Apple Inc.
AAPL · Electronic Computers · 14.69B shares · -4%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $66.7B (gross $77.5B, SBC $10.8B)
Reference price $295.14 · est. market cap ~$4.3T — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A90Unmatched cash-generation machine with elite margins and returns; thin liquidity and modest growth are the only caveats.
Strengths
- Unmatched free cash flow — FCF $98.77B (100th), FCF margin 23.7%
- Elite margins and returns — operating margin 32.0% (94th), ROA 31.2% (99th), ROE 151.9% (95th)
- Durable ecosystem and pricing power — qualitative (per 10-K)
Risks
- Thin liquidity — current ratio 0.89 (9th), quick ratio 0.86 — structural given buybacks
- Modest growth — revenue +6.4% (36th)
- Supply-chain/China concentration and regulatory risk per risk factors — qualitative (per 10-K)
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Weak liquidityCurrent ratio 0.89 (<1)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Buying back stockNet buyback — share count -4%/yr over 4y
- FDA approvalFDA clearance/approval — Medical Imaging Calibration Feature (MICF) (2026-04-01)
- Notable holderHeld by 8 notable fund(s): STATE STREET CORP, FMR LLC, BERKSHIRE HATHAWAY INC +5 more (as of 2026-03-31)
- Insider sellingInsider selling — 14 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$112M, last 6mo) Form 4 ↗
- Revenue declineRevenue -22.7% YoY
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
46.9%
Operating margin
32.0%
Net margin
26.9%
Return on equity
151.9%
Return on assets
31.2%
ROIC
69.1%
Revenue growth (QoQ)
-22.7%
Net-income growth
19.5%
Debt / equity
1.1×
Net debt / EBITDA
-0.4×
Current ratio
0.9×
Free cash flow
$98.8B
EBITDA
$144.7B
Tangible book value
$73.7B
Cash & investments
$132.4B
Stock comp / revenue
3.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | Borders Ben | Sell | 116 | $295.14 |
| 2026-06-15 | Newstead Jennifer | Tax withheld | 16K | $296.42 |
| 2026-06-15 | Borders Ben | Option exercise | 240 | — |
| 2026-06-15 | Borders Ben | Tax withheld | 124 | $296.42 |
| 2026-06-15 | Newstead Jennifer | Option exercise | 30K | — |
| 2026-05-27 | LEVINSON ARTHUR D | Sell | 50K | $311.02 |
| 2026-05-27 | LEVINSON ARTHUR D | Gift | 65K | — |
| 2026-05-08 | Borders Ben | Sell | 1.3K | $290.00 |
| 2026-05-06 | LEVINSON ARTHUR D | Sell | 150K | $284.57 |
| 2026-05-06 | LEVINSON ARTHUR D | Sell | 100K | $285.04 |
| 2026-05-06 | LEVINSON ARTHUR D | Gift | 5.0K | — |
| 2026-04-23 | Parekh Kevan | Sell | 1.5K | $275.00 |
| 2026-04-15 | Borders Ben | Option exercise | 1.7K | — |
| 2026-04-15 | Borders Ben | Tax withheld | 892 | $266.43 |
| 2026-04-15 | Parekh Kevan | Option exercise | 11K | — |
| 2026-04-15 | Parekh Kevan | Tax withheld | 4.8K | $266.43 |
| 2026-04-02 | O'BRIEN DEIRDRE | Sell | 20K | $255.12 |
| 2026-04-02 | O'BRIEN DEIRDRE | Sell | 9.7K | $255.82 |
| 2026-04-02 | COOK TIMOTHY D | Sell | 5.1K | $251.25 |
| 2026-04-02 | COOK TIMOTHY D | Sell | 9.1K | $252.11 |
| 2026-04-02 | COOK TIMOTHY D | Sell | 1.9K | $253.13 |
| 2026-04-02 | COOK TIMOTHY D | Sell | 16K | $254.37 |
| 2026-04-02 | COOK TIMOTHY D | Sell | 28K | $255.17 |
| 2026-04-02 | COOK TIMOTHY D | Sell | 4.6K | $256.00 |
| 2026-04-01 | COOK TIMOTHY D | Tax withheld | 67K | $255.63 |
| 2026-04-01 | O'BRIEN DEIRDRE | Option exercise | 64K | — |
| 2026-04-01 | O'BRIEN DEIRDRE | Tax withheld | 34K | $255.63 |
| 2026-04-01 | Khan Sabih | Option exercise | 64K | — |
