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Apple
(NASDAQ:AAPL)
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Rating:75Outperform
Price Target:
$386.00
▲(20.64% Upside)
Action:Reiterated
Date:08/01/26
The score is driven primarily by Apple’s exceptional profitability and cash-flow strength. The latest earnings call supports solid demand and growth but tempers upside with near-term supply, cost, and FX headwinds plus higher opex. Offsetting these positives, technicals show near-term weakness versus the 20DMA, and valuation is relatively expensive with a low dividend yield.
Positive Factors
Ecosystem Scale
An active installed base above 2.5 billion devices gives Apple a durable distribution advantage for hardware upgrades, subscriptions, cloud storage, payments, and digital content. This scale supports customer retention, recurring monetization, and cross-selling across the integrated ecosystem.
Negative Factors
Supply Constraints
Increasing constraints on advanced SoC process nodes can limit Apple’s ability to convert demand into shipments across several major product lines. Persistent availability issues may defer upgrades, restrict near-term revenue capture, and make execution more dependent on constrained production capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Ecosystem Scale
An active installed base above 2.5 billion devices gives Apple a durable distribution advantage for hardware upgrades, subscriptions, cloud storage, payments, and digital content. This scale supports customer retention, recurring monetization, and cross-selling across the integrated ecosystem.
Read all positive factors
Apple Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyApple (AAPL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.01T
Dividend Yield0.31%
Average Volume (3M)39.02M
Price to Earnings (P/E)39.2
Beta (1Y)1.04
Revenue Growth14.24%
EPS Growth32.57%
CountryUS
Employees166,000
SectorTechnology
Sector Strength88
IndustryConsumer Electronics
Share Statistics
EPS (TTM)8.76
Shares Outstanding14,594,180,000
10 Day Avg. Volume36,013,807
30 Day Avg. Volume39,017,718
Financial Highlights & Ratios
PEG Ratio1.51
Price to Book (P/B)51.79
Price to Sales (P/S)9.18
P/FCF Ratio38.66
Enterprise Value/Market Cap0.84
Enterprise Value/Revenue8.99
Enterprise Value/Gross Profit18.48
Enterprise Value/Ebitda24.91
Forecast
1Y Price Target
$334.91Price Target Upside4.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering31
EPS Forecast (FY)9.6
Revenue Forecast (FY)$524.36B
Apple Business Overview & Revenue Model
Company Description
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 comp...
How the Company Makes Money
Apple primarily makes money by selling hardware products and by monetizing its installed base through services. Hardware revenue is generated from device sales—most notably iPhone—along with Mac computers, iPad tablets, and wearables/home/accessor...
Apple Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call highlighted strong demand and multiple record results — total company revenue (+16%), iPhone (+22%), Mac (+29%), and services (+12%) — along with robust profitability, cash generation, strategic U.S. investments and major AI product momentum (Siri AI). Key challenges include intensifying supply constraints tied to advanced SoC nodes, pronounced memory price inflation that pressures gross margins, FX headwinds, and some services/App Store softness (mobile gaming and regulatory impacts). Management provided conservative near-term guidance (September growth 9%-11%) reflecting these headwinds but emphasized continuing strong underlying demand and long-term AI and ecosystem opportunities.Positive Updates
Record Quarterly Revenue
Total revenue of $109.4 billion, up 16% year-over-year, a June-quarter record despite supply constraints and FX headwinds.
Negative Updates
Supply Constraints Intensifying
Management expects supply constraints to increase significantly in the September quarter, affecting iPhone, Mac, and iPad; constraints primarily tied to limited availability of advanced process nodes for SoCs and reduced supply-chain flexibility.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Quarterly Revenue
Total revenue of $109.4 billion, up 16% year-over-year, a June-quarter record despite supply constraints and FX headwinds.
