Apple
AAPL Nasdaq Technology Hardware, Storage & Peripherals 金融 FY2016–FY2025
Apple's revenue rose 6.4% to $416.2 billion in fiscal 2025. Its operating margin was 32.0%, up from 31.5% a year earlier. Free cash flow was $98.8 billion, down 9.2%. It paid out $106.1 billion in dividends and buybacks, 107% of free cash flow. The diluted share count fell 2.6%.
关于这些数据。 Share counts and per-share figures for earlier years are restated for a stock split (4-for-1), so every year is on today's share basis.
Apple 的业务
Apple designs and sells the iPhone, Mac computers, iPad tablets, and wearable and home devices such as Apple Watch, AirPods, the Vision Pro headset, Apple TV and HomePod speakers. Each runs Apple's own operating system. It also sells services: the App Store, subscriptions such as Apple Music, Apple TV, Apple Arcade and Apple Fitness+, iCloud storage, AppleCare repair and support plans, advertising, and payment services including Apple Pay and Apple Card. Its customers are consumers, businesses of all sizes, schools and governments around the world.
The iPhone brings in the largest share of sales, and services are the second-largest line. Apple organizes its business by region, with five segments: the Americas, Europe (which also includes India, the Middle East and Africa), Greater China, Japan and the rest of Asia Pacific. It sells through its own stores, website and sales force, and through phone carriers and other resellers; in fiscal 2025 those direct and indirect channels made up 40% and 60% of net sales. Apple says its markets are crowded with rivals that cut prices and copy its features, and that it has a minority share of the global smartphone, computer, tablet and wearables markets.
Apple had about 166,000 full-time equivalent employees in September 2025. Outside partners, many of them outside the United States, make most of its products, and some parts come from a single supplier. Sales are usually highest in the holiday quarter.
- 法定名称
- Apple Inc.
- 财年结束日
- 2025年9月27日
- 最新年报
- 10-K · 2025年10月31日
- 登记号 · CIK
- 0000320193-25-000079
0000320193
营收与利润率
Apple 在 2025 财年 营收为 $416.2B，同比增长 6.4%。
净利润与每股收益
从 2016 财年到 2025 财年，稀释每股收益年均增长 15.2%。 亏损期间以红色显示。
资本回报率
税后营业利润占投入业务资金(债务加股东权益减现金)的比例。
现金流
2025 财年 的自由现金流为 $98.8B，占营收的 23.7%。 经营现金流减资本支出。
股息、回购与股数
Apple 在 2025 财年 向股东返还 $106.1B，占自由现金流的 107%。 稀释股数减少 2.6%。
自己评估 Apple
调整假设，查看对应的每股价值。这些是模型，不是预测或目标价，结果完全取决于你的输入。
现金流折现
每股价值
—
加上净现金 −$45.2B，再除以 15,004.7M 稀释股数。十年现金流加终值，折现至今天。
盈利倍数
每股价值
—
参考倍数：当前 39.9x · 同业 20.9x · 板块 33.0x。
资产负债表
现金、债务以及显示 Apple 承担债务能力的指标。
| 财年末 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 现金及短期投资 | $62.6B | $48.3B | $61.6B | $65.2B | $54.7B |
| 债务(含融资租赁) | $125.6B | $121.0B | $112.1B | $107.5B | $99.9B |
| 净债务 / EBITDA | 0.5x | 0.6x | 0.4x | 0.3x | 0.3x |
