NEURACAP
Company ReportSep 25, 2026 · 11 pages · Free to read

Apple Company Valuation & Strategic Insights — September 2026

A company valuation report on Apple Inc. (AAPL), combining earnings-based valuation methods, market pricing, peer benchmarking and precedent transactions to test the premium the market pays for Apple's margin and services mix. Built for boards, deal teams and advisors assessing strategic options.

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Key figures

$193.02
Implied median value
vs $335.92 share price
29.1x
EV / CY2027E EBITDA
peer median 17.8x
34.9%
CY2026 EBITDA margin
peer average 23.5%
11.2%
CY2026 revenue growth
peer average 11.2%

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COMPANY VALUATION & STRATEGIC INSIGHTS

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APPLE INC. (AAPL) · CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › CONSUMER ELECTRONICS

Apple: Priced for the Ecosystem Annuity, Not for the Hardware Cycle

Apple Inc. (AAPL), as of Sep 25, 2026 — a valuation and strategic read across the comparable set, the precedent transaction record, the filed operating record and the year's share-price track.

Sep 25, 2026 snapshot

Prepared by NeuraCap AI · Confidential

Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target.

AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice

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Executive summary

The valuation methods imply a median of $193.02 against a $335.92 share price, a -43% gap, while Apple's 34.9% CY2026 EBITDA margin and 25.2% services mix outpace the peer set on profitability rather than growth. The precedent transaction record shows buyers pay up for recurring revenue and proprietary silicon, echoing where Apple already sits at 29.1x EV/CY2027E EBITDA against a 17.8x peer median. The filed capital return, including $25.8 in Q3 2026 repurchases and a $0.27 dividend, is what continues to carry that premium.

Key findings

  • AAPL trades 43% above the football-field's $193.02 median implied value
  • AAPL: CY2026 EBITDA margin of 34.9% beats the 23.5% peer average; growth is in line
  • AAPL: Services are 25.2% of revenue; recurring-revenue deals fetch the highest multiples
  • AAPL: Filed capital return: $25.8 in Q3 buybacks and a $0.27 dividend, rising annually

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01
    COMPANY VALUATION & STRATEGIC INSIGHTS

    APPLE INC. (AAPL) · CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › CONSUMER ELECTRONICS

    Cover slide introducing the Apple Inc. valuation and strategic insights deck as of September 25, 2026.

    We're opening the Apple story as of September 25, 2026 — how the valuation methods read the company, how the market has priced it, where it sits operationally against peers, what buyers have paid for similar assets, and what the strategic options are. Everything here is illustrative perspective, not an opinion of value, so we can use it to frame the conversation rather than close it.

    Everything on this page

    COMPANY VALUATION & STRATEGIC INSIGHTS APPLE INC. (AAPL) · CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › CONSUMER ELECTRONICS Apple: Priced for the Ecosystem Annuity, Not for the Hardware Cycle Apple Inc. (AAPL), as of Sep 25, 2026 — a valuation and strategic read across the comparable set, the precedent transaction record, the filed operating record and the year's share-price track. Sep 25, 2026 snapshot Prepared by NeuraCap AI · Confidential Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    THE BOTTOM LINE

    Apple Is Priced as an Annuity on Its Installed Base, and the Filed Record Is Carrying It

    States the deck's central conclusion: Apple is priced as an annuity on its installed base and the filed record supports that price.

    Apple is priced as an annuity on its installed base, and the filed record is what carries that price today. We've pulled together the valuation methods, the market record, the operating benchmarks and the precedent transactions to test that thesis from every angle. Each of those threads points to the same place — the premium sits on margin and services mix, not on growth — so that's the frame we'll walk through the rest of the deck.

