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Apple Inc.
EV calculation

	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Share price	$108.86	$62.19	$50.40	$43.13	$28.90	$29.82
No. shares of common stock outstanding	17,001,802,000	17,773,060,000	18,981,592,000	20,537,248,000	21,329,252,000	22,301,324,000
US$ in millions
Common equity (market value)	1,850,816	1,105,307	956,672	885,772	616,415	665,025
Total equity	1,850,816	1,105,307	956,672	885,772	616,415	665,025
Add: Commercial paper (book value)	4,996	5,980	11,964	11,977	8,105	8,499
Add: Current portion of term debt (book value)	8,773	10,260	8,784	6,496	3,500	2,500
Add: Non-current portion of term debt (book value)	98,667	91,807	93,735	97,207	75,427	53,463
Total equity and debt	1,963,252	1,213,354	1,071,155	1,001,452	703,447	729,487
Less: Cash and cash equivalents	38,016	48,844	25,913	20,289	20,484	21,120
Less: Current marketable securities	52,927	51,713	40,388	53,892	46,671	20,481
Enterprise value (EV)	1,872,309	1,112,797	1,004,854	927,271	636,292	687,886
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Apple Inc.
Short-term (Operating) Activity Ratios

	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Turnover Ratios
Inventory turnover	41.75	39.40	41.39	29.05	61.62	59.64
Receivables turnover	17.03	11.35	11.45	12.82	13.69	13.87
Payables turnover	4.01	3.50	2.93	2.88	3.52	3.95
Working capital turnover	7.16	4.56	18.35	8.24	7.74	26.66
Average No. Days
Average inventory processing period	9	9	9	13	6	6
Add: Average receivable collection period	21	32	32	28	27	26
Operating cycle	30	41	41	41	33	32
Less: Average payables payment period	91	104	125	127	104	92
Cash conversion cycle	-61	-63	-84	-86	-71	-60
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Long-term (Investment) Activity Ratios

	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Net fixed asset turnover	7.47	6.96	6.43	6.79	7.98	10.40
Net fixed asset turnover (including operating lease, right-of-use asset)	6.06	6.96	6.43	6.79	7.98	10.40
Total asset turnover	0.85	0.77	0.73	0.61	0.67	0.80
Equity turnover	4.20	2.88	2.48	1.71	1.68	1.96
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Liquidity Ratios

	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Current ratio	1.36	1.54	1.12	1.28	1.35	1.11
Quick ratio	1.22	1.38	0.99	1.09	1.22	0.89
Cash ratio	0.86	0.95	0.57	0.74	0.85	0.52
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Solvency Ratios

	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Debt Ratios
Debt to equity	1.72	1.19	1.07	0.86	0.68	0.54
Debt to equity (including operating lease liability)	1.86	1.19	1.07	0.86	0.68	0.54
Debt to capital	0.63	0.54	0.52	0.46	0.40	0.35
Debt to capital (including operating lease liability)	0.65	0.54	0.52	0.46	0.40	0.35
Debt to assets	0.35	0.32	0.31	0.31	0.27	0.22
Debt to assets (including operating lease liability)	0.38	0.32	0.31	0.31	0.27	0.22
Financial leverage	4.96	3.74	3.41	2.80	2.51	2.43
Coverage Ratios
Interest coverage	24.35	19.38	23.50	28.59	43.15	99.93
Fixed charge coverage	16.34	14.48	17.42	19.72	26.63	48.49
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Profitability Ratios

	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Return on Sales
Gross profit margin	38.23%	37.82%	38.34%	38.47%	39.08%	40.06%
Operating profit margin	24.15%	24.57%	26.69%	26.76%	27.84%	30.48%
Net profit margin	20.91%	21.24%	22.41%	21.09%	21.19%	22.85%
Return on Investment
Return on equity (ROE)	87.87%	61.06%	55.56%	36.07%	35.62%	44.74%
Return on assets (ROA)	17.73%	16.32%	16.28%	12.88%	14.20%	18.38%
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

EBITDA calculation

US$ in millions
12 months ended:	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Net income	57,411	55,256	59,531	48,351	45,687	53,394
Add: Income tax expense	9,680	10,481	13,372	15,738	15,685	19,121
Earnings before tax (EBT)	67,091	65,737	72,903	64,089	61,372	72,515
Add: Interest expense	2,873	3,576	3,240	2,323	1,456	733
Earnings before interest and tax (EBIT)	69,964	69,313	76,143	66,412	62,828	73,248
Add: Depreciation and amortization	11,056	12,547	10,903	10,157	10,505	11,257
Earnings before interest, tax, depreciation and amortization (EBITDA)	81,020	81,860	87,046	76,569	73,333	84,505
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Historical price multiples

	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Price to earnings (P/E)	32.24	20.00	16.07	18.32	13.49	12.46
Price to operating profit (P/OP)	27.92	17.29	13.49	14.44	10.27	9.34
Price to sales (P/S)	6.74	4.25	3.60	3.86	2.86	2.85
Price to book value (P/BV)	28.33	12.21	8.93	6.61	4.81	5.57
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Price to Earnings (P/E)

