Apple Inc CDR
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Quick analysis of Apple (30 sec.)

1. Valuation of Apple (5 min.)

Current price per share

C$26.58

Book Value per Share

C$0.48

2. Growth of Apple (5 min.)

Is Apple growing?

	Current year	Previous year	Grow	Grow %
How rich?	$46.2b	$49.5b	-$7.2b	-17.1%

How much money is Apple making?

	Current year	Previous year	Grow	Grow %
Making money	$17.5b	$18.9b	-$1.4b	-8.1%
Net Profit Margin	24.4%	26.3%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Apple (5 min.)

4. Comparing to competitors in the Consumer Electronics industry (5 min.)

Industry Rankings (Consumer Electronics)

Richest
#5 / 140

Most Revenue
#3 / 140

Most Profit
#1 / 140

Most Efficient
#6 / 140

Fundamentals of Apple

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is efficient in making profit.
Using its investors money, the company is very efficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just not able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is just able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

1.1. Profitability of Apple Inc CDR.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Apple earns for each $1 of revenue.

Above 10% is considered healthy but always compare Apple to the Consumer Electronics industry mean.
A Net Profit Margin of 25.5% means that $0.25 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Apple Inc CDR:

The MRQ is 25.5%. The company is making a huge profit. +2
The TTM is 24.4%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	25.5%	TTM	24.4%	+1.1%
TTM	24.4%	YOY	26.3%	-1.9%
TTM	24.4%	5Y	25.5%	-1.1%
5Y	25.5%	10Y	25.5%	0.0%

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
MRQ	25.5%	2.2%	+23.3%
TTM	24.4%	2.5%	+21.9%
YOY	26.3%	3.2%	+23.1%
5Y	25.5%	2.2%	+23.3%
10Y	25.5%	2.2%	+23.3%

Measures how much net profit Apple earns for each $1 of revenue.

Revenue is the amount of profit Apple generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Apple earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Apple to the Consumer Electronics industry mean.
Can be used to compare companies within the Consumer Electronics industry.

You typically want a high profit margin. This means that for each $1 in sales, Apple makes more profit. This shows the investor how efficiently Apple is operating in general and compared to other companies in the same industry. Apple operates in the Consumer Electronics industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Apple. If profit margins remain low (compared to the Consumer Electronics industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Apple is 0.25. This means that Apple earned $0.25 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Consumer Electronics industry is 2.2%.
What is the trend?
The trend is important because it shows you how Apple is performing over time. The most recent quarter might be important if Apple released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Apple up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Apple with other companies in the same industry (Consumer Electronics).
Net profit margin should rise over the years.
Can be influenced when Apple sells assets (profit will increase while costs remain the same).
It won’t show what part of Apple is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Apple

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Apple = 24,160,000
Total revenue MRQ Apple = 94,836,000
$24,160,000 / $94,836,000 = 0.25 or 25.5%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Apple is using its assets to generate profit.

Above 5% is considered healthy but always compare Apple to the Consumer Electronics industry mean.
7.3% Return on Assets means that Apple generated $0.07 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Apple Inc CDR:

The MRQ is 7.3%. Using its assets, the company is efficient in making profit. +1
The TTM is 6.9%. Using its assets, the company is efficient in making profit. +1

Trends

Current period		Compared to		+/-
MRQ	7.3%	TTM	6.9%	+0.4%
TTM	6.9%	YOY	7.2%	-0.3%
TTM	6.9%	5Y	7.1%	-0.2%
5Y	7.1%	10Y	7.1%	0.0%

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
MRQ	7.3%	0.5%	+6.8%
TTM	6.9%	0.7%	+6.2%
YOY	7.2%	0.9%	+6.3%
5Y	7.1%	0.8%	+6.3%
10Y	7.1%	0.8%	+6.3%

Shows how efficient Apple is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Apple to the Consumer Electronics industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Apple is using its resources to generate profit. If the return on assets (7.3%) from Apple are higher than the Consumer Electronics mean (0.5%) that means Apple is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Apple is 7.3%. This means the company generated $0.07 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Consumer Electronics industry is 0.5%.
What is the trend?
The trend is important because it shows you how Apple is performing over time. The most recent quarter might be important if Apple released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Apple up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Apple

