I need help with my final project in Finance. Specifics are attached and I am hoping Fin Acc Guru can help.

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zgtvey0699

Business Finance

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it is your responsibility to construct an investment portfolio that will generate the maximum rate of return within a given risk class. In order to be successful in this, you need to synthesize your knowledge of your company’s industry and its place in the wider financial markets and of the modern portfolio theory, along with utilizing both qualitative and quantitative skills.

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FIN 640 Final Project Guidelines and Rubric Overview For the final project, you will submit an investment analysis report for a hypothetical company, based on provided constraints and research of market and industry trends. You will need to utilize the topics covered throughout the course in order to demonstrate mastery of the knowledge and skill required of a corporate investment manager. Through research and calculations, you will be analyzing the company’s place in the financial market, constructing a portfolio, and compiling your findings in an executive summary to justify your investment strategies and decisions, along with evaluating the investment performances. As a corporate investment manager, it is your responsibility to construct an investment portfolio that will generate the maximum rate of return within a given risk class. In order to be successful in this, you need to synthesize your knowledge of your company’s industry and its place in the wider financial markets and of the modern portfolio theory, along with utilizing both qualitative and quantitative skills. This project addresses the following course outcomes:       Evaluate financial market conditions in order to assess impact on companies and their portfolios Calculate rates of return for shareholders utilizing the dividend discount model and market multiples Determine appropriate balance between risk and return when constructing company portfolios Justify how securities in a portfolio reflect stakeholders’ investment objectives and meet professional standards Analyze industry trends in relation to company valuation on an absolute and relative basis for informing investment decisions Implement portfolio management strategies that meet the investment objectives of a corporation Prompt You are a new investment manager of XYZ Tech Company. The CEO has asked you to produce an investment analysis report. Using the provided information and investment parameters for the company along with your own financial database research, prepare an investment analysis report for the company. Your analysis report should include compiled data spreadsheets, a complete portfolio, and a justification of your investment strategies in an executive summary. Specifically, the following critical elements must be addressed: I. Company and Market Analysis: In this section, you will analyze the company and its position in the financial markets. A. Financial Markets i. Analyze the five-year performance of the domestic economy relative to the financial markets. ii. Explain specific market performance data based on compiled asset valuation model inputs supported by database research of five-year sector and industry performance and current trends. iii. Evaluate the impact of the five-year and current macroeconomic data on asset prices. B. Company Valuation i. ii. Analyze the company’s financial items and key ratios in order to demonstrate a comparison to peers and industry. Determine the intrinsic value of assets by inputting data into the various asset valuation models, and explain how each model was applied. C. Industry Trends i. Compile historic industry microeconomic data from database research for relative comparisons and inputs into asset valuation models. ii. Analyze quantitative data across sectors and industries to measure absolute and relative performance. D. Stakeholders i. Identify five key stakeholders and their needs in relation to the company’s portfolio. ii. Identify the common stockholders’ primary objective and their required return on equity. II. Portfolio: With your company and market analysis in mind, construct a complete portfolio that includes the following: A. Assets i. Explain the inclusion of specific asset classes for the portfolio, considering the portfolio's risk/return trade-offs and the company’s investment objectives. ii. Apply the asset allocation weightings across asset classes, sectors, and industries. B. Securities i. Analyze the company’s historical revenue and earnings growth in order to demonstrate a comparison to that of peers in the industry. ii. Determine the intrinsic value of assets utilizing the asset valuation models. C. Rates of Return i. Analyze the assets’ historical risk and rates of return, utilizing a comparison of the assets’ rates of return to similar securities or benchmarks for support. ii. Calculate required rates of return, utilizing various asset valuation models (e.g. stock valuation models, bond valuation models, real estate valuation models, etc.). D. Compare the risk/return trade-off on the investments. III. Executive Summary: Justify your investment strategies in a summary, utilizing your company