Is the business good?
How good a business is AAPL?
Apple Inc. earns 95% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
95%
Return on invested capital · cost of capital 9.0% · 86 points above what the capital costs: growth creates value
- Operating margin
- 33%
Operating margin · Technology median 8.0% · 12 months to Q3 2026
- Cash conversion
- 1.06×
Cash conversion · 0.97× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −1.6%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 24% |
| FY2021 | 30% |
| FY2022 | 30% |
| FY2023 | 30% |
| FY2024 | 32% |
| FY2025 | 32% |
Details›
- Gross margin12 months to Q3 2026
- 49%
- Operating margin12 months to Q3 2026
- 33%
- Net margin12 months to Q3 2026
- 28%
- Free cash flow margin
- 29%
- R&D as % of revenue
- 9.2%
- Revenue, trailing twelve months
- $466.8B
- Free cash flow, trailing twelve months
- $136.7B
- Net income, trailing twelve months
- $128.9B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 95%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Technology
Ranks #92 of 364 by Smart Score