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Apple = 24,160,000
Total assets MRQ (balance sheet) from Apple = 332,160,000
24,160,000 / 332,160,000 = 0.07 or 7.3%

ROA is an important ratio as it will tell you how effectively Apple is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Apple is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Apple to the Consumer Electronics industry mean.
38.9% Return on Equity means Apple generated $0.39 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Apple Inc CDR:

The MRQ is 38.9%. Using its investors money, the company is very efficient in making profit. +2
The TTM is 41.5%. Using its investors money, the company is very efficient in making profit. +2

Trends

Current period		Compared to		+/-
MRQ	38.9%	TTM	41.5%	-2.7%
TTM	41.5%	YOY	37.9%	+3.6%
TTM	41.5%	5Y	39.5%	+2.0%
5Y	39.5%	10Y	39.5%	0.0%

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
MRQ	38.9%	1.5%	+37.4%
TTM	41.5%	1.6%	+39.9%
YOY	37.9%	2.5%	+35.4%
5Y	39.5%	2.0%	+37.5%
10Y	39.5%	1.9%	+37.6%

Shows how efficient Apple is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Apple to the Consumer Electronics industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Consumer Electronics industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Apple is 38.9%. This means Apple generated $0.39 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Consumer Electronics industry is 1.5%.
What is the trend?
The trend is important because it shows you how Apple is performing over time. The most recent quarter might be important if Apple released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Apple up to 10 years back (depending if Apple existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Apple

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Apple = 24,160,000
Shareholders equity (balance sheet) MRQ Apple = 62,158,000
24,160,000 / 62,158,000 = 0.39 or 38.9%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Apple Inc CDR.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Apple is operating .

Measures how much profit Apple makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Apple to the Consumer Electronics industry mean.
An Operating Margin of 0.0% means the company generated $0.00 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Apple Inc CDR:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	13.9%	-13.9%
TTM	13.9%	YOY	30.6%	-16.8%
TTM	13.9%	5Y	20.9%	-7.0%
5Y	20.9%	10Y	20.9%	0.0%

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
MRQ	-	0.9%	-0.9%
TTM	13.9%	2.8%	+11.1%
YOY	30.6%	4.1%	+26.5%
5Y	20.9%	3.2%	+17.7%
10Y	20.9%	2.6%	+18.3%

Measures how efficient Apple is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Apple to the Consumer Electronics industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Apple is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Apple is 0.0%. This means that Apple earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Consumer Electronics industry is 0.9%.
What is the trend?
The trend is important because it shows you how Apple is performing over time. The most recent quarter might be important if Apple released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Apple up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Apple

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Apple = 28,318,000
Total revenue MRQ Apple = 94,836,000
$28,318,000 / $94,836,000 = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Apple is keeping operating costs low.

Below 1 is considered healthy (always compare to Consumer Electronics industry mean).
An Operation Ratio of 1.26 means that the operating costs are $1.26 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Apple Inc CDR:

The MRQ is 1.259. The company is inefficient in keeping operating costs low. -1
The TTM is 1.278. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	1.259	TTM	1.278	-0.019
TTM	1.278	YOY	1.261	+0.017
TTM	1.278	5Y	1.273	+0.005
5Y	1.273	10Y	1.273	0.000

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
MRQ	1.259	1.685	-0.426
TTM	1.278	1.664	-0.386
YOY	1.261	1.665	-0.404
5Y	1.273	1.601	-0.328
10Y	1.273	1.372	-0.099

Measures how efficient Apple is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Apple to the Consumer Electronics industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Apple is 125.9%. This means that Apple earned $1.26 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Consumer Electronics industry is 1.69.
What is the trend?
The trend is important because it shows you how Apple is performing over time. The most recent quarter might be important if Apple released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Apple up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Apple

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(52,860,000 +66,518,000) \ 94,836,000 = 1.26