and market analysis and portfolio for support. Include the following in your justification: A. Describe how making these investments will position the company within its industry in the market. Support with examples. B. Explain the benefits of the investments to stakeholders. C. Assess investment performance utilizing specific performance measurements. D. Assess investment performance based on risk/return metrics, citing specific examples. E. Explain how the strategies implemented in the portfolio meet the company’s investment objectives. Milestones Milestone One: Company Profile In Module Three, you will submit your company profile. Using the investment parameters for XYZ Tech Company along with your own financial database research, you will complete several Excel spreadsheets and write a brief 1- to 2-page paper briefly outlining the securities and bonds that your company might possibly invest in to create a well-diversified investment portfolio. You will analyze each company and its performance in the financial markets over the past five years, include a company valuation for each firm, and identify stakeholders in the company. This milestone will be graded with the Milestone One Rubric. Milestone Two: Portfolio In Module Five, you will first complete the Company and Market Analysis portion of your final project. Using historic and quantitative data, you will provide a brief discussion of the absolute and relative performance of the chosen companies in terms of industry trends. Next, with your completed company and market analysis in mind, you will begin to construct an investment portfolio that includes a consideration of assets, securities, and rates of return for each of the companies that you will be including in the portfolio. This milestone will be graded with the Milestone Two Rubric. Milestone Three: Portfolio Performance Analysis In Module Seven, you will first complete your portfolio by comparing the risk/return trade-off on the investments you are compiling. Then, as part of the beginning of your executive summary, you will describe how your investments performed on both an absolute and a relative basis. You will also assess investment performance for the seven securities by calculating the portfolio’s overall investment performance and briefly note how each security contributed to the portfolio’s performance. This milestone will be graded with the Milestone Three Rubric. Final Submission: Investment Analysis Report and Executive Summary In Module Nine, you will submit your final project, the Investment Analysis Report, which should include data spreadsheets, a complete portfolio, and an executive summary. Note: Your executive summary must include the Section III critical elements B, D, and E as outlined in this document (you completed Critical Elements A and C in Milestone Three). This submission will be graded with the Final Project Rubric. Deliverables Milestone One Two Three Deliverable Company Profile Module Due Three Grading Graded separately; Milestone One Rubric Five Graded separately; Milestone Two Rubric Portfolio Performance Analysis Seven Graded separately; Milestone Three Rubric Final Submission: Investment Analysis Report and Executive Summary Nine Graded separately; Final Project Rubric Portfolio Final Project Rubric Guidelines for Submission: Your final submission should be 7–11 pages in length. The Investment Analysis Report should include a spreadsheet of your compiled data, a complete portfolio, and a 2- to 3-page executive summary. The total page length includes the executive summary but does not include title, reference pages, or the spreadsheet. It should be written in 12-point Times New Roman font, double-spaced, following the most recent APA standards for formatting and referencing. Critical Elements Company and Market Analysis: Financial Markets: Domestic Economy Exemplary Meets “Proficient” criteria, and analysis demonstrates keen insight into the relation of economic performance to financial markets (100%) Proficient Analyzes the five-year performance of the domestic economy relative to the financial markets (90%) Company and Market Analysis: Financial Markets: Asset Valuation Model Inputs Meets “Proficient” criteria, and the database research used exemplifies advanced knowledge of performance and trends (100%) Explains specific market performance data based on compiled asset valuation model inputs supported by database research of five-year sector and industry performance and current trends (90%) Company and Market Analysis: Financial Markets: Macroeconomic Data Meets “Proficient” criteria, and evaluation demonstrates keen insight into the impact of macroeconomic data on asset pricing (100%) Meets “Proficient” criteria, and comparisons demonstrate keen insight into the relation of the company to industry peers in terms of key financial ratios (100%) Evaluates the impact of the five-year and current macroeconomic data on asset prices (90%) Company and Market Analysis: Company Valuation: Financial Items an Key Ratios Analyzes the company’s financial items and key ratios in order to demonstrate a comparison to peers and industry (90%) Needs Improvement Analyzes the five-year performance of the domestic economy relative to the financial markets, but analysis is cursory or contains inaccuracies (70%) Explains specific market