Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Apple Inc., FCFE calculation
US$ in millions
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).
- Cash Generated by Operating Activities
- Over the analyzed period, cash generated by operating activities exhibited an overall increasing trend from 80,674 million USD to a peak of 122,151 million USD by the end of 2022. Subsequently, this figure showed a decline in 2023 to 110,543 million USD, followed by a slight recovery and then a decrease again, settling at 111,482 million USD in 2025. The fluctuations in the last three years suggest varying operational efficiency or changes in working capital management during this period.
- Free Cash Flow to Equity (FCFE)
- Free cash flow to equity displayed a general upward trajectory from 75,864 million USD in 2020 to 111,320 million USD in 2022. However, from 2023 onwards, FCFE declined notably to 89,683 million USD and showed intermittent recovery and decline, ultimately reaching 90,284 million USD in 2025. This volatility potentially reflects variations in capital expenditures, financing activities, or dividend policies impacting the residual cash available to equity shareholders.
- Overall Observations
- Both cash generated by operating activities and FCFE demonstrated growth in the initial three years, indicating improving operational cash flows and cash availability to equity holders. The decline and fluctuations observed in the latter years highlight potential challenges or strategic shifts affecting cash management. The divergence between peak cash from operations and FCFE in later years suggests increased capital investments or changes in financing activities. Continuous monitoring is recommended to understand underlying causes and future impacts on liquidity and shareholder returns.
Price to FCFE Ratio, Current
Apple Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 14,776,353,000 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 90,284) |
| FCFE per share | 6.11 |
| Current share price (P) | 270.37 |
| Valuation Ratio | |
| P/FCFE | 44.25 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Arista Networks Inc. | 53.91 |
| Cisco Systems Inc. | 27.59 |
| Dell Technologies Inc. | 195.57 |
| Super Micro Computer Inc. | 7.61 |
| P/FCFE, Sector | |
| Technology Hardware & Equipment | 33.55 |
| P/FCFE, Industry | |
| Information Technology | 55.17 |
Based on: 10-K (reporting date: 2025-09-27).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Apple Inc., historical P/FCFE calculation, comparison to benchmarks
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 14,776,353,000 | 15,115,823,000 | 15,552,752,000 | 15,908,118,000 | 16,406,397,000 | 17,001,802,000 | |
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | 90,284) | 102,809) | 89,683) | 111,320) | 105,618) | 75,864) | |
| FCFE per share3 | 6.11 | 6.80 | 5.77 | 7.00 | 6.44 | 4.46 | |
| Share price1, 4 | 270.37 | 222.91 | 176.65 | 155.74 | 149.80 | 108.86 | |
| Valuation Ratio | |||||||
| P/FCFE5 | 44.25 | 32.77 | 30.63 | 22.26 | 23.27 | 24.40 | |
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Arista Networks Inc. | — | 35.65 | 41.51 | 96.72 | 42.05 | 32.99 | |
| Cisco Systems Inc. | 25.54 | 6.64 | 12.84 | 17.18 | 21.02 | 38.82 | |
| Dell Technologies Inc. | 123.86 | 32.94 | 9.06 | 33.54 | 14.15 | 5.64 | |
| Super Micro Computer Inc. | 6.44 | — | 41.38 | 139.27 | 13.81 | — | |
| P/FCFE, Sector | |||||||
| Technology Hardware & Equipment | — | 27.62 | 27.42 | 22.22 | 22.84 | 24.15 | |
| P/FCFE, Industry | |||||||
| Information Technology | — | 36.63 | 33.18 | 26.93 | 27.31 | 23.40 | |
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.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 90,284,000,000 ÷ 14,776,353,000 = 6.11
4 Closing price as at the filing date of Apple Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= 270.37 ÷ 6.11 = 44.25
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited a consistent upward trajectory over the observed period. Starting at $108.86, it increased steadily each year, reaching $270.37 by the final period. This represents a substantial appreciation in market value, indicating strong investor confidence and possibly favorable market conditions or company performance.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share demonstrated variability within the timeframe. It increased significantly from $4.46 to a peak of $7.00 in the third period, followed by a decline to $5.77 in the fourth period. Subsequently, there was a partial recovery to $6.80 in the fifth period, with a slight decrease to $6.11 in the last period. This pattern suggests fluctuations in the company's capacity to generate cash available to equity shareholders.
- Price-to-Free Cash Flow to Equity (P/FCFE) Ratio
- The P/FCFE ratio reflects changing market valuation relative to the company's free cash flow. Initially, the ratio declined from 24.4 to 22.26, indicating that the share price grew more slowly than FCFE, or FCFE grew faster than the share price during that period. However, after this phase, the ratio increased markedly, reaching 44.25 by the final period. This significant rise indicates that the market price has grown disproportionately faster than the FCFE per share, suggesting increased investor optimism or expectations of future growth beyond current free cash flow levels.
- Overall Analysis
- The data reveal strong upward momentum in share price, while the free cash flow per share shows moderate growth with some volatility. The expanding P/FCFE ratio in the latter years suggests a growing premium placed by the market on the company's equity, which could reflect expectations of enhanced profitability, innovation, or competitive advantages. Nonetheless, the divergence between share price and free cash flow growth warrants consideration regarding market valuation sustainability and underlying financial performance.