Read all positive updates
Company Guidance
For the September quarter Apple guided total company revenue growth of 9%–11% year‑over‑year, noting a ~2.5 percentage‑point sequential foreign‑exchange headwind from the June quarter and that supply constraints (impacting iPhone, Mac, and iPad) are expected to increase significantly; iPhone revenue was forecast to grow in the mid‑teens Y/Y (despite FX and supply headwinds) while services growth was expected to be largely similar to the June quarter after removing the ~2.5 percentage‑point FX drag. They forecast company gross margin of 47%–48% (including an expected ~1 percentage‑point benefit from tariff refunds), operating expenses of $19.1B–$19.4B, other income/expense around $350M (excluding mark‑to‑market on minority investments), and a tax rate near 16.5%, and reiterated that guidance assumes current tariff policies and no worsening of the global macro outlook.Apple Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
78
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 466.82B | 416.16B | 391.04B | 383.29B | 394.33B | 365.82B |
| Gross Profit | 227.12B | 195.20B | 180.68B | 169.15B | 170.78B | 152.84B |
| EBITDA | 168.49B | 144.43B | 134.93B | 129.19B | 133.14B | 123.14B |
| Net Income | 128.93B | 112.01B | 93.74B | 97.00B | 99.80B | 94.68B |
Balance Sheet | ||||||
| Total Assets | 383.27B | 359.24B | 364.98B | 352.58B | 352.75B | 351.00B |
| Cash, Cash Equivalents and Short-Term Investments | 62.40B | 54.70B | 65.17B | 61.55B | 48.30B | 62.64B |
| Total Debt | 84.31B | 112.38B | 119.06B | 123.93B | 132.48B | 136.52B |
| Total Liabilities | 275.75B | 285.51B | 308.03B | 290.44B | 302.08B | 287.91B |
| Stockholders Equity | 107.52B | 73.73B | 56.95B | 62.15B | 50.67B | 63.09B |
Cash Flow | ||||||
| Free Cash Flow | 136.68B | 98.77B | 108.81B | 99.58B | 111.44B | 92.95B |
| Operating Cash Flow | 146.72B | 111.48B | 118.25B | 110.54B | 122.15B | 104.04B |
| Investing Cash Flow | -21.40B | 15.20B | 2.94B | 3.71B | -22.35B | -14.54B |
| Financing Cash Flow | -122.05B | -120.69B | -121.98B | -108.49B | -110.75B | -93.35B |
Apple Technical Analysis
Positive
319.97
Price Trends
325.69
Positive
317.58
Positive
292.14
Positive
Market Momentum
4.14
Negative
62.08
Neutral
69.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AAPL, the sentiment is Positive. The current price of 319.97 is below the 20-day moving average (MA) of 337.42, below the 50-day MA of 325.69, and above the 200-day MA of 292.14, indicating a bullish trend. The MACD of 4.14 indicates Negative momentum. The RSI at 62.08 is Neutral, neither overbought nor oversold. The STOCH value of 69.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AAPL.
Apple Risk Analysis
Apple disclosed 27 risk factors in its most recent earnings report. Apple reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Apple Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $5.01T | 39.21 | 137.18% | 0.31% | 14.24% | 32.57% | |
63 Neutral | $148.46B | -107.73 | -2.74% | 0.73% | -1.74% | -118.42% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $272.23M | -82.38 | -2.96% | ― | -17.54% | -118.65% | |
54 Neutral | $2.05B | -55.94 | -9.55% | ― | 5.64% | ― | |
48 Neutral | $196.50M | -1.06 | -529.55% | ― | -23.86% | -41.32% | |
44 Neutral | $44.33M | -0.07 | -27.93% | 0.84% | 38.14% | 43.05% |
* Technology Sector Average
AAPL
Apple
343.46
82.19
31.46%
GPRO
GoPro
1.05
-1.09
-50.93%
TBCH
Turtle Beach
15.20
-0.97
-6.00%
SONY
Sony Group
24.88
-4.31
-14.77%
ZEPP
Zepp Health
3.02
-46.81
-93.94%
SONO
Sonos
17.34
0.40
2.36%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.