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Overvalued
Morningstar Quantitative Rating as of 23 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 253.30 Fair value 293.33 One-star price 339.70
Morningstar Quantitative Rating as of 23 OCT 2026.
Morningstar Quantitative Rating as of 23 OCT 2026. The slider runs from the five-star price (253.30) to the one-star price (339.70).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 347.72 |
| Price - 12 month high | 351.71 |
| Price - 12 month low | 243.43 |
| Pricing date | 22 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 40.07 |
| Market capitalization | 5,074,761.24 |
| 12 Month High price date | 23 OCT 2026 |
| 12 Month Low price date | 20 JAN 2026 |
| Volume - avg. trading volume for the last 3 months | 43.99 |
| Price - 1 Day % Change | -0.14% |
| Price - 13 week price percent change | 8.10% |
| Price - 26 week price percent change | 27.17% |
| Price - 5 Day % Change | 1.24% |
| Price - 52 week price percent change | 33.95% |
| Price - YTD price percent change | 27.33% |
| Price % Change Month To Date | 3.17% |
| EPS excluding extraordinary items - most recent fiscal year | 7.460 |
| EPS excluding extraordinary items - trailing 12 month | 8.720 |
| EPS Normalized - most recent fiscal year | 8.184 |
| Revenue/share - most recent fiscal year | 27.735 |
| Revenue/share - trailing 12 month | 31.588 |
| Book value per share - most recent fiscal year | 4.991 |
| Book value per share - most recent quarter | 7.360 |
| Book value (tangible) per share - most recent fiscal year | 4.991 |
| Book value (tangible) per share - most recent quarter | 5.967 |
| Cash per share - most recent fiscal year | 2.432 |
| Cash per share - most recent quarter | 2.707 |
| Cash Flow per share - most recent fiscal year | 9.096 |
| Cash Flow per share - trailing 12 month | 10.512 |
| Dividend per share - most recent fiscal year | 1.020 |
| Dividends per share - trailing 12 month | 1.060 |
| EBITD per share - trailing 12 month | 11.436 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 7.490 |
| EPS Basic excluding extraordinary items - trailing 12 month | 8.760 |
| EPS including extraordinary items - most recent fiscal year | 7.490 |
| EPS including extraordinary items - trailing 12 month | 8.760 |
| Free Cash Flow per share - trailing 12 month | 9.833 |
| P/E excluding extraordinary items, most recent fiscal year | 39.88 |
| P/E Normalized, most recent fiscal year | 36.65 |
| Price to sales - most recent fiscal year | 11.01 |
| Price to Tangible Book - most fiscal year | 58.27 |
| Price to Free Cash Flow per Share - most recent fiscal year | 35.36 |
| Price to Cash Flow per share - trailing 12 month | 33.08 |
| Price to Book - most recent fiscal year | 47.25 |
| P/E excluding extraordinary items high, trailing 12 months | 41.17 |
| P/E excluding extraordinary items low, trailing 12 months | 31.22 |
| Net Debt, LFI | 21,945.00 |
| Net Debt, LFY | 43,960.00 |
| Dividend Yield - 5 Year Average | 0.47% |
| Dividend Yield - indicated annual dividend divided by closing price | 0.30% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.30% |
| Free Cash Flow - most recent fiscal year | 123,767.00 |
| LT debt/equity - most recent fiscal year | 106.23% |
| Payout ratio - most recent fiscal year | 13.67% |
| Total debt/total equity - most recent fiscal year | 133.80% |
| LT debt/equity - most recent quarter | 66.35% |
| Total debt/total equity - most recent quarter | 78.44% |
| Free Cash Flow - trailing 12 month | 145,317.00 |
| Payout ratio - trailing 12 month | 12.03% |
| Revenue - most recent fiscal year | 416,161.00 |
| Revenue - trailing 12 month | 466,823.00 |
| EBITD - most recent fiscal year | 144,427.00 |
| EBITD - trailing 12 month | 169,006.00 |
| Earnings before taxes - most recent fiscal year | 132,729.00 |
| Earnings before taxes - trailing 12 month | 155,906.00 |
| Net Income available to common - most recent fiscal year | 112,010.00 |
| Net Income available to common - trailing 12 months | 128,930.00 |
| Earnings before taxes Normalized - most recent fiscal year | 145,592.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 9.49 |
| Net Profit Margin % - 1st historical fiscal year | 26.92% |
| Net Profit Margin % - trailing 12 month | 27.62% |
| Operating margin - 1st historical fiscal year | 31.97% |
| Operating margin - trailing 12 month | 33.17% |
| Pretax margin - trailing 12 month | 33.40% |
| Pretax margin - 1st historical fiscal year | 31.89% |
| Operating Margin - 5 year average | 30.67% |
| Pretax Margin - 5 year average | 30.64% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 28.12% |
| Free Operating Cash Flow/Revenue, TTM | 31.13% |
| Net Profit Margin - 5 year average | 25.48% |
