Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

Apple Inc., FCFE calculation

US$ in millions

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12 months ended: Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016
Net income 94,680  57,411  55,256  59,531  48,351  45,687 
Net noncash charges 14,269  17,573  17,623  (16,791) 20,797  20,139 
Changes in operating assets and liabilities (4,911) 5,690  (3,488) 34,694  (5,550) (2)
Cash generated by operating activities 104,038  80,674  69,391  77,434  63,598  65,824 
Payments for acquisition of property, plant and equipment (11,085) (7,309) (10,495) (13,313) (12,451) (12,734)
Proceeds from issuance of term debt, net 20,393  16,091  6,963  6,969  28,662  24,954 
Repayments of term debt (8,750) (12,629) (8,805) (6,500) (3,500) (2,500)
Proceeds from (repayments of) commercial paper, net 1,022  (963) (5,977) (37) 3,852  (397)
Free cash flow to equity (FCFE) 105,618  75,864  51,077  64,553  80,161  75,147 

Based on: 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), 10-K (reporting date: 2016-09-24).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Apple Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Apple Inc. FCFE increased from 2019 to 2020 and from 2020 to 2021.

Price to FCFE Ratio, Current

Apple Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 16,070,752,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 105,618 
FCFE per share 6.57
Current share price (P) 172.10
Valuation Ratio
P/FCFE 26.19
Benchmarks
P/FCFE, Competitors1
Cisco Systems Inc. 16.38
Enphase Energy Inc. 44.56
P/FCFE, Sector
Technology Hardware & Equipment 25.35
P/FCFE, Industry
Information Technology 28.22

Based on: 10-K (reporting date: 2021-09-25).

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

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Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 105,618  75,864  51,077  64,553  80,161  75,147 
FCFE per share3 6.44 4.46 2.87 3.40 3.90 3.52
Share price1, 4 149.80 108.86 62.19 50.40 43.13 28.90
Valuation Ratio
P/FCFE5 23.27 24.40 21.64 14.82 11.05 8.20
Benchmarks
P/FCFE, Competitors6
Cisco Systems Inc. 20.97 37.32 14.83 44.19 8.62 10.13
Enphase Energy Inc. 21.45 66.43 44.51 14.02
P/FCFE, Sector
Technology Hardware & Equipment 23.03 25.33 20.25 16.89 10.61
P/FCFE, Industry
Information Technology 27.51 24.27 20.21 21.78 12.26

Based on: 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), 10-K (reporting date: 2016-09-24).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 105,618,000,000 ÷ 16,406,397,000 = 6.44

4 Closing price as at the filing date of Apple Inc. Annual Report.

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 149.80 ÷ 6.44 = 23.27

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Apple Inc. P/FCFE ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.