1 Top Management and Board of Directors; 2 INSIDER OWNERSHIP AND SELLING IN THE PAST 12 MONTHS; 3 Peer Comparison & Ranking of AAPL; 4 Patents Top Management and Board of Directors Top Management Top Management [Five top executives with tenure > 8 yrs] Name Designation Since Appointment Tim Cook Chief Executive Officer, Director 12 Yrs, 8 Mos Arthur D. Levinson Chairman, Director 23 Yrs, 8 Mos Luca Maestri Chief Financial Officer, Senior Vice President 9 Yrs, 12 Mos Jeff Williams Chief Operating Officer 8 Yrs, 4 Mos Katherine Adams Senior Vice President, General Counsel - Board Of Directors Board Of Directors [One director with tenure > 13 yrs] Name Since Appointment Ronald D. Sugar 13 Yrs, 5 Mos Board Of Directors [Four directors with tenure < 3 yrs] Name Since Appointment Alex Gorsky 2 Yrs, 5 Mos Susan L. Wagner - Monica Lozano - Andrea Jung - Independent Ratings of Directors + Tim Cook- Glassdoor Ranking: Tim Cook was ranked 32 in the Glassdoor Employee Review's list of 100 Top CEOs in the United States for 2021. + Tim Cook- Bloomberg Pay Index Ranking: Tim Cook was ranked 3 in the Bloomberg Pay Index list in the United States for 2021, an improvement from rank 8 in 2020. According to Bloomberg Pay Index, Tim Cook's total compensation had increased by (222.13%) $588.7 million from $265 million to $853.8 million in 2021. + Tim Cook- Harvard Business Ranking: Tim Cook was ranked 62 in the Harvard Business Review's list of 100 Best-Performing CEO's in the world for 2019. INSIDER OWNERSHIP AND SELLING IN THE PAST 12 MONTHS Shares Held by Insiders as on Apr 22, 2024 (Value computed at price $166.26) Name Shares Held Value, $ Arthur D. Levinson 4,492,092 746,855,216 Tim Cook 3,561,669 592,163,088 Jeff Williams 489,944 81,458,089 Katherine Adams 368,457 61,259,661 Luca Maestri 107,788 17,920,833 Susan L. Wagner 1,516 252,050 Ronald D. Sugar 1,516 252,050 Alex Gorsky 1,516 252,050 Monica Lozano 1,516 252,050 Andrea Jung 1,516 252,050 Total 9,027,530 1,500,917,138 Arthur D. Levinson now has a beneficial interest in 4,492,092 Apple shares worth $746.9 million. Tim Cook now has a beneficial interest in 3,561,669 Apple shares worth $592.2 million. Jeff Williams now has a beneficial interest in 489,944 Apple shares worth $81.5 million. Katherine Adams now has a beneficial interest in 368,457 Apple shares worth $61.3 million. Luca Maestri now has a beneficial interest in 107,788 Apple shares worth $17.9 million. Susan L. Wagner now has a beneficial interest in 1,516 Apple shares worth $252,050. Ronald D. Sugar now has a beneficial interest in 1,516 Apple shares worth $252,050. Alex Gorsky now has a beneficial interest in 1,516 Apple shares worth $252,050. Monica Lozano now has a beneficial interest in 1,516 Apple shares worth $252,050. Andrea Jung now has a beneficial interest in 1,516 Apple shares worth $252,050. Insider selling Summary in the past 12 months Name No. of Shares Price, $ Value, $ Cook Timothy D [CEO] 493,051 170.4 84,018,251 Adams Katherine L. [Senior Vice President] 315,941 176.5 55,767,228 Williams Jeffrey E [COO] 206,764 171.5 35,467,204 Maestri Luca [CFO] 187,085 172.2 32,217,938 Levinson Arthur D [Chairman] 100,000 180.9 18,094,000 Total 1,302,841 173.1 225,564,621 Peer Comparison & Ranking