AAPLApple Inc.

Electronic Computers

Revenue: $416.2B; 6.4% YoY
Operating margin: 32.0%; 1.5% YoY
EBITDA: $144.7B; 7.5% YoY
Market cap: $5.0T
Employees: 166,000; $3M revenue each
Net debt / EBITDA: 0.3×; $42.8B net debt
AI in 10-K: 2.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
100% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
95% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$3M · 95th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.7 per 10K words · 66th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.0T market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$209M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$365.8B	$394.3B	$383.3B	$391.0B	$416.2B	6.4%
Operating income	$108.9B	$119.4B	$114.3B	$123.2B	$133.1B	8.0%
Net income	$94.7B	$99.8B	$97.0B	$93.7B	$112.0B	19%
Operating cash flow	$104.0B	$122.2B	$110.5B	$118.3B	$111.5B	5.7%
Capex	$11.1B	$10.7B	$11.0B	$9.4B	$12.7B	35%
Stock-based comp	$7.9B	$9.0B	$10.8B	$11.7B	$12.9B	10%
Buybacks	$86.0B	$89.4B	$77.5B	$94.9B	$90.7B	4.5%
Dividends	$14.5B	$14.8B	$15.0B	$15.2B	$15.4B	1.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $209M · 47
Net: −$209M

Pay vs performance

No pay-versus-performance disclosure yet.