| Return on average assets - most recent fiscal year | 32.35% |
| Return on average assets - trailing 12 month | 35.34% |
| Return on average equity - most recent fiscal year | 169.68% |
| Return on average equity - trailing 12 month | 145.93% |
| Return on average assets - 5 year average | 29.48% |
| Return on average equity - 5 year average | 154.12% |
| Net Income/employee - most recent fiscal year | 674,759.04 |
| Revenue/employee - most recent fiscal year | 2,506,993.98 |
| Revenue growth rate, 5 year | 8.68% |
| EPS growth rate, 5 year | 17.86% |
| Growth rate% - dividend, 3 year | 4.26% |
| Revenue/share (5 yr growth) | 12.11% |
| Growth rate% - Revenue, 3 year | 1.81% |
| Growth rate% - EPS, 3 year | 6.88% |
| Book value per share growth rate, 5 year | 5.34% |
| Capital Spending growth rate, 5 year | 11.71% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 13.33% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | SEP 21 | SEP 22 | SEP 23 | SEP 24 | SEP 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
Apple reported post close overnight and delivered a solid third-quarter headline result, led by strong iPhone and Mac sales, but shares fell around 8% after hours as Services and China revenue missed expectations and September-quarter guidance came in softer than hoped.
Apple reported stronger sales ahead of the holiday season although China revenue for the 4th quarter missed expectations.
iPhone maker Apple have just smashed expectations with their third-quarter financial results: total revenue increased 10% YoY, and earnings per share climbed 12% YoY.
Last week, we exited our long-held position in Apple (AAPL US), taking a ~380% profit for the International Equities Portfolio – a great result but as we said at the time, all good things come to an end.
MM is selling Apple & buying HCA Healthcare in the International Equities Portfolio
Apple was one of the “Magnificent Seven” which posted fresh all-time highs overnight as investors continued to buy the strength. With rates set to fall this week in the US, we could see further PE expansion pushing the stock higher as people struggle to find value in today's rich market.
Bloomberg Intelligence tells us that the waiting time on the new model is 21.5 days for orders taken within 72 hours of launch which compares to 32.5 days for the iPhone 15. That highlights weaker demand, and the shares fell as a consequence. This is all very micro, and we caution against being so short-term in nature, particularly given this is such a monumental launch for Apple - their first AI-enabled iPhone, built from the ground up, according to Tim Cook, though the AI part (Apple Intelligence) is not quite ready!
Apple Inc. is facing some headwinds moving forward, especially now that future sales are being questioned in China, which was previously one of its growth areas—imagine if Trump wins! Greater China, which includes mainland China, Hong Kong, and Taiwan, is Apple’s third largest region by revenue, representing 19% of Apple’s total sales during the 2023 fiscal year. Apple’s revenue in the region has declined year-over-year in six out of the seven most recent quarters, although it wasn’t as bad as many feared last quarter.
AAPL broke out of its 10-month-long trading range overnight to hit all-time highs, up 7.26% on the session after the tech giant held a developer event introducing its long-awaited new artificial intelligence features. The critical piece of new news was that the functionality would only be backwards compatible with iPhone 15 Pro, implying that this will prompt consumers to upgrade existing iPhones to take advantage of generative AI.
MM is neutral/negative APPL ~$US330
MM is bullish towards AAPL as it trades ~$US270
MM remains cautiously bullish on Apple around $US200
MM is cautiously bullish to neutral towards Apple
MM remains neutral on AAPL
MM is now neutral on AAPL US, having exited our position
MM are selling AAPL US in the International Equities Portfolio, taking a profit around $US228.26
MM is long and bullish Apple
MM remains bullish and long AAPL US
MM is long AAPL, but we may trim our position
Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple's iPhone accounts for the majority of the firm's sales, and Apple's other products, such as the Mac, iPad, and Watch, are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, such as streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors and works with subcontractors such as Foxconn and TSMC to build its products and chips. Slightly less than half of Apple's sales come directly through its flagship stores, with the majority coming indirectly through partnerships and distribution.
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