Price to Earnings (P/E)
since 2005
Calculation
Apple Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 31, 2025 | 35.67 | = | 270.37 | ÷ | 7.58 | 7.58 | = | 112,010 | ÷ | 14,776,353,000 | |
| Nov 1, 2024 | 35.95 | = | 222.91 | ÷ | 6.20 | 6.20 | = | 93,736 | ÷ | 15,115,823,000 | |
| Nov 3, 2023 | 28.33 | = | 176.65 | ÷ | 6.24 | 6.24 | = | 96,995 | ÷ | 15,552,752,000 | |
| Oct 28, 2022 | 24.82 | = | 155.74 | ÷ | 6.27 | 6.27 | = | 99,803 | ÷ | 15,908,118,000 | |
| Oct 29, 2021 | 25.96 | = | 149.80 | ÷ | 5.77 | 5.77 | = | 94,680 | ÷ | 16,406,397,000 | |
| Oct 30, 2020 | 32.24 | = | 108.86 | ÷ | 3.38 | 3.38 | = | 57,411 | ÷ | 17,001,802,000 | |
| Oct 31, 2019 | 20.00 | = | 62.19 | ÷ | 3.11 | 3.11 | = | 55,256 | ÷ | 17,773,060,000 | |
| Nov 5, 2018 | 16.07 | = | 50.40 | ÷ | 3.14 | 3.14 | = | 59,531 | ÷ | 18,981,592,000 | |
| Nov 3, 2017 | 18.32 | = | 43.13 | ÷ | 2.35 | 2.35 | = | 48,351 | ÷ | 20,537,248,000 | |
| Oct 26, 2016 | 13.49 | = | 28.90 | ÷ | 2.14 | 2.14 | = | 45,687 | ÷ | 21,329,252,000 | |
| Oct 28, 2015 | 12.46 | = | 29.82 | ÷ | 2.39 | 2.39 | = | 53,394 | ÷ | 22,301,324,000 | |
| Oct 27, 2014 | 15.60 | = | 26.28 | ÷ | 1.68 | 1.68 | = | 39,510 | ÷ | 23,459,360,000 | |
| Oct 30, 2013 | 12.75 | = | 18.75 | ÷ | 1.47 | 1.47 | = | 37,037 | ÷ | 25,192,664,000 | |
| Oct 31, 2012 | 13.42 | = | 21.26 | ÷ | 1.58 | 1.58 | = | 41,733 | ÷ | 26,339,376,000 | |
| Oct 26, 2011 | 14.37 | = | 14.31 | ÷ | 1.00 | 1.00 | = | 25,922 | ÷ | 26,023,452,000 | |
| Oct 27, 2010 | 20.16 | = | 11.00 | ÷ | 0.55 | 0.55 | = | 14,013 | ÷ | 25,684,598,772 | |
| Oct 27, 2009 | 31.17 | = | 7.05 | ÷ | 0.23 | 0.23 | = | 5,704 | ÷ | 25,218,997,244 | |
| Nov 5, 2008 | 19.00 | = | 3.69 | ÷ | 0.19 | 0.19 | = | 4,834 | ÷ | 24,890,183,444 | |
| Nov 15, 2007 | 41.16 | = | 5.87 | ÷ | 0.14 | 0.14 | = | 3,496 | ÷ | 24,515,127,672 | |
| Dec 29, 2006 | 36.65 | = | 3.03 | ÷ | 0.08 | 0.08 | = | 1,989 | ÷ | 24,059,665,196 | |
| Dec 1, 2005 | 45.25 | = | 2.56 | ÷ | 0.06 | 0.06 | = | 1,335 | ÷ | 23,597,502,544 |
Based on: 10-K (reporting date: 2025-09-27), 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Apple Inc. Annual Report.
The analysis of the provided financial data reveals distinct trends in the share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio over the observed periods.
- Share Price (US$)
- The share price demonstrated substantial growth from 2.56 US$ in 2005 to 270.37 US$ in 2025. The price showed volatility in some years, with notable dips around late 2007 to 2008, likely indicative of broader market conditions, but the general trajectory was upward. Significant acceleration in share price growth occurred after 2014, reaching a peak increase between 2019 and 2025, reflecting strong market confidence or company performance.
- Earnings Per Share (EPS) (US$)
- EPS exhibited a consistent upward trend beginning from a low base of 0.06 US$ in 2005 to 7.58 US$ by 2025. Growth in EPS was relatively steady, with some fluctuations in intermediate years, such as around 2014-2016, where EPS slightly decreased or plateaued. Despite these fluctuations, EPS generally increased, indicating improving profitability and operational efficiency over time.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio experienced a decline from 45.25 in 2005 to a low near 12.46 in 2014, suggesting that the market became more conservative or that earnings growth outpaced share price appreciation during this period. After 2014, the P/E ratio increased again, peaking above 35 in 2024-2025, which may reflect heightened market expectations of future growth or increased investor optimism despite relatively stable EPS. Fluctuations in the P/E ratio highlight varying market sentiment towards valuation over the two decades.
Overall, the financial trends illustrate an entity with strong and growing earnings capacity accompanied by a substantial increase in market valuation. The change in the P/E ratio indicates shifts in investor perception and market conditions, reflecting varying appetites for valuation risk at different times. The growth in share price substantially outpaces EPS in the latter years, implying increased speculative or forward-looking optimism by investors.