performance data based on compiled asset valuation model inputs, but explanation is cursory, is not supported by database research of five-year sector and industry performance and current trends, or contains inaccuracies (70%) Evaluates the impact of the five-year and current macroeconomic data on asset prices, but evaluation is cursory or contains inaccuracies (70%) Analyzes the company’s financial items and key ratios in order to demonstrate a comparison to peers and industry, but analysis is cursory, comparison is incomplete, or response contains inaccuracies (70%) Not Evident Does not analyze the performance of the domestic economy (0%) Value 5.28 Does not explain specific market performance data based on compiled asset valuation model inputs (0%) 5.28 Does not evaluate the impact of the macroeconomic data on asset prices (0%) 5.28 Does not analyze the company’s financial items and key ratios in order to demonstrate a comparison to peers and industry (0%) 5.28 Company and Market Analysis: Company Valuation: Intrinsic Value Meets “Proficient” criteria, and explanations demonstrate advanced knowledge of how asset valuation models are used for determining intrinsic value of assets (100%) Determines the intrinsic value of assets by inputting data into the various asset valuation models and explains how each model was applied (90%) Company and Market Analysis: Industry Trends: Microeconomic Data Meets “Proficient” criteria, and compilation demonstrates keen insight into the microeconomic data needed for asset valuation models (100%) Compiles historic industry microeconomic data from database research for relative comparisons and inputs into asset valuation models (90%) Company and Market Analysis: Industry Trends: Absolute and Relative Performance Meets “Proficient” criteria, and analysis demonstrates keen insight into how data can measure absolute and relative performance (100%) Analyzes quantitative data across sectors and industries to measure absolute and relative performance (90%) Company and Market Analysis: Stakeholders: Key Stakeholders Meets “Proficient” criteria, and identification demonstrates keen insight into the needs of company stakeholders (100%) Identifies five key stakeholders and their needs in relation to the company’s portfolio (90%) Determines the intrinsic value of assets by inputting data into the various asset valuation models, but determination contains inaccuracies, or asset valuation models are not used correctly, or lacks explanation (70%) Compiles historic industry microeconomic data from database research for relative comparisons and inputs into asset valuation models, but compilation is incomplete or contains inaccuracies (70%) Analyzes quantitative data across sectors and industries to measure absolute and relative performance, but analysis is cursory, contains inaccuracies, or is not used to measure absolute and relative performance (70%) Identifies key stakeholders and their needs in relation to the company’s portfolio, but does not identify five stakeholders, needs are inappropriately identified in relation to the portfolio, or response contains inaccuracies (70%) Does not determine the intrinsic value of assets (0%) 5.28 Does not compile historic industry microeconomic data (0%) 5.28 Does not analyze quantitative data across sectors and industries (0%) 5.28 Does not identify key stakeholders and their needs in relation to the company’s portfolio (0%) 5.28 Company and Market Analysis: Stakeholders: Common Stockholders Meets “Proficient” criteria, and identification demonstrates keen insight into objectives of common stockholders (100%) Identifies the common stockholders’ primary objective and their required return on equity (90%) Portfolio: Assets: Asset Classes Meets “Proficient” criteria, and explanation demonstrates keen insight into the relationship between the risk/return tradeoff, investment objectives, and asset classes (100%) Explains the inclusion of specific asset classes for the portfolio, considering the portfolio’s risk/return tradeoffs and the company’s investment objectives (90%) Portfolio: Assets: Allocation Weightings Applies the asset allocation weightings across asset classes, sectors, and industries (100%) Portfolio: Securities: Historical Meets “Proficient” criteria, and analysis demonstrates keen insight into how the company’s growth relates to its peers’ (100%) Analyzes the company’s historical revenue and earnings growth in order to demonstrate a comparison to that of peers in the industry (90%) Portfolio: Securities: Intrinsic Value Meets “Proficient” criteria and demonstrates advanced knowledge of using asset valuation models in relation to intrinsic value (100%) Determines the intrinsic value of assets, utilizing the asset valuation models (90%) Identifies the common stockholders’ primary objective and their required return on equity, but identification is inaccurate or does not take into account either the objective or return on equity (70%) Explains the inclusion of specific asset classes for the portfolio, but does not consider risk/return trade-offs or investment objectives, explanation is cursory, or contains inaccuracies (70%) Applies the asset allocation weightings across asset classes, sectors, and industries, but application is incomplete or contains inaccuracies (70%) Does not identify the