Enterprise Value (EV)
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- Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Current Enterprise Value (EV)
Apple Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Total equity | |
| Add: Current portion of finance leases (per books) | |
| Add: Commercial paper (per books) | |
| Add: Current portion of term debt (per books) | |
| Add: Non-current portion of term debt (per books) | |
| Add: Non-current portion of finance leases (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Current marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-09-27).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Apple Inc., EV calculation
Based on: 10-K (reporting date: 2025-09-27), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Apple Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The analysis of the annual financial data over the six-year period reveals a consistent upward trajectory in key equity and valuation metrics.
- Common Equity (Market Value) and Total Equity
- Both common equity (market value) and total equity have experienced substantial growth from approximately 1.85 trillion US dollars in 2020 to nearly 4 trillion US dollars by 2025. This represents more than a twofold increase, indicating a strong expansion in shareholders' equity and suggesting enhanced investor confidence and retained earnings over the period.
- Total Equity and Debt
- The combined total of equity and debt has also risen steadily, increasing from around 1.96 trillion US dollars in 2020 to over 4.09 trillion US dollars in 2025. While the growth pattern is similar to that of common equity, the marginal difference between the total equity and total equity and debt figures implies that debt levels have increased but remain relatively low compared to equity, pointing to a robust capital structure predominantly composed of equity.
- Enterprise Value (EV)
- Enterprise value has similarly shown a consistent increase from approximately 1.87 trillion US dollars in 2020 to just over 4 trillion US dollars in 2025. The increasing trend in EV aligns closely with the growth in total equity and total equity plus debt, reinforcing the perception of a growing market valuation inclusive of debt and equity components.
Overall, the data demonstrates a significant and steady enhancement in the company’s market capitalization and financial capitalization. The alignment between equity growth and enterprise value suggests that market perceptions and underlying financial fundamentals have strengthened concurrently over these years. The modest increases in total debt alongside equity growth indicate cautious leverage management, supporting a stable and efficient capital structure.