Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Apple Inc., EBITDA calculation

US$ in millions

12 months ended:	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018
Net income	96,995)	99,803)	94,680)	57,411)	55,256)	59,531)
Add: Income tax expense	16,741)	19,300)	14,527)	9,680)	10,481)	13,372)
Earnings before tax (EBT)	113,736)	119,103)	109,207)	67,091)	65,737)	72,903)
Add: Interest expense	3,933)	2,931)	2,645)	2,873)	3,576)	3,240)
Earnings before interest and tax (EBIT)	117,669)	122,034)	111,852)	69,964)	69,313)	76,143)
Add: Depreciation and amortization	11,519)	11,104)	11,284)	11,056)	12,547)	10,903)
Earnings before interest, tax, depreciation and amortization (EBITDA)	129,188)	133,138)	123,136)	81,020)	81,860)	87,046)

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).

Download chart

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Apple Inc. EBITDA increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Apple Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	2,664,868)
Earnings before interest, tax, depreciation and amortization (EBITDA)	129,188)
Valuation Ratio
EV/EBITDA	20.63
Benchmarks
EV/EBITDA, Competitors¹
Arista Networks Inc.	31.19
Cisco Systems Inc.	10.08
Super Micro Computer Inc.	60.06
EV/EBITDA, Sector
Technology Hardware & Equipment	19.78
EV/EBITDA, Industry
Information Technology	29.09

Based on: 10-K (reporting date: 2023-09-30).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Apple Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	2,797,951)	2,550,236)	2,520,606)	1,872,970)	1,112,797)	1,004,854)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	129,188)	133,138)	123,136)	81,020)	81,860)	87,046)
Valuation Ratio
EV/EBITDA³	21.66	19.15	20.47	23.12	13.59	11.54
Benchmarks
EV/EBITDA, Competitors⁴
Arista Networks Inc.	31.29	24.52	37.28	26.95	16.05	—
Cisco Systems Inc.	12.16	10.52	15.05	9.69	11.36	12.07
Super Micro Computer Inc.	16.77	10.49	11.20	10.64	7.73	10.02
EV/EBITDA, Sector
Technology Hardware & Equipment	20.69	18.24	19.98	20.90	13.22	—
EV/EBITDA, Industry
Information Technology	23.37	18.28	20.37	19.53	14.42	—

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 See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 2,797,951 ÷ 129,188 = 21.66

⁴ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Apple Inc. EV/EBITDA ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Apple Inc. (NASDAQ:AAPL)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical