Stock valuation

Estimate a company's value from its future cash flows.

Nasdaq · Technology

Apple Inc. AAPL

330.74Currency not providedReference quote · Sep 15, 2026 5:12 AM ET

Company data & sources

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 Vision Pro, Apple TV, Apple Watch, Beats products, and HomePod, as well as Apple branded and third-party accessories. It also provides AppleCare support and cloud services; and operates various platforms, including the App Store that allows 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 original content and live sports; 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 and resellers. The company was formerly known as Apple Computer, Inc. and changed its name to Apple Inc. in January 2007. Apple Inc. was founded in 1976 and is headquartered in Cupertino, California.

Reference amounts are in millions of the source currency; shares are in millions. Financial currency: USD.

Reported free cash flow (TTM): 136,683
Cash & investments: 62,399
Total debt: 84,344
Shares (millions): 14,594.18

Source: Nasdaq quarterly financial statements
Financial period: Four quarters ending 6/27/2026 (quarter ends: 6/27/2026, 3/28/2026, 12/27/2025, 9/27/2025)
Balance-sheet date: 6/27/2026
Retrieved: Sep 15, 2026 09:12 UTC · cached up to 15 minutes

Cash-flow period: Four quarters ending 6/27/2026 (quarter ends: 6/27/2026, 3/28/2026, 12/27/2025, 9/27/2025). Operating cash flow minus capital expenditures (TTM); financing costs may be included.

Estimated from market cap / price; verify diluted shares and ADR ratio

The reference snapshot is separate from your model. Calculations use the entries you submit, including any edits.

Nasdaq statement amounts are converted from USD thousands to USD millions.

Your assumptions

Amounts in USD millions. Share prices in dollars.

Annual free cash flow ($m)

Reported FCF reference: 136,683 million USD. Prefilled on lookup; you can edit it. Adjust financing costs for an unlevered model.

Forecast years

Discount rate (%)

The company's weighted average cost of capital (WACC).

Long-term growth (%)

Growth after the forecast. Must be below the discount rate.

Free cash flow growth by year

Each rate applies to the previous year's cash flow. Only the selected forecast years are used.

Year 1 (%)

Year 2 (%)

Year 3 (%)

Year 4 (%)

Year 5 (%)

Year 6 (%)

Year 7 (%)

Year 8 (%)

Year 9 (%)

Year 10 (%)

Shares, cash & debt Per-share calculation

Prefilled where available. Review diluted shares, adjust cash to excess cash, and include other senior claims in debt. Enter any missing values.

Diluted shares (millions)

Excess cash ($m)

Debt & other claims ($m)

Comparison share price ($, optional)

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Enter your assumptions, then calculate.

How the calculation works

Each year's free cash flow = the previous year's cash flow × (1 + that year's growth rate). Present value = that cash flow ÷ (1 + discount rate) raised to the year number.

Terminal value = final-year cash flow × (1 + terminal growth) ÷ (discount rate − terminal growth). We discount it to today, add the forecast cash flows' present values, then add excess cash and subtract debt and other claims. Divide by diluted shares to get value per share.

The lookup prefills reported trailing free cash flow as an editable starting point. Nasdaq FCF is operating cash flow minus capital expenditures across four reported quarters; Yahoo FCF is the provider's reported figure. Sources and periods appear in Company data & sources. Missing figures are never treated as zero.

This operating-company model discounts at WACC and subtracts debt, so its valuation assumes positive normalized unlevered cash flow (FCFF). Reported FCF may already include interest and other financing costs: adjust the prefilled amount for after-tax interest and other financing effects as appropriate before treating it as FCFF. Taxes and reinvestment must be reflected in your cash flows, and growth assumptions must be sustainable. Future dilution is not modeled.

For changing margins, reinvestment, losses turning into profits, or a detailed equity bridge, use the Advanced valuation model. This model is not intended for banks or insurers. Results reflect your assumptions, not a market-price forecast or investment advice.