    Everything on this page

    THE BOTTOM LINE Apple Is Priced as an Annuity on Its Installed Base, and the Filed Record Is Carrying It Apple (AAPL) · Sep 25, 2026 · valuation methods, market record, operating benchmarks, precedent transactions Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 AAPL Trades at a Substantial Premium to What the Comparable Set Implies The methods together imply a median of $193.02 against the $335.92 share price, a -43% gap, with the central reference band at $175.53 – $238.66. The comparable set implies EV / 2026E EBITDA of 16.02x – 19.58x while Apple sits at 29.1x on CY2027E EBITDA against a peer median of 17.8x. 2 Apple's EBITDA Margin, Not Its Growth Rate, Is What Separates It from the Peer Set CY2026 revenue growth of 11.2% sits exactly on the 11.2% peer average, so growth is ordinary in this group. The CY2026 EBITDA margin of 34.9% against a 23.5% peer average is not, and that earnings power per dollar of revenue is what the premium multiple rests on. 3 Apple's Capital Return Is a Filed Commitment, and It Has Been Landing Each Quarter Management has committed to a $0.27 quarterly dividend and filed $25.8 billion of repurchases for Q3 2026, after $0.26 and $25.0 billion in Q1 2026, alongside the $100 billion authorization announced with the Q2 result and a stated intent to raise the dividend annually. 4 Apple's Services Mix Is the Part of the Revenue the Market Pays the Premium For The filings record Services at $91,728 million, 25.2% of revenue, against Products at $272,629 million. Product concentration is the offset — iPhone alone is 53.9% of total revenue — so the services attach rate across the installed base is the line that has to keep widening. $193.02 Median of the valuation methods vs the $335.92 share price — a -43% gap the deck explains 29.1x EV / CY2027E EBITDA — where AAPL trades peer median 17.8x — the multiple gap is the sentiment story 27.2x Median EV / LTM EBITDA paid for control across 5 precedent transactions — vs 29.1x in the market today 11.2% CY2027E revenue growth at a 34.8% EBITDA margin — the profile the market is pricing

  3. 03
    FOOTBALL FIELD VALUATION

    Apple: The Earnings-Based Methods and the Market Are Pricing Two Different Businesses

    Compares the earnings-based valuation methods' implied values against Apple's actual share price.

    The football field shows each method's median multiple applied to Apple's own financials, and the methods together land well below where the stock trades. That median implied value is $193.02 against a $335.92 share price — a -43% gap — with the central reference band at $175.53 – $238.66. So the earnings-based methods and the market are pricing two different businesses, and that gap is the question the rest of the deck answers.

    Everything on this page

    FOOTBALL FIELD VALUATION Apple: The Earnings-Based Methods and the Market Are Pricing Two Different Businesses Sep 25, 2026 snapshot · each bar = the method's median multiple ±10%, applied to the company's own financials · Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 3 The methods imply a median of $193.02, -43% below the $335.92 share price, with the central reference band at $175.53 – $238.66. $0 $100 $200 $300 $400 Multiples teal line = median of the valuation methods (-43% vs the share price) · amber line = current share price · shaded band = middle half of the methods TRADING 52-Week High-Low $243.42 $345.34 Analyst target range $245.00 $400.00 PUBLIC COMPARABLES EV / 2026E EBITDA $184.51 $225.51 16.02x – 19.58x EV / 2025A Revenue $162.93 $199.13 5.49x – 6.71x EV / 2026E Revenue $162.57 $198.69 4.92x – 6.02x EV / 2027E Revenue $156.45 $191.21 4.35x – 5.32x P/E (2026E Non-GAAP EPS) $216.82 $265.00 24.81x – 30.32x P/E (2027E Non-GAAP EPS) $208.71 $255.09 20.99x – 25.65x PRECEDENT TRANSACTIONS EV / LTM EBITDA $244.83 $299.23 24.48x – 29.92x EV / NTM EBITDA $228.19 $278.89 19.78x – 24.18x EV / LTM Revenue $84.34 $103.08 2.86x – 3.50x EV / NTM Revenue $83.81 $102.43 2.56x – 3.13x Methods median $193.02 Share price $335.92

  4. 04
    MARKET PRICES & THE FILING RECORD

    Apple: A Year of Delivered Quarters, and the Shares Finished at the Top of the Window

    Tracks Apple's weekly share price over the past year against the company's filed events.

    Over the year the weekly closes ranged from $245.27 to $336.13, finishing near the top of that window at $335.92. We've marked the filings against the price line so a mover can be checked against what the company actually disclosed, and we say so plainly where no filing explains a move. That combination — a delivered quarter record and a share price sitting at the top of its own range — is what a premium multiple has to keep earning.