Comparison to Competitors
Apple Inc., P/E, long-term trends, comparison to competitors
| Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|
| Oct 31, 2025 | 35.67 | — | 26.28 | 15.02 | 24.91 |
| Nov 1, 2024 | 35.95 | 45.95 | 19.00 | 25.12 | 23.45 |
| Nov 3, 2023 | 28.33 | 39.77 | 18.26 | 11.94 | 21.10 |
| Oct 28, 2022 | 24.82 | 32.05 | 15.78 | 7.31 | 12.72 |
| Oct 29, 2021 | 25.96 | 47.57 | 23.34 | 20.88 | 16.15 |
| Oct 30, 2020 | 32.24 | 37.42 | 15.46 | 6.21 | 17.04 |
| Oct 31, 2019 | 20.00 | 19.88 | 17.69 | — | 15.81 |
| Nov 5, 2018 | 16.07 | 60.93 | 1,964.84 | — | 24.38 |
| Nov 3, 2017 | 18.32 | 43.57 | 16.37 | — | 14.85 |
| Oct 26, 2016 | 13.49 | 45.89 | 14.69 | — | 14.46 |
| Oct 28, 2015 | 12.46 | 38.16 | 14.82 | — | 12.64 |
| Oct 27, 2014 | 15.60 | 52.60 | 16.14 | — | 22.18 |
| Oct 30, 2013 | 12.75 | — | 12.98 | — | 26.49 |
| Oct 31, 2012 | 13.42 | — | 12.55 | — | 18.42 |
| Oct 26, 2011 | 14.37 | — | 13.54 | — | 12.74 |
| Oct 27, 2010 | 20.16 | — | 15.56 | — | 13.73 |
| Oct 27, 2009 | 31.17 | — | 21.79 | — | 17.29 |
| Nov 5, 2008 | 19.00 | — | 16.35 | — | 13.14 |
| Nov 15, 2007 | 41.16 | — | 26.61 | — | 13.15 |
| Dec 29, 2006 | 36.65 | — | 24.85 | — | — |
| Dec 1, 2005 | 45.25 | — | 19.86 | — | — |
Based on: 10-K (reporting date: 2025-09-27), 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., P/E, long-term trends, comparison to sector (technology hardware & equipment)
| Apple Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Oct 31, 2025 | 35.67 | — |
| Nov 1, 2024 | 35.95 | 34.19 |
| Nov 3, 2023 | 28.33 | 27.04 |
| Oct 28, 2022 | 24.82 | 23.16 |
| Oct 29, 2021 | 25.96 | 25.71 |
| Oct 30, 2020 | 32.24 | 28.10 |
| Oct 31, 2019 | 20.00 | 20.94 |
| Nov 5, 2018 | 16.07 | 19.89 |
| Nov 3, 2017 | 18.32 | 18.18 |
| Oct 26, 2016 | 13.49 | 13.83 |
| Oct 28, 2015 | 12.46 | 12.84 |
| Oct 27, 2014 | 15.60 | 15.77 |
| Oct 30, 2013 | 12.75 | 12.81 |
| Oct 31, 2012 | 13.42 | 13.28 |
| Oct 26, 2011 | 14.37 | 14.20 |
| Oct 27, 2010 | 20.16 | 18.52 |
| Oct 27, 2009 | 31.17 | 26.30 |
| Nov 5, 2008 | 19.00 | 17.34 |
| Nov 15, 2007 | 41.16 | 31.28 |
| Dec 29, 2006 | 36.65 | 27.95 |
| Dec 1, 2005 | 45.25 | 24.65 |
Based on: 10-K (reporting date: 2025-09-27), 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., P/E, long-term trends, comparison to industry (information technology)
| Apple Inc. | Information Technology | |
|---|---|---|
| Oct 31, 2025 | 35.67 | — |
| Nov 1, 2024 | 35.95 | 45.25 |
| Nov 3, 2023 | 28.33 | 36.08 |
| Oct 28, 2022 | 24.82 | 26.93 |
| Oct 29, 2021 | 25.96 | 29.79 |
| Oct 30, 2020 | 32.24 | 31.22 |
| Oct 31, 2019 | 20.00 | 23.29 |
| Nov 5, 2018 | 16.07 | 23.19 |
| Nov 3, 2017 | 18.32 | 23.45 |
| Oct 26, 2016 | 13.49 | 19.49 |
| Oct 28, 2015 | 12.46 | 16.53 |
| Oct 27, 2014 | 15.60 | 17.12 |
| Oct 30, 2013 | 12.75 | 14.14 |
| Oct 31, 2012 | 13.42 | 14.37 |
| Oct 26, 2011 | 14.37 | 13.73 |
| Oct 27, 2010 | 20.16 | 14.99 |
| Oct 27, 2009 | 31.17 | 21.45 |
| Nov 5, 2008 | 19.00 | 15.68 |
| Nov 15, 2007 | 41.16 | 36.28 |
| Dec 29, 2006 | 36.65 | 31.95 |
| Dec 1, 2005 | 45.25 | 33.66 |
Based on: 10-K (reporting date: 2025-09-27), 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).