Apple Inc. (AAPL) Discounted Free Cash Flow - Exit Multiple

Apple Inc.

AAPL (NASDAQ)

(%)

Valuation
Apple Inc. Discounted Free Cash Flow - Exit Multiple

"""
    Model: Discounted Free Cash Flow - Exit Multiple

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Read more: [GitHub Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%revenue_growth_rate": None,
        "exit_ebitda_multiple": None,
        "%ebitda_margin": None,
        "%capital_expenditure_to_ebitda": None,
        "%operating_cash_flow_to_ebitda": None,
        "historical_years": 10,
        "projection_years": 5,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

# Compute ratios
data.compute({
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%netIncomeToEbitda": "income:netIncome / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

# Calculate margins
assumptions.set("%ebitda_margin", data.average("%ebitdaMargin"))
assumptions.set_bounds(
    "%ebitda_margin", low=0, high="100%"
)

assumptions.set("%operating_cash_flow_to_ebitda", data.average("%operatingCashFlowToEbitda"))
# Limit OCF range
assumptions.set_bounds(
    "%operating_cash_flow_to_ebitda", low=0, high="100%"
)

assumptions.set("%capital_expenditure_to_ebitda", data.average("%capitalExpenditureToEbitda"))
# Limit CapEx range
assumptions.set_bounds(
    "%capital_expenditure_to_ebitda", low=0, high="90%"
)

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

# Calculate the Enterprise Value and set the exit EBITDA multiple
ev = data.get("profile:mktCap + balance:totalDebt - balance:cashAndShortTermInvestments")
exit_ebitda_multiple = data.get(f"{ev} / income:ebitda")
assumptions.set("exit_ebitda_multiple", exit_ebitda_multiple)

# Compute forecasted values and ratios
data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "income:ebitda": f"income:revenue * {assumptions.get('%ebitda_margin')}",
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"income:ebitda * {assumptions.get('%operating_cash_flow_to_ebitda')}",
    "computedCapitalExpenditure": f"income:ebitda * {assumptions.get('%capital_expenditure_to_ebitda')}",
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculate the terminal value
exit_multiple = assumptions.get("exit_ebitda_multiple")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"{exit_multiple} * income:ebitda:{end_year}")

# Discount the terminal value into the present
discounted_terminal_value = terminal_value / ((1 + assumptions.get("%discount_rate")) ** assumptions.get("projection_years"))

# Projected enterprise value calculation
projected_enterprise_value = discounted_terminal_value + data.sum(f"discountedFreeCashFlow:1->{assumptions.get('projection_years')}")

# Equity value calculation
equity_value = projected_enterprise_value + data.get("balance:cashAndShortTermInvestments") - data.get("balance:totalDebt")
value_per_share = equity_value / data.get("income:weightedAverageShsOut")

# Set the final value
model.set_final_value({
    "value": value_per_share,
    "units": "$"
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

# Render results
model.render_results([
    [exit_ebitda_multiple, "Exit EBITDA Multiple (EV/EBITDA)", "#"],
    [data.get(f"income:ebitda:{assumptions.get('projection_years')}"), "Terminal EBITDA", "$"],
    [terminal_value, "Terminal Enterprise Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Enterprise Value", "$"],
    [projected_enterprise_value - discounted_terminal_value, "Sum of Discounted Free Cash Flow", "$"],
    [projected_enterprise_value, "Present Enterprise Value", "$"],
    [data.get("balance:cashAndShortTermInvestments"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Present Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "#"],
    [value_per_share, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

# Render Chart
model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "income:ebitda": "EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical and Forecasted Data",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow",
            "income:ebitda",
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
    }
})

# Render Table for Estimated Future Data
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowToEbitda": "Operating Cash Flow to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Estimated Future Data",
        "order": "ascending",
        "number_format": "M",
    }
})

# Render Historical Table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "income:netIncome": "Net Income",
        "%netIncomeToEbitda": "Net Income to EBITDA",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowToEbitda": "Cash from Operating Activities to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M",
    }
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"exit_ebitda_multiple": r"""
        ## Exit EBITDA Multiple
        
        The exit EV/EBITDA multiple used to calculate the terminal value.
    """,

"%ebitda_margin": r"""
        ## EBITDA Margin
        
        EBITDA expressed as a percentage of Revenue.
    """,

"%capital_expenditure_to_ebitda": r"""
        ## Capital Expenditure to EBITDA
        
        Capital expenditure expressed as a percentage of EBITDA.
    """,

"%operating_cash_flow_to_ebitda": r"""
        ## Operating Cash Flow to EBITDA
        
        Operating cash flow expressed as a percentage of EBITDA.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,
})

print(f"End of model.")

Estimated Value

USD

Market Price USD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Exit Ebitda Multiple Exit EBITDA Multiple The exit EV/EBITDA multiple used to calculate the terminal value.	#
Ebitda Margin EBITDA Margin EBITDA expressed as a percentage of Revenue.	%
Capital Expenditure To Ebitda Capital Expenditure to EBITDA Capital expenditure expressed as a percentage of EBITDA.	%
Operating Cash Flow To Ebitda Operating Cash Flow to EBITDA Operating cash flow expressed as a percentage of EBITDA.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#

Results
Exit EBITDA Multiple (EV/EBITDA)	28.45
Terminal EBITDA	178.7 Bil. USD
Terminal Enterprise Value	5,084 Bil. USD
Discounted Terminal Enterprise Value	3,351 Bil. USD
Sum of Discounted Free Cash Flow	488.4 Bil. USD
Present Enterprise Value	3,839 Bil. USD
Cash and Equivalents	54.7 Bil. USD
Total Debt	112.4 Bil. USD
Present Equity Value	3,782 Bil. USD
Shares Outstanding	14.95 Bil.
Estimated Value per Share	253 USD
Yield of the U.S. 10 Year Treasury Note	4.13%
Cost of Equity	8.93%
Equity Weight	97.34%
Cost of Debt
Debt Weight	2.66%
Forecasted Revenue - 5 Year CAGR	5.87%
Forecasted Free Cash Flow - 5 Year CAGR	7.08%

Historical and Forecasted Data

Monetary values are in USD

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"2029-09-27", "y": 150877583326, "oy": 150877583326, "e": true, "fy": 2029, "g": 5.87, "og": 5.87}, {"x": "2030-09-27", "y": 159738623794, "oy": 159738623794, "e": true, "fy": 2030, "g": 5.87, "og": 5.87}], "dataType": ".", "displayAs": "line", "dataTimeframe": "annual", "hidden": false}, {"label": "EBITDA", "mappingKey": "income:ebitda", "data": [{"x": "2016-09-24", "y": 70529000000}, {"x": "2017-09-30", "y": 71501000000}, {"x": "2018-09-29", "y": 81801000000}, {"x": "2019-09-28", "y": 76477000000}, {"x": "2020-09-26", "y": 77344000000}, {"x": "2021-09-25", "y": 120233000000}, {"x": "2022-09-24", "y": 130541000000}, {"x": "2023-09-30", "y": 125820000000}, {"x": "2024-09-28", "y": 134661000000}, {"x": "2025-09-27", "y": 144748000000}, {"x": "2026-09-27", "y": 142226369349, "oy": 142226369349, "e": true, "fy": 2026, "g": -1.74, "og": -1.74}, {"x": "2027-09-27", "y": 150579324020, "oy": 150579324020, "e": true, "fy": 2027, "g": 5.87, "og": 5.87}, {"x": "2028-09-27", "y": 159422847720, "oy": 159422847720, "e": true, "fy": 2028, "g": 5.87, "og": 5.87}, {"x": "2029-09-27", "y": 168785751567, "oy": 168785751567, "e": true, "fy": 2029, "g": 5.87, "og": 5.87}, {"x": "2030-09-27", "y": 178698538756, "oy": 178698538756, "e": true, "fy": 2030, "g": 5.87, "og": 5.87}], "dataType": ".", "displayAs": "line", "dataTimeframe": "annual", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [{"x": "2016-09-24", "y": 52683000000}, {"x": "2017-09-30", "y": 51430000000}, {"x": "2018-09-29", "y": 64121000000}, {"x": "2019-09-28", "y": 58896000000}, {"x": "2020-09-26", "y": 73365000000}, {"x": "2021-09-25", "y": 92953000000}, {"x": "2022-09-24", "y": 111443000000}, {"x": "2023-09-30", "y": 99584000000}, {"x": "2024-09-28", "y": 108807000000}, {"x": "2025-09-27", "y": 98767000000}, {"x": "2026-09-27", "y": 110680560627, "oy": 110680560627, "e": true, "fy": 2026, "g": 12.06, "og": 12.06}, {"x": "2027-09-27", "y": 117180829953, "oy": 117180829953, "e": true, "fy": 2027, "g": 5.87, "og": 5.87}, {"x": "2028-09-27", "y": 124062860096, "oy": 124062860096, "e": true, "fy": 2028, "g": 5.87, "og": 5.87}, {"x": "2029-09-27", "y": 131349071869, "oy": 131349071869, "e": true, "fy": 2029, "g": 5.87, "og": 5.87}, {"x": "2030-09-27", "y": 139063202860, "oy": 139063202860, "e": true, "fy": 2030, "g": 5.87, "og": 5.87}], "dataType": ".", "displayAs": "line", "dataTimeframe": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"x": "2016-09-24", "y": 13548000000}, {"x": "2017-09-30", "y": 12795000000}, {"x": "2018-09-29", "y": 13313000000}, {"x": "2019-09-28", "y": 10495000000}, {"x": "2020-09-26", "y": 7309000000}, {"x": "2021-09-25", "y": 11085000000}, {"x": "2022-09-24", "y": 10708000000}, {"x": "2023-09-30", "y": 10959000000}, {"x": "2024-09-28", "y": 9447000000}, {"x": "2025-09-27", "y": 12715000000}, {"x": "2026-09-27", "y": 16455590933}, {"x": "2027-09-27", "y": 17422027789}, {"x": "2028-09-27", "y": 18445223481}, {"x": "2029-09-27", "y": 19528511456}, {"x": "2030-09-27", "y": 20675420934}], "dataType": ".", "displayAs": "line", "dataTimeframe": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"x": "2016-09-24", "y": 52683000000}, {"x": "2017-09-30", "y": 51430000000}, {"x": "2018-09-29", "y": 64121000000}, {"x": "2019-09-28", "y": 58896000000}, {"x": "2020-09-26", "y": 73365000000}, {"x": "2021-09-25", "y": 92953000000}, {"x": "2022-09-24", "y": 111443000000}, {"x": "2023-09-30", "y": 99584000000}, {"x": "2024-09-28", "y": 108807000000}, {"x": "2025-09-27", "y": 98767000000}, {"x": "2026-09-27", "y": 102903150853}, {"x": "2027-09-27", "y": 100232444203}, {"x": "2028-09-27", "y": 97608755496}, {"x": "2029-09-27", "y": 95075457436}, {"x": "2030-09-27", "y": 92607907568}], "dataType": ".", "displayAs": "line", "dataTimeframe": "annual", "hidden": true}], "editableDates": {"2026-09-27": 42, "2027-09-27": 43, "2028-09-27": 44, "2029-09-27": 45, "2030-09-27": 46}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2026-09-27	2027-09-27	2028-09-27	2029-09-27	2030-09-27

