash Flow

Cash Flow Ratios 2011-09 2012-09 2017-09
Operating Cash Flow Growth % YOY 101.82 35.51 -3.38
Free Cash Flow Growth % YOY 82.57 37.83 -2.82
Cap Ex as a % of Sales 6.88 6.01 5.58
Free Cash Flow/Sales % 27.79 26.49 22.16
Free Cash Flow/Net Income 1.16 0.99 1.05

Key Ratios -> Financial Health

Balance Sheet Items (in %) 2011-09 2012-09 2017-09
Cash & Short-Term Investments 22.3 16.54 19.76
Accounts Receivable 10.07 10.62 9.5
Inventory 0.67 0.45 1.29
Other Current Assets 5.62 5.14 3.71
Total Current Assets 38.66 32.75 34.28
Net PP&E 6.68 8.78 9
Intangibles 3.81 3.04 2.14
Other Long-Term Assets 50.85 55.43 54.59
Total Assets 100 100 100
Accounts Payable 12.57 12.03 13.07
Short-Term Debt 4.92
Taxes Payable 0.98 0.87
Accrued Liabilities 6.97 4.76 6.86
Other Short-Term Liabilities 3.52 4.23 2.01
Total Current Liabilities 24.04 21.89 26.86
Long-Term Debt 25.9
Other Long-Term Liabilities 10.13 10.97 11.52
Total Liabilities 34.16 32.86 64.28
Total Stockholders' Equity 65.84 67.14 35.72
Total Liabilities & Equity 100 100 100

Liquidity/Financial Health 2011-09 2012-09 2017-09

Current Ratio 1.61 1.5 1.28
Quick Ratio 1.35 1.24 1.09
Financial Leverage 1.52 1.49 2.8
Debt/Equity 0.73

Key Ratios -> Efficiency Ratios

Efficiency 2011-09 2012-09 2017-09
Days Sales Outstanding 18.34 19.01 26.77
Days Inventory 5.17 3.26 9.04
Payables Period 75.48 74.38 111.72
Cash Conversion Cycle -51.96 -52.13 -75.91
Receivables Turnover 19.9 19.2 13.63
Inventory Turnover 70.53 112.12 40.37
Fixed Assets Turnover 17.26 13.48 7.54
Asset Turnover 1.13 1.07 0.66
Forecasted
2018
Revenue 273,996
Dividend 2.66
Dividend Yield (in %) 1.56%
EPS 11.43
P/E Ratio 14.9
EBIT 74,851
EBITDA 85,988
Net Profit 57,503
Net Profit Adjusted 56,426
Pre-Tax Profit 76,260
Net Profit (Adjusted) 72,544
EPS (Non-GAAP) 12.06
EPS (GAAP) 11.43
Gross Income 104,747

Cash Flow from Investing -16,841

Cash Flow from Operations 77,649

Cash Flow from Financing -43,917

Cash Flow per Share 14.19

Free Cash Flow 61,212

Free Cash Flow per Share 12.14

Book Value per Share 31.38

Net Debt -174,488
Research & Development 13,414
Exp.
Capital Expenditure 14,403
Selling, General & Admin. 17,205
Exp.
Shareholder’s Equity 157,429
Total Assets 407,434