common stockholders’ primary objective or their required return on equity (0%) 5.28 Does not explain the inclusion of specific asset classes for the portfolio (0%) 3.17 Does not apply the asset allocation weightings across asset classes, sectors, or industries (0%) 3.17 Analyzes the company’s historical revenue and earnings growth, but analysis is incomplete, does not demonstrate a comparison to peers, or contains inaccuracies (70%) Determines the intrinsic value of assets, but determination does not utilize asset valuation models, is incomplete, or contains inaccuracies (70%) Does not analyze the company’s historical revenue or earnings growth (0%) 3.96 Does not determine the intrinsic value of assets (0%) 3.96 Portfolio: Rates of Return: Historical Meets “Proficient” criteria, and analysis masterfully uses the comparison of assets’ rates of return to similar securities or benchmarks for support (100%) Portfolio: Rates of Return: Calculate Portfolio: Risks/Return Executive Summary: Position Executive Summary: Benefits to Stakeholders Executive Summary: Investment Performance Meets “Proficient” criteria, and comparison demonstrates keen insight into trade-off on investments (100%) Meets “Proficient” criteria, and support used demonstrates keen insight into how investments can position a company in its industry and the market (100%) Meets “Proficient” criteria, and explanation demonstrates keen insight into how the stakeholders will benefit from the investments (100%) Meets “Proficient” criteria, and the performance measurements utilized demonstrate advanced knowledge into assessing performance (100%) Analyzes the assets’ historical risk and rates of return, utilizing a comparison of the assets’ rates of return to similar securities or benchmarks for support (90%) Calculates required rates of return, utilizing various asset valuation models (100%) Compares the risk/return trade-off on the investments (90%) Describes how making these investments will position the company within its industry in the market, supported with examples (90%) Explains the benefits of the investments to stakeholders (90%) Assesses investment performance, utilizing specific performance measurements (90%) Analyzes the assets’ historical risk and rates of return, utilizing a comparison of the assets’ rates of return to similar securities or benchmarks, but analysis is cursory, is insufficiently supported, or contains inaccuracies (70%) Calculates rates of return, but calculations are incomplete or contain inaccuracies (70%) Compares the risk/return trade-off on the investments, but comparison is incomplete or contains inaccuracies (70%) Describes how making these investments will position the company within its industry in the market, but description is cursory, is insufficiently supported, or contains inaccuracies (70%) Explains the benefits of the investments to stakeholders, but explanation is cursory or contains inaccuracies (70%) Does not analyze the assets’ historical risk and rates of return, utilizing a comparison of the assets’ rates of return to similar securities or benchmarks (0%) 3.96 Does not calculate rates of return (0%) 5.28 Does not compare the risk/return trade-off on the investments (0%) 3.96 Does not describe how making these investments will position the company within its industry in the market (0%) 5.28 Does not explain the benefits of the investments to stakeholders (0%) 5.28 Assesses investment performance, utilizing specific performance measurements, but measurements used are inappropriate, or assessment is incomplete or contains inaccuracies (70%) Does not utilize performance measurements to assess investment performance (0%) 3.17 Executive Summary: Risk/Return Metrics Meets “Proficient” criteria, and examples used demonstrate keen insight into how risk/return metrics can be used to assess performance (100%) Assesses investment performance based on risk/return metrics, citing specific examples (90%) Executive Summary: Investment Objectives Meets “Proficient” criteria, and explanation demonstrates keen insight into the company’s investment objectives (100%) Explains how the strategies implemented in the portfolio meet the company’s investment objectives (90%) Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-toread format (100%) Submission has no major errors related to citations, grammar, spelling, syntax, or organization (90%) Articulation of Response Assesses investment performance based on risk/return metrics, but assessment is cursory, is insufficiently supported, or contains inaccuracies (70%) Explains how the strategies implemented in the portfolio meet the company’s investment objectives, but explanation is cursory or contains inaccuracies (70%) Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas (70%) Does not assess investment performance based on risk/return metrics (0%) 3.17 Does not explain how the strategies implemented in the portfolio meet the company’s investment objectives (0%) 3.17 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas (0%) 4.95 Total 100%
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Apple (AAPL) Stock
2016
Revenues
Cost of Goods Sold
Selling, General & Administrative Expenses
Research and development
Operating Income
Net Interest Expenditure
Pre-Tax Income
Taxes
Net Income
Earnings Per Share
Shares Outstanding

