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Apple
(NASDAQ:AAPL)
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Rating:75Outperform
Price Target:
$348.00
â–²(4.50% 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
High Margins
Sustained gross and net margins near 48% and 27% demonstrate durable pricing power across devices and services. These margins reflect operating scale, software mix and cost discipline that preserve profitability through product cycles and fund long-term R&D and ecosystem investments.
Negative Factors
Supply Constraints
Constraints tied to limited availability of advanced process nodes for SoCs are structural in nature and expected to intensify. Prolonged foundry shortages can restrict product shipments, slow revenue growth and delay new product rollouts for several quarters, reducing upside.
Read all positive and negative factors
Positive Factors
Negative Factors
High Margins
Sustained gross and net margins near 48% and 27% demonstrate durable pricing power across devices and services. These margins reflect operating scale, software mix and cost discipline that preserve profitability through product cycles and fund long-term R&D and ecosystem investments.
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
$4.50T
Dividend Yield0.35%
Average Volume (3M)57.79M
Price to Earnings (P/E)35.2
Beta (1Y)1.05
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. Volume48,861,206
30 Day Avg. Volume57,786,792
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$334.43Price Target Upside0.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering30
EPS Forecast (FY)8.82
Revenue Forecast (FY)$477.26B
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 makes money primarily by selling hardware devices and by monetizing services that run on or complement its installed base of devices. (1) Product revenue: The largest portion of Apple’s revenue historically comes from selling iPhone, with ad...
Apple Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 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
Negative
333.02
Price Trends
309.44
Negative
291.53
Positive
279.12
Positive
Market Momentum
0.09
Positive
44.27
Neutral
25.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AAPL, the sentiment is Negative. The current price of 333.02 is above the 20-day moving average (MA) of 322.71, above the 50-day MA of 309.44, and above the 200-day MA of 279.12, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 44.27 is Neutral, neither overbought nor oversold. The STOCH value of 25.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AAPL.
Apple Risk Analysis
Apple disclosed 28 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $3.76T | 27.99 | 33.22% | 0.77% | 17.79% | 31.42% | |
79 Outperform | $4.36T | 17.07 | 50.84% | 0.26% | 20.23% | 112.71% | |
75 Outperform | $4.50T | 35.19 | 137.18% | 0.32% | 14.24% | 32.57% | |
73 Outperform | $1.52T | 22.26 | 29.73% | 0.35% | 27.65% | -5.02% | |
71 Outperform | $296.83B | 34.42 | -363.24% | 0.53% | 38.87% | 99.71% | |
63 Neutral | $139.96B | -102.42 | -2.74% | 0.76% | -1.74% | -118.42% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
AAPL
Apple
304.91
76.11
33.26%
META
Meta Platforms
599.12
-188.30
-23.91%
GOOGL
Alphabet Class A
343.80
141.04
69.56%
MSFT
Microsoft
503.81
-21.24
-4.04%
SONY
Sony Group
23.61
-2.90
-10.95%
DELL
Dell Technologies
440.97
301.11
215.30%
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.