| 2026-04-01 | Khan Sabih | Tax withheld | 33K | $255.63 |
| 2026-04-01 | COOK TIMOTHY D | Option exercise | 132K | — |
| 2026-03-15 | Newstead Jennifer | Tax withheld | 33K | $250.12 |
| 2026-03-15 | Newstead Jennifer | Option exercise | 60K | — |
| 2026-02-26 | LEVINSON ARTHUR D | Gift | 1.1K | — |
| 2026-02-01 | Gorsky Alex | Option exercise | 1.3K | — |
| 2026-02-01 | LEVINSON ARTHUR D | Option exercise | 1.1K | — |
| 2026-02-01 | LOZANO MONICA C | Option exercise | 1.3K | — |
| 2026-02-01 | JUNG ANDREA | Option exercise | 1.3K | — |
| 2026-02-01 | SUGAR RONALD D | Option exercise | 1.3K | — |
| 2026-02-01 | WAGNER SUSAN | Option exercise | 1.3K | — |
| 2026-02-01 | Austin Wanda M | Option exercise | 1.3K | — |
| 2025-11-12 | Adams Katherine L. | Gift | 3.8K | — |
| 2025-11-07 | KONDO CHRIS | Sell | 3.8K | $271.23 |
| 2025-10-16 | Parekh Kevan | Sell | 500 | $245.89 |
| 2025-10-16 | Parekh Kevan | Sell | 1.5K | $247.82 |
| 2025-10-16 | Parekh Kevan | Sell | 500 | $248.73 |
| 2025-10-16 | Parekh Kevan | Sell | 1.7K | $247.04 |
| 2025-10-15 | KONDO CHRIS | Option exercise | 7.4K | — |
| 2025-10-15 | Parekh Kevan | Option exercise | 16K | — |
| 2025-10-15 | Parekh Kevan | Tax withheld | 8.1K | $249.34 |
| 2025-10-15 | KONDO CHRIS | Tax withheld | 3.6K | $249.34 |
| 2025-10-02 | COOK TIMOTHY D | Sell | 23K | $255.86 |
| 2025-10-02 | O'BRIEN DEIRDRE | Sell | 41K | $257.36 |
| 2025-10-02 | O'BRIEN DEIRDRE | Sell | 1.7K | $258.08 |
| 2025-10-02 | Adams Katherine L. | Sell | 3.5K | $254.83 |
| 2025-10-02 | Adams Katherine L. | Sell | 8.1K | $255.96 |
| 2025-10-02 | Adams Katherine L. | Sell | 14K | $256.60 |
| 2025-10-02 | Adams Katherine L. | Sell | 22K | $257.54 |
| 2025-10-02 | COOK TIMOTHY D | Sell | 8.4K | $254.83 |
| 2025-10-02 | COOK TIMOTHY D | Sell | 39K | $256.62 |
| 2025-10-02 | COOK TIMOTHY D | Sell | 60K | $257.57 |
| 2025-10-01 | Khan Sabih | Tax withheld | 49K | $255.45 |
| 2025-10-01 | Adams Katherine L. | Tax withheld | 45K | $255.45 |
| 2025-10-01 | COOK TIMOTHY D | Option exercise | 277K | — |
| 2025-10-01 | COOK TIMOTHY D | Tax withheld | 147K | $255.45 |
| 2025-10-01 | Adams Katherine L. | Option exercise | 92K | — |
| 2025-10-01 | Khan Sabih | Option exercise | 92K | — |
| 2025-10-01 | O'BRIEN DEIRDRE | Tax withheld | 49K | $255.45 |
| 2025-10-01 | O'BRIEN DEIRDRE | Option exercise | 92K | — |
| 2025-08-28 | LEVINSON ARTHUR D | Sell | 90K | $232.07 |
| 2025-08-25 | KONDO CHRIS | Gift | 435 | — |
| 2025-08-08 | O'BRIEN DEIRDRE | Sell | 35K | $223.20 |
| 2025-05-12 | KONDO CHRIS | Sell | 4.5K | $208.19 |
| 2025-04-23 | Parekh Kevan | Sell | 4.6K | $206.00 |
| 2025-04-15 | Parekh Kevan | Option exercise | 16K | — |
| 2025-04-15 | Parekh Kevan | Tax withheld | 7.3K | $202.14 |
| 2025-04-15 | KONDO CHRIS | Option exercise | 7.4K | — |
| 2025-04-15 | KONDO CHRIS | Tax withheld | 2.9K | $202.14 |
| 2025-04-02 | Adams Katherine L. | Sell | 9.2K | $222.87 |
| 2025-04-02 | WILLIAMS JEFFREY E | Sell | 16K | $223.48 |
| 2025-04-02 | WILLIAMS JEFFREY E | Sell | 17K | $224.34 |
| 2025-04-02 | WILLIAMS JEFFREY E | Sell | 2.5K | $225.03 |
| 2025-04-02 | COOK TIMOTHY D | Sell | 6.7K | $221.77 |
| 2025-04-02 | COOK TIMOTHY D | Sell | 29K | $222.99 |
| 2025-04-02 | COOK TIMOTHY D | Sell | 62K | $223.97 |
| 2025-04-02 | COOK TIMOTHY D | Sell | 11K | $224.76 |
| 2025-04-02 | Adams Katherine L. | Sell | 1.6K | $221.68 |
| 2025-04-02 | Adams Katherine L. | Sell | 22K | $223.90 |