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Apple Inc CDR.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Apple is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Consumer Electronics industry mean).
A Current Ratio of 0.94 means the company has $0.94 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Apple Inc CDR:

The MRQ is 0.940. The company is just not able to pay all its short-term debts. -1
The TTM is 0.906. The company is just not able to pay all its short-term debts. -1

Trends

Current period		Compared to		+/-
MRQ	0.940	TTM	0.906	+0.035
TTM	0.906	YOY	1.025	-0.120
TTM	0.906	5Y	1.003	-0.097
5Y	1.003	10Y	1.003	0.000

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
MRQ	0.940	1.543	-0.603
TTM	0.906	1.529	-0.623
YOY	1.025	1.605	-0.580
5Y	1.003	1.666	-0.663
10Y	1.003	1.591	-0.588

Measures if Apple is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Consumer Electronics industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Apple if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Apple is 0.94. This means Apple has $0.94 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Consumer Electronics industry is 1.54.
What is the trend?
The trend is important because it shows you how Apple is performing over time. The most recent quarter might be important if Apple released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Apple up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Apple

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
112,913,000 \ 120,075,000) = 0.94

The current ratio measures if Apple is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Apple is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Apple does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Apple is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Apple is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Apple to the Consumer Electronics industry mean.
A Quick Ratio of 0.41 means the company can pay off $0.41 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Apple Inc CDR:

The MRQ is 0.409. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.462. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.409	TTM	0.462	-0.053
TTM	0.462	YOY	0.591	-0.130
TTM	0.462	5Y	0.533	-0.071
5Y	0.533	10Y	0.533	0.000

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
MRQ	0.409	0.583	-0.174
TTM	0.462	0.641	-0.179
YOY	0.591	0.773	-0.182
5Y	0.533	0.780	-0.247
10Y	0.533	0.758	-0.225

1.4. Solvency of Apple Inc CDR.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Apple assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Apple to Consumer Electronics industry mean.
A Debt to Asset Ratio of 0.81 means that Apple assets are financed with 81.3% credit (debt) and the remaining percentage (100% - 81.3%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Apple Inc CDR:

The MRQ is 0.813. The company is just able to pay all its debts by selling its assets.
The TTM is 0.833. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.813	TTM	0.833	-0.020
TTM	0.833	YOY	0.811	+0.022
TTM	0.833	5Y	0.819	+0.015
5Y	0.819	10Y	0.819	0.000

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
MRQ	0.813	0.522	+0.291
TTM	0.833	0.526	+0.307
YOY	0.811	0.531	+0.280
5Y	0.819	0.536	+0.283
10Y	0.819	0.523	+0.296

Measures how much % of Apple assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Apple than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Apple to Consumer Electronics industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Apple is 0.81. This means means that Apple is financed with 81.3% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Consumer Electronics industry is 154.3%.
What is the trend?
The trend is important because it shows you how Apple is performing over time. The most recent quarter might be important if Apple released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Apple up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Apple has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Apple

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
270,002,000 \ 332,160,000 = 81.3% or 0.81.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Apple is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Apple to the Consumer Electronics industry mean.
A Debt to Equity ratio of 434.4% means that company has $4.34 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Apple Inc CDR:

The MRQ is 4.344. The company is unable to pay all its debts with equity. -1
The TTM is 5.051. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	4.344	TTM	5.051	-0.708
TTM	5.051	YOY	4.299	+0.752
TTM	5.051	5Y	4.562	+0.489
5Y	4.562	10Y	4.562	0.000

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
MRQ	4.344	1.029	+3.315
TTM	5.051	1.089	+3.962
YOY	4.299	1.100	+3.199
5Y	4.562	1.130	+3.432
10Y	4.562	1.108	+3.454

Measures if Apple is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Apple is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Apple is 4.34. This means that Apple can pay off $4.34 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Consumer Electronics industry is 1.03.
What is the trend?
The trend is important because it shows you how Apple is performing over time. The most recent quarter might be important if Apple released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Apple up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Apple

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
270,002,000 \ 62,158,000 = 4.34 or 434.4%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Apple Inc CDR

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Apple generates.