of AAPL GLOBAL PEER COMPARISON: AAPL - SIZE (all figures in $) In its Global Peer Group of 9 companies AAPL is ranked first (1) by MCap, Revenue, Net Profit and Total Assets. Name (Code) MCap Revenue Net Profit Total Assets Rank of AAPL 1 1 1 1 Apple (AAPL) 2,567.4B 383.3B 97B 352.6B Meta Platforms (META) 1,059.8B 116.6B 23.2B 185.7B ASML (ASML) 348.9B 22.6B 6.8B 41.4B Oracle (ORCL) 314.8B 50B 8.5B 134.4B Accenture (ACN) 199.6B 64.1B 6.9B 51.2B IBM (IBM) 166.8B 60.5B 1.6B 127.2B Siemens (SIE) 148.2B 82.9B 8.5B 154.6B Analog Devices (ADI) 92.9B 12.3B 3.3B 48.8B Palo Alto Networks (PANW) 91B 6.9B 439.7M 14.5B GLOBAL PEER COMPARISON: AAPL - RELATIVE VALUE INDICATORS In value terms, comparing relative value of its shares, AAPL is ranked + 7 out of 9 by Dividend Yield (%) [0.6] + 2 out of 9 by Price/Earnings per share [26.8] + 5 out of 9 by Price/Sales per share [6.7] + 4 out of 9 by Price/Book value per share [41.0] Name (Code) Currency Code Last Price Div Yld (%) P/E P/S P/Book Rank of AAPL by value 7 2 5 4 Apple (AAPL) USD 166.3 0.6 26.8 6.7 41.0 Meta Platforms (META) USD 481.7 0.1 55.7 9.1 11.5 ASML (ASML) EUR 813.2 0.7 50.4 15.5 Oracle (ORCL) USD 114.5 1.4 36.5 6.3 Accenture (ACN) USD 317.4 1.6 29.1 3.1 18.3 IBM (IBM) USD 181.9 3.7 2.8 Siemens (SIE) EUR 174 2.7 15.5 1.8 28.1 Analog Devices (ADI) USD 186.4 1.9 27.8 7.4 Palo Alto Networks (PANW) USD 281.7 13.0 USD 1= 0.94 Euro (EUR) FAANG PEER COMPARISON: AAPL - SIZE (all figures in $) In its FAANG Peer Group of 5 companies (Facebook, Apple, Amazon, Netflix and Alphabet's Google) AAPL is ranked AAPL is ranked first (1) by MCap, Net Profit, second (2) by Revenue and third (3) by Total Assets. Name (Code) MCap Revenue Net Profit Total Assets Rank of AAPL 1 2 1 3 Apple (AAPL) 2,567.4B 383.3B 97B 352.6B Amazon (AMZN) 1,839B 514B (2.7B) 462.7B Meta Platforms (META) 1,059.8B 116.6B 23.2B 185.7B Alphabet Class A (GOOGL) 921B 282.8B 60B 365.3B Netflix (NFLX) 240.1B 31.6B 4.5B 48.6B FAANG PEER COMPARISON: AAPL - VALUATION INDICATORS In value terms, comparing relative value of its shares, AAPL is ranked + 1 out of 5 by Price/Earnings per share [26.8] + 3 out of 5 by Price/Sales per share [6.7] + 5 out of 5 by Price/Book value per share [41.0] Name (Code) Currency Code Last Price P/E P/S P/Book Rank of AAPL by value 1 3 5 Apple (AAPL) USD 166.3 26.8 6.7 41.0 Amazon (AMZN) USD 177.1 3.5 14.4 Meta Platforms (META) USD 481.7 55.7 9.1 11.5 Alphabet Class A (GOOGL) USD 156.3 33.6 3.2 4.0 Netflix (NFLX) USD 554.6 55.0 7.6 11.6 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Apple vs NASDAQ Market Out of 3,049 stocks and 7 units in the NASDAQ Market, Apple is ranked first(1) by Net Profit $, third(3) by Revenue, seventh(7) by Total Assets and Thirty-ninth(39) by ROA. NASDAQ Avg AAPL AAPL Rank Net Profit $ - 97 B 1 Revenue $ - 383.3 B 3 Total Assets $ - 352.6 B 7 ROA (%) 3.2 27.5 39 Premium to 52-Wk Low (%) 31.2 2.7 122 EBITDA Margin% 12.9 29.7 158 Yield (%) 0.7 0.6 645 P/Earnings 47.98x 26.99x 706 Total Debt/Equity (the lower the better) 0.6x 0.1x 807 Price/Net Tangible Assets 12.1x 41.3x 1739 Negative values are shown in brackets. MARKET SHARE Apple has a position of market dominance in the Technology sector. Apple vs Technology sector [Technology sector Total in