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Wide moat stocks

Apple Inc. AAPL

NasdaqConsumer electronicsFinancials to Jun 27, 2026 · Updated Oct 6, 2026

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AAPL financials
Moat score
95
ROIC
101.2%
P/E
37.7
EV/EBIT
31.0
FCF yield
2.8%
Dividend yield
0.3%
Market cap
$4.86T

Moat ranks

Score rankTied #27 of 396
Durabilitydurable
Market structureOligopoly
Pricing powerstrong

Balance sheet

6/27/26
$BSep 27Jun 27
Cash35.939.5
Securities18.822.9
Long-term securities77.784.1
Debt98.784.3
Net cash33.862.2
Equity73.7107.5
Leverage
Debt / EBITDA
0.50×
Debt / equity
0.78×
Leases (9/27/25)
$13.7B
Capital
Diluted shares
14,715M
Book value / share
$7.31
Price / book
45.2×
Net cash / share
$4.23
Market cap
$4.86T
Enterprise value
$4.80T

Per-share record

Fiscal years and TTM
Scale
$0$10$20$30$40'16'17'18'19'20'21'22'23'2427.74'2531.72TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q3 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth16.4%+6.7 pts
Operating margin32.6%+2.6 pts
FCF margin29.2%+3.2 pts
Capex / revenue2.2%-1.4 pts
iPhone net sales$54.3B+22%
Mac net sales$10.4B+29%
iPad net sales$6.2B-6%
Wearables, Home and Accessories net sales$7.9B+6%
Services net sales$30.7B+12%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About AAPL

Apple makes iPhone, Mac, iPad and other devices, and sells high-margin services used with them. In FY2025, iPhone supplied about 50% of sales, Services 26%, and other hardware 24%.

Revenue mix
iPhone 50.4%Services 26.2%Wearables, Home and Accessories 8.6%Mac 8.1%iPad 6.7%
  • Ecosystem Complements

    iPhone connects Apple devices, software, the App Store, accessories, payments and services.

  • Brand Trust

    Apple's brand and customer satisfaction help it retain iPhone buyers and charge premium prices despite intense handset competition.

  • Switching Costs General

    Mac participates in Apple Account, iCloud and Continuity workflows that connect documents, messages, calls, photos, clipboard, camera and task state across iPhone, iPad and Mac.

  • Integrated silicon and software

    Apple designs its M-series processors together with Mac hardware and macOS.

Timeline
  1. Sep 18, 2026

    Apple began selling iPhone 18 Pro, Apple Watch Series 12, Apple Watch Ultra 4 and AirPods 5 worldwide, renewing its premium phone and accessory lineups.

  2. Sep 1, 2026

    John Ternus became CEO and Tim Cook became executive chairman. The hardware leader takes responsibility for AI execution, product demand and supply costs.

  3. Aug 18, 2026

    Apple announced unified EU app terms effective October 1, including a 5% commission for apps distributed outside the App Store. More payment and distribution choice puts pressure on platform fees.

  4. Jul 8, 2026

    The EU General Court upheld Apple’s App Store and iOS gatekeeper designation, keeping the platforms subject to DMA obligations.

  5. Sep 28, 2024 · Tax charge −$10.2B

    The European Court upheld the Irish state-aid recovery order. The net tax charge reduced reported profit, but does not reflect the cost of selling devices or services.

Ownership

To 10/6/26
CEO
John Ternus
Since 2026
Professional CEOSingle share class
Insider trades45
Planned sales11

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Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share ($)
Revenue9.8010.9113.2813.9915.6621.6924.1524.2425.3827.7431.72+12.3%/yr
Cash flow3.013.063.873.734.606.177.486.997.677.439.97+10.6%/yr
Earnings2.082.302.982.973.285.616.116.136.087.468.76+15.3%/yr
Free cash flow2.392.453.213.174.195.516.836.307.066.589.29+11.9%/yr
Capex0.620.610.670.560.420.660.660.690.610.850.68+3.6%/yr
Dividends0.550.610.690.760.800.860.910.950.991.031.06+7.1%/yr
Book value5.836.385.364.873.733.743.103.933.704.917.31-1.9%/yr
Diluted shares (M)22,00121,00720,00018,59617,52816,86516,32615,81315,40815,00514,715-4.2%/yr
Totals ($B)
Revenue215.6229.2265.6260.2274.5365.8394.3383.3391.0416.2466.8+7.6%/yr
Operating income60.061.370.963.966.3108.9119.4114.3123.2133.1154.9+9.2%/yr
Net income45.748.459.555.357.494.799.897.093.7112.0128.9+10.5%/yr
Free cash flow52.751.464.158.973.493.0111.499.6108.898.8136.7+7.2%/yr
Buybacks29.732.972.766.972.486.089.477.694.990.782.2+13.2%/yr
Dividends12.212.813.714.114.114.514.815.015.215.415.6+2.7%/yr
Net cash150.6153.2122.697.979.465.849.051.050.033.862.2−$116.8B
Margins & returns (%)
Gross margin39.138.538.337.838.241.843.344.146.246.948.7+7.8 pts
Operating margin27.826.826.724.624.129.830.329.831.532.033.2+4.1 pts
Net margin21.221.122.421.220.925.925.325.324.026.927.6+5.7 pts
FCF margin24.422.424.122.626.725.428.326.027.823.729.3-0.7 pts
ROIC34.329.638.655.264.673.682.586.6105.995.6101.2+61.4 pts
Return on equity35.636.155.661.187.9150.1197.0156.1164.6151.9119.9+116.3 pts
R&D % of revenue4.75.15.46.26.86.06.77.88.08.39.2+3.6 pts
Stock pay % of revenue2.02.12.02.32.52.22.32.83.03.12.9+1.1 pts
Capex % of revenue6.35.65.04.02.73.02.72.92.43.12.2-3.2 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = four quarters to Jun 27, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 15.4% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score95
Strength
Confidence
Structure
Oligopoly
Durability
durable
Trajectory
stable
Pricing power
strong
Segments
  • iPhone50.4%
    2 claims
  • Mac8.1%
    2 claims
  • iPad6.7%
    1 claim
  • Wearables, Home and Accessories8.6%
    1 claim
  • Services26.2%
    2 claims

