Price to Sales (P/S)
since 2005
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Apple Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 demonstrated a significant upward trajectory from 2005 through 2025. Beginning at a modest level of $2.56 in 2005, the price experienced some fluctuations in the early years, notably a dip in 2008 to $3.69, likely reflecting broader market conditions. However, from 2009 onward, the share price exhibited consistent growth, reaching $270.37 by 2025. This reflects a strong appreciation and investor confidence over the two-decade span, with pronounced acceleration post-2014.
- Sales Per Share Development
- Sales per share steadily increased over the given periods. Starting at $0.59 in 2005, it rose gradually through the years, with slight variability around the mid-2010s. By 2025, sales per share reached $28.16, indicating a substantial expansion in revenue generated per share. The growth in sales per share generally correlates with the rise in share price, demonstrating the company's ability to generate higher revenue per equity unit over time.
- Price-to-Sales (P/S) Ratio Analysis
- The price-to-sales ratio exhibited variability over the observed timeframe. Initially, the ratio fluctuated between approximately 2.8 and 6.0, reflecting changing market valuations relative to sales. Post-2014, the P/S ratio showed a notable upward trend, escalating from around 2.85 to 9.6 in 2025. This indicates increasing market valuation multiples relative to sales, suggesting heightened investor expectations for growth, profitability, or other qualitative factors.
- Overall Insights
- The data portrays a company with robust share price appreciation supported by steady increases in sales per share, reflecting growing operational performance. The rising P/S ratio in later years points to expanding market optimism and possibly premium valuation. The earlier period contains some volatility, potentially linked to external economic conditions. The consistent increase in sales per share alongside share price growth underscores a strong alignment between market valuation and underlying financial performance.
Comparison to Competitors
Apple Inc., P/S, long-term trends, comparison to competitors
| 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).
Comparison to Sector (Technology Hardware & Equipment)
Apple Inc., P/S, long-term trends, comparison to sector (technology hardware & equipment)
| Apple Inc. | Technology Hardware & Equipment | |
|---|---|---|
| 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).
Comparison to Industry (Information Technology)
Apple Inc., P/S, long-term trends, comparison to industry (information technology)
| Apple Inc. | Information Technology | |
|---|---|---|
| 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).