215639
131376
14194
10045
60024
-1348
61372
15685
45687

2017

2018

2019

224264.56 233235 242565 252267
156985.19 163265 169795 176587
38124.975 39650 41236 41624
0
0
0
0
29154.393 30321 31533.4 34056
0
0
0
0
29154.393 30321 31533.4 34056
8746.3178 9096.2 9460.02 10217
20408.075 21224 22073.4 23839

8.30672727

3.7105591

5500

5500

3.859 4.01334
5500

5500

Apple (AAPL) Bond
Apple
Debt & Coverage Ratios
Debt/Assets
Debt/Equity
Current Assets/Current Liability
EBITDA/Interest
Debt/EBITDA
Cash Flow Ops/Total Debt

0.60
0.68
1.35
43.15
0.32
0.27

2020

Ind Avg
0.5
0.47
24.46
0.28
0.22

4.3344
5500

2021
262358
183650
43289
0
35418
0
35418
10625
24793
4.5078
5500

Growth Profitability and Financial Ratios for Apple Inc
Financials
Revenue USD Mil
Gross Margin %
Operating Income USD Mil
Operating Margin %
Net Income USD Mil
Earnings Per Share USD
Dividends USD
Payout Ratio % *
Shares Mil
Book Value Per Share * USD
Operating Cash Flow USD Mil
Cap Spending USD Mil
Free Cash Flow USD Mil
Free Cash Flow Per Share * USD
Working Capital USD Mil
Key Ratios -> Profitability
Margins % of Sales
Revenue
COGS
Gross Margin
SG&A
R&D
Other
Operating Margin
Net Int Inc & Other
EBT Margin
Profitability
Tax Rate %
Net Margin %
Asset Turnover (Average)
Return on Assets %
Financial Leverage (Average)
Return on Equity %
Return on Invested Capital %
Interest Coverage

2007-09 2008-09 2009-09 2010-09 2011-09
24,578 37,491 42,905 65,225 108,249
33.2
35.2
40.1
39.4
40.5
4,407
8,327 11,740 18,385 33,790
17.9
22.2
27.4
28.2
31.2
3,495
6,119
8,235 14,013 25,922
0.56
0.97
1.3
2.16
3.95

6,225
2.2
5,470
-986
4,484
0.63
12,657

6,315
3.39
9,596
-1,199
8,397
1.33
20,598

6,349
5.02
10,159
-1,213
8,946
1.41
20,049

6,473
7.45
18,595
-2,121
16,474
2.54
20,956

6,557
11.78
37,529
-7,452
30,077
4.59
17,018

2007-09 2008-09 2009-09 2010-09 2011-09
100
100
100
100
100
66.83
64.8
59.86
60.62
59.52
33.17
35.2
40.14
39.38
40.48
12.06
10.03
9.67
8.46
7.02
3.18
2.96
3.11
2.73
2.24
17.93
2.44
20.37

22.21
1.65
23.86

27.36
0.76
28.12

28.19
0.24
28.42

31.22
0.38
31.6

2007-09 2008-09 2009-09 2010-09 2011-09
30.19
29.89
31.75
24.42
24.22
14.56
14.88
19.19
21.48
23.95
1.13
1
0.99
1.06
1.13
16.43
14.89
18.92
22.84
27.07
1.74
1.88
1.5
1.57
1.52
28.52
27.19
31.27
35.28
41.67
24.84
27.19
30.22
34.69
41.04

Key Ratios -> Growth
2007-09 2008-09 2009-09 2010-09 2011-09
Revenue %
Year over Year
3-Year Average
5-Year Average

24.29
42.6
33.12

35.3
32.6
39.23

32.1
30.48
38.97

52.02
39.54
36.17

65.96
49.37
41.16

10-Year Average
Operating Income %
Year over Year
3-Year Average
5-Year Average
10-Year Average
Net Income %
Year over Year
3-Year Average
5-Year Average
10-Year Average
EPS %
Year over Year
3-Year Average
5-Year Average
10-Year Average
Key Ratios -> Cash Flow
Cash Flow Ratios
Operating Cash Flow Growth % YOY
Free Cash Flow Growth % YOY
Cap Ex as a % of Sales
Free Cash Flow/Sales %
Free Cash Flow/Net Income
Key Ratios -> Financial Health
Balance Sheet Items (in %)
Cash & Short-Term Investments
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Net PP&E
Intangibles
Other Long-Term Assets
Total Assets
Accounts Payable
Short-Term Debt
Taxes Payable
Accrued Liabilities
Other Short-Term Liabilities
Total Current Liabilities
Long-Term Debt
Other Long-Term Liabilities
Total Liabilities
Total Stockholders' Equity
Total Liabilities & Equity

12.99

18.52

21.47

23.37

35.05

79.74
138.25
203.93

42.32
56.09

56.6
60.96
61.96
42.78

83.79
75.28
68.97

37.44

87.09
68.52
104.78
41.73

75.77
133.11
121.89

38.27
53.56
133.93
31.65

70.36
60.57
97.22
29.92

70.16
58.85
60.03
33.39

84.99
75.03
67.11

73.13
122.87
112.83

36.39
50.9
124.02
26.15

69.4
58.74
91.24
25.97

66.85
56.8
57.56
30.11

82.71
72.85
64.9

2007-09 2008-09 2009-09 2010-09 2011-09
146.4
75.43
5.87
83.04 101.82
186.88
87.27
6.54
84.15
82.57
4.01
3.2
2.83
3.25
6.88
18.24
22.4
20.85
25.26
27.79
1.28
1.37
1.09
1.18
1.16

