Question 1

What is Apple's P/FCF ratio?

Accepted Answer

Apple (AAPL) P/FCF ratio is 37.3× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Apple?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Apple specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is Apple's P/FCF ratio high or low?

Accepted Answer

Apple's P/FCF ratio of 37.3× is above its own 5-year average of 28.6× and above the sector median of 21.8×. That places the current reading at the 92th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Apple's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Apple (AAPL) P/FCF ratio has ranged from a low of 8.1× in 2008 to a high of 701.7× in 2002. The 5-year average is 28.6× and the 5-year median is 28.1×.

Question 7

What was Apple's P/FCF ratio in 2025?

Accepted Answer

Apple (AAPL) P/FCF ratio at the end of 2025 was 38.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Apple's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$3.82T	$98.8B	38.7×	+6.9×	Sep 27, 2025
2024	$3.46T	$109B	31.8×	+4.9×	Sep 28, 2024
2023	$2.67T	$99.6B	26.8×	+5.2×	Sep 30, 2023
2022	$2.41T	$111B	21.6×	-4.4×	Sep 24, 2022
2021	$2.42T	$93B	26.1×	-0.0×	Sep 25, 2021
2020	$1.92T	$73.4B	26.1×	+8.9×	Sep 26, 2020
2019	$1.01T	$58.9B	17.2×	+0.3×	Sep 28, 2019
2018	$1.08T	$64.1B	16.9×	+1.4×	Sep 29, 2018
2017	$794B	$51.3B	15.5×	+3.9×	Sep 30, 2017
2016	$605B	$52.3B	11.6×	+2.2×	Sep 24, 2016
2015	$651B	$69.8B	9.3×	-2.7×	Sep 26, 2015
2014	$598B	$49.9B	12.0×	+2.0×	Sep 27, 2014
2013	$447B	$44.6B	10.0×	-4.5×	Sep 28, 2013
2012	$603B	$41.5B	14.6×	+2.1×	Sep 29, 2012
2011	$375B	$30.1B	12.5×	-3.7×	Sep 24, 2011
2010	$267B	$16.5B	16.2×	-2.1×	Sep 25, 2010
2009	$164B	$8.95B	18.3×	+4.7×	Sep 26, 2009
2008	$114B	$8.4B	13.5×	-16.3×	Sep 27, 2008
2007	$134B	$4.48B	29.8×	-12.3×	Sep 29, 2007
2006	$65.8B	$1.56B	42.1×	+22.9×	Sep 30, 2006
2005	$43.7B	$2.28B	19.2×	+0.3×	Sep 24, 2005
2004	$14.3B	$758M	18.9×	-41.1×	Sep 25, 2004
2003	$7.49B	$125M	59.9×	—	Sep 27, 2003
2002	$5.28B	-$85M	—	—	Sep 28, 2002


Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for Apple (AAPL) 2003-2026

P/FCF Ratio daily chart for Apple (AAPL)

Historical P/FCF Ratio for Apple (AAPL) from 2002 to 2025

About P/FCF Ratio at Apple (AAPL)

Apple P/FCF Ratio by Year

Apple P/FCF Ratio 2025: 38.7×

Apple P/FCF Ratio 2024: 31.8×

Apple P/FCF Ratio 2023: 26.8×

Apple P/FCF Ratio 2022: 21.6×

Apple P/FCF Ratio 2021: 26.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Apple (AAPL) Key Financials