Brackets] Revenue of $383.3 billion[80.6% of aggregate sector revenue of $700.9 billion; down from 80.8% in the previous year.] GLOBAL RANK [out of 46,507 stocks] AND RANK OF APPLE IN THE AMERICAN REGION [out of 9,737 stocks] Description Value Global Rank In Am Region Total Assets ($) 352.6B 242 102 Revenue ($) 383.3B 38 6 Net Profit ($) 97B 24 1 Return on Equity % 156.1 118 55 Net Profit Margin % 25.3 4,586 860 Price to Book 41.0 36,069 5,566 Price/Earnings 26.8 17,473 2,557 Yield % 0.6 20,263 3,346 PV1000 (1Year) $ 1,008 19,458 4,373 $ Change (1Year) % -1.0 18,693 4,195 RANK OF APPLE IN THE NASDAQ-100 INDEX [out of 91 stocks], IN THE NASDAQ MARKET [out of 3153 stocks] AND IN THE TECHNOLOGY SECTOR [out of 233 stocks] Description Value In NASDAQ-100 Index In NASDAQ Market In Technology sector Total Assets ($) 352.6B 4 6 1 Revenue ($) 383.3B 2 3 1 Net Profit ($) 97B 1 1 1 Return on Equity % 156.1 5 13 2 Net Profit Margin % 25.3 19 141 4 Price to Book 41.3 45 1,991 116 Price/Earnings 27.0 27 775 23 Yield % 0.6 42 660 17 PV1000 (1Year) $ 1,008 64 1,254 77 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Apple is ranked number 1 out of 264 listed technology companies in the United States with a market capitalization of $2,567.4 billion. Within its sector it has a relatively low P/E of 27 and moderate Price/Sales of 6.7. Finally, its earnings growth in the past 12 months has been a comparatively high 0.2%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1. Patents Number of Patents Issued to Apple by the US Patent Office and the European Patent Office A total of 31,334 patents were issued to Apple in the last ten years. In the past year 7,739 patents were issued, 2.5 times average of 3,133 patents per year. 12 months ended Apr 22 No. of Patents Issued 2024 7,739 2023 4,961 2022 3,003 2021 3,401 2020 3,045 2019 2,624 2018 2,579 2017 2,166 2016 1,469 2015 347 Total 31,334 Rank by patents issued in the past 12 months: Apple vs NASDAQ stocks Apple is ranked 2 by patents issued in the past year out of 3,665 NASDAQ listed companies. A total of 96,555 patents were issued to NASDAQ listed companies in the past year, an average of 82.7 patents per company. Apple received 7,677 patents in the past 12 months, 291 times average. 1 Tax & Dividend; 2 Financials as Reported FY 2023, Past 10 Years Tax & Dividend Average Income Tax Paid (Past 5 Years) In the past 5 years, Income Tax as % of profit before tax decreased from 15.9% to 14.7% and Income Tax as % of operating cash flow decreased from 15.9% to 14.7%. Description 2023 2022 2021 2020 2019 As % of profit before tax 14.7 16.2 13.3 14.4 15.9 As % of operating cash flow 14.7 16.2 13.3 14.4 15.9 The 5-year average of profit before tax was 14.9%. Footprint of Low Tax Subsidiaries Corporate Tax rate of Apple in country of incorporation: Subsidiary Incorporated in Corporate Tax Rate (%) Apple Sales International Ireland 12.5 Apple Operations International Ireland 12.5 Apple Operations Europe Ireland 12.5 Dividend History In the past 5 years annual dividends have increased by 19.0c from 77.0c to 96.0c. