Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

$19.99

Return on Capital (ROC)

Microsoft Excel

Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company debt and equity structure. It measures business productivity performance.

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Return on Invested Capital (ROIC)

Apple Inc., ROIC calculation, comparison to benchmarks

Microsoft Excel
Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1
Invested capital2
Performance Ratio
ROIC3
Benchmarks
ROIC, Competitors4
Cisco Systems Inc.
Enphase Energy Inc.

Based on: 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).

1 NOPAT. See details »

2 Invested capital. See details »

3 2022 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × ÷ =

4 Click competitor name to see calculations.

Performance ratio Description The company
ROIC A measure of the periodic, after tax, cash-on-cash yield earned in the business. Apple Inc. ROIC improved from 2020 to 2021 and from 2021 to 2022.

Decomposition of ROIC

Apple Inc., decomposition of ROIC

Microsoft Excel
ROIC = OPM1 × TO2 × 1 – CTR3
Sep 24, 2022 = × ×
Sep 25, 2021 = × ×
Sep 26, 2020 = × ×
Sep 28, 2019 = × ×
Sep 29, 2018 = × ×
Sep 30, 2017 = × ×

Based on: 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).

1 Operating profit margin (OPM). See calculations »

2 Turnover of capital (TO). See calculations »

3 Effective cash tax rate (CTR). See calculations »

The primary reason for the increase in return on invested capital (ROIC) over 2022 year is the decrease in effective cash tax rate (CTR).


Operating Profit Margin (OPM)

Apple Inc., OPM calculation, comparison to benchmarks

Microsoft Excel
Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1
Add: Cash operating taxes2
Net operating profit before taxes (NOPBT)
 
Net sales
Add: Increase (decrease) in deferred revenue
Adjusted net sales
Profitability Ratio
OPM3
Benchmarks
OPM, Competitors4
Cisco Systems Inc.
Enphase Energy Inc.

Based on: 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).

1 NOPAT. See details »

2 Cash operating taxes. See details »

3 2022 Calculation
OPM = 100 × NOPBT ÷ Adjusted net sales
= 100 × ÷ =

4 Click competitor name to see calculations.

Profitability ratio Description The company
OPM The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales. Apple Inc. OPM improved from 2020 to 2021 and from 2021 to 2022.

Turnover of Capital (TO)

Apple Inc., TO calculation, comparison to benchmarks

Microsoft Excel
Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Net sales
Add: Increase (decrease) in deferred revenue
Adjusted net sales
 
Invested capital1
Efficiency Ratio
TO2
Benchmarks
TO, Competitors3
Cisco Systems Inc.
Enphase Energy Inc.

Based on: 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).

1 Invested capital. See details »

2 2022 Calculation
TO = Adjusted net sales ÷ Invested capital
= ÷ =

3 Click competitor name to see calculations.

Efficiency ratio Description The company
TO The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets. Apple Inc. TO improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Effective Cash Tax Rate (CTR)

Apple Inc., CTR calculation, comparison to benchmarks

Microsoft Excel
Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1
Add: Cash operating taxes2
Net operating profit before taxes (NOPBT)
Tax Rate
CTR3
Benchmarks
CTR, Competitors4
Cisco Systems Inc.
Enphase Energy Inc.

Based on: 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).

1 NOPAT. See details »

2 Cash operating taxes. See details »

3 2022 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × ÷ =

4 Click competitor name to see calculations.

Tax rate Description The company
CTR Effective cash tax rate on operating income. Apple Inc. CTR increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.