Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

$19.99

Enterprise Value to FCFF (EV/FCFF)

Microsoft Excel

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Free Cash Flow to The Firm (FCFF)

Apple Inc., FCFF calculation

US$ in millions

Microsoft Excel
12 months ended: Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Net income
Net noncash charges
Changes in operating assets and liabilities
Cash generated by operating activities
Cash paid for interest, net of tax1
Payments for acquisition of property, plant and equipment
Free cash flow to the firm (FCFF)

Based on: 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), 10-K (reporting date: 2017-09-30).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Apple Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Apple Inc. FCFF increased from 2020 to 2021 and from 2021 to 2022.

Interest Paid, Net of Tax

Apple Inc., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
Effective Income Tax Rate (EITR)
EITR1
Interest Paid, Net of Tax
Cash paid for interest, before tax
Less: Cash paid for interest, tax2
Cash paid for interest, net of tax

Based on: 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), 10-K (reporting date: 2017-09-30).

1 See details »

2 2022 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

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Valuation Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors1
Cisco Systems Inc.
Enphase Energy Inc.
EV/FCFF, Sector
Technology Hardware & Equipment
EV/FCFF, Industry
Information Technology

Based on: 10-K (reporting date: 2022-09-24).

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

Microsoft Excel
Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017
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
Cisco Systems Inc.
Enphase Energy Inc.
EV/FCFF, Sector
Technology Hardware & Equipment
EV/FCFF, Industry
Information Technology

Based on: 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), 10-K (reporting date: 2017-09-30).

1 See details »

2 See details »

3 2022 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. EV/FCFF ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.