| 债务 / 股东权益 | 2.0x | 2.4x | 1.8x | 1.9x | 1.4x |
| 利息保障倍数 | 41.2x | 40.8x | 29.1x | — | — |
| 流动比率 | 1.1x | 0.9x | 1.0x | 0.9x | 0.9x |
| 速动比率 | 1.0x | 0.9x | 0.9x | 0.8x | 0.9x |
| 总资产 | $351.0B | $352.8B | $352.6B | $365.0B | $359.2B |
| 总负债 | $287.9B | $302.1B | $290.4B | $308.0B | $285.5B |
| 股东权益 | $63.1B | $50.7B | $62.1B | $57.0B | $73.7B |
| 净债务 (− = 净现金) | $62.9B | $72.7B | $50.6B | $42.4B | $45.2B |
内部人交易
高管、董事和持股超过 10% 的股东在公开市场的买卖，数据来自 Form 4 申报。“计划”表示依据事先制定的 Rule 10b5-1 计划进行的交易。
买入(12 个月)
$0.0M
0 名内部人士
卖出(12 个月)
$93.7M
6 名内部人士
卖出中按计划执行的比例
100%
$93.7M
| 日期 | 内部人士 | 交易 | 股数 | 股价 | 金额 | 文件 |
|---|---|---|---|---|---|---|
| 2026年10月20日 | Jennifer NewsteadSVP, GC and Government Affairs | 卖出 计划 | 2,399 | $339.62 | $0.8M | Form 4 |
| 2026年10月16日 | Ben BordersPrincipal Accounting Officer | 卖出 计划 | 1,280 | $345.40 | $0.4M | Form 4 |
| 2026年10月16日 | Kevan ParekhSenior Vice President, CFO | 卖出 计划 | 1,392 | $345.05 | $0.5M | Form 4 |
| 2026年10月13日 | Jennifer NewsteadSVP, GC and Government Affairs | 卖出 计划 | 2,399 | $345.00 | $0.8M | Form 4 |
| 2026年10月6日 | Jennifer NewsteadSVP, GC and Government Affairs | 卖出 计划 | 2,399 | $332.01 | $0.8M | Form 4 |
| 2026年10月2日 | Deirdre O'BrienSenior Vice President | 卖出 计划 | 46,389 | $333.42 | $15.5M | Form 4 |
| 2026年10月2日 | John TernusCEO, Director | 卖出 计划 | 25,412 | $332.94 | $8.5M | Form 4 |
| 2026年10月2日 | Timothy D CookExecutive Chair, Director | 卖出 计划 | 191,753 | $332.96 | $63.8M | Form 4 |
| 2026年9月29日 | Jennifer NewsteadSVP, GC and Government Affairs | 卖出 计划 | 2,399 | $336.18 | $0.8M | Form 4 |
| 2026年9月22日 | Jennifer NewsteadSVP, GC and Government Affairs | 卖出 计划 | 2,399 | $340.06 | $0.8M | Form 4 |
| 2026年9月15日 | Jennifer NewsteadSVP, GC and Government Affairs | 卖出 计划 | 1,438 | $330.19 | $0.5M | Form 4 |
| 2026年9月8日 | Jennifer NewsteadSVP, GC and Government Affairs | 卖出 计划 | 1,438 | $317.23 | $0.5M | Form 4 |
Piotroski F 分数
关于盈利能力、融资和效率的九项通过/未通过测试。8–9 为强，0–2 为弱。
| 测试项 | FY23 | FY24 | FY25 |
|---|---|---|---|
| 净利润为正 | ✓ | ✓ | ✓ |
| 经营现金流为正 | ✓ | ✓ | ✓ |
| 资产回报率上升 | ✕ | ✕ | ✓ |
| 经营现金流高于净利润 | ✓ | ✓ | ✕ |
| 债务相对资产下降 | ✓ | ✓ | ✓ |
| 流动比率上升 | ✓ | ✕ | ✓ |
| 股数未增加 | ✓ | ✓ | ✓ |
| 毛利率上升 | ✓ | ✓ | ✓ |
| 营收相对资产上升 | ✕ | ✓ | ✓ |
| F 分数 | 7 / 9 | 7 / 9 | 8 / 9 |
| 应计比率 | −3.8% | −6.8% | 0.2% |
| Altman Z'' | 2.37 | 1.87 | 2.31 |
相似公司
各公司最近一个财年的数据。各公司财年结束月份不同，因此期间并不完全一致。
| 公司 | 市值 | 增长 | 营业利润率 | 自由现金流利润率 | ROIC | 市盈率 | F 分数 | |
|---|---|---|---|---|---|---|---|---|
| Apple AAPL | $5.12T | 6.4% | 32.0% | 23.7% | 102.9% | 39.9x | 8 | |
| Microsoft MSFT | $3.91T | 17.8% | 46.8% | 20.2% | 30.9% | — | 6 | 比较 → |
| Alphabet GOOGL | $3.94T | 15.1% | 32.0% | 18.2% | 36.7% | 16.1x | 8 | 比较 → |
| Amazon AMZN | $2.70T | 12.4% | 11.2% | 1.1% | 20.6% | 20.0x | 6 | 比较 → |
