Stock Analysis on Net
Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

Historical Valuation Ratios (Summary)

Apple Inc., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013
Price to earnings (P/E) 31.11 21.90 24.67 20.00 17.29 16.94 13.11 16.07 17.34 16.28 16.12 18.32 17.40 16.77 14.94 13.49 11.61 10.57 9.64 12.46 14.08 15.73 15.11 15.60
Price to operating profit (P/OP) 27.07 19.10 21.45 17.29 14.94 14.79 11.46 13.49 14.33 13.14 12.67 14.44 13.53 12.93 11.41 10.27 8.82 8.01 7.28 9.34 10.54 11.76 11.33 11.74
Price to sales (P/S) 6.64 4.68 5.30 4.25 3.72 3.75 2.98 3.60 3.81 3.51 3.41 3.86 3.63 3.48 3.10 2.86 2.52 2.36 2.20 2.85 3.18 3.55 3.36 3.37
Price to book value (P/BV) 25.14 15.98 15.85 12.21 9.98 9.15 6.61 8.93 8.47 6.84 5.81 6.61 6.13 5.72 5.10 4.81 4.38 4.11 4.04 5.57 5.68 5.83 5.45 5.53 4.81 4.07 3.48

Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-01), 10-Q (filing date: 2020-01-29), 10-K (filing date: 2019-10-31), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Apple Inc.’s P/E ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Apple Inc.’s P/OP ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Apple Inc.’s P/S ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Apple Inc.’s P/BV ratio increased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.

Price to Earnings (P/E)

Apple Inc., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013
No. shares of common stock outstanding1 17,102,536,000 17,337,340,000 17,501,920,000 17,773,060,000 18,076,720,000 18,404,300,000 18,861,120,000 18,981,592,000 19,319,704,000 19,660,552,000 20,296,052,000 20,537,248,000 20,660,912,000 20,855,360,000 20,986,160,000 21,329,252,000 21,553,772,000 21,909,700,000 22,178,332,000 22,301,324,000 22,810,888,000 23,044,120,000 23,298,992,000 23,459,360,000 23,951,468,000 24,118,668,000 24,975,692,000
Selected Financial Data (US$)
Net income (in millions) 11,253  11,249  22,236  13,686  10,044  11,561  19,965  14,125  11,519  13,822  20,065  10,714  8,717  11,029  17,891  9,014  7,796  10,516  18,361  11,124  10,677  13,569  18,024  8,467  7,748  10,223  13,072 
