Company Analysis


Apple Revenues Chart

Apple Horizontal Analysis

Apple Vertical Analysis

Apple Performance Ratios

Invesment conclusion

Sales Revenue Apple Inc.
$180 000,00
$160 000,00
$140 000,00
$120 000,00
$100 000,00
$80 000,00
$60 000,00
$40 000,00
$20 000,00
$-
September 24 2011 September 29 2012 September 28 2013


Revenues are increasing constantly albeit at a slower rate from 2012 to 2013.

A further inspection of the companies financial statements reveals much more detail.

Performance ratios are comparisons of different values within the company that give a bigger picture of the liquidity, solvency, growth, and efficiency of a company regardless of its size. They will be referred to and explained in greater detail later in the presentation to provide further evidence of conclusions drawn from the vertical and horizontal analysis.
Performance Ratios working capital current acid test inventory turnover average inventory account rec. Turnover average account rec.
days of sales outstanding days in inventory avg inventory fixed asset turnover total asset turnover debt ratio times interest earned equity multiplier gross profit margin operating profit margin net profit margin
ROE
ROA average total assets
September 28 2013 September 29 2012
$ 29,628
1.68
$ 1.64
133.785
$ 1,277.50
0.070
$ 12,016.00
27.98098414
0.012
$ 1,277.50
1.278
0.8257
0.4031
$ 19,111
1.50
$ 1.48
122.511
$ 1,277.50
0.077
$ 12,016.00
25.49039027
0.015
$ 1,277.50
1.322
0.8889
0.3286
1.675448607
38%
29%
2%
30%
$ 191,532.00
1.489417139
44%
35%
27%
35%
$ 191,532.00

cash and cash equivalents short term marketable securitites accounts receivable, less allowances of $99 amd 98$ respt.
inventories deferred tax assets vendor non-trade receivables other current assets total current assets long term marketable securities property, plant and equipment, net goodwill acquired intangible assets, net other assets total assets vertical analysis
September 28 2013
6.9%
12.7%
6.3%
0.9%
1.7%
3.6%
3.3%
35.4%
51.3%
8.0%
0.8%
2.0%
2.5%
100.0%
% of total assets significant significant
September 29 2012
6.1%
10.4%
significant significant
-
-
-
-
significant
-
-
2.4%
3.1%
100.0%
6.2%
0.4%
1.5%
4.4%
3.7%
32.7%
52.3%
8.8%
0.6%

Significant changes in capital structure of Apple Inc.:
Values represent percentage of total sales



COGS
/13 /12 /11 income in 2012. It had a low cost of goods
62% 56% 60% as well as a high income after operational costs were factored in. The company also
Operating Income 29% 35% 31% managed to collect the most profit relative to its net sales.
Net income 2% 27% 24%

Net Sales
COGS
Gross Margin
Operating Expenses
Research and Developement
Selling, general and administrative
Total operating expenses
Operating Income
Other Income/(expense), net
Income before provision for income taxes
Provision for income taxes
Net income
Earnings per share
Basic
Diluted
Shares used in computing earnings per share
Basic diluted
Cash dividends declared per common share
See full statement analysis
2012-2013
9%
21%
-6%
32%
941%
14%
-11%
121%
-10%
-7%
-11%
-10%
-10%
-1%
-1%
330%
%increase 2011-2012
45%
36%
57%
39%
-86%
34%
63%
26%
63%
69%
61%
59%
60%
1%
1%




The most notable changes in absolute terms in Apple’s income statement are:
Relatively consistent increase in production costs
A significantly smaller increase in sales compared to production costs signaling that the company is taking on more cost while gaining less revenue
See
Performance ratios

The company is healthy and is well suited for safe investment
See full invesment report