    Everything on this page

    MARKET PRICES & THE FILING RECORD Apple: A Year of Delivered Quarters, and the Shares Finished at the Top of the Window Weekly closes, Sep 28, 2025 – Sep 25, 2026 · range $245.27 – $336.13 · last $335.92 · numbered markers = the filings below Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Move-to-event links use calibrated language; where no filing explains a move, the page says so. AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 4 $250 $300 $350 2025-09 2025-11 2026-01 2026-03 2026-05 2026-07 2026-08 1 2 3 4 5 6 7 8 Weekly closes moved from $255.46 to $335.92 across Sep 28, 2025 – Sep 25, 2026, a +31% year, with a $245.27 low and a $336.13 high. 1 Nov 2, 2025 · Earnings Release & Result of Operations Filed 424B3 - 2025-10-30 - Apple filed a Form 8-K to furnish its fiscal 2025 third-quarter earnings press release, reporting revenue, net… 2 Dec 7, 2025 · Executive, Officer & Director Appointment / Departure Filed 8-K - 2025-12-05 - Apple disclosed that Jennifer Newstead will become the company's general counsel on March 1, 2026, succeeding Kate… 3 Jan 4, 2026 · Executive, Officer & Director Appointment / Departure Filed 8-K - 2026-01-02 - Apple appointed Ben Borders as its new Principal Accounting Officer effective January 1, 2026, succeeding Chris… 4 Feb 1, 2026 · Earnings Release & Result of Operations Filed 8-K - 2026-01-29 - Apple reported record Q1 fiscal 2026 results with $143.8 billion revenue, $2.84 diluted EPS, and declared a $0.26… 5 Mar 1, 2026 · Shareholder Meeting, Proxy & Voting Matter Filed 8-K - 2026-02-24 - Apple filed an 8-K announcing the outcomes of its 2026 annual shareholder meeting, including director elections… 6 Apr 26, 2026 · Executive, Officer & Director Appointment / Departure Filed 8-K - 2026-04-20 - Apple announced that Tim Cook will become Executive Chair and John Ternus will assume the role of CEO effective…

  5. 05
    PERFORMANCE METRICS

    Apple: The Estimates Carry Margin Expansion First and a Growth Fade by CY2029E

    Shows the estimate series from CY2026 through CY2029E for growth and margin.

    The published estimates carry margin expansion in the earlier years and a growth fade by CY2029E, with bars showing the level and the line showing growth and margin across the window. That shape matters because the market's premium multiple is built on the margin side of the story, not the growth side. So the estimate path is worth watching for whether margin expansion keeps doing the heavy lifting.

    Everything on this page

    PERFORMANCE METRICS Apple: The Estimates Carry Margin Expansion First and a Growth Fade by CY2029E CY2026 – CY2029E · bars = level, line = growth / margin · estimates are the platform's, shown as published Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Growth and margin are computed from the published series; estimate years are marked E. AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 5 CY2026 revenue of $437B at $147B EBITDA, a 33.6% EBITDA margin, is estimated to become $486B and $170B in CY2027E — 11.2% growth at a 34.8% EBITDA margin. REVENUE & REVENUE GROWTH $437B 2026 $486B 2027E $530B 2028E $543B 2029E 11.2% 8.9% 2.6% bars: revenue (navy = actual, blue = estimate) · line: revenue growth EBITDA & EBITDA MARGIN $147B 2026 $170B 2027E 33.6% 34.8% bars: ebitda (navy = actual, teal = estimate) · line: ebitda margin · CY2028E, CY2029E not shown: no EBITDA figure published

  6. 06
    INVESTMENT BANKING KPI BENCHMARKING

    Apple: Average Growth in This Peer Set, and Close to the Top of It on Margin

    Benchmarks Apple's growth and margin against a peer set, with Apple highlighted against the peer average.

    Apple's CY2026 revenue growth of 11.2% sits right on the 11.2% peer average — below GOOG's 23.5% and MSFT's 17.5%, and above HPQ's 7.5%. Growth alone doesn't set Apple apart in this group. What does is margin, where we've placed Apple close to the top of this same peer set — so the multiple has to be justified by earnings power, not by topline pace.

