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Apple Inc. (NASDAQ:AAPL)
Enterprise Value to FCFF (EV/FCFF)
Intermediate level
Free Cash Flow to The Firm (FCFF)
Apple Inc., FCFF calculation
US$ in millions
Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Apple Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Apple Inc.’s FCFF increased from 2017 to 2018 but then slightly decreased from 2018 to 2019. |
Interest Paid, Net of Tax
Apple Inc., interest paid, net of tax calculation
US$ in millions
Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).
2 2019 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= × =
Enterprise Value to FCFF Ratio, Current
Apple Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Advanced Micro Devices Inc. | |
| Applied Materials Inc. | |
| Broadcom Inc. | |
| Cisco Systems Inc. | |
| Intel Corp. | |
| Micron Technology Inc. | |
| NVIDIA Corp. | |
| Qualcomm Inc. | |
| Texas Instruments Inc. | |
| EV/FCFF, Sector | |
| Technology Hardware & Equipment | |
| EV/FCFF, Industry | |
| Technology | |
Based on: 10-K (filing date: 2019-10-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Apple Inc., historical EV/FCFF calculation, comparison to benchmarks
| Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | Sep 26, 2015 | Sep 27, 2014 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | |||||||
| Free cash flow to the firm (FCFF)2 | |||||||
| Valuation Ratio | |||||||
| EV/FCFF3 | |||||||
| Benchmarks | |||||||
| EV/FCFF, Competitors4 | |||||||
| Advanced Micro Devices Inc. | |||||||
| Applied Materials Inc. | |||||||
| Broadcom Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Intel Corp. | |||||||
| Micron Technology Inc. | |||||||
| NVIDIA Corp. | |||||||
| Qualcomm Inc. | |||||||
| Texas Instruments Inc. | |||||||
| EV/FCFF, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| EV/FCFF, Industry | |||||||
| Technology | |||||||
Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).
3 2019 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Apple Inc.’s EV/FCFF ratio decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level. |