Stock Analysis on Net
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

Microsoft Excel
12 months ended: Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Net income 96,995 99,803 94,680 57,411 55,256 59,531
Net noncash charges 20,125 21,148 14,269 17,573 17,623 (16,791)
Changes in operating assets and liabilities (6,577) 1,200 (4,911) 5,690 (3,488) 34,694
Cash generated by operating activities 110,543 122,151 104,038 80,674 69,391 77,434
Payments for acquisition of property, plant and equipment (10,959) (10,708) (11,085) (7,309) (10,495) (13,313)
Proceeds from issuance of term debt, net 5,228 5,465 20,393 16,091 6,963 6,969
Repayments of term debt (11,151) (9,543) (8,750) (12,629) (8,805) (6,500)
Proceeds from (repayments of) commercial paper, net (3,978) 3,955 1,022 (963) (5,977) (37)
Free cash flow to equity (FCFE) 89,683 111,320 105,618 75,864 51,077 64,553

Based on: 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), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

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 2021 to 2022 but then decreased significantly from 2022 to 2023.

Price to FCFE Ratio, Current

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

Microsoft Excel
No. shares of common stock outstanding 15,441,881,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 89,683
FCFE per share 5.81
Current share price (P) 169.30
Valuation Ratio
P/FCFE 29.15
Benchmarks
P/FCFE, Competitors1
Arista Networks Inc. 41.39
Cisco Systems Inc. 10.80
Super Micro Computer Inc. 147.00
P/FCFE, Sector
Technology Hardware & Equipment 26.73
P/FCFE, Industry
Information Technology 41.64

Based on: 10-K (reporting date: 2023-09-30).

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

Microsoft Excel
Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
No. shares of common stock outstanding1 15,552,752,000 15,908,118,000 16,406,397,000 17,001,802,000 17,773,060,000 18,981,592,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 89,683 111,320 105,618 75,864 51,077 64,553
FCFE per share3 5.77 7.00 6.44 4.46 2.87 3.40
Share price1, 4 176.65 155.74 149.80 108.86 62.19 50.40
Valuation Ratio
P/FCFE5 30.63 22.26 23.27 24.40 21.64 14.82
Benchmarks
P/FCFE, Competitors6
Arista Networks Inc. 41.51 96.71 42.05 32.98 18.04 —
Cisco Systems Inc. 12.84 17.03 20.97 37.32 14.83 44.19
Super Micro Computer Inc. 41.38 139.19 13.82 — 7.81 108.26
P/FCFE, Sector
Technology Hardware & Equipment 27.96 22.09 23.18 25.25 20.13 —
P/FCFE, Industry
Information Technology 33.34 26.56 27.30 23.29 18.92 —

Based on: 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), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 89,683,000,000 ÷ 15,552,752,000 = 5.77

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 176.65 ÷ 5.77 = 30.63

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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.