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Apple Inc. — Intrinsic Value & Fair Price

AAPL
NASDAQTechnologyConsumer ElectronicsCIK 0000320193apple.comAbout AAPL
Last close · Oct 16, 2026343.46+1.46 (+0.43%)
Market cap$5.0T
Model value · DCF · Perpetuity growth · 5y
160.62
Apple closed at $343.46 — overvalued by 114% vs model.
108.69the model's range321.55

DCF · Perpetuity growth · 5y leads for profitable growth — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
21.87 – 257.43
Wall St. target
355.00 3% below
Above model, 1y
97 of 97 days

Price and model value

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What the marks mean
Daily close

Valuation models

price $343.46 · as of Oct 17, 2026

DCF · Perpetuity growth · 5y leads for profitable growth — positive operating income and three years of positive free cash flow. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
0.31%
Past 2 years
low 0.31%high 0.58%
Today is at its 2-year low.
Dividends per share, a year at a time
$0.85Aug ’21$0.90Aug ’22$0.94Aug ’23$0.98Aug ’24$1.02Aug ’25$1.06TTM
Dividends / free cash flow, FY2025
15.6%
Raised
13 years in a row
Growth, 5 yrs
4.5% a year
Last change
+3.8% · May 2026
Every payment, with ex-dates · latest $0.27, paid Aug 13, 2026

Research on AAPL

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How it is valued

Valued asProfitable Growth
Low/slowing growth (~4% recent)High profitability (27% net margin)Highly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025
P/E
46.0×
EV / EBITDA
35.2×
FCF yield
1.9%
Dividend yield, TTM
0.31%
Beta
1.07
Cost of capital (WACC)
9.34%
Full financials

Analyst actions

third-party, quoted
10-01Morgan Stanley · target355.00
09-18Loop Capital Markets · target380.00
09-18Evercore ISI · target380.00
08-17Rothschild & Co · “Buy” from “Neutral”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists AAPL as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just AAPL. No account.

About Apple

Apple Inc. is a global technology corporation that specializes in the conceptualization, production, and sale of a diverse suite of electronic devices. Its comprehensive hardware lineup features the well-known iPhone smartphones, Mac personal computers, and versatile iPad tablets. The company also supplies a range of wearables, smart home products, and accessories, including AirPods, Apple TV, Apple Watch, items from the Beats brand, and HomePod speakers. Beyond its device offerings, Apple delivers essential support services like AppleCare and robust cloud solutions. It oversees key digital platforms, prominently the App Store, which acts as a central hub for customers to discover and download countless applications and digital content, from e-books and music to videos, games, and podcasts. The company also generates revenue via advertising, leveraging both its proprietary ad platforms and third-party licensing deals. Apple's ecosystem is further bolstered by a wide array of subscription-based services: Apple Arcade for gaming, Apple Fitness+ for personalized wellness, Apple Music for curated audio experiences and on-demand radio, Apple News+ for access to news and magazines, and Apple TV+ for exclusive original video programming. Its financial services portfolio includes the co-branded Apple Card and the mobile payment system, Apple Pay. Additionally, Apple strategically licenses its intellectual property. The company serves a broad clientele that spans individual consumers, small and medium-sized enterprises, as well as institutional clients in the education, corporate, and governmental sectors. Products are distributed through a multi-channel strategy, utilizing Apple's own physical retail locations and online storefronts, a dedicated direct sales team, and collaborations with external partners such as mobile network providers, wholesalers, general retailers, and authorized resellers. The App Store additionally functions as the primary conduit for third-party applications designed for its devices. Founded in 1976, Apple Inc. is headquartered in Cupertino, California.

CEO
John Ternus
Headquarters
Cupertino, CA
Employees
166,000
IPO
1980-12-12
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.