# Apple Inc. (AAPL)

> Apple makes iPhone smartphones, Mac computers, iPad tablets, wearable devices, and digital services.

- Exchange: Nasdaq · Sector: Technology · Industry: Consumer Electronics
- Headquarters: Cupertino, California, United States
- Founded: 1976
- Employees: Approximately 166,000 full-time equivalent employees (September 27, 2025)
- SEC CIK: 0000320193 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000320193))
- Full page: https://inspectstocks.com/stocks/aapl
- Data as of: price 2026-09-25; newest filing used 2026-07-31; latest fiscal period ended 2026-06-27

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $466.8B | $383.9B |
| Revenue growing recently | passed | $466.8B | $416.2B |
| Free cash flow positive | passed | $136.7B |  |
| Free cash flow growing overall | passed | $136.7B | $101B |
| Free cash flow growing recently | passed | $136.7B | $98.8B |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 27.6% |  |
| Healthy profit margin | passed | 27.6% |  |
| Strong operating margin | passed | 33.2% |  |
| Good return on equity | passed | 174.9% |  |
| Debt under control | passed | 1.52 |  |
| Turns sales into cash | passed | 29.3% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $466.8B |
| Net income, trailing twelve months | $128.9B |
| Free cash flow, trailing twelve months | $136.7B |
| Net margin | 27.6% |
| Operating margin | 33.2% |
| Return on equity | 174.9% |
| Debt to equity | 1.52 |
| Diluted EPS, trailing twelve months | $8.71 |
| Share price | $341.07 |
| Market value | $4.98T |
| Price / earnings | 39.2x |
| Price / sales | 10.7x |

## What the business does

Apple designs and sells phones, computers, tablets, watches, headphones, and other devices. It also sells services such as App Store downloads, music and video subscriptions, cloud storage, advertising, repairs, and payments. Customers buy through Apple stores and its website, company sales staff, mobile carriers, and other resellers.

### How it makes money

- **iPhone** (53.9% of revenue (nine months ended June 27, 2026)) — Apple sells iPhone smartphones to consumers, businesses, schools, and government buyers through its own stores and website, sales staff, carriers, and other resellers.
- **Services** (25.2% of revenue (nine months ended June 27, 2026)) — Customers pay for services such as AppleCare support, cloud storage, advertising, app and digital content purchases, subscriptions, and payment services.
- **Mac** (7.4% of revenue (nine months ended June 27, 2026)) — Apple sells Mac laptops and desktop computers directly and through resellers.
- **Wearables, Home and Accessories** (7.5% of revenue (nine months ended June 27, 2026)) — Apple sells watches, headphones, a spatial-computing headset, home devices, and Apple-branded and third-party accessories.
- **iPad** (6.0% of revenue (nine months ended June 27, 2026)) — Apple sells iPad tablets to individual and organizational customers through direct sales and resellers.

### Products

- **iPhone** — A line of smartphones that use Apple's iOS operating system.
- **Mac** — A line of laptop and desktop computers that use Apple's macOS operating system.
- **iPad** — A line of multipurpose tablets that use Apple's iPadOS operating system.
- **Wearables, Home and Accessories** — Includes Apple Watch smartwatches, AirPods and Beats headphones, Apple Vision Pro, Apple TV and HomePod devices, and accessories. Apple Vision Pro is a headset for viewing digital images in the user's surroundings.
- **Services** — Includes App Store downloads and digital content, Apple Music and Apple TV subscriptions, iCloud storage, AppleCare support and repairs, advertising, and Apple Pay and Apple Card payment services.

### Customers

- Consumers buy Apple devices and services through Apple retail and online stores, mobile carriers, and other resellers.
- Small and midsized businesses buy directly from Apple or through resellers.
- Large companies buy devices and services directly or through business sales channels and resellers.
- Schools and universities purchase devices and services for students, staff, and classrooms.
- Government organizations buy devices and services through direct sales and resellers.

### Competitors

- Samsung Electronics (SSNLF) — Smartphones, tablets, watches, headphones, and other consumer devices.
- Alphabet (Google) (GOOGL) — Smartphones and other devices, mobile software, app distribution, cloud services, and digital content.
- Microsoft (MSFT) — Personal computers, computer software, cloud services, and workplace products.
- Dell Technologies (DELL) — Personal computers and related accessories, including computers sold to businesses and schools.
- Amazon (AMZN) — Video and music subscriptions, digital content, and streaming devices.
- Spotify (SPOT) — Paid and ad-supported music streaming services.

### What it depends on

- Apple relies on outside companies to make product subassemblies and assemble and test finished devices.
- Some components come from a single or limited number of suppliers; custom components and newer technologies can take time to produce in sufficient quantities.
- The company depends on third-party developers to create applications and on licensed third-party technology and intellectual property.
- Mobile carriers and other resellers sell a substantial portion of Apple products and some services.
- Some services depend on licensed digital content and the availability of content customers want.

### What could go wrong

- Shortages or rising costs for advanced semiconductors, memory, and other components can limit production or increase device costs.
- Apple relies on outsourced manufacturing and a global supply chain; tariffs, trade disputes, or disruptions can affect component availability, product costs, and delivery.
- Intense competition and rapid technology changes mean Apple must keep introducing and transitioning products and services; legal and regulatory changes can also affect services such as the App Store.

## More on this company

- [Overview](https://inspectstocks.com/stocks/aapl)
- [Financial statements](https://inspectstocks.com/stocks/aapl/financials)
- [Competitors](https://inspectstocks.com/stocks/aapl/peers)
- [Earnings](https://inspectstocks.com/stocks/aapl/earnings)

---

Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.