CUMBRE RESEARCH · PREMIUM DEMO
Explore a report.
Test your own rating.
Check the numbers, compare metrics, and change Apple's assumptions all in one place.
The data behind the analysis
Select Sales and Net Income to compare them in a chart. Switch to % to see the year-over-year change.
Ratios calculated by Cumbre from the financial statements. Select a metric to see its formula. N/A indicates pending data or equivalence; the ratio from Excel is not reused.
Free includes the ratios for the last available period. Historical ratios are included in Pro. View Pro
Selection of financial statements and ratios calculated from them. Cost of sales, expenses, and investment are shown as positive amounts. Variations in items with a negative basis are shown as N/A. In the reports, the years and items available depend on the data included.
Public database: Apple's 2025 financial statements, with 2024 comparison · Consultation: 11/09/2026.
Multiples and comparables
Explore the same table in the report. Hover over a term to see its meaning.
Analysis data as of 27/09/2025. No real-time quotes. Multiples are expressed as times; returns are expressed as percentages and amounts are expressed in the currency of the report.
Select a row with data to see its evolution. Next twelve months: estimates available for each date.
This demo does not include quotes or revised data from other companies. Comparables appear in reports when they are incorporated into the analysis.
Read the comparison
A lower multiple does not, in itself, prove that a company is undervalued. Differences in growth, profitability, debt, and accounting policies influence the comparison. The median excludes the company being analyzed and unavailable or insignificant values. N/A: data not available. N/M: insignificant multiple.
N/A. The demo does not contain a revised historical price series.
From numbers to interpretation
A brief example of how to read the public data in this demo. This is not the full Pro report.
Sales and profitability
Sales grew 6.4% year-over-year (1TP3Q) compared to 2024, and gross margin increased from 46.2% year-over-year (1TP3Q) to 46.9% year-over-year (1TP3Q). Compare both metrics in Financial Data.
Comparison needs context
Net income grew by 19.5% year-on-year. The comparison is influenced by the extraordinary tax charge recognized in 2024; it is not advisable to extrapolate this growth without adjusting for its effect.
Profit and cash flow differ
Operating cash flow fell 5.7% year-over-year, while capital investment increased. Free cash flow (FCF), calculated as operating cash flow less capital investment, decreased from $108,807 million to $98,767 million.
Test what changes the value
In My Valuation, you can modify growth, margins, investment, working capital, and rates. Projections are hypothetical and do not represent a consensus or forecast from Apple.
Open my review →Build your rating
Adjust the percentages and review the effect on five years of discounted results and cash flows.
Your projection
Apple · Projections in USD millions, except for unit valueFull projection Results and discounted cash flows · 2026e–2030e
| Concept | 2026e | 2027e | 2028e | 2029e | 2030e |
|---|---|---|---|---|---|
| Sales | 442,795.30 | 471,134.20 | 501,286.79 | 533,369.15 | 567,504.77 |
| Sales growth | 6.40 % | 6.40 % | 6.40 % | 6.40 % | 6.40 % |
| Cost of sales | -235,124.31 | -250,172.26 | -266,183.29 | -283,219.02 | -301,345.03 |
| Gross profit | 207,671.00 | 220,961.94 | 235,103.51 | 250,150.13 | 266,159.74 |
| Gross margin | 46.90 % | 46.90 % | 46.90 % | 46.90 % | 46.90 % |
| Operating expenses | -65,871.07 | -70,086.82 | -74,572.38 | -79,345.01 | -84,423.09 |
| Operational result | 141,799.92 | 150,875.12 | 160,531.13 | 170,805.12 | 181,736.65 |
| Income tax | -22,687.99 | -24,140.02 | -25,684.98 | -27,328.82 | -29,077.86 |
| Net result | 119,111.94 | 126,735.10 | 134,846.15 | 143,476.30 | 152,658.78 |
| Net margin | 26.90 % | 26.90 % | 26.90 % | 26.90 % | 26.90 % |
| Operating profit after taxes | 119,111.94 | 126,735.10 | 134,846.15 | 143,476.30 | 152,658.78 |
| Depreciation and amortization | 12,398.27 | 13,191.76 | 14,036.03 | 14,934.34 | 15,890.13 |
| Capital investment | -13,726.65 | -14,605.16 | -15,539.89 | -16,534.44 | -17,592.65 |
| Working capital balance | -55,349.41 | -58,891.78 | -62,660.85 | -66,671.14 | -70,938.10 |
| Change in working capital (deduction) | 3,307.41 | 3,542.36 | 3,769.07 | 4,010.29 | 4,266.95 |
| FCF | 121,090.96 | 128,864.06 | 137,111.36 | 145,886.49 | 155,223.22 |
| Discount factor | 0.91 | 0.83 | 0.75 | 0.68 | 0.62 |
| Present value of FCF | 110,082.69 | 106,499.22 | 103,013.79 | 99,642.43 | 96,381.41 |
From cash flow to share value
- Present value of the five years
- 515,619.56
- FCF of the terminal year
- 155,394.16
- Terminal value at the end of the fifth year
- 1,942,426.96
- Present value of the terminal
- 1,206,094.32
- Value of the transactions
- 1,721,713.87
- Plus: cash and marketable securities
- 132,420.00
- Minus: debt
- 98,657.00
- Asset value
- 1,755,476.87
- Number of titles, in millions
- 14,773.26
Terminal cash flow is calculated using terminal growth and its corresponding reinvestment. It is divided by the WACC minus terminal growth and discounted for five years. Cash and marketable securities are added to the value of operations, and financial debt is subtracted. The result is divided by 14,773.26 million shares outstanding at the end of 2025. This amount is held constant.
Up to 3 scenarios on this page. They are lost upon reloading; in Pro, your scenarios are saved privately in your account.
Basis and assumptions of the example
Fiscal Year 2025. Cash and marketable securities: 132,420; financial debt: 98,657; operating working capital: −52,042; number of securities: 14,773.26. Amounts and quantities in millions.
Working capital excludes cash, marketable securities, and financial debt from current balances. Cash, debt, and outstanding securities are considered fixed.
Tax rate: 16% of sales. Depreciation and amortization: 2.8% of sales. Other results: zero. Operating expenses reconcile with the selected margins. In this demo, these auxiliary assumptions remain fixed; the Pro model allows for modification. Repurchases are not projected, nor is the compensation in securities included as cash inflow.
The estimated value is compared to the initial demo scenario, not a quote. The model's projected FCF does not automatically equal historical accounting cash flow.
Your test scenarios
Save a calculation from My Assessment and retrieve it to compare your hypotheses.
Test your first hypothesis
Modify the values, recalculate, and choose "Keep in this demo.".
Create test scenarioThis trial does not create any data in your account. With Pro, you can save up to 20 scenarios per report and retrieve your ratings from My Account, along with your reports and notes.
Public demonstration with selected historical data. This does not constitute investment advice. Changes in this example will not affect your reports or account.