Company Analysis

Published: 2026-02-08

The report below provides an illustrative example of a company analysis. All figures and financial data are hypothetical and are presented solely for demonstration purposes.

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Overview

Business Overview. Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and monetizes its installed base through a growing portfolio of services.

Ownership Structure. Apple has a single publicly traded common-equity class rather than a dual-class founder-control structure; its balance sheet reports common stock only. Each common share carries one vote.

Rank Owner Name Owner Type Shares Held (million) % of Class Owned
1 The Vanguard Group Institution 1,430.00 9.72%
2 BlackRock Institution 1,150.00 7.86%
3 State Street Corporation Institution 604.06 4.11%
4 Geode Capital Management Institution 358.03 2.44%
5 Fidelity Investments Institution 307.40 2.09%

Top Most Significant Apple Stories of 2026.

  1. Apple leadership transition: Tim Cook steps down as CEO and moves to executive-chair duties — September 2026.

  2. Tariff refunds provide a material Q3 earnings benefit. Apple disclosed that favorable tariff refunds added roughly two percentage points to quarterly gross margin.

  3. Google Gemini positioned to power a more personalized Siri experience — February 2026. Reporting around Alphabet's results said a customized version of Gemini was set to support a more personalized Siri experience.

Competitive Landscape — Financial Comparison. The peer group is analyst-selected for direct strategic overlap with Apple across devices, PCs, operating-system/platform ecosystems, cloud/digital services, advertising/content, AI and consumer technology.

Metric Apple Amazon Alphabet Microsoft Meta Platforms Dell Technologies
Ticker AAPL AMZN GOOGL MSFT META DELL
Country United States United States United States United States United States United States
Most recent completed FY FY2025 FY2025 FY2025 FY2026 FY2025 FY2026
Revenue 416,161 716,924 402,840 331,839 200,966 113,500

Valuation

DCF inputs and outputs

The latest financial report available by the valuation date was the Q1 FY2026 Form 10-Q for the quarter ended December 27, 2025.

  • Revenue TTM = FY2025 $416,161 − Q1 FY2025 $124,300 + Q1 FY2026 $143,756 = $435,617.
  • Net income TTM = $112,010 − $36,330 + $42,097 = $117,777.
  • Operating cash flow TTM = $111,482 − $29,935 + $53,925 = $135,472.
  • Investing cash flow TTM = $15,195 − $9,792 − $4,886 = $517.
Input to dcf.py
years                         = [2024, 2025, 2026]
operating_cash_flow           = [118254, 111482, 135472]
investing_cash_flow           = [2935, 15195, 517]
debt                          = [106629, 98657, 90509]
cash                          = [29943, 35934, 45317]
total_shares_outstanding      = [15116.786, 14773.260, 14702.703]

Key dcf.py output
TTM/base free_cash_flow       = 134,955.00
PV forecast free-cash-flow sum= 541,071.27
Terminal value                = 1,899,765.62
Year-5 discount factor        = 0.6209213231
PV terminal value             = 1,179,604.98
DCF enterprise value          = 1,720,676.25
Debt deducted                 = 90,509
Cash deducted by function     = 45,317
DCF equity value              = 1,584,850.25
Shares                        = 14,702.703 million
Returned equity value/share   = $107.793121

EV based on market cap:

Company Market Cap + Debt + Preferred Stock − Cash = Enterprise Value
Apple 4,089,116 90,509 0 (45,317) 4,134,308

company valuation