2007-09 2008-09 2009-09 2010-09 2011-09
60.7
61.89
49.4
34.08
22.3
15.9
11.89
10.65
13.2
10.07
1.37
1.29
0.96
1.4
0.67
8.66
12.6
5.43
6.76
5.62
86.62
87.66
66.43
55.44
38.66
7.23
6.2
6.22
6.34
6.68
1.66
1.24
1.18
1.44
3.81
4.49
4.89
26.17
36.78
50.85
100
100
100
100
100
19.61
13.95
11.79
15.98
12.57

4.97
12.11
36.69

9.4
12.26
35.61

0.91
7.2
4.32
24.22

0.28
6.45
4.85
27.56

0.98
6.97
3.52
24.04

5.98
42.67
57.33
100

11.25
46.86
53.14
100

9.17
33.39
66.61
100

8.87
36.43
63.57
100

10.13
34.16
65.84
100

Liquidity/Financial Health
Current Ratio
Quick Ratio
Financial Leverage
Debt/Equity
Key Ratios -> Efficiency Ratios
Efficiency
Days Sales Outstanding
Days Inventory
Payables Period
Cash Conversion Cycle
Receivables Turnover
Inventory Turnover
Fixed Assets Turnover
Asset Turnover

2007-09 2008-09 2009-09 2010-09 2011-09
2.36
2.46
2.74
2.01
1.61
2.09
2.07
2.48
1.72
1.35
1.74
1.88
1.5
1.57
1.52

2007-09 2008-09 2009-09 2010-09 2011-09
21.96
22.81
24.6
24.82
18.34
7.09
7.31
6.85
6.95
5.17
96.25
89.74
79.02
81.3
75.48
-67.19 -59.61 -47.58 -49.53 -51.96
16.62
16
14.84
14.71
19.9
51.47
49.9
53.28
52.51
70.53
15.42
15.15
15.86
16.89
17.26
1.13
1
0.99
1.06
1.13

2012-09 2013-09 2014-09 2015-09 2016-09 TTM
156,508 170,910 182,795 233,715 215,639
220,457
43.9
37.6
38.6
40.1
39.1
38.4
55,241 48,999 52,503 71,230 60,024
59,322
35.3
28.7
28.7
30.5
27.8
26.9
41,733 37,037 39,510 53,394 45,687
45,730
6.31
5.68
6.45
9.22
8.31
8.58
0.38
1.63
1.81
1.98
2.18
2.28
27.4
28.5
22.3
24.8
26.6
6,617
6,522
6,123
5,793
5,500
5,364
16.99
19.6
20.62
22.53
23.71
25.72
50,856 53,666 59,713 81,266 65,824
66,339
-9,402 -9,076 -9,813 -11,488 -13,548
-13,378
41,454 44,590 49,900 69,778 52,276
52,961
6.31
6.46
7.73
11.82
8.97
19,111 29,628
5,083
8,768 27,863

2012-09 2013-09 2014-09 2015-09 2016-09 TTM
100
100
100
100
100
100
56.13
62.38
61.41
59.94
60.92
61.59
43.87
37.62
38.59
40.06
39.08
38.41
6.42
6.34
6.56
6.13
6.58
6.62
2.16
2.62
3.3
3.45
4.66
4.89
35.3
0.33
35.63

28.67
0.68
29.35

28.72
0.54
29.26

30.48
0.55
31.03

27.84
0.63
28.46

26.91
1
27.91

2012-09 2013-09 2014-09 2015-09 2016-09 TTM
25.16
26.15
26.13
26.37
25.56
25.67
26.67
21.67
21.61
22.85
21.19
20.74
1.07
0.89
0.83
0.89
0.7
0.69
28.54
19.34
18.01
20.45
14.93
14.29
1.49
1.68
2.08
2.43
2.51
2.5
42.84
30.64
33.61
46.25
36.9
34.57
42.01
26.08
26.2
31.32
21.95
19.75
369.79 140.28
99.93
43.15
33.14