Above 15 is considered overpriced but always compare Apple to the Consumer Electronics industry mean.
A PE ratio of 131.67 means the investor is paying $131.67 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Apple Inc CDR:

The EOD is 141.294. Seems overpriced? -1
The MRQ is 131.673. Seems overpriced? -1
The TTM is 120.435. Seems overpriced? -1

Trends

Current period		Compared to		+/-
EOD	141.294	MRQ	131.673	+9.622
MRQ	131.673	TTM	120.435	+11.238
TTM	120.435	YOY	93.530	+26.905
TTM	120.435	5Y	85.586	+34.849
5Y	85.586	10Y	85.586	0.000

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
EOD	141.294	8.631	+132.663
MRQ	131.673	8.577	+123.096
TTM	120.435	14.496	+105.939
YOY	93.530	51.046	+42.484
5Y	85.586	20.610	+64.976
10Y	85.586	43.765	+41.821

Measures how much money you pay for each share for every $1 in earnings Apple generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Apple to the Consumer Electronics industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Apple is 131.67. This means the investor is paying $131.67 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Consumer Electronics industry is 8.58.
What is the trend?
The trend is important because it shows you how Apple is performing over time. The most recent quarter might be important if Apple released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Apple up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Apple

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
\ 15,821,946 = EPS
PE ratio MRQ = 131.67

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Apple.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Apple Inc CDR:

The MRQ is 163.490. Seems overpriced? -1
The TTM is 129.669. Seems overpriced? -1

Trends

Current period		Compared to		+/-
MRQ	163.490	TTM	129.669	+33.821
TTM	129.669	YOY	131.238	-1.569
TTM	129.669	5Y	130.341	-0.673
5Y	130.341	10Y	130.341	0.000

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
MRQ	163.490	17.374	+146.116
TTM	129.669	44.801	+84.868
YOY	131.238	83.704	+47.534
5Y	130.341	148.021	-17.680
10Y	130.341	249.412	-119.071

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Apple is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Consumer Electronics industry mean).
A PB ratio of 51.18 means the investor is paying $51.18 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Apple Inc CDR:

The EOD is 54.919. Seems overpriced? -1
The MRQ is 51.179. Seems overpriced? -1
The TTM is 48.561. Seems overpriced? -1

Trends

Current period		Compared to		+/-
EOD	54.919	MRQ	51.179	+3.740
MRQ	51.179	TTM	48.561	+2.618
TTM	48.561	YOY	35.956	+12.606
TTM	48.561	5Y	33.807	+14.755
5Y	33.807	10Y	33.807	0.000

Compared to industry (Consumer Electronics)

Period	Company	Industry (mean)	+/-
EOD	54.919	1.354	+53.565
MRQ	51.179	1.444	+49.735
TTM	48.561	1.575	+46.986
YOY	35.956	1.838	+34.118
5Y	33.807	1.834	+31.973
10Y	33.807	2.287	+31.520