| 2025-04-02 | Adams Katherine L. | Sell | 5.6K | $224.62 |
| 2025-04-01 | WILLIAMS JEFFREY E | Option exercise | 75K | — |
| 2025-04-01 | O'BRIEN DEIRDRE | Option exercise | 75K | — |
| 2025-04-01 | O'BRIEN DEIRDRE | Tax withheld | 40K | $223.19 |
| 2025-04-01 | COOK TIMOTHY D | Option exercise | 219K | — |
| 2025-04-01 | COOK TIMOTHY D | Tax withheld | 110K | $223.19 |
| 2025-04-01 | Adams Katherine L. | Option exercise | 75K | — |
| 2025-04-01 | WILLIAMS JEFFREY E | Tax withheld | 39K | $223.19 |
| 2025-04-01 | Adams Katherine L. | Tax withheld | 36K | $223.19 |
| 2025-02-03 | LEVINSON ARTHUR D | Sell | 1.5K | $226.35 |
| 2025-02-01 | LOZANO MONICA C | Option exercise | 1.5K | — |
| 2025-02-01 | JUNG ANDREA | Option exercise | 1.5K | — |
| 2025-02-01 | LEVINSON ARTHUR D | Option exercise | 1.5K | — |
| 2025-02-01 | SUGAR RONALD D | Option exercise | 1.5K | — |
| 2025-02-01 | Austin Wanda M | Option exercise | 1.5K | — |
| 2025-02-01 | Gorsky Alex | Option exercise | 1.5K | — |
| 2025-02-01 | WAGNER SUSAN | Option exercise | 1.5K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06958523 ↗ | Apple Health Study Mental Health, Sleep | — | Recruiting | 2030-02-01 |
| NCT04196595 ↗ | Apple Women's Health Study Menstrual Cycle, Ovulation | — | Recruiting | 2029-11-01 |
| NCT04172766 ↗ | Apple Hearing Study Hearing Loss, Noise-Induced, Hearing Loss | — | Active Not Recruiting | 2029-08-31 |
| NCT04198194 ↗ | Apple Heart & Movement Study Prevention | — | Active Not Recruiting | 2025-02-28 |
| NCT05872035 ↗ | Smartphone Enabled Hearing Study Hearing | NA | Completed | 2023-08-17 |
| NCT05852951 ↗ | Cycle and Ovulation Study Expansion Menstruation | — | Completed | 2022-05-23 |
| NCT04912180 ↗ | Apple Respiratory Study Acute Respiratory Infection, Coronavirus Infection | — | Terminated | 2021-06-09 |
| NCT04699812 ↗ | Atrial Fibrillation Algorithms Clinical Validation Study Atrial Fibrillation | NA | Completed | 2021-04-19 |
| NCT04247581 ↗ | ECG App Algorithms Clinical Validation Study Atrial Fibrillation | NA | Completed | 2020-03-20 |
| NCT03769207 ↗ | Evaluation of the Use of Apple Watch Features for Identification of Cardiac Arrhythmias Atrial Fibrillation, Arrhythmias, Cardiac | NA | Completed | 2019-07-05 |
| NCT03335800 ↗ | Apple Heart Study: Assessment of Wristwatch-Based Photoplethysmography to Identify Cardiac Arrhythmias Atrial Fibrillation, Arrhythmias, Cardiac | NA | Completed | 2019-02-21 |
| NCT03492554 ↗ | Electrocardiogram Clinical Validation Study Atrial Fibrillation | NA | Completed | 2018-05-14 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (7)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-01 | 2026-03-28 | 0000320193-26-000013 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0000320193-26-000011 ↗ |
| 8-K | 2026-04-20 | 2026-04-17 | 0001140361-26-015711 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001140361-26-006577 ↗ |
| 10-Q | 2026-01-30 | 2025-12-27 | 0000320193-26-000006 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0000320193-26-000005 ↗ |
| 8-K | 2026-01-02 | 2025-12-30 | 0001140361-26-000199 ↗ |
| 8-K | 2025-12-05 | 2025-12-04 | 0001140361-25-044561 ↗ |
| 10-K | 2025-10-31 | 2025-09-27 | 0000320193-25-000079 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0000320193-25-000077 ↗ |
| 10-Q | 2025-08-01 | 2025-06-28 | 0000320193-25-000073 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0000320193-25-000071 ↗ |