2012-09 2013-09 2014-09 2015-09 2016-09 Latest Qtr
44.58
53.94
45.49

9.2
37.86
39.39

6.95
19.08
33.63

27.86
14.3
29.08

-7.73
8.06
14.78

4.63

39.17

39.31

36.27

32.58

27.29

63.48
67.57
65.8
124.48

-11.3
38.65
50.84

7.15
15.82
34.93
66.23

35.67
8.84
31.11
45.72

-15.73
7
12.18
37.68

60.99
71.77
64.2
90.88

-11.25
38.26
50.27
87.49

6.68
15.08
36.84
64.28

35.14
8.56
30.67
44.61

-14.43
7.25
12
36.81

59.5
69.41
62.22
85.81

-9.97
37.92
49.29
82.88

13.58
17.71
37.82
62.35

42.95
13.49
33.62
45.1

-9.87
13.53
16.01
38.31

0.79

10.53

2012-09 2013-09 2014-09 2015-09 2016-09 TTM
35.51
5.53
11.27
36.09
-19
37.83
7.57
11.91
39.84 -25.08
6.01
5.31
5.37
4.92
6.28
6.07
26.49
26.09
27.3
29.86
24.24
24.02
0.99
1.2
1.26
1.31
1.14
1.16

2012-09 2013-09 2014-09 2015-09 2016-09 Latest Qtr
16.54
19.59
10.82
14.32
20.88
20.06
10.62
9.97
11.74
10.45
9.11
6.16
0.45
0.85
0.91
0.81
0.66
0.87
5.14
4.99
6.09
5.19
2.57
3.4
32.75
35.4
29.56
30.77
33.22
30.49
8.78
8.02
8.9
7.74
8.4
8.12
3.04
2.78
3.78
3.1
2.68
2.42
55.43
53.8
57.77
58.39
55.7
58.97
100
100
100
100
100
100
12.03
10.81
13.02
12.22
11.59
8.54
2.72
3.79
3.61
4.18
0.87
0.58
0.52
4.76
2.52
3.32
8.67
6.85
6.9
4.23
7.19
7.78
3.08
2.51
2.3
21.89
21.09
27.37
27.75
24.56
21.92
8.19
12.5
18.41
23.45
25.27
10.97
11.03
12.02
12.76
12.12
12.73
32.86
40.31
51.89
58.91
60.13
59.92
67.14
59.69
48.11
41.09
39.87
40.08
100
100
100
100
100
100

2012-09 2013-09 2014-09 2015-09 2016-09 Latest Qtr
1.5
1.68
1.08
1.11
1.35
1.39
1.24
1.4
0.82
0.89
1.22
1.2
1.49
1.68
2.08
2.43
2.51
2.5
0.14
0.26
0.45
0.59
0.63

2012-09 2013-09 2014-09 2015-09 2016-09 TTM
19.01
25.66
30.51
26.79
27.59
19.71
3.26
4.37
6.3
5.81
6.22
6.98
74.38
74.54
85.45
85.57 101.11
72.14
-52.13
-44.5 -48.64 -52.97 -67.29
-45.46
19.2
14.22
11.96
13.62
13.23
18.52
112.12
83.45
57.94
62.82
58.64
52.31
13.48
10.67
9.82
10.85
8.71
8.75
1.07
0.89
0.83
0.89
0.7
0.69

APPLE INC (AAPL) CashFlowFlag INCOME STATEMENT
Fiscal year ends in September. USD in millions except per share data.
Revenue
Cost of revenue
Gross profit
Operating expenses
Research and development
Sales, General and administrative
Total operating expenses
Operating income
Interest Expense
Other income (expense)
Income before taxes
Provision for income taxes
Net income from continuing operations
Net income
Net income available to common shareholders
Earnings per share
Basic
Diluted
Weighted average shares outstanding
Basic
Diluted
EBITDA

2012-09 2013-09 2014-09
156508 170910 182795
87846 106606 112258
68662 64304 70537
3381
10040
13421
55241
522
55763
14030
41733
41733
41733

4475
10830
15305
48999
136
1292
50155
13118
37037
37037
37037

6041
11993
18034
52503
384
1364
53483
13973
39510
39510
39510

6.38
6.31

5.72
5.68

6.49
6.45

6544
6617
58518

6477
6522
57048

6086
6123
61813

2015-09 2016-09 TTM
233715 215639 218118
140089 131376 134102
93626 84263 84016
8067
14329
22396
71230
733
2018
72515
19121
53394
53394
53394

