Apple vs Alphabet
Add, change or remove companies; up to four.
The short version
- Apple is the larger business, with $416.2B of revenue in fiscal 2025 against $402.8B for Alphabet.
- Alphabet grew revenue faster (15.1%, against 6.4%).
- Apple turned more of its sales into free cash flow (23.7% FCF margin, against 18.2%).
- Apple earned a higher return on the capital invested in it (102.9%, against 36.7%).
- Investors pay more for each dollar of Apple’s earnings: a P/E of 39.9x against 16.1x for Alphabet.
| Latest fiscal year | AAPL · FY25 | GOOGL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.12T | $3.94T |
| Revenue | $416.2B | $402.8B |
| Free cash flow | $98.8B | $73.3B |
| Net income | $112.0B | $132.2B |
| Growth | ||
| Revenue growth | 6.4% | 15.1% |
| 5-year growth | 8.7% | 17.2% |
| Share count change | −2.6% | −1.7% |
| Profitability | ||
| Gross margin | 46.9% | 59.7% |
| Operating margin | 32.0% | 32.0% |
| Net margin | 26.9% | 32.8% |
| FCF margin | 23.7% | 18.2% |
| Return on capital | 102.9% | 36.7% |
| Return on equity | 171.4% | 35.7% |
| Balance sheet | ||
| Net debt | $45.2B | −$75.3B |
| Net debt / EBITDA | 0.3x | −0.5x |
| Dividends and buybacks | $106.1B | $55.8B |
| Valuation & quality | ||
| P/E | 39.9x | 16.1x |
| Piotroski F-score | 8 | 8 |
Revenue
FY16
AAPL $215.6B
GOOGL $90.3B
FY17
AAPL $229.2B
GOOGL $110.9B
FY18
AAPL $265.6B
GOOGL $136.8B
FY19
AAPL $260.2B
GOOGL $161.9B
FY20
AAPL $274.5B
GOOGL $182.5B
FY21
AAPL $365.8B
GOOGL $257.6B
FY22
AAPL $394.3B
GOOGL $282.8B
FY23
AAPL $383.3B
GOOGL $307.4B
FY24
AAPL $391.0B
GOOGL $350.0B
FY25
AAPL $416.2B
GOOGL $402.8B
AAPL
GOOGL
Operating margin
FY16
AAPL 27.8%
GOOGL 26.3%
FY17
AAPL 26.8%
GOOGL 23.6%
FY18
AAPL 26.7%
GOOGL 20.1%
FY19
AAPL 24.6%
GOOGL 21.2%
FY20
AAPL 24.2%
GOOGL 22.6%
FY21
AAPL 29.8%
GOOGL 30.6%
FY22
AAPL 30.3%
GOOGL 26.5%
FY23
AAPL 29.8%
GOOGL 27.4%
FY24
AAPL 31.5%
GOOGL 32.1%
FY25
AAPL 32.0%
GOOGL 32.0%
AAPL
GOOGL
Free cash flow
FY16
AAPL $53.5B
GOOGL $25.8B
FY17
AAPL $51.8B
GOOGL $23.9B
FY18
AAPL $64.1B
GOOGL $22.8B
FY19
AAPL $58.9B
GOOGL $31.0B
FY20
AAPL $73.4B
GOOGL $42.8B
FY21
AAPL $93.0B
GOOGL $67.0B
FY22
AAPL $111.4B
GOOGL $60.0B
FY23
AAPL $99.6B
GOOGL $69.5B
FY24
AAPL $108.8B
GOOGL $72.8B
FY25
AAPL $98.8B
GOOGL $73.3B
AAPL
GOOGL
Return on capital
FY16
AAPL 25.0%
GOOGL 35.0%
FY17
AAPL 21.8%
GOOGL 23.5%
FY18
AAPL 30.1%
GOOGL 38.1%
FY19
AAPL 42.4%
GOOGL 37.2%
FY20
AAPL 61.2%
GOOGL 36.4%
FY21
AAPL 88.5%
GOOGL 56.9%
FY22
AAPL 80.3%
GOOGL 43.5%
FY23
AAPL 82.6%
GOOGL 41.8%
FY24
AAPL 88.2%
GOOGL 43.4%
FY25
AAPL 102.9%
GOOGL 36.7%
AAPL
GOOGL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.