Debt to Equity
since 2005
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Apple Inc. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Calculation
Apple Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Sep 28, 2024 | = | ÷ | |||
| Sep 30, 2023 | = | ÷ | |||
| Sep 24, 2022 | = | ÷ | |||
| Sep 25, 2021 | = | ÷ | |||
| Sep 26, 2020 | = | ÷ | |||
| Sep 28, 2019 | = | ÷ | |||
| Sep 29, 2018 | = | ÷ | |||
| Sep 30, 2017 | = | ÷ | |||
| Sep 24, 2016 | = | ÷ | |||
| Sep 26, 2015 | = | ÷ | |||
| Sep 27, 2014 | = | ÷ | |||
| Sep 28, 2013 | = | ÷ | |||
| Sep 29, 2012 | = | ÷ | |||
| Sep 24, 2011 | = | ÷ | |||
| Sep 25, 2010 | = | ÷ | |||
| Sep 26, 2009 | = | ÷ | |||
| Sep 27, 2008 | = | ÷ | |||
| Sep 29, 2007 | = | ÷ | |||
| Sep 30, 2006 | = | ÷ | |||
| Sep 24, 2005 | = | ÷ |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
1 US$ in millions
The financial data over the examined period indicates significant changes in the company's capital structure, particularly in total debt, shareholders' equity, and the debt-to-equity ratio.
- Total Debt
- Total debt figures are missing for the earlier years but become available starting in the fiscal year ending September 27, 2014. From this point, total debt exhibits a clear upward trend from approximately 16.96 billion USD to a peak of 124.72 billion USD in the fiscal year ending September 28, 2019. Subsequently, there is a general decline in total debt, falling to around 106.63 billion USD by the fiscal year ending September 28, 2024. This pattern suggests a period of increasing leverage followed by cautious deleveraging or debt reduction efforts in recent years.
- Shareholders’ Equity
- Shareholders’ equity shows a strong increasing pattern from 7.47 billion USD in 2005 to its highest point of 134.05 billion USD in the fiscal year ending September 30, 2017. After this peak, equity declines steadily to approximately 56.95 billion USD by the fiscal year ending September 28, 2024. This decline over the later years might indicate increased distributions to shareholders, asset revaluation, or losses, impacting the equity base.
- Debt to Equity Ratio
- The debt-to-equity ratio is reported only from the fiscal year ending September 27, 2014. It starts low at 0.14, indicating a very conservative capital structure. Over subsequent years, the ratio rises sharply, reaching as high as 2.37 in the fiscal year ending September 28, 2019. This rapid increase reflects a heavy reliance on debt financing relative to equity. From 2019 onwards, the ratio decreases moderately, reaching 1.87 in the fiscal year ending September 28, 2024, pointing to an improvement in the balance between debt and equity, possibly through debt reduction, equity issuance, or both.
In summary, the company transitioned from a conservative financial leverage position to a much higher leverage scenario by 2019, with debt substantially increasing relative to equity. Following this period, there has been a trend towards reducing total debt and consequently lowering financial risk, accompanied by a decline in shareholders' equity. These trends may reflect strategic financing decisions, changing market conditions, or corporate actions affecting capital structure and shareholder value.
Comparison to Competitors
Apple Inc., debt to equity, long-term trends, comparison to competitors
| Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|
| Sep 28, 2024 | |||||
| Sep 30, 2023 | |||||
| Sep 24, 2022 | |||||
| Sep 25, 2021 | |||||
| Sep 26, 2020 | |||||
| Sep 28, 2019 | |||||
| Sep 29, 2018 | |||||
| Sep 30, 2017 | |||||
| Sep 24, 2016 | |||||
| Sep 26, 2015 | |||||
| Sep 27, 2014 | |||||
| Sep 28, 2013 | |||||
| Sep 29, 2012 | |||||
| Sep 24, 2011 | |||||
| Sep 25, 2010 | |||||
| Sep 26, 2009 | |||||
| Sep 27, 2008 | |||||
| Sep 29, 2007 | |||||
| Sep 30, 2006 | |||||
| Sep 24, 2005 |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
Comparison to Sector (Technology Hardware & Equipment)
Apple Inc., debt to equity, long-term trends, comparison to sector (technology hardware & equipment)
| Apple Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Sep 28, 2024 | ||
| Sep 30, 2023 | ||
| Sep 24, 2022 | ||
| Sep 25, 2021 | ||
| Sep 26, 2020 | ||
| Sep 28, 2019 | ||
| Sep 29, 2018 | ||
| Sep 30, 2017 | ||
| Sep 24, 2016 | ||
| Sep 26, 2015 | ||
| Sep 27, 2014 | ||
| Sep 28, 2013 | ||
| Sep 29, 2012 | ||
| Sep 24, 2011 | ||
| Sep 25, 2010 | ||
| Sep 26, 2009 | ||
| Sep 27, 2008 | ||
| Sep 29, 2007 | ||
| Sep 30, 2006 | ||
| Sep 24, 2005 |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
Comparison to Industry (Information Technology)
Apple Inc., debt to equity, long-term trends, comparison to industry (information technology)
| Apple Inc. | Information Technology | |
|---|---|---|
| Sep 28, 2024 | ||
| Sep 30, 2023 | ||
| Sep 24, 2022 | ||
| Sep 25, 2021 | ||
| Sep 26, 2020 | ||
| Sep 28, 2019 | ||
| Sep 29, 2018 | ||
| Sep 30, 2017 | ||
| Sep 24, 2016 | ||
| Sep 26, 2015 | ||
| Sep 27, 2014 | ||
| Sep 28, 2013 | ||
| Sep 29, 2012 | ||
| Sep 24, 2011 | ||
| Sep 25, 2010 | ||
| Sep 26, 2009 | ||
| Sep 27, 2008 | ||
| Sep 29, 2007 | ||
| Sep 30, 2006 | ||
| Sep 24, 2005 |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).