加载中...

Apple Inc. (AAPL) 财务分析 | 估值·财报 | 100Baggers.club

Apple Inc.

AAPL

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod. It also provides AppleCare support and cloud services; and operates various platforms, including the App Store that allow customers to discover and download applications and digital content, such as books, music, video, games, and podcasts, as well as advertising services include third-party licensing arrangements and its own advertising platforms. In addition, the company offers various subscription-based services, such as Apple Arcade, a game subscription service; Apple Fitness+, a personalized fitness service; Apple Music, which offers users a curated listening experience with on-demand radio stations; Apple News+, a subscription news and magazine service; Apple TV+, which offers exclusive original content; Apple Card, a co-branded credit card; and Apple Pay, a cashless payment service, as well as licenses its intellectual property. The company serves consumers, and small and mid-sized businesses; and the education, enterprise, and government markets. It distributes third-party applications for its products through the App Store. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers, wholesalers, retailers, and resellers. Apple Inc. was founded in 1976 and is headquartered in Cupertino, California.

深度研究阅读完整报告

苹果(AAPL)股票深度分析 — 三万亿帝国的七根软肋

一个三万亿美元的消费帝国，其增长引擎竟高度依赖竞争对手谷歌的百亿美金。这根隐藏的承重墙一旦断裂，市场对苹果服务业务的增长叙事将彻底崩塌。

加载图表中...

加载图表中...

📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

加载图表中...

P

盈利能力指标

Gross Profit Margini毛利率

49.27%

毛利润 = $54.78B

营业收入 = $111.18B

Operating Profit Margini营业利润率

32.28%

营业利润 = $35.88B

营业收入 = $111.18B

EBITDA MarginiEBITDA利润率

35.37%

EBITDA = $39.32B

营业收入 = $111.18B

EBIT MarginiEBIT利润率

32.28%

EBIT = $35.83B

营业收入 = $111.18B

Net Profit Margini净利率

26.60%

净利润 = $29.58B

营业收入 = $111.18B

Pretax Profit Margini税前利润率

32.23%

税前利润 = $35.83B

营业收入 = $111.18B

E

运营效率指标

Interest Coveragei利息保障倍数

N/A (无利息支出)

EBIT (TTM) = $147.72B

利息费用 (TTM) = $0

N/A

N/A

N/A

N/A

N/A

SG&A / Revenuei销管费率

6.72%

销售及管理费用 = $7.48B

营业收入 = $111.18B

R&D / Revenuei研发占比

10.27%

研发费用 = $11.42B

营业收入 = $111.18B

R

回报率指标 (TTM)

ROAi总资产回报率

34.28%

净利润 = $122.58B

平均总资产 = $357.58B

ROEi净资产收益率

141.50%

净利润 = $122.58B

平均股东权益 = $86.62B

ROICi投入资本回报率

319.10%

NOPAT (TTM) = $122.32B

平均投入资本 = $38.33B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

16.60%

当期营收 = $111.18B

去年同期营收 = $95.36B

+5.1%

+9.6%

+7.9%

+15.7%

+16.6%

Operating Cash Flow/Sharei每股经营现金流

$9.49

经营现金流 = $140.22B

流通股数 = 14.77B

$7.28

$7.26

$7.43

$9.15

$9.49

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+16.6%	$111.18B	↑
毛利	+22.1%	$54.78B, 49.27%	↑
营业利润	+21.3%	$35.88B, 32.28%	↑
EBITDA	+21.9%	$39.32B, 35.37%	↑
税前利润	+22.3%	$35.83B, 32.23%	↑
净利润	+19.4%	$29.58B, 26.60%	↑
稀释每股收益	+21.8%	2.01	↑

加载图表中...

L

流动性指标

Current Ratioi流动比率

1.07

正常

流动资产 = $144.11B

流动负债 = $134.64B

Quick Ratioi速动比率

1.02

健康

速动资产 = $137.37B

流动负债 = $134.64B

Cash Ratioi现金比率

0.51

健康

现金及等价物 = $68.51B

流动负债 = $134.64B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.80

正常

总债务 = $84.71B

总权益 = $106.49B

Liabilities to Assetsi资产负债率 (总负债)

71.3%

关注

总负债 = $264.59B

总资产 = $371.08B

Equity Multiplieri权益乘数

3.48

关注

总资产 = $371.08B

总权益 = $106.49B

E

效率指标

Asset Turnoveri总资产周转率

1.26

健康

营收 (TTM) = $451.44B

平均总资产 = $357.58B

Inventory Turnoveri存货周转率

37.30

健康

营业成本 (TTM) = $235.37B

平均存货 = $6.31B

Receivables Turnoveri应收账款周转率

7.29

正常

营收 (TTM) = $451.44B

平均应收账款 = $61.92B

S

偿债能力

Interest Coveragei利息保障倍数

N/A

正常

EBIT (TTM) = $147.72B

利息费用 (TTM) = $0.00B

Net Debt to EBITDAi净债务/EBITDA

0.30

健康

净债务 = $48.38B

EBITDA (TTM) = $160.33B

Debt Service Coveragei偿债覆盖率

13.60

健康

经营现金流 (TTM) = $140.22B

债务偿付 = $10.31B

V

价值指标

Goodwill %i商誉占比

0.0%

健康

商誉 = $0.00B

总资产 = $371.08B

Working Capital Ratioi营运资本比率

0.03

关注

营运资本 = $9.47B

总资产 = $371.08B

现金流瀑布图

加载图表中...

流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$140.22B

自由现金流 TTMi

$129.17B

FCF = OCF - CapEx

经营现金流 (TTM) = $140.22B

资本支出 (TTM) = $-11.05B

自由现金流收益率i

3.24%

关注

FCF (TTM) = $129.17B

市值 = $3991.75B

经营现金流/销售比i

31.06%

健康

经营现金流 (TTM) = $140.22B

营业收入 (TTM) = $451.44B

Q

质量与覆盖指标

收益质量i

1.14x

正常

经营现金流 (TTM) = $140.22B

净利润 (TTM) = $122.58B

现金流/债务比i

1.66x

健康

经营现金流 (TTM) = $140.22B

总负债 = $84.71B

短期覆盖率i

1.04x

健康

经营现金流 (TTM) = $140.22B

流动负债 = $134.64B

资本支出覆盖率i

12.69x

健康

经营现金流 (TTM) = $140.22B

资本支出 (TTM) = $11.05B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

92.12%

健康

自由现金流 (TTM) = $129.17B

经营现金流 (TTM) = $140.22B

资本支出/营收比i

2.45%

健康

资本支出 (TTM) = $11.05B

营业收入 (TTM) = $451.44B

净债务/EBITDAi

0.30

健康

净债务 = $48.38B

EBITDA (TTM) = $160.33B

G

增长指标

经营现金流增长率i

19.83%

健康

当期OCF (TTM) = $28.70B

上期OCF = $23.95B

股东盈余i

$124.14B

健康

净利润 (TTM) = $122.58B

+ 折旧摊销 (TTM) = $12.61B

- 资本支出 (TTM) = $-11.05B