	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
No. shares of common stock outstanding	17,001,802,000	17,773,060,000	18,981,592,000	20,537,248,000	21,329,252,000	22,301,324,000
Selected Financial Data (US$)
Net income (in millions)	57,411	55,256	59,531	48,351	45,687	53,394
Earnings per share (EPS)	3.38	3.11	3.14	2.35	2.14	2.39
Share price	108.86	62.19	50.40	43.13	28.90	29.82
Valuation Ratio
P/E ratio	32.24	20.00	16.07	18.32	13.49	12.46
Benchmarks
P/E Ratio, Competitors
Cisco Systems Inc.	15.46	17.69	1,964.84	16.37	14.69	14.82
P/E Ratio, Sector
Technology Hardware & Equipment	29.50	19.60	19.66	18.00	13.72	—
P/E Ratio, Industry
Information Technology	32.65	24.31	24.31	24.91	20.32	—
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Apple Inc.
Common-size Consolidated Balance Sheet: Liabilities and Stockholders’ Equity

	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Accounts payable	13.06%	13.66%	15.28%	13.07%	11.59%	12.22%
Other current liabilities	13.18%	11.14%	8.94%	6.86%	6.85%	8.67%
Deferred revenue	2.05%	1.63%	2.06%	2.01%	2.51%	3.08%
Commercial paper	1.54%	1.77%	3.27%	3.19%	2.52%	2.93%
Current portion of term debt	2.71%	3.03%	2.40%	1.73%	1.09%	0.86%
Current liabilities	32.54%	31.23%	31.95%	26.86%	24.56%	27.75%
Non-current portion of term debt	30.46%	27.12%	25.63%	25.90%	23.45%	18.41%
Long-term taxes payable	8.70%	8.73%	9.18%	0.07%	—	—
Other non-current liabilities	8.13%	6.19%	3.93%	11.46%	12.12%	12.76%
Other non-current liabilities	16.82%	14.92%	13.12%	11.52%	12.12%	12.76%
Non-current liabilities	47.29%	42.04%	38.75%	37.42%	35.57%	31.16%
Total liabilities	79.83%	73.27%	70.70%	64.28%	60.13%	58.91%
Common stock and additional paid-in capital, $0.00001 par value	15.68%	13.34%	10.99%	9.56%	9.71%	9.44%
Retained earnings	4.62%	13.56%	19.25%	26.20%	29.96%	31.77%
Accumulated other comprehensive income (loss)	-0.13%	-0.17%	-0.94%	-0.04%	0.20%	-0.12%
Shareholders’ equity	20.17%	26.73%	29.30%	35.72%	39.87%	41.09%
Total liabilities and shareholders’ equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Apple Inc.
Common-Size Consolidated Income Statement

12 months ended:	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Products	80.41%	82.21%	85.03%	85.74%	—	—
Services	19.59%	17.79%	14.97%	14.26%	—	—
Net sales (legacy)	—	—	—	—	100.00%	100.00%
Net sales	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Products	-55.11%	-55.73%	-55.79%	-55.11%	—	—
Services	-6.66%	-6.45%	-5.87%	-6.42%	—	—
Cost of sales (legacy)	—	—	—	—	-60.92%	-59.94%
Cost of sales	-61.77%	-62.18%	-61.66%	-61.53%	-60.92%	-59.94%
Gross margin	38.23%	37.82%	38.34%	38.47%	39.08%	40.06%
Research and development	-6.83%	-6.23%	-5.36%	-5.05%	-4.66%	-3.45%
Selling, general and administrative	-7.25%	-7.01%	-6.29%	-6.66%	-6.58%	-6.13%
Operating expenses	-14.09%	-13.25%	-11.65%	-11.71%	-11.24%	-9.58%
Operating income	24.15%	24.57%	26.69%	26.76%	27.84%	30.48%
Interest and dividend income	1.37%	1.91%	2.14%	2.27%	1.85%	1.25%
Interest expense	-1.05%	-1.37%	-1.22%	-1.01%	-0.68%	-0.31%
Other income (expense), net	-0.03%	0.16%	-0.17%	-0.06%	-0.55%	-0.39%
Other income (expense), net	0.29%	0.69%	0.75%	1.20%	0.63%	0.55%
Income before provision for income taxes	24.44%	25.27%	27.45%	27.96%	28.46%	31.03%
Provision for income taxes	-3.53%	-4.03%	-5.03%	-6.87%	-7.27%	-8.18%
Net income	20.91%	21.24%	22.41%	21.09%	21.19%	22.85%
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Apple Inc.
Common-Size Consolidated Balance Sheet: Assets

	Sep 26, 2020	Sep 28, 2019	Sep 29, 2018	Sep 30, 2017	Sep 24, 2016	Sep 26, 2015
Cash and cash equivalents	11.74%	14.43%	7.09%	5.41%	6.37%	7.27%
Current marketable securities	16.34%	15.28%	11.04%	14.36%	14.51%	7.05%
Accounts receivable, net	4.98%	6.77%	6.34%	4.76%	4.90%	5.80%
Inventories	1.25%	1.21%	1.08%	1.29%	0.66%	0.81%
Vendor non-trade receivables	6.58%	6.76%	7.06%	4.74%	4.21%	4.65%
Other current assets	3.48%	3.65%	3.30%	3.71%	2.57%	5.19%
Current assets	44.37%	48.10%	35.91%	34.28%	33.22%	30.77%
Non-current marketable securities	31.15%	31.12%	46.70%	51.88%	52.98%	56.48%
Property, plant and equipment, net	11.35%	11.04%	11.29%	9.00%	8.40%	7.74%
Other non-current assets	13.13%	9.74%	6.09%	4.84%	5.40%	5.01%
Non-current assets	55.63%	51.90%	64.09%	65.72%	66.78%	69.23%
Total assets	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Based on: 10-K (filing date: 2020-10-30), 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28).

Chart Title