| Meta Platforms META | $1.65T | 22.2% | 41.4% | 22.9% | 35.5% | 21.9x | 6 | 比较 → |
10 年数据
金额单位为 USD。将鼠标悬停在指标名称上可查看定义。
| 财年 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营收 | $215.6B | $229.2B | $265.6B | $260.2B | $274.5B | $365.8B | $394.3B | $383.3B | $391.0B | $416.2B |
| 毛利 | $84.3B | $88.2B | $101.8B | $98.4B | $105.0B | $152.8B | $170.8B | $169.1B | $180.7B | $195.2B |
| 研发支出 | $10.0B | $11.6B | $14.2B | $16.2B | $18.8B | $21.9B | $26.3B | $29.9B | $31.4B | $34.6B |
| 营业利润 | $60.0B | $61.3B | $70.9B | $63.9B | $66.3B | $108.9B | $119.4B | $114.3B | $123.2B | $133.1B |
| 利息支出 | $1.5B | $2.3B | $3.2B | $3.6B | $2.9B | $2.6B | $2.9B | $3.9B | — | — |
| 税前利润 | $61.4B | $64.1B | $72.9B | $65.7B | $67.1B | $109.2B | $119.1B | $113.7B | $123.5B | $132.7B |
| 所得税 | $15.7B | $15.7B | $13.4B | $10.5B | $9.7B | $14.5B | $19.3B | $16.7B | $29.7B | $20.7B |
| 净利润 | $45.7B | $48.4B | $59.5B | $55.3B | $57.4B | $94.7B | $99.8B | $97.0B | $93.7B | $112.0B |
| 稀释每股收益 | $2.08 | $2.30 | $2.98 | $2.97 | $3.28 | $5.61 | $6.11 | $6.13 | $6.08 | $7.46 |
| 稀释股数 | 22.00B | 21.01B | 20.00B | 18.60B | 17.53B | 16.86B | 16.33B | 15.81B | 15.41B | 15.00B |
| 现金流 | ||||||||||
| 经营现金流 | $66.2B | $64.2B | $77.4B | $69.4B | $80.7B | $104.0B | $122.2B | $110.5B | $118.3B | $111.5B |
| 资本支出 | $12.7B | $12.5B | $13.3B | $10.5B | $7.3B | $11.1B | $10.7B | $11.0B | $9.4B | $12.7B |
| 自由现金流 | $53.5B | $51.8B | $64.1B | $58.9B | $73.4B | $93.0B | $111.4B | $99.6B | $108.8B | $98.8B |
| 折旧与摊销 | $10.5B | $10.2B | $10.9B | $12.5B | $11.1B | $11.3B | $11.1B | $11.5B | $11.4B | $11.7B |
| 股权激励 | $4.2B | $4.8B | $5.3B | $6.1B | $6.8B | $7.9B | $9.0B | $10.8B | $11.7B | $12.9B |
| 收购 | $297M | $329M | $721M | $624M | $1.5B | $33.0M | $306M | $0.0M | $0.0M | $0.0M |
| 股票回购 | $29.7B | $32.9B | $72.7B | $66.9B | $72.4B | $86.0B | $89.4B | $77.6B | $94.9B | $90.7B |
| 已付股息 | $12.0B | $12.6B | $13.7B | $14.1B | $14.1B | $14.5B | $14.8B | $15.0B | $15.2B | $15.4B |
| 股息与回购 | $41.7B | $45.5B | $86.5B | $81.0B | $86.4B | $100.4B | $104.2B | $92.6B | $110.2B | $106.1B |
| 资产负债表 | ||||||||||
| 现金及短期投资 | $20.5B | $20.3B | $66.3B | $100.6B | $90.9B | $62.6B | $48.3B | $61.6B | $65.2B | $54.7B |
| 总债务 | $87.0B | $115.7B | $114.5B | $108.0B | $112.4B | $124.7B | $120.1B | $111.1B | $106.6B | $98.7B |
| 融资租赁负债 | $0.0M | $0.0M | $0.0M | $0.0M | $661M | $848M | $941M | $1.0B | $896M | $1.2B |
| 流动资产 | $106.9B | $128.6B | $131.3B | $162.8B | $143.7B | $134.8B | $135.4B | $143.6B | $153.0B | $148.0B |
| 流动负债 | $79.0B | $100.8B | $115.9B | $105.7B | $105.4B | $125.5B | $154.0B | $145.3B | $176.4B | $165.6B |
| 存货 | $2.1B | $4.9B | $4.0B | $4.1B | $4.1B | $6.6B | $4.9B | $6.3B | $7.3B | $5.7B |
| 固定资产净额 | $27.0B | $33.8B | $41.3B | $37.4B | $36.8B | $39.4B | $42.1B | $43.7B | $45.7B | $49.8B |