    Everything on this page

    INVESTMENT BANKING KPI BENCHMARKING Apple: Average Growth in This Peer Set, and Close to the Top of It on Margin Apple (AAPL) highlighted · vertical line = peer average excluding the target Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Apple's CY2026 revenue growth of 11.2% sits on the 11.2% peer average, below GOOG at 23.5% and MSFT at 17.5% and above HPQ at 7.5%. AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 6 CY2026 REVENUE GROWTH AAPL 11.2% GOOG 23.5% HPQ 7.5% MSFT 17.5% SPOT 11.1% ZEPP 26.1% GPRO -16.6% VUZI 8.5% GRMN 11.7% Peer average 11.2% CY2026 EBITDA MARGIN AAPL 34.9% GOOG 47.1% HPQ 7.3% MSFT 58.6% SPOT 16.0% GPRO -17.7% GRMN 29.7% Peer average 23.5%

  7. 07
    COMPANY VALUATION METRICS

    The Comparable Set, with AAPL Highlighted

    Lists the comparable company set with Apple highlighted against peer median multiples.

    The peer median across this set is 27.6x P/E on 2026E non-GAAP EPS and 17.8x EV/EBITDA, while Apple sits at 29.1x on EV / CY2027E EBITDA. That gap tells us the market is rewarding Apple's margin and attached services more than its top-line growth rate. One peer was added from the company's broader industry tier because the refined set held only four names — a comparability note worth keeping in view.

    Everything on this page

    COMPANY VALUATION METRICS The Comparable Set, with AAPL Highlighted The peer median is 27.6x P/E on 2026E non-GAAP EPS and 17.8x EV / EBITDA, against Apple at 29.1x EV / CY2027E EBITDA: the market is rewarding margin and attached services more than the top-line rate. Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Summary rows are computed over the peer set (outlier multiples excluded); the target row is shown for reference, not included in its own benchmark. ‡ peer added from the company's industry tier: the platform's refined set held 4 names, so the set was extended with industry members (see the sources page). AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 7 Company Price EV Mkt cap CY2027E Rev CY2027E Growth CY2027E Margin P/E 2027E P/E 2028E EV/Rev 2027E EV/EBITDA 2027E AAPL — Apple Inc. $335.92 $4,929B $4,907B $486B 11.2% 34.8% 38.4x 33.8x 10.1x 29.1x GOOG — Alphabet Inc. $339.01 $4,024B $4,146B $498B 23.5% 47.1% 16.5x 22.4x 8.1x 17.2x HPQ — HP Inc. $31.14 $33.5B $28.1B $60.1B 7.5% 7.3% 10.3x 9.9x 0.6x 7.6x MSFT — Microsoft Corporation $497.93 $3,745B $3,698B $359B 17.5% 58.6% 27.6x 23.3x 10.4x 17.8x SPOT — Spotify Technology S.A. $511.38 $95.1B $105B $22.4B 11.1% 16.0% 36.4x 29.0x 4.2x 26.6x ZEPP — Zepp Health Corporation ‡ $4.12 $140M $1M $326M 26.1% n/a n/a n/a 0.4x n/a GPRO — GoPro, Inc. ‡ $1.26 $291M $232M $543M -16.6% -17.7% n/a n/a 0.5x n/a VUZI — Vuzix Corp. ‡ $2.74 $225M $231M $7M 8.5% n/a n/a n/a 33.0x n/a GRMN — Garmin Ltd. ‡ $295.04 $54.4B $56.9B $8.1B 11.7% 29.7% 29.0x 26.3x 6.7x 22.6x Peer average 23.9x 22.2x 4.4x 18.3x Peer median 27.6x 23.3x 4.2x 17.8x

  8. 08
    MERGERS & ACQUISITIONS

    Apple: The Transaction Record Pays up for Recurring Revenue and Hard-to-Copy Silicon

    Reviews the precedent transaction record relevant to Apple, including deals from Apple's own history and from peer companies.

