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Apple AAPL Ratios & Valuation

Q3 '26Q2 '26Q1 '26Q4 '25Q3 '25
Profitability
Gross margin48.7%+2.0pp47.9%+1.2pp47.3%+0.8pp46.9%+0.7pp46.7%+0.7pp
Operating margin33.2%+1.3pp32.6%+0.8pp32.4%+0.6pp32%+0.5pp31.9%+0.6pp
Net margin27.6%+3.3pp27.2%+2.9pp27%+2.7pp26.9%+2.9pp24.3%-2.1pp
Returns
Return on equity148.8%-1.1pp141.5%+3.5pp152%+15.5pp171.4%+14.0pp149.8%-10.8pp
Return on invested capital94.3%+17.4pp89.1%+17.8pp89.6%+18.3pp80.7%+15.2pp76.9%+2.6pp
Efficiency
Asset turnover1.3×+0.1×1.3×+0.1×1.2×+0.1×1.1×+0.1×1.2×+0.1×
Liquidity
Current ratio+0.1×1.1×+0.2×+0.1×0.9×0.0×0.9×-0.1×
Leverage
Debt-to-equity0.8×-0.6×0.8×-0.6×-0.4×1.4×-0.5×1.4×-0.1×
Per Share
Book value per share$7.31+65.9%$7.23+63.0%$5.95+35.1%$4.91+33.0%$4.40+1.3%
Valuation
Market capitalization$4.54T+50.3%$3.73T+11.7%$4.02T+6.1%$3.78T+6.7%$2.99T-7.4%
Price / earnings35.2×+4.8×30.4×-3.9×34.1×-5.3×33.7×-4.1×30.1×-1.5×
Price / sales9.7×+2.3×8.3×-0.1×9.2×-0.3×9.1×0.0×7.3×-1.1×
Price / book42.2×-3.6×35×-15.0×45.6×-11.2×51.2×-11.0×45.4×-3.0×
Dividend yield0.3%-0.2pp0.4%0.0pp0.4%0.0pp0.4%0.0pp0.5%0.0pp

FAQ

What are Apple's profit margins?
Apple (AAPL) runs a 48.7% gross margin and a 33.2% operating margin, with a 27.6% net margin.
Where do Apple's ratios come from?
Every ratio is computed from Apple's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.