Apple Inc.
AAPL Technology Consumer Electronics
Apple Inc.’s revenue for fiscal 2025 (year ended September 2025) was $416.2 billion, up 6.43% from fiscal 2024. In the quarter to June 2026, revenue grew 16.4%, EPS grew 29.3%, free cash flow grew 30.8% and total debt fell 17.1%, each against the same quarter a year earlier. Member of the S&P 500, Nasdaq 100 and Dow Jones; dividend growth for ten consecutive years, revenue growth for three.
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Apple Inc. (AAPL) Altman Z-score
Apple Inc.'s Altman Z-score for fiscal 2025 is 10.27, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 10.27 | 1.27 |
| FY2024 | 9.00 | 1.28 |
| FY2023 | 7.72 | 1.11 |
| FY2022 | 6.61 | (0.43) |
| FY2021 | 7.05 | 0.65 |
| FY2020 | 6.39 | 2.11 |
| FY2019 | 4.29 | 0.00 |
| FY2018 | 4.28 | 0.68 |
| FY2017 | 3.61 | (0.12) |
| FY2016 | 3.73 | (0.59) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.05) | — | −0.06 | |
| Retained earnings / total assets | (0.04) | — | −0.06 | |
| EBIT / total assets | 0.37 | — | 1.22 | |
| Market value of equity / total liabilities | 13.33 | — | 8.00 | |
| Sales / total assets | 1.16 | — | 1.16 | |
| Altman Z-score | Safe zone | 10.27 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.31 | ||
Z and Z″ put Apple Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FXHO UTime Limited compare | 18.2× |
| AAPL Apple Inc. | 10.3× |
| SONO Sonos, Inc. compare | 4.0× |
| SONY Sony Corporation compare | 3.2× |
| UEIC Universal Electronics Inc. compare | 2.8× |
| TBCH Turtle Beach Corporation compare | 2.6× |
| LPL LG Display Co., Ltd. compare | 1.1× |
| GPRO GoPro, Inc. compare | −1.3× |
| VUZI Vuzix Corporation compare | −4.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on AAPL
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement