Apple Inc. (AAPL) Financial Analysis Report (2022-2024)
*EBITDA calculated as Operating Income (depreciation/amortization not explicitly reported in tables_structured_ref)
Apple Inc. (AAPL) Financial Analysis Report (2022-2024)
1. Company Introduction
Background: Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, complemented by a diverse range of services. The company operates on a 52- or 53-week fiscal year ending the last Saturday of September.
Business Lines:
- iPhone: Flagship smartphone lineup (e.g., iPhone 16 Pro, iPhone SE) powered by iOS, representing the largest revenue segment.
- Mac: Personal computers (MacBook Pro, iMac) running macOS, emphasizing performance and Apple Silicon integration.
- iPad: Tablets (iPad Pro, iPad Air) with iPadOS, targeting productivity and education markets.
- Services: Digital content (App Store, Apple Music), cloud services (iCloud), AppleCare, and Apple Pay, driving recurring revenue.
- Wearables, Home, and Accessories: Apple Watch, AirPods, HomePod, and ecosystem accessories.
Competitive Advantages:
- Ecosystem Integration: Seamless connectivity across hardware, software, and services.
- Brand Loyalty: Premium user experience and regular software updates fostering customer retention.
- Innovation Pipeline: Investments in AI, Apple Silicon, and emerging technologies (e.g., mixed reality).
- Global Supply Chain: Robust manufacturing and distribution network supporting scale and market reach.
2. Financial Data Tables (2022-2024)
| Indicator | 2024 (USD Million) | 2023 (USD Million) | 2022 (USD Million) | YoY Growth (2024 vs 2023) |
|---|---|---|---|---|
| Revenue | 383,333 | 383,285 | 394,328 | 0.01% |
| Net Profit | 96,995 | 99,803 | 99,634 | -2.81% |
| Total Assets | 352,583 | 335,051 | Data unavailable | 5.23% |
| EBITDA* | 123,952 | 129,383 | 133,836 | -4.20% |
| Shareholder Equity | 62,449 | 56,084 | Data unavailable | 11.35% |
| Adjusted Net Debt/(Cash)** | -62,503 | -59,572 | Data unavailable | -4.92% |
| Free Cash Flow | 89,099 | 92,953 | 83,267 | -4.15% |
| EPS | 6.53 | 6.43 | 6.15 | 1.56% |
| DPS | Data unavailable | Data unavailable | Data unavailable | - |
| Capex | 11,085 | 10,708 | 9,512 | 3.52% |
EBITDA calculated as Operating Income (depreciation/amortization not explicitly reported in tables_structured_ref)
Adjusted Net Debt/(Cash) = Long-term Debt - Cash and Cash Equivalents - Marketable Securities
Data source: tables_structured_ref (doc_10a754b4c6153dbb)
3. Key Financial Metrics
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net Profit Margin | 25.30% | 26.04% | 25.27% |
| Gross Margin | Data unavailable | Data unavailable | Data unavailable |
| ROE | 155.32% | 177.95% | Data unavailable |
| ROA | 27.51% | 29.79% | Data unavailable |
| Asset Turnover | 1.09x | 1.14x | Data unavailable |
| Equity Multiplier | 5.65x | 5.97x | Data unavailable |
| Dividend Payout Ratio | Data unavailable | Data unavailable | Data unavailable |
| Cash-to-Asset Ratio | 17.77% | 15.32% | Data unavailable |
4. Financial Trend Analysis
Revenue Stability: Apple demonstrated resilience with near-flat YoY revenue growth (0.01%) in 2024, following a 2.80% decline in 2023. This stability reflects consistent demand for core products despite macroeconomic challenges.
Profitability Pressure: Net profit margin contracted slightly from 26.04% (2023) to 25.30% (2024), aligned with a 4.20% drop in EBITDA. These trends suggest potential cost pressures or shifts in product mix toward lower-margin segments.
Balance Sheet Strength: Total assets grew 5.23% YoY, supported by an 11.35% increase in shareholder equity. The company maintained a strong net cash position (-$62.5B in 2024), providing flexibility for investments, share repurchases, and dividend payouts.
Cash Flow Dynamics: Free cash flow declined 4.15% YoY to $89.1B, while Capex increased 3.52%, indicating continued investment in long-term growth initiatives despite near-term cash flow pressures.
5. Financial Insights & Valuation
Key Trends:
- Services Growth: The Services segment (App Store, Apple Music, iCloud) remains a critical driver of margin expansion and recurring revenue, offsetting hardware volatility.
- Capital Allocation: Apple’s $11.1B in Capex (up 3.52% YoY) signals ongoing investment in manufacturing, AI, and Apple Silicon, positioning the company for long-term innovation.
- Liquidity Position: With $62.5B in net cash, Apple has significant capacity to weather market downturns, pursue strategic acquisitions, and return capital to shareholders.
Risks & Opportunities:
- Risks: Dependence on iPhone sales (~50% of revenue), regulatory scrutiny of the App Store, and geopolitical tensions affecting supply chains.
- Opportunities: Services penetration in emerging markets, AI integration across product lines, and potential growth in mixed reality devices.
Valuation Considerations:
Apple’s premium financial profile is reflected in strong ROE (155.32%) and ROA (27.51%), though EPS growth (1.56% YoY) has moderated. The company’s net cash position and FCF generation support continued shareholder returns through repurchases and dividends.
6. Peer Comparison
Data unavailable - No peer financials provided for comparison.
This report was generated by the SchemaForge AI financial analyst agent and is for reference only; it does not constitute investment advice.