Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Apple Inc., EBITDA calculation
US$ in millions
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).
- Net Income
- The net income shows an overall upward trend over the periods analyzed, increasing from $57,411 million in 2020 to $112,010 million in 2025. There was a significant rise from 2020 to 2021, followed by more moderate growth through 2022. A slight decline was observed in 2023 and 2024, before a strong recovery in 2025.
- Earnings Before Tax (EBT)
- EBT demonstrated consistent growth throughout the period, starting at $67,091 million in 2020 and reaching $132,729 million by 2025. A steady increase is noted each year, with no periods of decline, indicating improving profitability before tax obligations.
- Earnings Before Interest and Tax (EBIT)
- EBIT follows a similar trajectory to EBT, increasing from $69,964 million in 2020 to $132,729 million in 2025. The upward trend is steady, though the growth rate of EBIT slightly lags EBT between 2022 and 2023, after which both metrics converge by 2025.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA exhibits a consistent upward trend across the entire timeline, rising from $81,020 million in 2020 to $144,427 million in 2025. The increases are steady each year, reflecting overall improvements in operational cash flow generation before non-cash charges and financial expenses.
- General Observations
- All key profitability measures—Net Income, EBT, EBIT, and EBITDA—demonstrate positive growth trends over the six-year period. While net income experienced minor fluctuations between 2022 and 2024, the other indicators show stable improvements. This suggests enhanced operational efficiency, profitability, and potentially effective cost management. The gap between EBITDA and EBIT remains indicative of depreciation and amortization expenses, which appear consistent over time.
Enterprise Value to EBITDA Ratio, Current
Apple Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 4,104,378) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 144,427) |
| Valuation Ratio | |
| EV/EBITDA | 28.42 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Arista Networks Inc. | 46.81 |
| Cisco Systems Inc. | 21.46 |
| Dell Technologies Inc. | 10.65 |
| Super Micro Computer Inc. | 14.91 |
| EV/EBITDA, Sector | |
| Technology Hardware & Equipment | 28.73 |
| EV/EBITDA, Industry | |
| Information Technology | 36.85 |
Based on: 10-K (reporting date: 2025-09-27).
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.
Enterprise Value to EBITDA Ratio, Historical
Apple Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | 4,040,273) | 3,411,822) | 2,797,951) | 2,550,236) | 2,520,606) | 1,872,970) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 144,427) | 134,930) | 129,188) | 133,138) | 123,136) | 81,020) | |
| Valuation Ratio | |||||||
| EV/EBITDA3 | 27.97 | 25.29 | 21.66 | 19.15 | 20.47 | 23.12 | |
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Arista Networks Inc. | — | 36.90 | 31.29 | 24.52 | 37.29 | 26.96 | |
| Cisco Systems Inc. | 18.03 | 13.28 | 12.16 | 10.52 | 15.05 | 9.69 | |
| Dell Technologies Inc. | 9.41 | 11.43 | 6.61 | 4.85 | 9.32 | 8.64 | |
| Super Micro Computer Inc. | 19.43 | 21.61 | 16.77 | 10.50 | 11.19 | 10.65 | |
| EV/EBITDA, Sector | |||||||
| Technology Hardware & Equipment | — | 23.61 | 20.01 | 17.26 | 19.17 | — | |
| EV/EBITDA, Industry | |||||||
| Information Technology | — | 27.74 | 23.62 | 18.33 | 20.59 | — | |
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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= 4,040,273 ÷ 144,427 = 27.97
4 Click competitor name to see calculations.
- Enterprise Value (EV)
-
The enterprise value exhibited a consistent upward trajectory over the analyzed periods. Starting from approximately 1.87 trillion US dollars in late 2020, it increased significantly to nearly 4.04 trillion US dollars by late 2025. This represents more than a doubling of the enterprise value across the five-year span, indicative of substantial growth and possibly increased market capitalization or expansion activities.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
-
EBITDA also showed an overall upward trend from 81.02 billion US dollars in 2020 to 144.43 billion US dollars in 2025. However, the growth exhibited some fluctuations: there was a strong increase between 2020 and 2022, reaching a peak of 133.14 billion in 2022, followed by a slight decline in 2023 to 129.19 billion. After this dip, EBITDA recovered and rose again through 2025.
- EV/EBITDA Ratio
-
The EV/EBITDA multiple started at 23.12 in 2020 and showed a downward trend until 2022, reaching 19.15, which may indicate an improving valuation relative to earnings up to that point. However, from 2023 onwards, the multiple increased, peaking at 27.97 in 2025. This upward shift suggests that enterprise value growth outpaced EBITDA increases in the latter years, possibly reflecting heightened market expectations, valuation premiums, or asset revaluations.
- Summary Insights
-
The company’s enterprise value has more than doubled over the five years, signifying strong market growth or capital appreciation. EBITDA growth, while positive overall, demonstrated some volatility. The EV/EBITDA ratio's initial decline followed by a notable increase may imply changing market perceptions regarding growth prospects or risk. The elevated valuation multiples in recent years suggest that investors might be pricing in higher future growth or other strategic advantages, despite the relatively modest EBITDA growth after 2022.