ROA gives an idea as to how efficient management is at using its assets to generate earnings. ROA is an indicator of how profitable a company is relative to its total assets. ROA - Return On Assets = Net Income/Total Assets The operating income has increased from $33.790 billion in 2011 to $50.287 billion 2014 TTM, revealing a 48.82% increase. Over the past three and a half years, Apple's operating income has also increased substantially.
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Operating income is the cash generated from the operations of a company, generally defined as revenue less all operating expenses, but calculated through a series of adjustments to net income. Operating income 2014 TTM = $50.287 billion.Despite concerns in 2013, Apple's profits were still very strong, thus warranting the current recovery. This indicates a substantial increase of 45.46%.Īs the chart above indicates, from a percentage point of view, there is a strong relation between the company's net income and the stock price. Over the last three and a half years, Apple's net profits have increased from $25.922 billion in 2011 to $37.707 billion in 2014 TTM. From these four metrics, we will establish if the company is making money and gauge the quality of the reported profits. They are: net income, operating cash flow, return on assets, and quality of earnings. In this section, we will look at four tests of profitability. Profitability is a class of financial metrics used to assess a business's ability to generate earnings compared with expenses and other relevant costs incurred during a specific period of time. Based on this information, we will look for strengths and weaknesses within the company's fundamentals, which should give us an understanding of how the company has fared over the past four years and will give us an idea of what to expect in the future. From this evaluation, we will be able to see how Apple has fared over the past four years regarding its profitability, debt and capital, and operating efficiency. In the section below, I will analyze some aspects of Apple's past performance. Apple leads the digital music revolution with its iPods and iTunes online store, and the company has reinvented the mobile phone through its iPhone and App Store, as well as is defining the future of mobile media and computing devices though the iPad.
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Upon further assessment, I will look at Apple's current valuation and estimate where the stock is headed next.Īs Apple designs Macs, personal computers, along with OS X, iLife, iWork and professional software, the company is on the leading edge of technological advancements designed for corporate and personal use. So what's next? Are we on our way back to $100+ or back to the $60 level?īased on a fundamental assessment and some valuations, I will look to assess the relationship between these ratios and the stock price. Since April 2013, Apple's shares have begun a rebound and are now back around $93.00. Since reaching its all time high of just over $100.00 (adjusted for the recent 7 to 1 stock split) in September of 2012, the stock price sold off rather sharply in 2013, hitting lows around the $60.00 level. Over the past couple of years Apple's ( NASDAQ: AAPL) stock been on a roller coaster.
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