MeritValue

Apple Inc.

AAPLdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$365.8B1$394.3B2$383.3B3$391B3$416.2B3
Net income$94.7B4$99.8B5$97B6$93.7B6$112B6
Operating cash flow$104B7$122.2B8$110.5B9$118.3B9$111.5B9
Capital expenditure$11.1B10$10.7B11$11B12$9.45B12$12.7B12
Free cash flow (derived)$93B7$111.4B8$99.6B9$108.8B9$98.8B9
Total debt$124.7B13$230.2B14$216.2B15$203.3B16$189.3B16
Cash & equivalents$34.9B17$23.6B18$30B19$29.9B20$35.9B20
Diluted shares16.86B16.33B15.81B15.41B15.00B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
6.7e-8%
of the whole company
Your share of last year’s profit
$74.65
Your share of its debt
$126.18
Your share of free cash flow
$65.82
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$96.73
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth2.3%
  • fcfBase$99.6B
DCF · Growth Exit 5Y
$97.34
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth2.3%
  • fcfBase$99.6B
Earnings Power Value
$68.12
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$97B
  • growthAssumed0.0%
Graham Number
$28.72
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years2.3%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $97.34

Default growth 2.3%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-09-25 · accession 0000320193-23-000106 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-09-24 · accession 0000320193-24-000123 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0000320193-25-000079 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-09-25 · accession 0000320193-23-000106 (NetIncomeLoss)
  5. 10-K · period ending 2022-09-24 · accession 0000320193-24-000123 (NetIncomeLoss)
  6. 10-K · period ending 2023-09-30 · accession 0000320193-25-000079 (NetIncomeLoss)
  7. 10-K · period ending 2021-09-25 · accession 0000320193-23-000106 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-09-24 · accession 0000320193-24-000123 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-09-30 · accession 0000320193-25-000079 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-09-25 · accession 0000320193-23-000106 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-09-24 · accession 0000320193-24-000123 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-09-30 · accession 0000320193-25-000079 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-09-25 · accession 0000320193-22-000108 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-09-24 · accession 0000320193-23-000106 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-09-30 · accession 0000320193-24-000123 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-09-28 · accession 0000320193-25-000079 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-09-25 · accession 0000320193-22-000108 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-09-24 · accession 0000320193-23-000106 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-09-30 · accession 0000320193-24-000123 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-09-28 · accession 0000320193-25-000079 (CashAndCashEquivalentsAtCarryingValue)