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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Page: Dividend Discount Model

Apple Inc.

Ticker: AAPL | Industry: Consumer Electronics | Sector: Technology
$248.04 +0.72 (0.29%)
As of: 2026-01-23

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Dividend Discount Models Snapshot

ModelRangeSelected
Stable Growth DDM$133.25 - $243.43$178.02
Multi-Stage DDM$100.63 - $110.15$105.30
Blended Fair Value$141.66
Stock Price$274.20

Dividend History (Last 10 Years)

Metric2025202420232022202120202019201820172016
DPS1.0280.9890.9500.9090.8580.8030.7590.6860.6080.552
YoY %3.95%4.05%4.53%5.97%6.78%5.80%10.75%12.79%10.07%10.69%
Yield0.375%0.361%0.347%0.332%0.313%0.293%0.277%0.250%0.222%0.201%

CAGRValue
5 Year5.05%
10 Year7.49%

Discounted Dividend Model - Stable Growth

MetricRangeSelected
LT Growth3.56% to 5.56%4.56%
WACC9.00%9.00%
Fair Value$133.25 - $243.43$178.02

Calculation Details (Millions)

MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(*) Adjusted Net Income112,010.00112,010.00112,010.00
(=) Cash Required22,402.0014,001.258,400.75
Cash Retained112,010.00112,010.00112,010.00
(-) Cash Required-22,402.00-14,001.25-8,400.75
(=) Excess Retained89,608.0098,008.75103,609.25
(/) Shares Outstanding15,004,697,00015,004,697,00015,004,697,000
(=) Excess Retained per Share5.976.536.91
LTM Dividend per Share1.0281.0281.028
(+) Excess Retained per Share5.976.536.91
(=) Adjusted Dividend7.0007.5607.933

Multi-Stage Projections (BASE Case - Millions)

MetricTTMYear 1Year 2Year 3Year 4Year 5
Net Income112,010.00117,117.64122,458.18128,042.25133,880.96139,985.90
Payout Ratio13.8%25.0%41.0%57.0%73.0%90.0%
Projected Dividends15,421.0029,279.4150,207.8572,984.0897,733.10125,987.31

Multi-Stage Valuation (Millions)

Present ValuesLOWBASEHIGH
Year 1 PV27,776.3728,044.5928,312.80
Year 2 PV43,279.7644,119.6344,967.58
Year 3 PV57,166.4658,838.5460,542.92
Year 4 PV69,559.2372,285.1275,090.35
Year 5 PV81,477.9185,488.4889,655.43
TV PV1,230,657.401,291,233.651,354,172.13
Equity Value1,509,917.141,580,010.011,652,741.22
Fair Value$100.63$105.30$110.15
Stock Price$274.20$274.20$274.20

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