AAPL · Nasdaq · United States · Electronic Computers

Apple Inc.

Cupertino, CA · Fiscal year ends in September · Figures in USD

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In shortApple Inc. is profitable, generates cash and carries moderate debt, with revenue growing (+6.4% last year).

Financial health

Strong

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability100

Operating marginShare of each sale left after running the business, before interest and tax.	32.0%	100/100
Net marginShare of each sale left as profit after every cost, interest and tax.	26.9%	100/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	171.4%	100/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	68.3%	100/100

Weight in the score: 25%

Balance sheet46

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	0.89×	8/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	1.23×	43/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	0.25×	100/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	–	n/a
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	2.31	31/100

Weight in the score: 25%

Cash generation91

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	23.7%	100/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	0.88×	73/100
Years with positive free cash flow (last 5)	5 of 5	100/100

Weight in the score: 20%

Stability82
Profitable years (last 5) 5 of 5 100/100
Years of revenue decline (last 5) 1 of 5 67/100
Revenue growth volatility 14.0% 59/100
Operating margin volatility 1.0% 100/100
Weight in the score: 20%
Growth43
Revenue growth, 3-year average 1.8% 27/100
EPS growth, 3-year average 6.9% 59/100
Weight in the score: 10%

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	1 of 5	67/100
Revenue growth volatility	14.0%	59/100
Operating margin volatility	1.0%	100/100

Revenue growth, 3-year average	1.8%	27/100
EPS growth, 3-year average	6.9%	59/100

Fiscal year 2025 · change vs prior year

Revenue: $416.2B; ▲ 6.4%
Net income: $112.0B; ▲ 19.5%
Free cash flow: $98.8B; ▼ 9.2%
Operating margin: 32.0%; +0.5 pts
Cash & investments: $54.7B; –
Total debt: $90.7B; ▼ 6.2%
Diluted EPS: $7.46; ▲ 22.7%
Return on equity: 171.4%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

GrossOperatingNet

Free cash flow

Cash versus debt

Cash & investmentsTotal debt

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	365,817	394,328	383,285	391,035	416,161
Cost of revenue	212,981	223,546	214,137	210,352	220,960
Gross profit	152,836	170,782	169,148	180,683	195,201
Research & development	21,914	26,251	29,915	31,370	34,550
Selling, general & admin	21,973	25,094	24,932	26,097	27,601
Operating income	108,949	119,437	114,301	123,216	133,050
Interest expense	2,645	2,931	3,933	–	–
Pre-tax income	109,207	119,103	113,736	123,485	132,729
Income tax	14,527	19,300	16,741	29,749	20,719
Net income	94,680	99,803	96,995	93,736	112,010
Diluted EPS	$5.61	$6.11	$6.13	$6.08	$7.46
Diluted shares (millions)	16,865	16,326	15,813	15,408	15,005

5 older years available with the 10-year history. Essential plan, from €8.25/month →

🔒 Export to Excel · Investor plan

Risk checks

Altman Z'' score

2.31 Grey zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

8/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: passed
Cash flow exceeds net income: failed
Long-term debt ratio fell: passed
Current ratio improved: passed
No share dilution: passed
Gross margin improved: passed
Asset turnover improved: passed

Sources

10-QPeriod ending Jun 27, 2026Filed Jul 31, 2026Open the report ↗
10-QPeriod ending Mar 28, 2026Filed May 1, 2026Open the report ↗
10-QPeriod ending Dec 27, 2025Filed Jan 30, 2026Open the report ↗
10-KPeriod ending Sep 27, 2025Filed Oct 31, 2025Open the report ↗
10-QPeriod ending Jun 28, 2025Filed Aug 1, 2025Open the report ↗
10-QPeriod ending Mar 29, 2025Filed May 2, 2025Open the report ↗
10-QPeriod ending Dec 28, 2024Filed Jan 31, 2025Open the report ↗
10-KPeriod ending Sep 28, 2024Filed Nov 1, 2024Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Jun 27, 2026 · Data updated Jul 31, 2026

Reading the annual reports…

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Operating marginShare of each sale left after running the business, before interest and tax.

32.0%

100/100

Net marginShare of each sale left as profit after every cost, interest and tax.

26.9%

100/100

Return on equityProfit earned on the money shareholders put in. Above 15% is strong.

171.4%

100/100

Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.

68.3%

100/100

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.

0.89×

8/100

Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.

1.23×

43/100

Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.

0.25×

100/100

Interest coverageHow many times operating profit covers interest. Below 2 is risky.

–

n/a

Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.

2.31

31/100

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.

23.7%

100/100

Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.

0.88×

73/100

Years with positive free cash flow (last 5)

5 of 5

100/100

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	1 of 5	67/100
Revenue growth volatility	14.0%	59/100
Operating margin volatility	1.0%	100/100

Profitable years (last 5)

5 of 5

100/100

Years of revenue decline (last 5)

1 of 5

67/100

Revenue growth volatility

14.0%

59/100

Operating margin volatility

1.0%

100/100

Revenue growth, 3-year average	1.8%	27/100
EPS growth, 3-year average	6.9%	59/100

Revenue growth, 3-year average

1.8%

27/100

EPS growth, 3-year average

6.9%

59/100

Trends

Annual figures as reported. Hover a bar or point for the exact value.

Revenue and net income

RevenueNet income

Margins

GrossOperatingNet

Free cash flow

Cash versus debt

Cash & investmentsTotal debt

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	365,817	394,328	383,285	391,035	416,161
Cost of revenue	212,981	223,546	214,137	210,352	220,960
Gross profit	152,836	170,782	169,148	180,683	195,201
Research & development	21,914	26,251	29,915	31,370	34,550
Selling, general & admin	21,973	25,094	24,932	26,097	27,601
Operating income	108,949	119,437	114,301	123,216	133,050
Interest expense	2,645	2,931	3,933	–	–
Pre-tax income	109,207	119,103	113,736	123,485	132,729
Income tax	14,527	19,300	16,741	29,749	20,719
Net income	94,680	99,803	96,995	93,736	112,010
Diluted EPS	$5.61	$6.11	$6.13	$6.08	$7.46
Diluted shares (millions)	16,865	16,326	15,813	15,408	15,005

Risk checks

Altman Z'' score

2.31 Grey zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

8/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: passed
Cash flow exceeds net income: failed
Long-term debt ratio fell: passed
Current ratio improved: passed
No share dilution: passed
Gross margin improved: passed
Asset turnover improved: passed

Sources

10-QPeriod ending Jun 27, 2026Filed Jul 31, 2026Open the report ↗
10-QPeriod ending Mar 28, 2026Filed May 1, 2026Open the report ↗
10-QPeriod ending Dec 27, 2025Filed Jan 30, 2026Open the report ↗
10-KPeriod ending Sep 27, 2025Filed Oct 31, 2025Open the report ↗
10-QPeriod ending Jun 28, 2025Filed Aug 1, 2025Open the report ↗
10-QPeriod ending Mar 29, 2025Filed May 2, 2025Open the report ↗
10-QPeriod ending Dec 28, 2024Filed Jan 31, 2025Open the report ↗
10-KPeriod ending Sep 28, 2024Filed Nov 1, 2024Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Jun 27, 2026 · Data updated Jul 31, 2026