    Two of the eight transactions in this record come from Apple's own history — ON Semiconductor Corporation / Synaptics Incorporated at $7.0B and 27.2x LTM EV/EBITDA, and MaxLinear, Inc. Six more come from the precedent records of GOOG, HPQ and MSFT, extended because Apple's own record held too few deals with disclosed terms. The pattern across this record is that buyers pay up for recurring revenue and hard-to-copy silicon — precisely the assets Apple is already priced on.

    Everything on this page

    MERGERS & ACQUISITIONS Apple: The Transaction Record Pays up for Recurring Revenue and Hard-to-Copy Silicon Two of the eight transactions come from Apple's own record — ON Semiconductor Corporation / Synaptics Incorporated at $7.0B and 27.2x LTM EV/EBITDA, and MaxLinear, Inc. Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Multiples are LTM/NTM at announcement where disclosed; values link to the record where a link exists. Summary rows exclude outlier multiples (disclosed on the sources page), show their n, and are suppressed (n/a) where fewer than 3 deals carry the multiple. The strategic read is a NeuraCap analytical view. * 6 of the transactions shown come from the precedent records of peers (GOOG, HPQ, MSFT): the company's own record held too few with disclosed terms, so the set was extended. AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 8 Announced Acquirer Target Deal value EV LTM Rev LTM EBITDA LTM EV/Rev LTM EV/EBITDA NTM EV/Rev NTM EV/EBITDA 2026-06-25 ON Semiconductor Corporation Synaptics Incorporated $6.2B $7.0B $1.2B $257M 5.9x 27.2x 5.4x 22.0x 2025-12-01 Bending Spoons US Inc. Eventbrite, Inc. * $436M $209M $295M $17M 0.9x 12.6x 0.9x 9.2x 2025-11-18 Adobe Inc. Semrush Holdings, Inc. * $1.8B $1.7B $429M $45M 4.0x 38.2x 3.4x 22.4x 2025-07-23 MaxLinear, Inc. Silicon Motion Technology Corporation $603M $395M $769M $104M 0.5x n/a 0.3x n/a 2024-12-22 Xerox Holdings Corporation Lexmark International II, LLC * $1.5B n/a n/a n/a n/a 4.7x n/a n/a 2023-05-25 Stratasys Ltd. Desktop Metal, Inc. * $558M $594M $207M n/a 2.9x n/a 3.1x n/a 2023-03-09 Nano Dimension Ltd. Stratasys Ltd. * $1.1B $1.1B $652M $36M 1.8x 32.0x 1.8x 32.9x 2021-06-23 890 5th Avenue Partners, Inc. BuzzFeed, Inc. * $1.2B $1.2B $330M $29M 3.7x n/a 3.0x n/a 75th percentile 3.9x 32.0x 3.3x 25.0x Average 2.8x 22.9x 2.6x 21.6x Median 2.9x 27.2x 3.0x 22.2x 25th percentile 1.3x 12.6x 1.4x 18.8x n (deals carrying the… n=7 n=5 n=7 n=4 THE STRATEGIC READ Across 5 transactions with a recorded LTM EBITDA multiple, the median paid was 27.2x and the upper quartile 32.0x; Apple already sits at 29.1x on CY2027E EBITDA. The spread inside that record is the useful part — 38.2x for Semrush Holdings, Inc., 27.2x for Synaptics Incorporated, 4.7x for Lexmark International II, LLC.

  9. 09
    STRATEGIC ROADMAP

    Apple: Four Moves That Defend the Premium the Market Is Already Paying

    Sets out four strategic moves that would defend the premium the market is currently paying for Apple.

    We've framed four moves grounded in the sector study, the current market window and the precedent transactions — options for evaluation, not instructions. They cover widening services attach, turning the R&D step-up into a second earning category, holding capital return as the floor under earnings, and pricing against the tariff and component exposure management has already flagged. Each is tied back to the evidence behind it, so the case for each can be checked against its source. Together they're the levers that keep the premium defensible.