| 总资产 | $321.7B | $375.3B | $365.7B | $338.5B | $323.9B | $351.0B | $352.8B | $352.6B | $365.0B | $359.2B |
| 总负债 | $193.4B | $241.3B | $258.6B | $248.0B | $258.5B | $287.9B | $302.1B | $290.4B | $308.0B | $285.5B |
| 股东权益 | $128.2B | $134.0B | $107.1B | $90.5B | $65.3B | $63.1B | $50.7B | $62.1B | $57.0B | $73.7B |
| 利润率 | ||||||||||
| 毛利率 | 39.1% | 38.5% | 38.3% | 37.8% | 38.2% | 41.8% | 43.3% | 44.1% | 46.2% | 46.9% |
| 营业利润率 | 27.8% | 26.8% | 26.7% | 24.6% | 24.2% | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% |
| EBITDA 利润率 | 32.7% | 31.2% | 30.8% | 29.4% | 28.2% | 32.9% | 33.1% | 32.8% | 34.4% | 34.8% |
| 净利率 | 21.2% | 21.1% | 22.4% | 21.2% | 20.9% | 25.9% | 25.3% | 25.3% | 24.0% | 26.9% |
| 自由现金流利润率 | 24.8% | 22.6% | 24.1% | 22.6% | 26.7% | 25.4% | 28.3% | 26.0% | 27.8% | 23.7% |
| 回报率 | ||||||||||
| 资本回报率 | 25.0% | 21.8% | 30.1% | 42.4% | 61.2% | 88.5% | 80.3% | 82.6% | 88.2% | 102.9% |
| 已动用资本回报率 | 26.5% | 23.7% | 27.0% | 26.5% | 29.4% | 49.1% | 56.3% | 56.3% | 62.3% | 69.6% |
| 股本回报率 | 36.9% | 36.9% | 49.4% | 55.9% | 73.7% | 147.4% | 175.5% | 172.0% | 157.4% | 171.4% |
| 资产回报率 | 14.9% | 13.9% | 16.1% | 15.7% | 17.3% | 28.1% | 28.4% | 27.5% | 26.1% | 30.9% |
| 增长 | ||||||||||
| 营收增长 | −7.7% | 6.3% | 15.9% | −2.0% | 5.5% | 33.3% | 7.8% | −2.8% | 2.0% | 6.4% |
| 净利润增长 | −14.4% | 5.8% | 23.1% | −7.2% | 3.9% | 64.9% | 5.4% | −2.8% | −3.4% | 19.5% |
| 每股收益增长 | −9.9% | 10.8% | 29.4% | −0.3% | 10.4% | 71.0% | 8.9% | 0.3% | −0.8% | 22.7% |
| 自由现金流增长 | −23.6% | −3.2% | 23.9% | −8.2% | 24.6% | 26.7% | 19.9% | −10.6% | 9.3% | −9.2% |
| 股数变化 | −5.1% | −4.5% | −4.8% | −7.0% | −5.7% | −3.8% | −3.2% | −3.1% | −2.6% | −2.6% |
| 财务健康 | ||||||||||
| 净债务 / EBITDA | 0.9x | 1.3x | 0.6x | 0.1x | 0.3x | 0.5x | 0.6x | 0.4x | 0.3x | 0.3x |
| 债务 / 股东权益 | 0.7x | 0.9x | 1.1x | 1.2x | 1.7x | 2.0x | 2.4x | 1.8x | 1.9x | 1.4x |
| 利息保障倍数 | 41.2x | 26.4x | 21.9x | 17.9x | 23.1x | 41.2x | 40.8x | 29.1x | — | — |
| 流动比率 | 1.4x | 1.3x | 1.1x | 1.5x | 1.4x | 1.1x | 0.9x | 1.0x | 0.9x | 0.9x |
| 速动比率 | 1.3x | 1.2x | 1.1x | 1.5x | 1.3x | 1.0x | 0.9x | 0.9x | 0.8x | 0.9x |
| 资本配置 | ||||||||||
| 资本支出 / 营收 | 5.9% | 5.4% | 5.0% | 4.0% | 2.7% | 3.0% | 2.7% | 2.9% | 2.4% | 3.1% |
| 股权激励 / 营收 | 2.0% | 2.1% | 2.0% | 2.3% | 2.5% | 2.2% | 2.3% | 2.8% | 3.0% | 3.1% |
| 股东回报 / 自由现金流 | 77.9% | 87.8% | 134.8% | 137.6% | 117.8% | 108.1% | 93.5% | 93.0% | 101.3% | 107.5% |
| 质量评分 | ||||||||||
| Piotroski F 分数 | 5.0 | 4.0 | 6.0 | 7.0 | 7.0 | 7.0 | 6.0 | 7.0 | 7.0 | 8.0 |
| Altman Z'' | 3.5 | 3.0 | 2.6 | 3.2 | 2.6 | 2.5 | 2.1 | 2.4 | 1.9 | 2.3 |
| 应计比率 | −6.7% | −4.6% | −4.8% | −4.0% | −7.0% | −2.8% | −6.4% | −3.8% | −6.8% | 0.2% |
来源：SEC EDGAR XBRL 文件 (CIK 0000320193). 数据更新于 2026年10月9日。 第四季度数据为全年减去前九个月。 仅供参考，不构成投资建议。依赖任何数字前，请核对原始文件。