Stock Analysis on Net
Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

$24.99

Price to Operating Profit (P/OP)
since 2005

Microsoft Excel

Paying user area

Try for free

Apple Inc. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Calculation

Apple Inc., P/OP, long-term trends, calculation

Microsoft Excel
P/OP = Share price1, 2, 3 ÷ Operating profit per share1 Operating profit per share1 = Operating income (loss)1
(in millions)		 ÷ No. shares of common stock outstanding2
Oct 31, 2025 = ÷ = ÷
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: 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.

Share Price Trend
The share price exhibited a general upward trajectory over the period under review. Starting at $2.56, it experienced moderate growth initially and showed more pronounced increases in the latter years. Notable acceleration in share price growth occurred from the early 2010s onward, reaching $270.37 by the end of the latest period. Some fluctuations were observed, with temporary dips such as between 2012 and 2013, but the long-term trend remained strongly positive.
Operating Profit per Share Trend
Operating profit per share demonstrated consistent growth with some periods of stabilization and mild decline. From a low base of $0.07, it rose steadily, with significant increases especially noticeable from 2009 to 2012 and again from 2020 onwards. There were minor periods where operating profit per share plateaued or slightly decreased, for example between 2014 and 2016, but overall the metric indicates improving profitability on a per-share basis.
Price to Operating Profit Ratio (P/OP)
The P/OP ratio showed considerable fluctuation over the examined span. Early on, this ratio was relatively high, peaking around the mid-30s, then declining sharply through the late 2000s to low double digits around 2012-2013. This decline indicates that share prices grew at a slower pace than operating profits or that profits improved faster than valuations at that time. From the mid-2010s onward, the ratio trended upward again, reaching and exceeding levels in the high twenties and around 30 in the latest measurements. This resurgence suggests that the market is pricing shares at a higher multiple of operating profit compared to earlier years, reflecting increased investor confidence or expectations of future growth.
Comprehensive Analysis
Overall, the company's financial performance reflects strong growth in share price supported by rising operating profits per share. The P/OP ratio’s movements indicate changing market sentiment and valuation dynamics across the years, with a phase of market skepticism or conservative pricing around 2008-2013, followed by renewed optimism and higher valuation multiples more recently. Despite some volatility in operating profit per share, the long-term profitability trend is positive, aligning with the substantial increase in market valuation. The data portrays the company as one progressing toward higher profitability with corresponding investor valuation adjustments over time.

Comparison to Competitors

Apple Inc., P/OP, long-term trends, comparison to competitors

Microsoft Excel
Apple Inc. Arista Networks Inc. Cisco Systems Inc. Dell Technologies Inc. Super Micro Computer Inc.
Oct 31, 2025
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: 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).