    Everything on this page

    STRATEGIC ROADMAP Apple: Four Moves That Defend the Premium the Market Is Already Paying NeuraCap analytical views grounded in the sector study, the latest market window and the precedent transactions · observations, not recommendations Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Each option is framed for evaluation, not as an instruction; the evidence chips show where each input comes from. AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 9 EVIDENCE Precedent transactions: 8 (6 via peers) NEAR TERM Widen Services Attach Across the Installed Base Services are $91,728 million, 25.2% of revenue, against Products at $272,629 million. The transaction record pays its highest multiples where revenue recurs — 38.2x for Semrush Holdings, Inc. Shifting mix toward attach moves Apple toward the multiple recurring revenue earns. MEDIUM TERM Turn the R&D Step-up into a Second Earning Category The filings record R&D up 32% to fund AI infrastructure and new product development. The case for that spend is concentration: iPhone is 53.9% of total revenue. A second category with its own refresh cycle is what would reduce the dependence the current multiple has to look through. NEAR TERM Hold Capital Return as the Floor Under the Earnings Line Management filed $25.8 billion of repurchases and a $0.27 dividend for Q3 2026, after $25.0 billion and $0.26 in Q1 2026, with a $100 billion authorization and a stated intent to raise the dividend annually. The test is whether cash generation funds that cadence while R&D runs 32% higher.

  10. 10
    WHAT IT MEANS

    Apple: The Premium Holds on Mix and Margin, and Each Audience Has a Different Job in It

    Translates the evidence into distinct takeaways for the board, potential counterparties, and advisors.

    We've translated the same evidence for three different audiences, because each has a different job to do with it. The board's lever is mix, pricing and margin durability; counterparties should note that attach and proprietary silicon earn the top multiples in this transaction record; advisors should weigh the LTM record more heavily than the thinner set behind it. This page is analytical interpretation, not investment advice — but it's the bridge from evidence to action.

    Everything on this page

    WHAT IT MEANS Apple: The Premium Holds on Mix and Margin, and Each Audience Has a Different Job in It The evidence translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. This page is analytical interpretation drawn from the recorded evidence. It is not investment advice. AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 10 FOR THE BOARD & OWNERS The Premium Rests on Earnings Durability, Not on the Comparable Multiples The methods' median of $193.02 sits -43% below the $335.92 share price, so the equity is carried by the 34.9% CY2026 EBITDA margin, the 25.2% services share of revenue and the filed capital return. The board's levers are mix, pricing and margin durability. FOR POTENTIAL COUNTERPARTIES What Earns the Top Multiple in This Category Is Attach and Proprietary Silicon The transaction record shows strategic component and platform buyers paying a median of 27.2x LTM EBITDA across 5 deals, the largest at $7.0B. FOR ADVISORS Weigh the LTM Record and Treat the Peer and Deal Sets for What They Are The NTM EBITDA statistics rest on a small set of 4 transactions, so the LTM median of 27.2x across 5 deals carries the weight and the two bases should not be read against each other.

  11. 11
    SOURCES & METHODOLOGY

    Sources, Methodology and Important Notice

    Explains the sources and methodology behind every figure and statement in the deck.

    Every figure in this deck links back to the record it was taken from — financials, estimates, comparables, the transaction record, or filings — and where a figure has no link, this page names its source and the basis on which it was read. We've built the deck this way so any number can be traced and checked, not just taken on faith. That traceability is what lets the earlier pages carry the weight they do.

    Everything on this page

    SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this company deck is built and what each kind of statement rests on · Sep 25, 2026 Every figure on these pages links to the record it was taken from; where a figure has no link, this page names its source and the basis on which it was read. AAPL Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice 11 OBSERVED DATA Prices, financials, estimates, comparables and the transaction record come from the NeuraCap analytics platform exactly as recorded; filings link to their source. Nothing on any page is re-derived from outside data. PEER SET & PRECEDENTS The platform's refined peer set for Apple held 4 name(s). Peer set extended with industry members: 4 public member(s) of the company's own industry tier (Consumer Electronics: ZEPP, GPRO, VUZI, GRMN) were appended in the platform's priority order, so the comparables, benchmarks and precedent record rest on 8 peers. Tier-added peers are marked ‡ on the comparables page. Apple's own precedent record held too few transactions with a disclosed value or multiple, so the record was extended with the… VALUATION METHODS Each football-field bar applies a method’s median multiple, ±10% (peer multiples, or precedent-transaction multiples), to the company’s own financials; per-share values bridge enterprise value through recorded net debt and diluted shares. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. MULTIPLE QUALITY All recorded multiples passed the sanity bounds; none were excluded. INHERITED CONTEXT No sector study or weekly update was linked to this run; positioning statements are limited accordingly. DRIVER ATTRIBUTION A share-price move is linked to a filing only in calibrated language ("the move appears to reflect…"). Where no filing explains a move, the page says so. ANALYTICAL INTERPRETATION The roadmap and what-it-means pages are NeuraCap analytical views drawn from the recorded evidence, labeled as such, framed for evaluation. IMPORTANT NOTICE This report is informational only. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources: sec.gov

