Stock Analysis on Net
Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Apple Inc., adjusted financial ratios

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Activity Ratio
Total Asset Turnover
Reported 1.09 1.12 1.04 0.85 0.77 0.73
Adjusted 1.14 1.17 1.09 0.88 0.77 0.72
Liquidity Ratio
Current Ratio
Reported 0.99 0.88 1.07 1.36 1.54 1.12
Adjusted 1.05 0.93 1.14 1.46 1.63 1.20
Solvency Ratios
Debt to Equity
Reported 1.80 2.39 1.99 1.73 1.19 1.07
Adjusted 2.17 2.73 2.20 1.81 1.29 1.10
Debt to Capital
Reported 0.64 0.70 0.67 0.63 0.54 0.52
Adjusted 0.68 0.73 0.69 0.64 0.56 0.52
Financial Leverage
Reported 5.67 6.96 5.56 4.96 3.74 3.41
Adjusted 5.87 6.95 5.46 4.69 3.74 3.29
Profitability Ratios
Net Profit Margin
Reported 25.31% 25.31% 25.88% 20.91% 21.24% 22.41%
Adjusted 24.37% 22.78% 25.08% 21.45% 21.97% 8.99%
Return on Equity (ROE)
Reported 156.08% 196.96% 150.07% 87.87% 61.06% 55.56%
Adjusted 163.75% 185.28% 148.87% 88.06% 62.95% 21.38%
Return on Assets (ROA)
Reported 27.51% 28.29% 26.97% 17.73% 16.32% 16.28%
Adjusted 27.88% 26.65% 27.28% 18.79% 16.81% 6.49%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Apple Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Apple Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Apple Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Apple Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Apple Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Apple Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Apple Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Apple Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Apple Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Net sales 383,285 394,328 365,817 274,515 260,174 265,595
Total assets 352,583 352,755 351,002 323,888 338,516 365,725
Activity Ratio
Total asset turnover1 1.09 1.12 1.04 0.85 0.77 0.73
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net sales2 382,985 394,828 367,517 276,615 259,474 265,551
Adjusted total assets3 334,731 337,380 337,929 315,731 339,006 367,864
Activity Ratio
Adjusted total asset turnover4 1.14 1.17 1.09 0.88 0.77 0.72

Based on: 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).

1 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 383,285 ÷ 352,583 = 1.09

2 Adjusted net sales. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 382,985 ÷ 334,731 = 1.14

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Apple Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 143,566 135,405 134,836 143,713 162,819 131,339
Current liabilities 145,308 153,982 125,481 105,392 105,718 116,866
Liquidity Ratio
Current ratio1 0.99 0.88 1.07 1.36 1.54 1.12
Adjusted
Selected Financial Data (US$ in millions)
Current assets 143,566 135,405 134,836 143,713 162,819 131,339
Adjusted current liabilities2 137,247 146,070 117,869 98,749 100,196 109,323
Liquidity Ratio
Adjusted current ratio3 1.05 0.93 1.14 1.46 1.63 1.20

Based on: 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).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 143,566 ÷ 145,308 = 0.99

2 Adjusted current liabilities. See details »

3 2023 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 143,566 ÷ 137,247 = 1.05

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Apple Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 112,112 121,010 125,567 113,097 108,047 114,483
Shareholders’ equity 62,146 50,672 63,090 65,339 90,488 107,147
Solvency Ratio
Debt to equity1 1.80 2.39 1.99 1.73 1.19 1.07
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 123,930 132,480 136,522 122,278 116,582 122,456
Adjusted shareholders’ equity3 56,995 48,535 61,917 67,382 90,543 111,653
Solvency Ratio
Adjusted debt to equity4 2.17 2.73 2.20 1.81 1.29 1.10

Based on: 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).

1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 112,112 ÷ 62,146 = 1.80

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 123,930 ÷ 56,995 = 2.17

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Apple Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Debt to Capital

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 112,112 121,010 125,567 113,097 108,047 114,483
Total capital 174,258 171,682 188,657 178,436 198,535 221,630
Solvency Ratio
Debt to capital1 0.64 0.70 0.67 0.63 0.54 0.52
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 123,930 132,480 136,522 122,278 116,582 122,456
Adjusted total capital3 180,925 181,015 198,439 189,660 207,125 234,109
Solvency Ratio
Adjusted debt to capital4 0.68 0.73 0.69 0.64 0.56 0.52

Based on: 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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 112,112 ÷ 174,258 = 0.64

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 123,930 ÷ 180,925 = 0.68

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Apple Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Financial Leverage

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 352,583 352,755 351,002 323,888 338,516 365,725
Shareholders’ equity 62,146 50,672 63,090 65,339 90,488 107,147
Solvency Ratio
Financial leverage1 5.67 6.96 5.56 4.96 3.74 3.41
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 334,731 337,380 337,929 315,731 339,006 367,864
Adjusted shareholders’ equity3 56,995 48,535 61,917 67,382 90,543 111,653
Solvency Ratio
Adjusted financial leverage4 5.87 6.95 5.46 4.69 3.74 3.29

Based on: 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).

1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 352,583 ÷ 62,146 = 5.67

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 334,731 ÷ 56,995 = 5.87

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Apple Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 96,995 99,803 94,680 57,411 55,256 59,531
Net sales 383,285 394,328 365,817 274,515 260,174 265,595
Profitability Ratio
Net profit margin1 25.31% 25.31% 25.88% 20.91% 21.24% 22.41%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 93,328 89,926 92,175 59,338 56,997 23,871
Adjusted net sales3 382,985 394,828 367,517 276,615 259,474 265,551
Profitability Ratio
Adjusted net profit margin4 24.37% 22.78% 25.08% 21.45% 21.97% 8.99%

Based on: 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).

1 2023 Calculation
Net profit margin = 100 × Net income ÷ Net sales
= 100 × 96,995 ÷ 383,285 = 25.31%

2 Adjusted net income. See details »

3 Adjusted net sales. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net sales
= 100 × 93,328 ÷ 382,985 = 24.37%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Apple Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 96,995 99,803 94,680 57,411 55,256 59,531
Shareholders’ equity 62,146 50,672 63,090 65,339 90,488 107,147
Profitability Ratio
ROE1 156.08% 196.96% 150.07% 87.87% 61.06% 55.56%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 93,328 89,926 92,175 59,338 56,997 23,871
Adjusted shareholders’ equity3 56,995 48,535 61,917 67,382 90,543 111,653
Profitability Ratio
Adjusted ROE4 163.75% 185.28% 148.87% 88.06% 62.95% 21.38%

Based on: 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).

1 2023 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 96,995 ÷ 62,146 = 156.08%

2 Adjusted net income. See details »

3 Adjusted shareholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 93,328 ÷ 56,995 = 163.75%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Apple Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 96,995 99,803 94,680 57,411 55,256 59,531
Total assets 352,583 352,755 351,002 323,888 338,516 365,725
Profitability Ratio
ROA1 27.51% 28.29% 26.97% 17.73% 16.32% 16.28%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 93,328 89,926 92,175 59,338 56,997 23,871
Adjusted total assets3 334,731 337,380 337,929 315,731 339,006 367,864
Profitability Ratio
Adjusted ROA4 27.88% 26.65% 27.28% 18.79% 16.81% 6.49%

Based on: 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).

1 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 96,995 ÷ 352,583 = 27.51%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 93,328 ÷ 334,731 = 27.88%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Apple Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.