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Apple Inc CDR compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.042	-0.010	+124%	-0.003	+108%	0.048	-13%	0.048	-13%
Book Value Growth	-	-	1.096	0.987	+11%	0.997	+10%	0.998	+10%	0.998	+10%
Book Value Per Share	-	-	0.484	0.443	+9%	0.519	-7%	0.490	-1%	0.490	-1%
Book Value Per Share Growth	-	-	1.096	0.987	+11%	0.997	+10%	0.998	+10%	0.998	+10%
Current Ratio	-	-	0.940	0.906	+4%	1.025	-8%	1.003	-6%	1.003	-6%
Debt To Asset Ratio	-	-	0.813	0.833	-2%	0.811	+0%	0.819	-1%	0.819	-1%
Debt To Equity Ratio	-	-	4.344	5.051	-14%	4.299	+1%	4.562	-5%	4.562	-5%
Dividend Per Share	-	-	0.028	0.029	-2%	0.029	-1%	0.029	-1%	0.029	-1%
Dividend Per Share Growth	-	-	0.969	1.004	-4%	1.012	-4%	1.002	-3%	1.002	-3%
Eps	-	-	0.188	0.184	+2%	0.198	-5%	0.194	-3%	0.194	-3%
Eps Growth	-	-	0.805	1.024	-21%	1.117	-28%	1.064	-24%	1.064	-24%
Free Cash Flow Per Share	-	-	0.200	0.190	+5%	0.206	-3%	0.203	-1%	0.203	-1%
Free Cash Flow Per Share Growth	-	-	0.849	1.028	-17%	1.238	-31%	1.075	-21%	1.075	-21%
Free Cash Flow To Equity Per Share	-	-	-0.001	-0.035	+5536%	-0.001	+55%	-0.004	+541%	-0.004	+541%
Free Cash Flow To Equity Per Share Growth	-	-	1.985	0.932	+113%	1.801	+10%	1.597	+24%	1.597	+24%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	6.537	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	5.702	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.745	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	0.732	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	2.170	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	2.073	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	3.512	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	3.266	-	-	-	-	-	-	-	-
Net Profit Margin	-	-	0.255	0.244	+5%	0.263	-3%	0.255	+0%	0.255	+0%
Operating Margin	-	-	-	0.139	-100%	0.306	-100%	0.209	-100%	0.209	-100%
Operating Ratio	-	-	1.259	1.278	-2%	1.261	0%	1.273	-1%	1.273	-1%
Pb Ratio	54.919	+7%	51.179	48.561	+5%	35.956	+42%	33.807	+51%	33.807	+51%
Pe Ratio	141.294	+7%	131.673	120.435	+9%	93.530	+41%	85.586	+54%	85.586	+54%
Peg Ratio	-	-	163.490	129.669	+26%	131.238	+25%	130.341	+25%	130.341	+25%
Price Per Share	26.580	+7%	24.770	21.488	+15%	18.928	+31%	16.166	+53%	16.166	+53%
Price To Total Gains Ratio	375.913	+7%	350.315	-149.509	+143%	-747.473	+313%	-405.779	+216%	-405.779	+216%
Profit Growth	-	-	0.805	1.024	-21%	1.068	-25%	1.021	-21%	1.021	-21%
Quick Ratio	-	-	0.409	0.462	-11%	0.591	-31%	0.533	-23%	0.533	-23%
Return On Assets	-	-	0.073	0.069	+5%	0.072	+2%	0.071	+2%	0.071	+2%
Return On Equity	-	-	0.389	0.415	-6%	0.379	+3%	0.395	-2%	0.395	-2%
Revenue Growth	-	-	0.809	1.012	-20%	1.051	-23%	1.006	-20%	1.006	-20%
Total Gains Per Share	-	-	0.071	0.019	+275%	0.025	+180%	0.077	-8%	0.077	-8%
Total Gains Per Share Growth	-	-	0.924	0.758	+22%	2.262	-59%	1.352	-32%	1.352	-32%
Usd Book Value	-	-	46226904600.000	42328429200.000	+9%	49586383425.000	-7%	46835771790.000	-1%	46835771790.000	-1%
Usd Book Value Change Per Share	-	-	0.031	-0.008	+124%	-0.003	+108%	0.036	-13%	0.036	-13%
Usd Book Value Per Share	-	-	0.360	0.330	+9%	0.386	-7%	0.365	-1%	0.365	-1%
Usd Dividend Per Share	-	-	0.021	0.022	-2%	0.021	-1%	0.021	-1%	0.021	-1%
Usd Eps	-	-	0.140	0.137	+2%	0.148	-5%	0.144	-3%	0.144	-3%
Usd Free Cash Flow	-	-	19071442800.000	18125828250.000	+5%	19669563525.000	-3%	19355387460.000	-1%	19355387460.000	-1%
Usd Free Cash Flow Per Share	-	-	0.148	0.141	+5%	0.153	-3%	0.151	-1%	0.151	-1%
Usd Free Cash Flow To Equity Per Share	-	-	0.000	-0.026	+5536%	-0.001	+55%	-0.003	+541%	-0.003	+541%
Usd Price Per Share	19.768	+7%	18.421	15.980	+15%	14.076	+31%	12.023	+53%	12.023	+53%
Usd Profit	-	-	17967792000.000	17536631925.000	+2%	18952264875.000	-5%	18491431170.000	-3%	18491431170.000	-3%
Usd Revenue	-	-	70529533200.000	71598787875.000	-1%	71770210725.000	-2%	72297679950.000	-2%	72297679950.000	-2%
Usd Total Gains Per Share	-	-	0.053	0.014	+275%	0.019	+180%	0.057	-8%	0.057	-8%
	EOD	+2 -3	MRQ	TTM	+27 -15	YOY	+14 -28	5Y	+12 -30	10Y	+12 -30