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years. Date Paid Value (c) Type 09 Feb 2024 24 Quarterly 10 Nov 2023 24 Quarterly 11 Aug 2023 24 Quarterly 12 May 2023 24 Quarterly Tr 12 Months 96 2022 - 2023 92 2021 - 2022 88 2020 - 2021 82 2019 - 2020 77 Financials as Reported FY 2023, Past 10 Years Financials as reported (FY 2023 [year-ended 30 September 2023 ]) 10-K RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $ Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (FY 2023 [year-ended 30 September 2023 ]) Description $ Million $ Million Sep 30, 2023 Sep 24, 2022 Change % Net sales: Products 298,085 316,199 Down 5.7 Services 85,200 78,129 Up 9.1 Total net sales 383,285 394,328 Down 2.8 Cost of sales: Products 189,282 201,471 Down 6.1 Services 24,855 22,075 Up 12.6 Total cost of sales 214,137 223,546 Down 4.2 Gross margin 169,148 170,782 Down 1.0 Operating expenses: Research and development 29,915 26,251 Up 14.0 Selling general and administrative 24,932 25,094 Down 0.6 Total operating expenses 54,847 51,345 Up 6.8 Operating income 114,301 119,437 Down 4.3 Other income/(expense) net -565 -334 Deterioration 69.2 Income before provision for income taxes 113,736 119,103 Down 4.5 Provision for income taxes 16,741 19,300 Down 13.3 Net income 96,995 99,803 Down 2.8 Earnings per share: Basic $6.16 $6.15 Up 0.2 Diluted $6.13 $6.11 Up 0.3 Shares used in computing earnings per share: Basic 15,744,231 16,215,963 Down 2.9 Diluted 15,812,547 16,325,819 Down 3.1 BALANCE SHEET AS REPORTED (FY 2023 [year-ended 30 September 2023 ]) Description $ Million $ Million Sep 30, 2023 Sep 24, 2022 Change % Current assets: Cash and cash equivalents 29,965 23,646 Up 26.7 Marketable securities 31,590 24,658 Up 28.1 Accounts receivable net 29,508 28,184 Up 4.7 Vendor non-trade receivables 31,477 32,748 Down 3.9 Inventories 6,331 4,946 Up 28.0 Other current assets 14,695 21,223 Down 30.8 Total current assets 143,566 135,405 Up 6.0 Non-current assets: Marketable securities 100,544 120,805 Down 16.8 Property plant and equipment net 43,715 42,117 Up 3.8 Other non-current assets 64,758 54,428 Up 19.0 Total non-current assets 209,017 217,350 Down 3.8 Total assets 352,583 352,755 Down Current liabilities: Accounts payable 62,611 64,115 Down 2.3 Other current liabilities 58,829 60,845 Down 3.3 Deferred revenue 8,061 7,912 Up 1.9 Commercial paper 5,985 9,982 Down 40.0 Term debt 9,822 11,128 Down 11.7 Total current liabilities 145,308 153,982 Down 5.6 Non-current liabilities: Term debt 95,281 98,959 Down 3.7 Other non-current liabilities 49,848 49,142 Up 1.4 Total non-current liabilities 145,129 148,101 Down 2.0 Total liabilities 290,437 302,083 Down 3.9 Commitments and contingencies Shareholders equity: Common stock and additional paid-in capital 0.00001 par value: 50400000 shares authorized; 15550061 and 15943425 shares issued and outstanding respectively 73,812 64,849 Up 13.8 Accumulated deficit -214 -3,068 Improved 93.0 Accumulated other comprehensive loss -11,452 -11,109 Deterioration 3.1 Total shareholders equity 62,146 50,672 Up 22.6 Total liabilities and shareholders equity 352,583 352,755 Down CASH FLOW AS REPORTED (FY 2023 [year-ended 30 September 2023 ]) Description $ Million $ Million Sep 30, 2023 Sep 24, 2022 Change % Operating activities: Net income 96,995 99,803 Down 2.8 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 11,519 11,104 Up 3.7 Share-based compensation expense 