10045
14194
24239
60024
1456
2804
61372
15685
45687
45687
45687

10512
14292
24804
59212
1705
3472
60979
15762
45217
45217
45217

9.28
9.22

8.35
8.31

8.43
8.39

5753
5793
84505

5471
5500
73333

5406
5434
73222

APPLE INC (AAPL) CashFlowFlag BALANCE SHEET
Fiscal year ends in September. USD in millions except per share data.
Assets
Current assets
Cash
Cash and cash equivalents
Short-term investments
Total cash
Receivables
Inventories
Deferred income taxes
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Gross property, plant and equipment
Accumulated Depreciation
Net property, plant and equipment
Equity and other investments
Goodwill
Intangible assets
Other long-term assets
Total non-current assets
Total assets
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt
Accounts payable
Taxes payable
Accrued liabilities
Deferred revenues
Other current liabilities
Total current liabilities
Non-current liabilities
Long-term debt
Deferred taxes liabilities
Deferred revenues
Other long-term liabilities
Total non-current liabilities
Total liabilities
Stockholders' equity
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income
Total stockholders' equity

2012-09 2013-09 2014-09

10746
18383
29129
10930
791
2583
14220
57653

14259
26287
40546
13102
1764
3453
14421
73286

13844
11233
25077
17460
2111
4318
19565
68531

21887 28519 39015
-6435 -11922 -18391
15452 16597 20624
92122 106215 130162
1135
1577
4616
4224
4179
4142
5478
5146
3764
118411 133714 163308
176064 207000 231839

6308
30196
1209
7689
9548
8498
63448

21175
1535
8387
5953
1492
38542

22367
1200
5217
7435
7439
43658

2648
16664
19312
57854

16960 28987
16489 20259
2625
3031
3719
4567
39793 56844
83451 120292
23313

16422 19764
101289 104256 87152
499
-471
1082
118210 123549 111547

Total liabilities and stockholders' equity

176064 207000 231839

2015-09 2016-09

21120 20484
20481 46671
41601 67155
16849 15754
2349
2132
5546
23033 21828
89378 106869

49257 61245
-26786 -34235
22471 27010
164065 170430
5116
5414
3893
3206
5556
8757
201101 214817
290479 321686

10999
35490

11605
37294

25181
8940

22027
8080

80610

79006

53463 75427
24062 26019
3624
2930
9365 10055
90514 114431
171124 193437
27416

31251

92284 96364
-345
634
119355 128249

290479 321686

APPLE INC (AAPL) Statement of CASH FLOW
Fiscal year ends in September. USD in millions except per share data.
Cash Flows From Operating Activities
Net income
Depreciation & amortization
Deferred income taxes
Stock based compensation
Accounts receivable
Inventory
Accounts payable
Other working capital
Other non-cash items
Net cash provided by operating activities
Cash Flows From Investing Activities
Investments in property, plant, and equipment
Acquisitions, net
Purchases of investments
Sales/Maturities of investments
Purchases of intangibles
Other investing activities
Net cash used for investing activities
Cash Flows From Financing Activities
Debt issued
Debt repayment
Common stock issued
Common stock repurchased
Dividend paid
Other financing activities
Net cash provided by (used for) financing activities
Net change in cash
Cash at beginning of period
Cash at end of period
Free Cash Flow
Operating cash flow
Capital expenditure
Free cash flow

2012-09 2013-09 2014-09
41733
3277
4405
1740
-5551
-15
4467
800

37037
6757
1141
2253
-2172
-973
2340
7283

39510
7946
2347
2863
-4232
-76
5938
5417

50856

53666

59713

-8295
-8165
-9571
-350
-496
-3765
-151232 -148489 -217128
112805 124447 208111
-1107
-911
-242
-48
-160
16
-48227 -33774 -22579
16896

18266

-2488
125
-1698
931
9815
10746

530
-22860
-10564
-381
-16379
3513
10746
14259

730
-45000
-11126
-419
-37549
-415
14259
13844

50856
-9402
41454

53666
-9076
44590

59713
-9813
49900

665

2015-09 2016-09 TTM
53394
11257
1382
3586
611
-238
5400
5874

45687
10505
4938
4210
1095
217
1791
-2619

81266

65824

45217
10538
4798
4388
-1104
-261
5103
-2878
...


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