Apple Financial Analysis

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Financial Analysis Project
APPLE INC.
Rev 1.1

A Financial Analysis Project
By
Josie Chavez

Submitted to Kendra Huff, Ph.D.
Assistant Professor of Accounting and Finance
College of Business Administration
Texas A&M University-Kingsville

BUSINESS FINANCE 3338

Spring 2011

TABLE OF CONTENTS
LIST OF TABLESiii
LIST OF FIGURESv
1.CORPORATE OVERVIEW1
1.1 Overview of Industry1
1.2 Overview of Corporation2
1.2.1 Product/Service Description4
1.2.2 Earnings History7
1.2.3 Stock History8
1.2.4 Current News 9

2.FINANCIAL STATEMENTS5
2.1 Income Statement11
2.2 Balance Sheet12
2.3 Statement of Stockholder’s Equity14
2.4 Statement of Cash Flows16

3.FINANCIAL STATEMENT ANALYSIS16
3.1 Profitability Analysis18
3.2 Solvency Analysis21
3.3 Activity Ratios25
3.4 Leverage Ratios27

4.CONCLUSION30

5.REFERENCES31

6.APPENDICIES33
6.1 Ratios33
6.2 Checklist35

LIST OF TABLES
1Table 1 Stock History7
2Table 2 Income Statement11
3 Table 3 Balance sheet12
4 Table 4 Statement of Shareholder’s Equity14
5 Table 5 Phase Statement of Cash Flows16
6 Table 6 Gross Profit Margin18
7 Table 7 Operating Profit Margin19
8 Table 8 Cash Flow Margin20
9 Table 9 Return on Investment20
10Table 10 Return on Equity 21
11Table 11 Cash return on Asset21
12Table 12 Current Ratio 22
13Table 13 Quick Ratio23
14Table 14 Cash Flow Liquidity Ratio23
15Table 15 Average Collection Period24
16Table 16 Days Inventory Held24
17Table 17 Days Payable Outstanding25
18 Table 18 Cash Conversion Cycle25
19Table 19 A/R Turnover26
20Table 20 Inventory Turnover26
21Table 21 A/P Turnover26
22Table 22 Fixed Asset Turnover27
23Table 23 Total Asset Turnover27
24Table 24 Debt Ratio28
25Table 25 Debt to Equity Ratio28
26Table 26 Earnings Per Share28

LIST OF FIGURES
1.1 Recent Annual1
1.1.1 Yahoo Finance2
1.2 Apple 5 Year Stock History7
1.2.1 iPod5
1.2.2 iPhone5
1.2.3 Mac Computers6
1.2.4 iPad6
1.2.2.1 Earnings History7
1.2.3.1 Stock Performance9

CHAPTER 1
CORPORATION OVERVIEW
1.1 Overview of Industry
The technology sector is greatly competitive as well as perishable because technology advances very rapidly which causes the current electronics’ value to dwindle. Below are the industry’s leaders. You will notice that Apple Inc. is at the market cap lead by taking 306.25 billion of the market share of the personal computer industry. Fig 1.1 Recent Annual

| Valuation|
▲▼| Company name▲▼| Price▲▼| Change▲▼| Chg %▲▼| d | m | y▲▼| Mkt Cap▲▼| AAPL| Apple Inc.| 332.42| -3.71| -1.10%| | 306.25B|
HPQ| Hewlett-Packard Company| 40.36| -0.77| -1.87%| | 87.34B| DELL| Dell Inc.| 14.95| -0.47| -3.05%| | 28.51B|
GOOG| Google Inc.| 578.51| +2.23| 0.39%| | 186.00B|
MSFT| Microsoft Corporation| 25.42| -0.21| -0.82%| | 213.59B| LNVGY| Lenovo Group Limited (...| 11.45| +0.02| 0.17%| | 5.71B| ADBE| Adobe Systems Incorpor...| 34.33| +0.12| 0.35%| | 17.32B| IBM| Intl. Business Machine...| 164.97| +1.02| 0.62%| | 201.19B| INTC| Intel Corporation| 19.58| -0.20| -1.01%| | 105.44B| VZ| Verizon Communications...| 37.71| +0.02| 0.05%| | 105.59B| SMCI| Super Micro Computer, ...| 15.42| +0.09| 0.59%| | 583.56M|

Description| 1-Day Price Chg %| Market Cap| P/E| ROE %| Div. Yield %| Debt to Equity| Price to Book| Net Profit Margin (mrq)| Price To Free Cash Flow (mrq)| Technology| 0.445| 64871.74B| 18.177| 15.107| 1.199| 97.725| 5.314| 9.752| 69.826| Personal Computers| -0.464| 354.08B| 21.6| 28.9| 0| 77.26| 7.01| 12.5| 17.9| Apple Inc.| -0.73|...
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