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Apple Inc. key statistics and ratios

In fiscal 2026, Apple Inc. had return on equity of 142.3%, an operating margin of 33.0%, debt equal to 71.5% of equity and a current ratio of 1.02. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Sept 20102011Sept 20112012Sept 20122013Sept 20132014Sept 20142015Sept 20152016Sept 20162017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 20252026Sept 2026
Gross margin39.4%40.5%43.9%37.6%38.6%40.1%39.1%38.5%38.3%37.8%38.2%41.8%43.3%44.1%46.2%46.9%48.8%
Operating margin28.2%31.2%35.3%28.7%28.7%30.5%27.8%26.8%26.7%24.6%24.1%29.8%30.3%29.8%31.5%32.0%33.0%
Net margin21.5%23.9%26.7%21.7%21.6%22.8%21.2%21.1%22.4%21.2%20.9%25.9%25.3%25.3%24.0%26.9%27.6%
Free-cash-flow margin25.4%30.7%27.2%26.6%27.4%30.0%24.8%22.6%24.1%22.6%26.7%25.4%28.3%26.0%27.8%23.7%28.4%
Return on equity29.3%41.7%42.8%30.6%33.6%46.2%36.9%36.9%49.4%55.9%73.7%147.4%175.5%171.9%157.4%171.4%142.3%
Return on assets18.6%27.1%28.5%19.3%18.0%20.5%14.9%13.9%16.1%15.7%17.3%28.1%28.4%27.5%26.1%30.9%34.6%
Asset turnover0.871.131.070.890.830.900.700.660.720.740.831.081.121.091.091.151.25
Current ratio2.011.611.501.681.081.111.351.281.131.541.361.070.880.990.870.891.02
Debt to equity0.0%0.0%0.0%13.8%31.6%53.9%67.9%86.3%106.8%119.4%172.1%197.7%237.0%178.8%187.2%133.8%71.5%
Interest cover (operating income ÷ interest)————136.7x97.2x41.2x26.4x21.9x17.9x23.1x41.2x40.7x29.1x———
Effective tax rate24.4%24.2%25.2%26.2%26.1%26.4%25.6%24.6%18.3%15.9%14.4%13.3%16.2%14.7%24.1%15.6%17.0%
R&D as % of revenue2.7%2.2%2.2%2.6%3.3%3.5%4.7%5.1%5.4%6.2%6.8%6.0%6.7%7.8%8.0%8.3%9.6%
SG&A as % of revenue8.5%7.0%6.4%6.3%6.6%6.1%6.6%6.7%6.3%7.0%7.3%6.0%6.4%6.5%6.7%6.6%6.2%
Capital spending as % of revenue3.1%3.9%5.3%4.8%5.2%4.8%5.9%5.4%5.0%4.0%2.7%3.0%2.7%2.9%2.4%3.1%1.9%
Free cash flow ÷ net income118.4%128.3%102.0%122.9%126.9%131.1%117.1%107.1%107.7%106.6%127.8%98.2%111.7%102.7%116.1%88.2%102.9%
Dividends ÷ net income———28.4%27.9%21.7%26.6%26.4%23.0%25.6%24.5%15.3%14.9%15.5%16.3%13.8%11.9%
Dividends and buybacks ÷ free cash flow—0.0%0.0%73.4%111.7%66.9%78.3%88.2%134.8%137.6%117.8%108.1%93.5%93.0%101.3%107.5%75.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · September 26, 2026
What it owns · $404.5bn
Short-term assets $173.9bnLonger-term assets $230.7bn
What it owes, and who funded it · $404.5bn
Short-term liabilities $169.9bnLonger-term liabilities $122.5bnShareholders' equity $112.1bn
  • Short-term assets cover short-term liabilities $173.9bn of assets due within a year against $169.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $173.9bn short-term assets against $122.5bn of longer-dated liabilities.
  • More cash than debt $36.3bn of cash against $78.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 70% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 153% to 70% over five years.
  • A year's operating cash flow covers at least 20% of debt $145.1bn of operating cash flow against $78.1bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Apple Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

87 /100

Strong moat

How hard Apple's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 38.6% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 42.5%, moving by 3.9 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 29.8%; its worst year was 24.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 25.7% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 12.7% over five years; stock-based pay has been a median 2.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (92 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: AAPL vs DELLAAPL vs HPQAAPL vs HPE

More: Technology Hardware, Storage & Peripherals stocks compared, Technology sector, rankings of US companies

Figures from Apple Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Apple Inc.