# AAPL – Relative valuation (2026-11-11)

**Analyst:** Relative Valuation Analyst  
**Company:** Apple  
**Price used:** $348.51 at Nov 10, 2026, 4:00 PM EST close (not pre-market)  
**Shares:** 14.53B basic shares outstanding (S&P GMI via stockanalysis; not a fully diluted count)  
**Net cash (debt):** $42.46B  
**Computed EV:** $5,021.39B (= price × shares − net cash; may differ slightly from the rounded published EV)

## Method
- Multiples are computed from the same source financials for the ticker and every peer (not the vendor's black-box "Forward PE / Forward PS", which is not always consistent with consensus FY1/FY2 EPS and sales).
- **NTM P/E** and **NTM EV/Sales** use day-weighted NTM = w×FY1 + (1−w)×FY2, with w = days remaining to FY1 period end from 2026-11-11 ÷ 365.25. If FY2 is missing, FY1 is used and labeled as such.
- **EV/EBITDA** is trailing-twelve-month; forward EBITDA consensus is not on the free source.
- **P/FCF** uses consensus FY1 FCF (FY2 FCF is gated). Dropped when FY1 FCF is ≤ 0 or the implied P/FCF exceeds 150x (FCF too small to capitalize).
- **P/E** is dropped when NTM/FY1 EPS is ≤ 0.05 or the multiple exceeds 150x.
- Low / mid / high = peer 25th percentile / median / 75th percentile (linear interpolation, inclusive), applied to the ticker's own NTM EPS, NTM sales, TTM EBITDA, or FY1 FCF. EV multiples are converted to equity as (implied EV + net cash) / basic shares.
- A multiple enters the blended range only if at least three peers have a usable figure and the ticker's own denominator is meaningful.
- 5-year average and range of the ticker's own multiples are **not available** from the provided free source (the stockanalysis "Financial Ratio History" section is present as a heading with no figures in the scrape).

## Peer set
Mega-cap consumer and platforms plus hardware: MSFT, GOOG, AMZN and META are the scale-platform comps; DELL and QCOM are the hardware / PC / smartphone-supply-chain comps (the brief's “etc.”).

| Peer | NTM P/E | NTM EV/Sales | EV/EBITDA (TTM) | FY1 P/FCF |
|---|---|---|---|---|
| **AAPL (subject)** | 36.6x | 9.4x | 29.3x | 34.2x |
| MSFT | 24.7x | 9.5x | 19.6x | 121.1x |
| GOOG | 18.8x | 5.5x | 18.3x | n/a |
| AMZN | 24.9x | 3.3x | 17.0x | n/a |
| META | 18.4x | 5.5x | 14.4x | n/a |
| DELL | 11.4x | 1.1x | 13.3x | 17.6x |
| QCOM | 17.5x | 4.2x | 18.3x | 22.3x |

FY1 ends Sep 30, 2027 (w on FY1 = 0.884). Consensus FY1/FY2 non-GAAP EPS 9.4 / 10.55; NTM EPS 9.533. NTM sales $532.08B (FY1 $527.22B, FY2 $569.24B). TTM EBITDA $171.49B. Consensus FY1 FCF $148.08B.

Peer cells marked n/a (and why):
- GOOG FY1 P/FCF: FY1 P/FCF n/a (consensus FY1 FCF is negative or zero)
- AMZN FY1 P/FCF: FY1 P/FCF n/a (consensus FY1 FCF is negative or zero)
- META FY1 P/FCF: FY1 P/FCF n/a (consensus FY1 FCF is negative or zero)

## Implied per-share value
| Multiple | AAPL now | Peer 25th / median / 75th (n) | Implied $/share low / mid / high |
|---|---|---|---|
| NTM P/E | 36.6x | 17.8x / 18.6x / 23.3x (6) | $169.35 / $177.71 / $221.80 |
| NTM EV/Sales | 9.4x | 3.5x / 4.8x / 5.5x (6) | $132.37 / $179.97 / $203.81 |
| EV/EBITDA (TTM) | 29.3x | 15.1x / 17.6x / 18.3x (6) | $180.57 / $210.83 / $218.48 |
| FY1 P/FCF | 34.2x | 19.9x / 22.3x / 71.7x (3) | $203.26 / $227.17 / $730.89 |

## Current multiples vs own history
5-year average and range: **n/a**. The provided stockanalysis statistics scrape includes a “Financial Ratio History” heading with no figures (likely gated). No 5-year P/E, EV/EBITDA, EV/Sales or P/FCF average was invented or taken from another unpaid-login source in time for this run.

## Blended range
Weights: equal-weight average of 4 usable multiples (NTM P/E, NTM EV/Sales, EV/EBITDA (TTM), FY1 P/FCF).

**Low / mid / high: $171.39 / $198.92 / $343.75**  
Vs close $348.51: mid is 42.9% below the close.

## Adjustments and judgment
- AAPL trades at a premium to this mixed mega-cap / hardware set on every multiple, especially NTM P/E and TTM EV/EBITDA. The implied mid is therefore below the current price.
- The set is imperfect: MSFT/GOOG/AMZN/META are higher-growth platforms with different margin structures; DELL is a lower-multiple hardware analog; QCOM is a smartphone/semiconductor supplier. A “pure” consumer-electronics peer set does not exist at Apple’s scale.
- A premium to this group can be justified by the installed base, cash conversion and buybacks, but the relative screen says the shares are rich vs these comps, not cheap.

## Data sources and as-of dates
- Prices: regular-session close Nov 10, 2026, 4:00 PM EST close (not pre-market), from stockanalysis.com pages (S&P Global Market Intelligence), cross-checked in the coordinator input files vs the Yahoo Finance chart API.
- Fundamentals and consensus: stockanalysis.com statistics (stats last updated on the pages on Nov 11, 2026) and forecast (this ticker's forecast page last updated Nov 11, 2026) for AAPL and each peer. Forecast update dates differ by ticker.
- Raw files: `/workspace/fair-value/coordinator/2026-11-11/raw/` (fetched 2026-11-11 05:23 MST (America/Phoenix)). Official collector folder `data/2026-11-11/` did not yet have ticker files when this run started; coordinator fallback input files were used.
- 5-year multiple history: n/a (not in the free scrape).
- Public web was used only to attempt WMT/COST for AMZN (stockanalysis Cloudflare 403; Yahoo quoteSummary unauthorized). No paid logins.
- Peer forecast update dates:
  - AAPL: stats Nov 11, 2026, forecast Nov 11, 2026
  - MSFT: stats Nov 11, 2026, forecast Nov 6, 2026
  - GOOG: stats Nov 11, 2026, forecast Oct 30, 2026
  - AMZN: stats Nov 11, 2026, forecast Nov 6, 2026
  - META: stats Nov 11, 2026, forecast Nov 9, 2026
  - DELL: stats Nov 11, 2026, forecast Nov 9, 2026
  - QCOM: stats Nov 11, 2026, forecast Nov 11, 2026