Apple Inc. (AAPL) intrinsic value & 10-year financials
Apple Inc. (AAPL) has a Graham intrinsic value of $247.79 per share. At $343.91 on Oct 26, 2026, the stock trades 39% above that value. Over the last 10 fiscal years revenue grew 7.6% a year to $416.2B, with an average return on invested capital of 49.0%.
- Graham intrinsic value
- $247.79
- Share price (Oct 26, 2026)
- $343.91
- Price vs Graham value
- 39% above
- Market cap
- $5.2T
- Revenue (FY2025)
- $416.2B
- Revenue growth (10-yr CAGR)
- 7.6%
- ROIC (10-yr avg)
- 49.0%
- Free cash flow (FY2025)
- $98.8B
AAPL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $416.2B | $112.0B | $7.46 | $98.8B | 32.0% | 81.8% |
| FY2024 | $391.0B | $93.7B | $6.08 | $108.8B | 31.5% | 66.1% |
| FY2023 | $383.3B | $97.0B | $6.13 | $99.6B | 29.8% | 65.8% |
| FY2022 | $394.3B | $99.8B | $6.11 | $111.4B | 30.3% | 65.6% |
| FY2021 | $365.8B | $94.7B | $5.61 | $93.0B | 29.8% | 62.9% |
| FY2020 | $274.5B | $57.4B | $3.28 | $73.4B | 24.1% | 39.5% |
| FY2019 | $260.2B | $55.3B | $2.97 | $58.9B | 24.6% | 32.8% |
| FY2018 | $265.6B | $59.5B | $2.98 | $64.1B | 26.7% | 28.9% |
| FY2017 | $229.2B | $48.4B | $2.30 | $51.1B | 26.8% | 22.9% |
| FY2016 | $215.6B | $45.7B | $2.08 | $53.1B | 27.8% | 23.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Apple Inc. has demonstrated mature, steady growth, with revenue compounding at 7.6% annually over the past decade.
Apple Inc. has earned high returns on invested capital, averaging 49.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Apple Inc. shows that management has aggressively returned capital to shareholders by retiring 31.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Apple Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $247.79 per share.