Warren Agent· AAPL
Research Company← Research

Apple Inc.

AAPL· FY2025 10-K· Analyzed 1 mo ago
Growth Rates — CAGR from SEC 10-K XBRL filings
Revenue
5.9%
FY2015–2025
Net Income
7.7%
FY2015–2025
Free Cash Flow
3.5%
FY2015–2025
EPS (Diluted)
12.5%
FY2015–2025
Latest Metrics — FY2025 · SEC XBRL
Return on Equity
151.9%
NI ÷ Equity
Return on Assets
31.2%
NI ÷ Assets
Net Profit Margin
26.9%
NI ÷ Revenue
Debt / Equity
1.23x
LT Debt ÷ Equity
Intrinsic Value Estimate — DCF (10% discount · 3% terminal · FCF growth capped 15%)
Total Business Value
$1.5T
Per Share (approx.)
$102.06
25% Margin of Safety
$76.54
Conservative entry
50% Margin of Safety
$51.03
Buffett's ideal entry
Growth Rate Used
3.5%
Latest FCF
$98.8B

Berkshire requires a 25–50% discount to intrinsic value before buying.

Buffett Quality Checklist
✓ROE >15% consistently (≥7 of last 10 years)
✓Free cash flow positive (≥8 of last 10 years)
✗Conservative leverage — Debt/Equity below 1
✓Revenue growing at CAGR >5%
✓EPS growing at CAGR >5%
10-Year Financial History — SEC EDGAR 10-K Filings
Year▲Revenue▲Net Income▲FCF▲Owner Earnings▲ROE▲Net Margin▲LT Debt▲Cash▲
2016$215.6B$45.7B$53.5B$43.5B35.6%21.2%$75.4B$20.5B
2017$52.9B$48.4B$51.8B$46.1B36.1%91.4%$97.2B$20.3B
2018$61.1B$59.5B$64.1B$57.1B55.6%97.4%$93.7B$25.9B
2019$260.2B$55.3B$58.9B$57.3B61.1%21.2%$91.8B$48.8B
2020$274.5B$57.4B$73.4B$61.2B87.9%20.9%$98.7B$38.0B
2021$365.8B$94.7B$93.0B$94.9B150.1%25.9%$109.1B$34.9B
2022$394.3B$99.8B$111.4B$100.2B197.0%25.3%$110.1B$23.6B
2023$383.3B$97.0B$99.6B$97.6B156.1%25.3%$105.1B$30.0B
2024$391.0B$93.7B$108.8B$95.7B164.6%24.0%$96.7B$29.9B
2025$416.2B$112.0B$98.8B$111.0B151.9%26.9%$90.7B$35.9B

Apple Inc. (AAPL) — Buffett/Munger Investment Analysis

April 15, 2026 · Data from SEC EDGAR 10-K filings · Model: gemini-2.5-flash

Pass 1: Business Model & Moat

Alright, let's take a look at Apple's latest filing.

1. BUSINESS MODEL Apple's business model is remarkably straightforward, even a bright 12-year-old could grasp it: they

Pass 2: Financial Forensics

Alright, let's take a look at Apple's latest filing.

1. BUSINESS MODEL Apple's business model is remarkably straightforward, even a bright 12-year-old could grasp it:

Pass 3: Capital Allocation & Management

Alright, let's take a look at Apple's capital allocation, a subject dear to my heart, just like a good cherry coke.

1. REINVESTMENT QUALITY

Apple Inc. (AAPL) — Investment Memo

Warren Buffett's Perspective

Alright, let's take a look at Apple's latest filing. Apple's business model is remarkably straightforward, even a bright 12-year-old could grasp it: they sell exquisitely designed, user-friendly hardware – iPhones, Macs, iPads,

Data sourced from SEC EDGAR XBRL filings (10-K only). For educational purposes — not investment advice.