↳ Growth Rate

Estimated Future Data

amounts of USD except for #	2025	LTM	2026	2027	2028	2029	2030
Revenue	416,161	416,161	440,602	466,479	493,875	522,880	553,589
Revenue Growth Rate	6.43%	0%	5.87%	5.87%	5.87%	5.87%	5.87%
EBITDA	144,748	144,748	142,226	150,579	159,423	168,786	178,699
EBITDA Margin	34.78%	34.78%	32.28%	32.28%	32.28%	32.28%	32.28%
Operating Cash Flow	111,482	111,482	127,136	134,603	142,508	150,878	159,739
Operating Cash Flow to EBITDA	77.02%	77.02%	89.39%	89.39%	89.39%	89.39%	89.39%
Capital Expenditure	12,715	12,715	16,456	17,422	18,445	19,529	20,675
Capital Expenditure to EBITDA	8.78%	8.78%	11.57%	11.57%	11.57%	11.57%	11.57%
Free Cash Flow	98,767	98,767	110,681	117,181	124,063	131,349	139,063
Free Cash Flow to EBITDA	68.23%	68.23%	77.82%	77.82%	77.82%	77.82%	77.82%
Compounded Discount Rate			7.56%	16.91%	27.1%	38.15%	50.16%
Discounted Free Cash Flow	98,767	98,767	102,903	100,232	97,609	95,075	92,608

Historical Data

amounts of USD except for #	Average	LTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	328,359	416,161	416,161	391,035	383,285	394,328	365,817	274,515	260,174	265,595	229,234	215,639
Revenue Growth Rate	6.46%	0%	6.43%	2.02%	-2.8%	7.79%	33.26%	5.51%	-2.04%	15.86%	6.3%	-7.73%
Cost of Revenue	188,223	220,960	220,960	210,352	214,137	223,546	212,981	169,559	161,782	163,756	141,048	131,376
Gross Profit	140,135	195,201	195,201	180,683	169,148	170,782	152,836	104,956	98,392	101,839	88,186	84,263
Gross Margin	41.93%	46.91%	46.91%	46.21%	44.13%	43.31%	41.78%	38.23%	37.82%	38.34%	38.47%	39.08%
EBITDA	107,128	144,748	144,748	134,661	125,820	130,541	120,233	77,344	76,477	81,801	71,501	70,529
EBITDA Margin	32.28%	34.78%	34.78%	34.44%	32.83%	33.1%	32.87%	28.17%	29.39%	30.8%	31.19%	32.71%
Net Income	79,588	112,010	112,010	93,736	96,995	99,803	94,680	57,411	55,256	59,531	48,351	45,687
Net Income to EBITDA	73.48%	77.38%	77.38%	69.61%	77.09%	76.45%	78.75%	74.23%	72.25%	72.78%	67.62%	64.78%
Cash from Operating Activities	94,173	111,482	111,482	118,254	110,543	122,151	104,038	80,674	69,391	77,434	64,225	66,231
Cash from Operating Activities to EBITDA	89.39%	77.02%	77.02%	87.82%	87.86%	93.57%	86.53%	104.3%	90.73%	94.66%	89.82%	93.91%
Capital Expenditure	11,372	12,715	12,715	9,447	10,959	10,708	11,085	7,309	10,495	13,313	12,795	13,548
Capital Expenditure to EBITDA	11.57%	8.78%	8.78%	7.02%	8.71%	8.2%	9.22%	9.45%	13.72%	16.27%	17.89%	19.21%
Free Cash Flow	82,801	98,767	98,767	108,807	99,584	111,443	92,953	73,365	58,896	64,121	51,430	52,683
Free Cash Flow to EBITDA	77.82%	68.23%	68.23%	80.8%	79.15%	85.37%	77.31%	94.86%	77.01%	78.39%	71.93%	74.7%

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Apple Inc. Discounted Free Cash Flow - Exit Multiple

Estimated Value

USD

Market Price USD

Discounted Free Cash Flow - Exit EBITDA Multiple

Interactive Assumptions

Discount Rate

Cost of Equity

Cost of Debt

Equity & Debt Weights

Tax Rate

Beta

Risk-Free Rate

Market Premium

Tax Rate

Discount Rate

Revenue Growth Rate

Exit EBITDA Multiple

EBITDA Margin

Capital Expenditure to EBITDA

Operating Cash Flow to EBITDA

Historical Years

Projection Years

Results

Historical and Forecasted Data

Estimated Future Data

Historical Data