Stock Analysis on Net
Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Enterprise Value (EV)

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Current Enterprise Value (EV)

Apple Inc., current enterprise value calculation

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Current share price (P) $163.76
No. shares of common stock outstanding 16,406,397,000
US$ in millions
Common equity (market value)1 2,686,712 
Total equity 2,686,712 
Add: Current portion of finance leases (per books) 79 
Add: Commercial paper (per books) 6,000 
Add: Current portion of term debt (per books) 9,613 
Add: Non-current portion of term debt (per books) 109,106 
Add: Non-current portion of finance leases (per books) 769 
Total equity and debt 2,812,279 
Less: Cash and cash equivalents 34,940 
Less: Current marketable securities 27,699 
Enterprise value (EV) 2,749,640 

Based on: 10-K (filing date: 2021-10-29).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 163.76 × 16,406,397,000


Historical Enterprise Value (EV)

Apple Inc., EV calculation

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Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016
Share price1, 2 $149.80 $108.86 $62.19 $50.40 $43.13 $28.90
No. shares of common stock outstanding1 16,406,397,000 17,001,802,000 17,773,060,000 18,981,592,000 20,537,248,000 21,329,252,000
US$ in millions
Common equity (market value)3 2,457,678  1,850,816  1,105,307  956,672  885,772  616,415 
Total equity 2,457,678  1,850,816  1,105,307  956,672  885,772  616,415 
Add: Current portion of finance leases (book value) 79  24  —  —  —  — 
Add: Commercial paper (book value) 6,000  4,996  5,980  11,964  11,977  8,105 
Add: Current portion of term debt (book value) 9,613  8,773  10,260  8,784  6,496  3,500 
Add: Non-current portion of term debt (book value) 109,106  98,667  91,807  93,735  97,207  75,427 
Add: Non-current portion of finance leases (book value) 769  637  —  —  —  — 
Total equity and debt 2,583,245  1,963,913  1,213,354  1,071,155  1,001,452  703,447 
Less: Cash and cash equivalents 34,940  38,016  48,844  25,913  20,289  20,484 
Less: Current marketable securities 27,699  52,927  51,713  40,388  53,892  46,671 
Enterprise value (EV) 2,520,606  1,872,970  1,112,797  1,004,854  927,271  636,292 

Based on: 10-K (filing date: 2021-10-29), 10-K (filing date: 2020-10-30), 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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Apple Inc.’s Annual Report.

3 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 149.80 × 16,406,397,000

Item Description The company
EV Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments. Apple Inc.’s EV increased from 2019 to 2020 and from 2020 to 2021.