Earnings per share (EPS)2 3.42 3.30 3.29 3.11 3.08 3.11 3.15 3.14 2.90 2.71 2.49 2.35 2.26 2.19 2.15 2.14 2.22 2.31 2.42 2.39 2.22 2.07 1.91 1.68 0.00 0.00 0.00
Share price1, 3 106.26 72.27 81.09 62.19 53.26 52.63 41.31 50.40 50.38 44.14 40.13 43.13 39.29 36.77 32.19 28.90 25.74 24.46 23.36 29.82 31.31 32.64 28.83 26.28 24.30 20.28 18.09
Valuation Ratio
P/E ratio4 31.11 21.90 24.67 20.00 17.29 16.94 13.11 16.07 17.34 16.28 16.12 18.32 17.40 16.77 14.94 13.49 11.61 10.57 9.64 12.46 14.08 15.73 15.11 15.60
Benchmarks
P/E Ratio, Competitors5
Advanced Micro Devices Inc. 146.69 129.05 169.62 176.53 173.06 106.61 68.76 50.55 55.68 53.78 282.39
Analog Devices Inc. 39.23 37.97 37.64 31.04 26.42 23.89 24.87 22.17 25.81 33.09 42.83 44.94 45.55 37.59 27.60 26.07 29.83 26.48 23.95 27.06
Applied Materials Inc. 18.29 17.29 21.57 20.25 15.06 10.73 9.34 9.75 12.30 16.14 20.56 16.16 15.23 18.31 18.26 20.68 22.15 20.33 16.24 15.88 14.79 19.56 26.25 27.87
Broadcom Inc. 65.22 51.78 36.94 47.09 38.49 30.48 17.68 8.14 8.34 10.57 14.31 63.27 190.51 40.57 28.48 33.13 55.71 66.64 98.34
Cisco Systems Inc. 17.64 17.87 17.54 17.69 18.30 16.99 158.12 1,964.84 18.72 16.37 15.88 17.38 14.11 14.69 13.98 12.87 14.50 14.82
Intel Corp. 9.09 11.04 13.91 12.70 11.57 11.41 10.41 13.75 16.54 22.16 22.15 13.97 12.93 15.69 16.72 15.94 16.33 12.60 11.85
Lam Research Corp. 18.13 22.89 18.89 13.64 11.64 8.99 9.78 11.70 16.16 18.51 16.47 15.33 16.07 18.91 17.96 15.82 16.28 13.36 15.05 17.38
Micron Technology Inc. 25.33 21.69 17.42 7.98 4.06 3.73 2.39 3.40 5.44 6.29 6.97 9.20 13.04 46.07 33.37 10.38 6.58 6.25 5.32 7.78 9.79 11.39
NVIDIA Corp. 53.25 33.04 29.64 22.80 26.30 36.38 38.93 48.05 50.69 43.50 41.49 36.34 41.41 36.46 35.06 28.97 27.86 23.55 18.02 19.77
Qualcomm Inc. 38.25 21.95 24.49 22.03 26.26 42.74 28.15 31.96 21.51 17.37 17.19 17.37 15.92 15.59 14.81 17.18 16.52 15.69 14.52 16.11
Texas Instruments Inc. 24.04 20.66 24.47 21.27 21.89 20.36 18.05 19.49 24.79 25.03 27.77 21.75 19.56 20.48 21.45 20.05 22.07 18.63 17.66

Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-01), 10-Q (filing date: 2020-01-29), 10-K (filing date: 2019-10-31), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
EPS = (Net incomeQ3 2020 + Net incomeQ2 2020 + Net incomeQ1 2020 + Net incomeQ4 2019) ÷ No. shares of common stock outstanding
= (11,253,000,000 + 11,249,000,000 + 22,236,000,000 + 13,686,000,000) ÷ 17,102,536,000 = 3.42

3 Closing price as at the filing date of Apple Inc.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/E ratio = Share price ÷ EPS
= 106.26 ÷ 3.42 = 31.11

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Apple Inc.’s P/E ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.

Price to Operating Profit (P/OP)

Apple Inc., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013
No. shares of common stock outstanding1 17,102,536,000 17,337,340,000 17,501,920,000 17,773,060,000 18,076,720,000 18,404,300,000 18,861,120,000 18,981,592,000 19,319,704,000 19,660,552,000 20,296,052,000 20,537,248,000 20,660,912,000 20,855,360,000 20,986,160,000 21,329,252,000 21,553,772,000 21,909,700,000 22,178,332,000 22,301,324,000 22,810,888,000 23,044,120,000 23,298,992,000 23,459,360,000 23,951,468,000 24,118,668,000 24,975,692,000
Selected Financial Data (US$)
Operating income (in millions) 13,091  12,853  25,569  15,625  11,544  13,415  23,346  16,118  12,612  15,894  26,274  13,120  10,768  14,097  23,359  11,761  10,105  13,987  24,171  14,623  14,083  18,278  24,246  11,165  10,282  13,593  17,463 
Operating profit per share2 3.93 3.78 3.78 3.60 3.56 3.56 3.60 3.74 3.51 3.36 3.17 2.99 2.90 2.84 2.82 2.81 2.92 3.05 3.21 3.19 2.97 2.78 2.54 2.24 0.00 0.00 0.00
Share price1, 3 106.26 72.27 81.09 62.19 53.26 52.63 41.31 50.40 50.38 44.14 40.13 43.13 39.29 36.77 32.19 28.90 25.74 24.46 23.36 29.82 31.31 32.64 28.83 26.28 24.30 20.28 18.09
Valuation Ratio
P/OP ratio4 27.07 19.10 21.45 17.29 14.94 14.79 11.46 13.49 14.33 13.14 12.67 14.44 13.53 12.93 11.41 10.27 8.82 8.01 7.28 9.34 10.54 11.76 11.33 11.74
Benchmarks
P/OP Ratio, Competitors5
Advanced Micro Devices Inc. 101.06 81.62 91.66 118.63 120.20 78.58 51.38 36.04 38.08 30.01 59.52 87.97
Analog Devices Inc. 31.72 30.10 29.85 24.74 21.27 19.35 20.36 17.62 20.03 23.29 27.92 30.97 31.93 30.33 22.95 21.85 25.32 22.10 19.99 22.69
Applied Materials Inc. 14.76 13.85 17.50 16.36 12.41 9.45 8.18 6.74 8.62 11.02 13.84 14.35 13.15 15.51 14.99 16.54 17.82 16.17 13.44 12.92 11.41 14.80 18.59 19.66
Broadcom Inc. 41.08 35.53 25.99 36.85 28.49 23.44 24.21 19.42 22.97 32.67 39.00 44.93 50.07 94.49 226.20 33.05 23.80 24.98 38.73 45.69 59.05
Cisco Systems Inc. 13.53 13.95 13.79 14.46 17.44 16.19 14.97 17.56 17.11 17.64 15.29 13.14 12.97 14.18 12.04 12.46 11.70 10.92 12.07 12.36
Intel Corp. 8.28 10.08 13.29 11.44 10.22 10.20 9.40 9.27 10.86 13.07 11.86 11.34 10.01 12.68 13.40 13.07 13.32 10.36 9.66
Lam Research Corp. 14.99 19.68 16.64 12.12 11.10 8.51 7.30 8.66 10.64 12.08 14.63 13.68 14.34 15.04 15.14 13.46 13.39 11.29 12.66 14.45
Micron Technology Inc. 22.93 19.03 14.79 6.83 3.68 3.47 2.25 3.20 5.05 5.65 6.15 7.98 9.98 23.62 83.51 106.63 19.43 8.65 6.45 6.04 5.60 8.40 9.98 11.23
NVIDIA Corp. 59.72 39.72 34.03 24.82 26.94 35.41 37.29 45.61 45.62 38.06 36.35 31.30 34.79 31.84 29.56 23.81 22.93 17.79 14.44 16.42
Qualcomm Inc. 29.96 11.05 13.01 12.60 14.09 54.63 42.67 103.26 50.49 46.77 54.17 30.15 20.53 15.86 15.04 15.26 14.10 13.97 13.17 15.68 15.22 15.05 14.42 17.00
Texas Instruments Inc. 22.86 18.39 21.46 18.41 18.41 16.89 15.00 13.51 16.50 15.90 16.81 16.34 14.79 15.64 16.07 14.68 15.90 13.23 12.34

Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-01), 10-Q (filing date: 2020-01-29), 10-K (filing date: 2019-10-31), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
Operating profit per share = (Operating incomeQ3 2020 + Operating incomeQ2 2020 + Operating incomeQ1 2020 + Operating incomeQ4 2019) ÷ No. shares of common stock outstanding
= (13,091,000,000 + 12,853,000,000 + 25,569,000,000 + 15,625,000,000) ÷ 17,102,536,000 = 3.93

3 Closing price as at the filing date of Apple Inc.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 106.26 ÷ 3.93 = 27.07

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Apple Inc.’s P/OP ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.

Price to Sales (P/S)

Apple Inc., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013
No. shares of common stock outstanding1 17,102,536,000 17,337,340,000 17,501,920,000 17,773,060,000 18,076,720,000 18,404,300,000 18,861,120,000 18,981,592,000 19,319,704,000 19,660,552,000 20,296,052,000 20,537,248,000 20,660,912,000 20,855,360,000 20,986,160,000 21,329,252,000 21,553,772,000 21,909,700,000 22,178,332,000 22,301,324,000 22,810,888,000 23,044,120,000 23,298,992,000 23,459,360,000 23,951,468,000 24,118,668,000 24,975,692,000
Selected Financial Data (US$)
Net sales (in millions) 59,685  58,313  91,819  64,040  53,809  58,015  84,310  62,900  53,265  61,137  88,293  52,579  45,408  52,896  78,351  46,852  42,358  50,557  75,872  51,501  49,605  58,010  74,599  42,123  37,432  45,646  57,594 
Sales per share2 16.01 15.46 15.29 14.64 14.33 14.05 13.87 13.99 13.21 12.58 11.78 11.16 10.82 10.57 10.39 10.11 10.22 10.39 10.60 10.48 9.83 9.21 8.58 7.79 0.00 0.00 0.00
Share price1, 3 106.26 72.27 81.09 62.19 53.26 52.63 41.31 50.40 50.38 44.14 40.13 43.13 39.29 36.77 32.19 28.90 25.74 24.46 23.36 29.82 31.31 32.64 28.83 26.28 24.30 20.28 18.09
Valuation Ratio
P/S ratio4 6.64 4.68 5.30 4.25 3.72 3.75 2.98 3.60 3.81 3.51 3.41 3.86 3.63 3.48 3.10 2.86 2.52 2.36 2.20 2.85 3.18 3.55 3.36 3.37
Benchmarks
P/S Ratio, Competitors5
Advanced Micro Devices Inc. 11.68 8.67 8.59 6.13 5.63 4.75 3.58 2.78 2.81 1.77 2.28 2.11 2.71 2.14 3.08 1.64 1.43 0.76 0.38
Analog Devices Inc. 7.90 7.61 7.93 7.06 6.53 6.01 6.32 5.35 5.92 5.86 5.91 6.40 6.74 7.86 6.94 6.57 5.81 5.06 4.76 5.49
Applied Materials Inc. 3.58 3.27 4.06 3.75 2.92 2.37 2.19 1.87 2.44 3.10 3.81 3.82 3.36 3.74 3.30 3.29 3.24 2.70 2.23 2.26 2.01 2.66 3.31 3.29
Broadcom Inc. 6.27 5.28 4.13 5.62 5.17 4.85 5.39 4.78 4.81 5.90 5.84 6.07 5.94 6.38 5.71 5.48 6.11 7.31 8.10 5.69 5.39 6.07 6.16 6.06
Cisco Systems Inc. 3.76 3.83 3.71 3.96 4.71 4.30 3.98 4.38 4.22 4.41 3.79 3.28 3.27 3.52 3.07 3.20 2.90 2.68 2.80 2.71
Intel Corp. 2.73 3.31 4.07 3.49 3.25 3.31 3.09 3.01 3.32 3.84 3.39 3.12 2.66 2.91 2.90 2.85 2.91 2.57 2.44
Lam Research Corp. 3.95 4.96 4.23 3.10 2.99 2.40 2.08 2.51 2.96 3.26 3.76 3.25 3.19 2.96 2.70 2.46 2.20 1.92 2.12 2.17
Micron Technology Inc. 2.83 2.54 2.96 2.15 1.52 1.62 1.12 1.58 2.36 2.43 2.28 2.30 1.91 2.15 1.89 1.44 0.95 0.81 0.92 1.12 1.13 1.79 2.14 2.12
NVIDIA Corp. 12.82 8.90 9.09 8.06 9.94 13.18 13.41 15.07 14.59 11.92 10.81 8.76 8.22 6.19 4.67 3.55 3.44 2.59 2.39 2.66
Qualcomm Inc. 5.25 3.59 4.24 3.98 3.52 4.95 2.82 3.37 3.82 3.26 4.52 3.54 3.71 3.34 3.53 4.21 3.60 3.38 2.97 3.58 3.80 4.09 4.34 4.85
Texas Instruments Inc. 8.87 7.28 8.54 7.48 7.66 7.09 6.38 5.77 6.96 6.61 6.83 6.52 5.68 5.77 5.77 5.16 5.41 4.41 4.06

Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-01), 10-Q (filing date: 2020-01-29), 10-K (filing date: 2019-10-31), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
Sales per share = (Net salesQ3 2020 + Net salesQ2 2020 + Net salesQ1 2020 + Net salesQ4 2019) ÷ No. shares of common stock outstanding
= (59,685,000,000 + 58,313,000,000 + 91,819,000,000 + 64,040,000,000) ÷ 17,102,536,000 = 16.01

3 Closing price as at the filing date of Apple Inc.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 106.26 ÷ 16.01 = 6.64

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Apple Inc.’s P/S ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.

Price to Book Value (P/BV)

