Price to Sales (P/S)
since 2005
Calculation
Apple Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 3, 2026 | 10.07 | = | 331.90 | ÷ | 32.95 | 32.95 | = | 478,834 | ÷ | 14,532,182,000 | |
| Oct 31, 2025 | 9.60 | = | 270.37 | ÷ | 28.16 | 28.16 | = | 416,161 | ÷ | 14,776,353,000 | |
| Nov 1, 2024 | 8.62 | = | 222.91 | ÷ | 25.87 | 25.87 | = | 391,035 | ÷ | 15,115,823,000 | |
| Nov 3, 2023 | 7.17 | = | 176.65 | ÷ | 24.64 | 24.64 | = | 383,285 | ÷ | 15,552,752,000 | |
| Oct 28, 2022 | 6.28 | = | 155.74 | ÷ | 24.79 | 24.79 | = | 394,328 | ÷ | 15,908,118,000 | |
| Oct 29, 2021 | 6.72 | = | 149.80 | ÷ | 22.30 | 22.30 | = | 365,817 | ÷ | 16,406,397,000 | |
| Oct 30, 2020 | 6.74 | = | 108.86 | ÷ | 16.15 | 16.15 | = | 274,515 | ÷ | 17,001,802,000 | |
| Oct 31, 2019 | 4.25 | = | 62.19 | ÷ | 14.64 | 14.64 | = | 260,174 | ÷ | 17,773,060,000 | |
| Nov 5, 2018 | 3.60 | = | 50.40 | ÷ | 13.99 | 13.99 | = | 265,595 | ÷ | 18,981,592,000 | |
| Nov 3, 2017 | 3.86 | = | 43.13 | ÷ | 11.16 | 11.16 | = | 229,234 | ÷ | 20,537,248,000 | |
| Oct 26, 2016 | 2.86 | = | 28.90 | ÷ | 10.11 | 10.11 | = | 215,639 | ÷ | 21,329,252,000 | |
| Oct 28, 2015 | 2.85 | = | 29.82 | ÷ | 10.48 | 10.48 | = | 233,715 | ÷ | 22,301,324,000 | |
| Oct 27, 2014 | 3.37 | = | 26.28 | ÷ | 7.79 | 7.79 | = | 182,795 | ÷ | 23,459,360,000 | |
| Oct 30, 2013 | 2.76 | = | 18.75 | ÷ | 6.78 | 6.78 | = | 170,910 | ÷ | 25,192,664,000 | |
| Oct 31, 2012 | 3.58 | = | 21.26 | ÷ | 5.94 | 5.94 | = | 156,508 | ÷ | 26,339,376,000 | |
| Oct 26, 2011 | 3.44 | = | 14.31 | ÷ | 4.16 | 4.16 | = | 108,249 | ÷ | 26,023,452,000 | |
| Oct 27, 2010 | 4.33 | = | 11.00 | ÷ | 2.54 | 2.54 | = | 65,225 | ÷ | 25,684,598,772 | |
| Oct 27, 2009 | 4.87 | = | 7.05 | ÷ | 1.45 | 1.45 | = | 36,537 | ÷ | 25,218,997,244 | |
| Nov 5, 2008 | 2.83 | = | 3.69 | ÷ | 1.30 | 1.30 | = | 32,479 | ÷ | 24,890,183,444 | |
| Nov 15, 2007 | 5.99 | = | 5.87 | ÷ | 0.98 | 0.98 | = | 24,006 | ÷ | 24,515,127,672 | |
| Dec 29, 2006 | 3.77 | = | 3.03 | ÷ | 0.80 | 0.80 | = | 19,315 | ÷ | 24,059,665,196 | |
| Dec 1, 2005 | 4.34 | = | 2.56 | ÷ | 0.59 | 0.59 | = | 13,931 | ÷ | 23,597,502,544 |
Based on: 10-K (reporting date: 2026-09-26), 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 Price-to-Sales (P/S) ratio exhibits a distinct transition from a period of relative stability and moderate volatility to a phase of aggressive valuation expansion.
- Historical Valuation Baseline (2005–2016)
- During this interval, the P/S ratio remained relatively constrained, fluctuating primarily between 2.76 and 5.99. A notable peak occurred in 2007 at 5.99, followed by a contraction to 2.83 in 2008. Between 2010 and 2016, the ratio demonstrated consistent stability, frequently remaining within the 2.80 to 4.33 range, suggesting that share price appreciation was largely aligned with the growth in sales per share.
- Valuation Acceleration (2017–2026)
- A structural shift in market valuation is observed beginning in 2017, with the ratio climbing from 3.86 and accelerating sharply after 2019. From 2020 onward, the P/S ratio shifted to a significantly higher plateau, rising from 6.74 in 2020 to 10.07 by 2026. This trajectory indicates a substantial increase in the premium assigned to each dollar of revenue generated.
- Relationship Between Share Price and Sales Growth
- Although sales per share grew steadily from 0.59 in 2005 to 32.95 in 2026, the share price experienced an accelerated growth rate in the latter part of the period. The divergence is most evident between 2019 and 2026, where the P/S ratio more than doubled from 4.25 to 10.07, reflecting a shift in investor sentiment or an expectation of increased future profitability per unit of sales.
