Stock Analysis on Net
Stock Analysis on Net
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Apple Inc. (NASDAQ:AAPL)

Enterprise Value (EV)

Intermediate level


Current Enterprise Value (EV)

Apple Inc., current enterprise value calculation

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Current share price (P) $112.28
No. shares of common stock outstanding 17,102,536,000
US$ in millions
Common equity (market value)1 1,920,273 
Total equity 1,920,273 
Add: Commercial paper (per books) 5,980 
Add: Current portion of term debt (per books) 10,260 
Add: Non-current portion of term debt (per books) 91,807 
Total equity and debt 2,028,320 
Less: Cash and cash equivalents 48,844 
Less: Short-term marketable securities 51,713 
Enterprise value (EV) 1,927,763 

Based on: 10-K (filing date: 2019-10-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 112.28 × 17,102,536,000


Historical Enterprise Value (EV)

Apple Inc., EV calculation

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Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016 Sep 26, 2015 Sep 27, 2014
Share price1, 2 $62.19 $50.40 $43.13 $28.90 $29.82 $26.28
No. shares of common stock outstanding1 17,773,060,000 18,981,592,000 20,537,248,000 21,329,252,000 22,301,324,000 23,459,360,000
US$ in millions
Common equity (market value)3 1,105,307  956,672  885,772  616,415  665,025  616,512 
Total equity 1,105,307  956,672  885,772  616,415  665,025  616,512 
Add: Commercial paper (book value) 5,980  11,964  11,977  8,105  8,499  6,308 
Add: Current portion of term debt (book value) 10,260  8,784  6,496  3,500  2,500  — 
Add: Non-current portion of term debt (book value) 91,807  93,735  97,207  75,427  53,463  28,987 
Total equity and debt 1,213,354  1,071,155  1,001,452  703,447  729,487  651,807 
Less: Cash and cash equivalents 48,844  25,913  20,289  20,484  21,120  13,844 
Less: Short-term marketable securities 51,713  40,388  53,892  46,671  20,481  11,233 
Enterprise value (EV) 1,112,797  1,004,854  927,271  636,292  687,886  626,730 

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).

1 Data adjusted for splits and stock dividends.

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

3 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 62.19 × 17,773,060,000

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 2017 to 2018 and from 2018 to 2019.