Apple Inc., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013
No. shares of common stock outstanding1 17,102,536,000 17,337,340,000 17,501,920,000 17,773,060,000 18,076,720,000 18,404,300,000 18,861,120,000 18,981,592,000 19,319,704,000 19,660,552,000 20,296,052,000 20,537,248,000 20,660,912,000 20,855,360,000 20,986,160,000 21,329,252,000 21,553,772,000 21,909,700,000 22,178,332,000 22,301,324,000 22,810,888,000 23,044,120,000 23,298,992,000 23,459,360,000 23,951,468,000 24,118,668,000 24,975,692,000
Selected Financial Data (US$)
Shareholders’ equity (in millions) 72,282  78,425  89,531  90,488  96,456  105,860  117,892  107,147  114,949  126,878  140,199  134,047  132,425  134,082  132,390  128,249  126,541  130,457  128,267  119,355  125,677  129,006  123,328  111,547  120,940  120,179  129,684 
Book value per share (BVPS)2 4.23 4.52 5.12 5.09 5.34 5.75 6.25 5.64 5.95 6.45 6.91 6.53 6.41 6.43 6.31 6.01 5.87 5.95 5.78 5.35 5.51 5.60 5.29 4.75 5.05 4.98 5.19
Share price1, 3 106.26 72.27 81.09 62.19 53.26 52.63 41.31 50.40 50.38 44.14 40.13 43.13 39.29 36.77 32.19 28.90 25.74 24.46 23.36 29.82 31.31 32.64 28.83 26.28 24.30 20.28 18.09
Valuation Ratio
P/BV ratio4 25.14 15.98 15.85 12.21 9.98 9.15 6.61 8.93 8.47 6.84 5.81 6.61 6.13 5.72 5.10 4.81 4.38 4.11 4.04 5.57 5.68 5.83 5.45 5.53 4.81 4.07 3.48
Benchmarks
P/BV Ratio, Competitors5
Advanced Micro Devices Inc. 27.03 20.69 20.46 16.96 17.39 16.22 18.30 16.18 20.84 14.82 19.87 20.13 30.06 23.20 31.66 17.55 104.35
Analog Devices Inc. 3.70 3.64 3.90 3.61 3.40 3.19 3.40 3.02 3.35 3.33 3.22 3.22 3.10 3.16 4.75 4.35 3.96 3.52 3.27 3.72 3.59 4.01 3.81
Applied Materials Inc. 6.09 5.59 7.04 6.67 5.35 4.56 4.49 4.73 6.16 7.27 6.93 5.94 5.35 5.89 5.08 4.93 4.70 3.94 2.98 2.87 2.41 2.97 3.79 3.80 3.52 3.24 3.18
Broadcom Inc. 6.18 5.04 3.84 5.09 5.36 4.77 4.95 3.74 3.55 3.61 4.25 5.28 5.08 5.34 4.68 3.84 3.44 3.30 11.01 8.24 8.28 9.14 8.82 7.97 7.17 5.74 5.23
Cisco Systems Inc. 5.33 5.56 5.60 6.12 6.57 5.36 4.56 5.00 4.40 4.08 2.76 2.38 2.43 2.68 2.37 2.48 2.30 2.18 2.32 2.23 2.56 2.61 2.42
Intel Corp. 2.62 3.29 3.78 3.31 3.05 3.19 2.94 2.92 3.14 3.50 3.08 2.73 2.39 2.64 2.60 2.62 2.69 2.36 2.21 2.87 2.34 2.81
Lam Research Corp. 8.38 10.81 8.13 6.39 5.88 4.51 4.27 4.28 4.48 5.07 4.59 3.82 3.41 2.95 2.58 2.45 2.25 2.04 2.26 2.23 2.35 2.47 2.57
Micron Technology Inc. 1.51 1.35 1.68 1.40 1.16 1.41 1.04 1.49 2.31 2.45 2.35 2.51 2.06 2.22 2.00 1.48 1.00 0.91 1.12 1.47 1.53 2.44 3.09 3.22 3.63 2.50 2.50
NVIDIA Corp. 11.45 8.77 10.05 10.10 13.03 17.80 19.09 19.60 20.61 16.65 13.30 10.51 9.48 7.51 5.75 3.98 3.74 2.96 2.48 2.82 2.59 2.42 2.44
Qualcomm Inc. 31.75 29.17 23.03 19.69 16.28 27.16 16.79 82.57 3.78 3.10 4.22 2.56 2.68 2.48 2.69 3.12 2.68 2.58 2.35 2.88 3.04 2.97 3.02 3.28 3.53 3.56 3.25
Texas Instruments Inc. 15.88 13.29 13.79 12.28 13.75 12.98 11.20 8.68 10.26 9.53 9.89 8.68 7.52 7.47 7.36 6.60 7.01 5.79 5.30 5.84 5.01 5.42

Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-01), 10-Q (filing date: 2020-01-29), 10-K (filing date: 2019-10-31), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28).

1 Data adjusted for splits and stock dividends.

2 Q3 2020 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 72,282,000,000 ÷ 17,102,536,000 = 4.23

3 Closing price as at the filing date of Apple Inc.’s Quarterly or Annual Report.

4 Q3 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 106.26 ÷ 4.23 = 25.14

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Apple Inc.’s P/BV ratio increased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.