Sources and methodology

Apple's financials, share price, market capitalisation and enterprise value are as recorded from its SEC filings and market data as of September 25, 2026; forward figures are analyst consensus estimates. The peer set is the listed companies whose business most closely overlaps Apple's, selected by comparing reported business segments: Alphabet Inc. (GOOG), HP Inc. (HPQ), Microsoft Corporation (MSFT), Spotify Technology S.A. (SPOT), Zepp Health Corporation (ZEPP), GoPro, Inc. (GPRO), Vuzix Corp. (VUZI), Garmin Ltd. (GRMN). Peer multiples, growth and margins are computed from their filings, consensus estimates and market prices as of September 25, 2026.

What this report is built from

Apple's financials, share price, market capitalisation and enterprise value are as recorded from its SEC filings and market data as of September 25, 2026; forward figures are analyst consensus estimates. The peer set is the listed companies whose business most closely overlaps Apple's, selected by comparing reported business segments: Alphabet Inc. (GOOG), HP Inc. (HPQ), Microsoft Corporation (MSFT), Spotify Technology S.A. (SPOT), Zepp Health Corporation (ZEPP), GoPro, Inc. (GPRO), Vuzix Corp. (VUZI), Garmin Ltd. (GRMN). Peer multiples, growth and margins are computed from their filings, consensus estimates and market prices as of September 25, 2026.

The valuation methods and how the ranges are computed

Each football-field bar applies one valuation method to Apple's own financials. For a peer method the multiple is the median of the peer set's multiples (for example EV over the calendar-year consensus EBITDA); for a precedent method it is the median multiple paid in the recorded transactions (EV over the target's last-twelve-month revenue or EBITDA at announcement). Each bar spans that median ±10% and is applied to the company's own revenue or EBITDA for the same basis; enterprise value is bridged to a per-share value through recorded net debt and diluted shares, and the trading range and analyst range are shown alongside for reference. A multiple outside sanity bounds (P/E 2–100x, EV/EBITDA 1–60x, EV/Revenue 0.2–30x) is excluded from every range and disclosed. The methods' median is the median of the bar midpoints. All valuation content is an illustrative perspective, not an opinion of value.

KPI benchmarking

Growth and EBITDA margin are compared across the peer set; the peer average excludes Apple so the company is measured against its peers rather than a set it is part of. Metrics benchmarked: CY2026 Revenue Growth, CY2026 EBITDA Margin. Where one peer's figure is far outside the rest of the set, its bar is drawn not to scale and marked, and its true figure is printed.

Precedent transactions

The precedent record is the set of recorded transactions involving Apple's peers and closest comparables, taken from SEC filings, with the 75th percentile, average, median and 25th percentile of the disclosed multiples. Multiples are LTM/NTM at announcement where disclosed; values link to the record where a link exists.

Inherited context

No sector study or bi-weekly update was linked to this report; positioning statements are limited accordingly.

Sources

Company financials and filings: the company's SEC filings on EDGAR. Peer financials, transaction terms and events: SEC filings on EDGAR, linked from each figure. Forward figures: analyst consensus estimates. Prices and market capitalisations: market data as of September 25, 2026.

Interpretation and important notice

The strategic roadmap and what-it-means pages are NeuraCap analytical views drawn from the recorded evidence, framed for evaluation and not as instructions. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. This report is informational and not investment advice.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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