10,833 9,038 Up 19.9 Other -2,227 1,006 Deterioration Changes in operating assets and liabilities: Accounts receivable net -1,688 -1,823 Improved 7.4 Vendor non-trade receivables 1,271 -7,520 Recovery Inventories -1,618 1,484 Deterioration Other current and non-current assets -5,684 -6,499 Improved 12.5 Accounts payable -1,889 9,448 Deterioration Other current and non-current liabilities 3,031 6,110 Down 50.4 Cash generated by operating activities 110,543 122,151 Down 9.5 Investing activities: Purchases of marketable securities -29,513 -76,923 Improved 61.6 Proceeds from maturities of marketable securities 39,686 29,917 Up 32.7 Proceeds from sales of marketable securities 5,828 37,446 Down 84.4 Payments for acquisition of property plant and equipment -10,959 -10,708 Deterioration 2.3 Other -1,337 -2,086 Improved 35.9 Cash generated by/(used in) investing activities 3,705 -22,354 Recovery Financing activities: Payments for taxes related to net share settlement of equity awards -5,431 -6,223 Improved 12.7 Payments for dividends and dividend equivalents -15,025 -14,841 Deterioration 1.2 Repurchases of common stock -77,550 -89,402 Improved 13.3 Proceeds from issuance of term debt net 5,228 5,465 Down 4.3 Repayments of term debt -11,151 -9,543 Deterioration 16.9 Proceeds from/(Repayments of) commercial paper net -3,978 3,955 Deterioration Other -581 -160 Deterioration 263.1 Cash used in financing activities -108,488 -110,749 Improved 2.0 Increase/(Decrease) in cash cash equivalents and restricted cash 5,760 -10,952 Recovery Cash cash equivalents and restricted cash beginning balances 24,977 35,929 Down 30.5 Cash cash equivalents and restricted cash ending balances 30,737 24,977 Up 23.1 Download APPLE Financials Past 10 Years Description Sep 23 Sep 22 Sep 21 Sep 20 Sep 19 Income Statement Revenue per share 24,239.3 24,153.64 21.69 15.66 13.99 Tax (B) 16.7 19.3 14.5 9.7 10.5 Net profit (B) 97 99.8 94.7 57.4 55.3 EPS 6.16 6.15 5.67 3.31 2.99 Balance Sheet Equity Share Capital (B) 62.1 50.7 63.1 65.3 90.5 Retained Earnings (214 M) (3.1 B) 5.6 B 15 B 45.9 B Total Debt (B) 6 10 6 5 6 Total Assets (B) 352.6 352.8 351 323.9 338.5 Current Asset (B) 143.6 135.4 134.8 143.7 162.8 Fixed Asset (B) 43.7 42.1 39.4 36.8 37.4 Working Capital (B) (1.7) (18.6) 9.4 38.3 57.1 Cash Flow Operating Cash Flow (B) 110.5 122.2 104 80.7 69.4 Investing Cash Flow (B) 3.7 (22.4) (14.5) (4.3) 45.9 Financing Cash Flow (B) (108.5) (110.7) (93.4) (86.8) (91) Net Cash Flow (B) 5.8 (11) (3.9) (10.4) 24.3 Description Sep 18 Sep 17 Sep 16 Sep 15 Sep 14 Income Statement Revenue per share 53.12 43.65 39.21 40.34 29.86 Tax (B) 13.4 15.7 15.7 19.1 14 Net profit (B) 59.5 48.4 45.7 53.4 39.5 EPS 3 2.32 2.09 2.32 1.62 Balance Sheet Equity Share Capital (B) 107.1 134 128.2 119.4 111.5 Retained Earnings (B) 66.9 98.2 97 91.9 88.2 Total Debt (B) 12 12 87 64.3 35.3 Total Assets (B) 365.7 375.3 321.7 290.3 231.8 Current Asset (B) 131.3 128.6 106.9 89.4 68.5 Fixed Asset (B) 41.3 33.8 27 22.5 20.6 Working Capital (B) 15.4 27.8 27.9 8.8 5.1 Cash Flow Operating Cash Flow (B) 77.4 64.2 65.8 81.3 59.7 Investing Cash Flow (B) 16.1 (46.4) (46) (56.3) (22.6) Financing Cash Flow (B) (87.9) (18) (20.5) (17.7) (37.5) Net Cash Flow 5.6 B (195 M) (636 M) 7.3 B (415 M)