Apple

APC.DE

Consumer Electronics · Technology

Price

€266.55

-4.60 (-1.70%)

Market Cap

€3.91T

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Strong

Valuation

Mixed

Dividends

Mixed

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Share count falling — buybacks

−11.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 16.86B (2021) → 15.00B (2025)

Winston Score History

The full picture

Apple makes smartphones, computers, tablets, and smartwatches. Its most important product is the iPhone, which accounts for the majority of its revenue. It sells directly to everyday consumers and also to businesses and schools around the world, making it one of the most recognized consumer electronics brands on the planet.

Apple earns money by selling hardware at premium prices and by charging for services like the App Store, Apple Music, iCloud storage, and Apple TV+. It operates globally, with major markets in the United States, Europe, and China, and generates roughly $380 billion in annual revenue. Its biggest competitive advantage is the tight connection between its hardware and software, which makes customers unlikely to switch to competitors — but its heavy dependence on China for both manufacturing and sales remains a significant risk, as trade tensions or supply chain disruptions could meaningfully hurt the business.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+29.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$34.5B/ year

↑ Rising (+10% vs prior year)

8.3% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

0.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$146.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Apple is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

50.1%

Healthy — 50.1% gross margin

Profit after running costs

Operating Margin

32.6%

Excellent — 32.6% operating margin

Return on the money invested

ROCE

80.6%

Exceptional — 80.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+14.2%

Fast-growing sales (+14.2% YoY)

Profit growth

EPS YoY

+32.3%

Earnings growing fast (+32.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

114%

Turns 114% of profit into real cash

Spare cash per sale

FCF Margin

29.3%

Converts sales into free cash efficiently (29.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.78

Moderate — manageable debt (0.78)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

30.5x

Pricey — P/E 30.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+1.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

0.34%

Small dividend — 0.34% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+4.2%

Dividend growing modestly (4.2% YoY)

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