Price to Earnings (P/E)
since 2005
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- 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., 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 1, 2024 | = | ÷ | = | ÷ | |||||||
| Nov 3, 2023 | = | ÷ | = | ÷ | |||||||
| Oct 28, 2022 | = | ÷ | = | ÷ | |||||||
| Oct 29, 2021 | = | ÷ | = | ÷ | |||||||
| Oct 30, 2020 | = | ÷ | = | ÷ | |||||||
| Oct 31, 2019 | = | ÷ | = | ÷ | |||||||
| Nov 5, 2018 | = | ÷ | = | ÷ | |||||||
| Nov 3, 2017 | = | ÷ | = | ÷ | |||||||
| Oct 26, 2016 | = | ÷ | = | ÷ | |||||||
| Oct 28, 2015 | = | ÷ | = | ÷ | |||||||
| Oct 27, 2014 | = | ÷ | = | ÷ | |||||||
| Oct 30, 2013 | = | ÷ | = | ÷ | |||||||
| Oct 31, 2012 | = | ÷ | = | ÷ | |||||||
| Oct 26, 2011 | = | ÷ | = | ÷ | |||||||
| Oct 27, 2010 | = | ÷ | = | ÷ | |||||||
| Oct 27, 2009 | = | ÷ | = | ÷ | |||||||
| Nov 5, 2008 | = | ÷ | = | ÷ | |||||||
| Nov 15, 2007 | = | ÷ | = | ÷ | |||||||
| Dec 29, 2006 | = | ÷ | = | ÷ | |||||||
| Dec 1, 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Apple Inc. Annual Report.
- Share Price Trends
- The share price shows a clear upward trajectory over the entire period. Starting at $2.56 in December 2005, the price experiences several phases of growth with intermittent declines. Notably, there is a decline from the 2007 peak of $5.87 down to $3.69 in late 2008, coinciding with a general market downturn. Following 2009, the share price rises steadily, reaching $62.19 by 2019, and then surges more sharply to $222.91 by November 2024. This represents a nearly 87-fold increase from the initial value, indicating strong market confidence and growth prospects.
- Earnings Per Share (EPS) Patterns
- EPS demonstrates consistent improvement across the time horizon. Beginning at $0.06 in 2005, EPS gradually increases with some fluctuations, reaching $1.58 by 2012. There is a slight dip in subsequent years, but the general trend remains positive. From 2018 onward, EPS growth accelerates, peaking at $6.27 in 2022 before a marginal decrease to $6.20 in 2024. This steady growth in earnings suggests improved profitability and operational efficiency over time.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio exhibits considerable variability, reflecting changes in market valuation relative to earnings. Initially high at 45.25 in 2005, the ratio declines to as low as 12.46 in 2014, indicating that share price growth during that phase was more modest relative to earnings expansion. After 2014, the P/E ratio rises again, peaking at 35.95 in 2024. These fluctuations suggest periods where the market alternated between more conservative and more optimistic evaluations of future growth, with elevated P/E ratios in later years often indicating high growth expectations despite already strong earnings.
- Comprehensive Insights
- The data reveals a strong correlation between rising earnings and share price over the long term, with earnings growth acting as a fundamental driver. The notable expansion in share price after 2017 signals strengthened investor confidence, possibly due to innovation, market expansion, or other strategic factors. The upward adjustment in the P/E ratio during recent years may imply increased market optimism or higher growth risk premiums. Overall, the financial patterns suggest sustained business performance improvements translated into considerable shareholder value appreciation.
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. | |
|---|---|---|---|---|---|
| Nov 1, 2024 | |||||
| Nov 3, 2023 | |||||
| Oct 28, 2022 | |||||
| Oct 29, 2021 | |||||
| Oct 30, 2020 | |||||
| Oct 31, 2019 | |||||
| Nov 5, 2018 | |||||
| Nov 3, 2017 | |||||
| Oct 26, 2016 | |||||
| Oct 28, 2015 | |||||
| Oct 27, 2014 | |||||
| Oct 30, 2013 | |||||
| Oct 31, 2012 | |||||
| Oct 26, 2011 | |||||
| Oct 27, 2010 | |||||
| Oct 27, 2009 | |||||
| Nov 5, 2008 | |||||
| Nov 15, 2007 | |||||
| Dec 29, 2006 | |||||
| Dec 1, 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., P/E, long-term trends, comparison to sector (technology hardware & equipment)
| Apple Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Nov 1, 2024 | ||
| Nov 3, 2023 | ||
| Oct 28, 2022 | ||
| Oct 29, 2021 | ||
| Oct 30, 2020 | ||
| Oct 31, 2019 | ||
| Nov 5, 2018 | ||
| Nov 3, 2017 | ||
| Oct 26, 2016 | ||
| Oct 28, 2015 | ||
| Oct 27, 2014 | ||
| Oct 30, 2013 | ||
| Oct 31, 2012 | ||
| Oct 26, 2011 | ||
| Oct 27, 2010 | ||
| Oct 27, 2009 | ||
| Nov 5, 2008 | ||
| Nov 15, 2007 | ||
| Dec 29, 2006 | ||
| Dec 1, 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., P/E, long-term trends, comparison to industry (information technology)
| Apple Inc. | Information Technology | |
|---|---|---|
| Nov 1, 2024 | ||
| Nov 3, 2023 | ||
| Oct 28, 2022 | ||
| Oct 29, 2021 | ||
| Oct 30, 2020 | ||
| Oct 31, 2019 | ||
| Nov 5, 2018 | ||
| Nov 3, 2017 | ||
| Oct 26, 2016 | ||
| Oct 28, 2015 | ||
| Oct 27, 2014 | ||
| Oct 30, 2013 | ||
| Oct 31, 2012 | ||
| Oct 26, 2011 | ||
| Oct 27, 2010 | ||
| Oct 27, 2009 | ||
| Nov 5, 2008 | ||
| Nov 15, 2007 | ||
| Dec 29, 2006 | ||
| Dec 1, 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).