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Comparison to Competitors
Apple Inc., P/S, long-term trends, comparison to competitors
| Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|
| Nov 3, 2026 | 10.07 | — | 6.81 | 0.89 | 28.84 | 0.63 |
| Oct 31, 2025 | 9.60 | 19.89 | 4.72 | 0.72 | 5.01 | 1.19 |
| Nov 1, 2024 | 8.62 | 18.71 | 3.64 | 0.91 | 2.82 | 1.80 |
| Nov 3, 2023 | 7.17 | 14.17 | 4.04 | 0.28 | 2.01 | 1.90 |
| Oct 28, 2022 | 6.28 | 9.89 | 3.62 | 0.40 | 3.62 | 0.70 |
| Oct 29, 2021 | 6.72 | 13.57 | 4.96 | 0.72 | 3.61 | 0.51 |
| Oct 30, 2020 | 6.74 | 10.24 | 3.52 | 0.31 | 3.76 | 0.43 |
| Oct 31, 2019 | 4.25 | 7.09 | 3.96 | 0.47 | 2.65 | 0.32 |
| Nov 5, 2018 | 3.60 | 9.29 | 4.38 | — | 3.46 | 0.33 |
| Nov 3, 2017 | 3.86 | 11.20 | 3.28 | — | 3.44 | 0.40 |
| Oct 26, 2016 | 2.86 | 7.49 | 3.20 | — | 2.34 | 0.47 |
| Oct 28, 2015 | 2.85 | 5.52 | 2.71 | — | 1.20 | 0.65 |
| Oct 27, 2014 | 3.37 | 7.82 | 2.69 | — | — | 0.82 |
| Oct 30, 2013 | 2.76 | — | 2.66 | — | — | 0.48 |
| Oct 31, 2012 | 3.58 | — | 2.19 | — | — | 0.54 |
| Oct 26, 2011 | 3.44 | — | 2.03 | — | — | 0.54 |
| Oct 27, 2010 | 4.33 | — | 3.02 | — | — | 0.51 |
| Oct 27, 2009 | 4.87 | — | 3.70 | — | — | 0.55 |
| Nov 5, 2008 | 2.83 | — | 3.33 | — | — | 0.62 |
| Nov 15, 2007 | 5.99 | — | 5.59 | — | — | 0.61 |
| Dec 29, 2006 | 3.77 | — | 4.87 | — | — | — |
| Dec 1, 2005 | 4.34 | — | 4.60 | — | — | — |
Based on: 10-K (reporting date: 2026-09-26), 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/S, long-term trends, comparison to sector (technology hardware & equipment)
| Apple Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Nov 3, 2026 | 10.07 | — |
| Oct 31, 2025 | 9.60 | 7.56 |
| Nov 1, 2024 | 8.62 | 6.84 |
| Nov 3, 2023 | 7.17 | 5.57 |
| Oct 28, 2022 | 6.28 | 4.94 |
| Oct 29, 2021 | 6.72 | 5.44 |
| Oct 30, 2020 | 6.74 | 4.92 |
| Oct 31, 2019 | 4.25 | 3.35 |
| Nov 5, 2018 | 3.60 | 3.72 |
| Nov 3, 2017 | 3.86 | 3.77 |
| Oct 26, 2016 | 2.86 | 2.92 |
| Oct 28, 2015 | 2.85 | 2.81 |
| Oct 27, 2014 | 3.37 | 3.23 |
| Oct 30, 2013 | 2.76 | 2.73 |
| Oct 31, 2012 | 3.58 | 3.25 |
| Oct 26, 2011 | 3.44 | 3.02 |
| Oct 27, 2010 | 4.33 | 3.81 |
| Oct 27, 2009 | 4.87 | 4.26 |
| Nov 5, 2008 | 2.83 | 3.08 |
| Nov 15, 2007 | 5.99 | 5.72 |
| Dec 29, 2006 | 3.77 | 4.43 |
| Dec 1, 2005 | 4.34 | 4.50 |
Based on: 10-K (reporting date: 2026-09-26), 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/S, long-term trends, comparison to industry (information technology)
| Apple Inc. | Information Technology | |
|---|---|---|
| Nov 3, 2026 | 10.07 | — |
| Oct 31, 2025 | 9.60 | 10.40 |
| Nov 1, 2024 | 8.62 | 9.26 |
| Nov 3, 2023 | 7.17 | 7.31 |
| Oct 28, 2022 | 6.28 | 6.01 |
| Oct 29, 2021 | 6.72 | 6.98 |
| Oct 30, 2020 | 6.74 | 6.11 |
| Oct 31, 2019 | 4.25 | 4.62 |
| Nov 5, 2018 | 3.60 | 4.31 |
| Nov 3, 2017 | 3.86 | 4.18 |
| Oct 26, 2016 | 2.86 | 3.46 |
| Oct 28, 2015 | 2.85 | 3.03 |
| Oct 27, 2014 | 3.37 | 3.31 |
| Oct 30, 2013 | 2.76 | 2.85 |
| Oct 31, 2012 | 3.58 | 2.88 |
| Oct 26, 2011 | 3.44 | 2.84 |
| Oct 27, 2010 | 4.33 | 3.04 |
| Oct 27, 2009 | 4.87 | 3.11 |
| Nov 5, 2008 | 2.83 | 2.38 |
| Nov 15, 2007 | 5.99 | 5.73 |
| Dec 29, 2006 | 3.77 | 5.21 |
| Dec 1, 2005 | 4.34 | 5.62 |
Based on: 10-K (reporting date: 2026-09-26), 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).