Apple Inc. (AAPL) Margin Analysis - Discounting Cash Flows

Apple Inc.

AAPL (NASDAQ)

(%)

Models
Apple Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 07	2025 Sep 27	2024 Sep 28	2023 Sep 30	2022 Sep 24
Revenue	435,617	416,161	391,035	383,285	394,328
Revenue Growth Rate	4.67%	6.43%	2.02%	-2.8%	7.79%
Cost of Revenue	229,460	220,960	210,352	214,137	223,546
Gross Profit	206,157	195,201	180,683	169,148	170,782
Gross Margin	47.33%	46.91%	46.21%	44.13%	43.31%
Operating Income	141,070	133,050	123,216	114,301	119,437
Operating Margin	32.38%	31.97%	31.51%	29.82%	30.29%
Net Income	117,777	112,010	93,736	96,995	99,803
Net Margin	27.04%	26.92%	23.97%	25.31%	25.31%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 07	2025 Sep 27	2024 Sep 28	2023 Sep 30	2022 Sep 24
Revenue	435,617	416,161	391,035	383,285	394,328
Cash from Operating Activities	135,472	111,482	118,254	110,543	122,151
Cash from Operating Activities Margin	31.1%	26.79%	30.24%	28.84%	30.98%
Free Cash Flow	123,324	98,767	108,807	99,584	111,443
Free Cash Flow Margin	28.31%	23.73%	27.83%	25.98%	28.26%
Depreciation and Amortization	11,832	11,698	11,445	11,519	11,104
Depreciation and Amortization Margin	2.72%	2.81%	2.93%	3%	2.82%
Capital Expenditure	-12,148	-12,715	-9,447	-10,959	-10,708
Capital Expenditure Margin	-2.79%	-3.06%	-2.42%	-2.86%	-2.72%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-09-24", "y": 43.31}, {"l": "2023", "x": "2023-09-30", "y": 44.13}, {"l": "2024", "x": "2024-09-28", "y": 46.21}, {"l": "2025", "x": "2025-09-27", "y": 46.91}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-09-24", "y": 30.29}, {"l": "2023", "x": "2023-09-30", "y": 29.82}, {"l": "2024", "x": "2024-09-28", "y": 31.51}, {"l": "2025", "x": "2025-09-27", "y": 31.97}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-09-24", "y": 25.31}, {"l": "2023", "x": "2023-09-30", "y": 25.31}, {"l": "2024", "x": "2024-09-28", "y": 23.97}, {"l": "2025", "x": "2025-09-27", "y": 26.92}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-09-24", "y": 28.26}, {"l": "2023", "x": "2023-09-30", "y": 25.98}, {"l": "2024", "x": "2024-09-28", "y": 27.83}, {"l": "2025", "x": "2025-09-27", "y": 23.73}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2026 (Q1) Dec 27	2025 (Q4) Sep 27	2025 (Q3) Jun 28	2025 (Q2) Mar 29	2025 (Q1) Dec 28	2024 (Q4) Sep 28
Revenue	143,756	102,466	94,036	95,359	124,300	94,930
Revenue Growth Rate	40.3%	8.96%	-1.39%	-23.28%	30.94%
Cost of Revenue	74,525	54,125	50,318	50,492	66,025	51,051
Gross Profit	69,231	48,341	43,718	44,867	58,275	43,879
Gross Margin	48.16%	47.18%	46.49%	47.05%	46.88%	46.22%
Operating Income	50,852	32,427	28,202	29,589	42,832	29,591
Operating Margin	35.37%	31.65%	29.99%	31.03%	34.46%	31.17%
Net Income	42,097	27,466	23,434	24,780	36,330	14,736
Net Margin	29.28%	26.8%	24.92%	25.99%	29.23%	15.52%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2026 (Q1) Dec 27	2025 (Q4) Sep 27	2025 (Q3) Jun 28	2025 (Q2) Mar 29	2025 (Q1) Dec 28	2024 (Q4) Sep 28
Revenue	143,756	102,466	94,036	95,359	124,300	94,930
Cash from Operating Activities	53,925	29,728	27,867	23,952	29,935	26,811
Cash from Operating Activities Margin	37.51%	29.01%	29.63%	25.12%	24.08%	28.24%
Free Cash Flow	51,552	26,486	24,405	20,881	26,995	23,903
Free Cash Flow Margin	35.86%	25.85%	25.95%	21.9%	21.72%	25.18%
Depreciation and Amortization	3,214	3,127	2,830	2,661	3,080	2,911
Depreciation and Amortization Margin	2.24%	3.05%	3.01%	2.79%	2.48%	3.07%
Capital Expenditure	-2,373	-3,242	-3,462	-3,071	-2,940	-2,908
Capital Expenditure Margin	-1.65%	-3.16%	-3.68%	-3.22%	-2.37%	-3.06%

Quarterly Chart

Monetary values in USD

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