Moat claims

Applies to
iPhone
Confidence
Durability
durable
Trajectory
stableas of Oct 6, 2026
Why it holds

iPhone connects Apple devices, software, the App Store, accessories, payments and services. Third-party apps and accessories give customers more uses for the phone.

Why stable

The active device base and final IDC shipment share support continued demand. Wider app and payment choice can weaken exclusivity without removing the developer and accessory ecosystem.

Indicators
  • iPhone net sales$54.3B+22%
  • Active devices≥2.50B
  • App Store average weekly users≥850,000,000
  • iPhone global shipments55,700,000+15%
Risks
  • Regulators force broader iOS app distribution and payment choice
  • Android OEMs narrow hardware and AI feature gaps
  • Developer economics deteriorate under App Store fee pressure
Sources

Profile change log

  1. Oct 6, 2026 · business change

    Apple began selling iPhone 18 Pro, Apple Watch Series 12, Apple Watch Ultra 4 and AirPods 5 worldwide, renewing its premium phone and accessory lineups.

  2. Oct 6, 2026 · business change

    John Ternus became CEO and Tim Cook became executive chairman. The hardware leader takes responsibility for AI execution, product demand and supply costs.

  3. Oct 6, 2026 · business change

    Apple announced unified EU app terms effective October 1, including a 5% commission for apps distributed outside the App Store. More payment and distribution choice puts pressure on platform fees.

  4. Oct 6, 2026 · business change

    The EU General Court upheld Apple’s App Store and iOS gatekeeper designation, keeping the platforms subject to DMA obligations.

  5. Oct 6, 2026 · analyst revision

    Each product category now has a market profile and moat trajectory. The debate separates ecosystem demand from regulated distribution fees, and management reflects the announced succession.

  6. Oct 6, 2026 · analyst revision

    Revenue weights now use the latest full fiscal year, FY2025, rather than nine-month FY2026 sales. Final IDC smartphone data replaces the preliminary 20.1% share with 20.2%. Tablet evidence uses the distributor publication date. Apple silicon is classified as integrated design rather than a component bottleneck; the claim strength is unchanged.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianAAPLGOOGLMSFTMETA

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Global smartphones

As of Oct 6, 2026
OligopolyHigh cyclicalityUSD 613B in 2026

New branded smartphone shipments worldwide. Excludes refurbished devices, tablets and smartphone services revenue; premium phones are a subset.

StocksMoatGross m.Op. m.
AAPL9548.7%33.2%
Industry median38644.5%19.7%
Sector median777564.9%23.6%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Replacement demand and new form factors create upgrade opportunities.
  • Household income and financing terms have a strong effect on purchases; expensive phones can be kept longer.
  • Memory supply and chip costs strongly affect device availability and prices.
  • Operating systems, apps and accessories influence which brands customers keep.
Risks
  • Higher device prices can reduce units even when industry revenue rises.
  • Tariffs, export controls and geographic supply concentration can disrupt production.
  • A strong dollar can increase prices outside the US or reduce dollar revenue.
  • AI features and foldables may fail to earn an upgrade, while privacy and repair rules can add costs.

Bulls & bears

Key question · as of Oct 6, 2026

Can Apple keep customers and service spending growing as memory costs rise and regulators reduce its control over app distribution and payments?

Arguments

3 forFaded: weakening or settled3 against

What to watch

  1. 1iPhone and Mac net sales versus market shipment demand
  2. 2Active devices and App Store weekly users
  3. 3Services net sales and gross margin
  4. 4Greater China net sales
  5. 5Product gross margin after separately disclosed tariff effects

Next check: Read fiscal Q4 2026 results and the annual filing for product demand, supply constraints and exact tariff-refund amounts. Then follow the first full quarter under the October EU terms. The result date is not treated as confirmed here.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.

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Free to reuse, commercially too, with a credit link. See the data license.

Moat Score 95/100 by <a href="https://www.findmymoat.com/stocks/XNAS:AAPL">Find My Moat</a> (as of September 2026)

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