Enterprise Value to EBITDA (EV/EBITDA)
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- Income Statement
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Apple Inc., EBITDA calculation
US$ in millions
Based on: 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).
The financial data over the six-year period indicates several notable trends in profitability and operational efficiency. Net income showed a general upward trajectory from 2019 to 2022, reaching a peak in 2022, followed by a slight decline in the subsequent two years. Despite fluctuations in net income, earnings before tax (EBT) exhibited a more consistent upward trend, culminating in a significant increase by 2024, surpassing previous years' values.
Similarly, earnings before interest and tax (EBIT) mirrored the pattern observed in EBT, with steady growth from 2019 through 2022, a minor dip in 2023, and recovery in 2024 to reach the same level as EBT for that year. Earnings before interest, tax, depreciation, and amortization (EBITDA) followed a comparable upward trend, peaking in 2022, experiencing a slight decline in 2023, and rebounding in 2024 to the highest recorded value in the dataset.
- Net Income
- Increased by approximately 80% from 2019 to 2021, peaking in 2022, then decreased modestly over the last two years, indicating potential challenges affecting bottom-line profitability despite overall growth earlier.
- Earnings Before Tax (EBT)
- Consistently rose year-over-year with an overall increase of roughly 88% from 2019 to 2024, showing strong pre-tax profitability and effective cost management at the operational level.
- Earnings Before Interest and Tax (EBIT)
- Showed steady growth parallel to EBT, suggesting stable operating profit margins and the ability to maintain earnings before financing costs and taxes.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- Followed similar growth trends, highlighting improving cash operating performance. The slight decreases observed in 2023 did not carry into 2024, where EBITDA achieved its highest value, indicating operational resilience and improved cash flows.
Overall, the data suggests robust growth in earnings and operational profitability over the analyzed period, with some volatility in net income and EBITDA around the 2023 fiscal year. The rebound in financial metrics in 2024 points to strategic adjustments or market conditions favorable to recovery and strengthening of earnings capacity.
Enterprise Value to EBITDA Ratio, Current
Apple Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Arista Networks Inc. | |
| Cisco Systems Inc. | |
| Dell Technologies Inc. | |
| Super Micro Computer Inc. | |
| EV/EBITDA, Sector | |
| Technology Hardware & Equipment | |
| EV/EBITDA, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2024-09-28).
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 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | |||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||||
| Valuation Ratio | |||||||
| EV/EBITDA3 | |||||||
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Dell Technologies Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| EV/EBITDA, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| EV/EBITDA, Industry | |||||||
| Information Technology | |||||||
Based on: 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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibits a consistent and significant upward trajectory over the analyzed periods. Starting from approximately $1.11 trillion in 2019, it more than tripled by 2024, reaching about $3.41 trillion. The most notable increments occurred between 2019 and 2020, and again between 2023 and 2024, indicating sustained market capitalization and possibly increased debt or cash positions that contribute to enterprise value growth.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA displayed a fluctuating trend with an initial minor decline from around $81.9 billion in 2019 to roughly $81.0 billion in 2020. Subsequently, it experienced substantial growth, peaking at approximately $133.1 billion in 2022. However, a slight decline occurred in the following year before recovering marginally to about $134.9 billion in 2024. This pattern suggests some variability in operational performance, although the overall trend remains positive.
- EV/EBITDA Ratio
- The EV/EBITDA ratio indicates market valuation relative to earnings and has generally increased over the period. Starting at 13.59 in 2019, it surged dramatically to 23.12 in 2020, reflecting a sharp rise in enterprise value not fully matched by EBITDA growth. This ratio then declined gradually to 19.15 in 2022, indicating a partial correction or EBITDA growth outpacing valuation increases during that time. Nonetheless, the ratio ascended again to 25.29 in 2024, the highest observed in the series, suggesting that enterprise value growth once again outpaces EBITDA or that market expectations for future growth have risen.
- Summary
- Overall, the data portrays a company with rapidly escalating enterprise value accompanied by generally rising albeit somewhat variable EBITDA. The EV/EBITDA multiple’s fluctuations imply changing market sentiment and valuation dynamics, with recent years reflecting comparatively higher market premiums over earnings. These trends could signal investor optimism and strong growth expectations, balanced against operational performance variations over the years.