| Intrinsic Valuation of: AAPL | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 6 | Market Cap | $3,104B | |||||
| 2021 | - | - (-) | P/E Ratio | 32 | Total Asset | $365B | |||||
| 2022 | $93B | - (-) | Net Income | $94B | Total Debt | $86B | |||||
| 2023 | $111B | 19.9% (11.2%) | EBITDA | $135B | Total Liab | $308B | |||||
| 2024 | $100B | -10.6% (-8.1%) | Opr Margin | 0.32 | Debt/Equity | 1.51 | |||||
| 2025 | $109B | 9.3% (7.1%) | PreTax Margin | 31.51 | BV/Share | 4 | |||||
| 5Y Average FCF | $103B | 6.2% (3.4%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (6.2%) | ||||||||||
| 2026 | $116B | MBG Intrinsic Value | $57 | ||||||||
| 2027 | $123B | ||||||||||
| 2028 | $130B | ||||||||||
| 2029 | $138B | ||||||||||
| 2030 | $147B | ||||||||||
| 2031 | $156B | ||||||||||
| Terminal Value | $3,240B | Net Worth/Share | $4 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $2,734B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $30B | $179 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $86B | WACC | 7.3% | 157 | 169 | 183 | 201 | 223 | |||
| Equity Value | $2,678B | 7.4% | 156 | 167 | 181 | 198 | 220 | ||||
| Shares Outstanding | 14,935,799,808 | 7.4% | 154 | 166 | 179 | 196 | 217 | ||||
| 7.9% | 142 | 151 | 162 | 175 | 192 | ||||||
| DCF Intrinsic Value | $179 | 8.4% | 131 | 139 | 148 | 159 | 172 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||