3.2. Fundamental Score

Let's check the fundamental score of Apple Inc CDR based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	141.294
Price to Book Ratio (EOD)	Between	0-1	54.919
Net Profit Margin (MRQ)	Greater than	0	0.255
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.409
Current Ratio (MRQ)	Greater than	1	0.940
Debt to Asset Ratio (MRQ)	Less than	1	0.813
Debt to Equity Ratio (MRQ)	Less than	1	4.344
Return on Equity (MRQ)	Greater than	0.15	0.389
Return on Assets (MRQ)	Greater than	0.05	0.073
Total			4/10 (40.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

3.3. Technical Score

Let's check the technical score of Apple Inc CDR based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	66.755
Ma 20	Greater than	Ma 50	25.929
Ma 50	Greater than	Ma 100	25.118
Ma 100	Greater than	Ma 200	23.587
Open	Greater than	Close	26.570
Total			4/5 (80.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Latest Balance Sheet

Balance Sheet of 2023-03-31. Currency in CAD. All numbers in thousands.

Summary

Total Assets	332,160,000
Total Liabilities	270,002,000
Total Stockholder Equity	62,158,000

	As reported
Total Liabilities	270,002,000
Total Stockholder Equity	+ 62,158,000
Total Assets	= 332,160,000

Assets

Total Assets	332,160,000
Total Current Assets	112,913,000
Long-term Assets	112,913,000

Total Current Assets

Total Current Assets (as reported)	112,913,000
Cash And Cash Equivalents	24,687,000
Short-term Investments	31,185,000
Net Receivables	17,936,000
Inventory	7,482,000
Other Current Assets	13,660,000
Total Current Assets (calculated)	94,950,000
+/-	17,963,000

Long-term Assets

Long-term Assets (as reported)	219,247,000
Long Term Investments	110,461,000
Long-term Assets Other	65,388,000
Long-term Assets (calculated)	175,849,000
+/-	43,398,000

Liabilities & Shareholders' Equity

Total Current Liabilities	120,075,000
Long-term Liabilities	149,927,000
Total Stockholder Equity	62,158,000

Total Current Liabilities

Total Current Liabilities (as reported)	120,075,000
Short Long Term Debt	12,574,000
Accounts payable	42,945,000
Other Current Liabilities	56,425,000
Total Current Liabilities (calculated)	111,944,000
+/-	8,131,000

Long-term Liabilities

Long-term Liabilities (as reported)	149,927,000
Long term Debt	97,041,000
Long-term Liabilities Other	52,886,000
Long-term Liabilities (calculated)	149,927,000
+/-	0

Total Stockholder Equity

Total Stockholder Equity (as reported)	62,158,000
Retained Earnings	4,336,000
Total Stockholder Equity (calculated)	4,336,000
+/-	57,822,000

Other

Capital Stock	69,568,000
Common Stock Shares Outstanding	15,821,946
Net Debt	84,928,000
Net Invested Capital	171,773,000
Net Working Capital	-7,162,000

Balance Sheet

Currency in CAD. All numbers in thousands.

Trend

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

> Total Assets

354,054,000
337,158,000
329,840,000
351,002,000
381,191,000
350,662,000
336,309,000
352,755,000
346,747,000
332,160,000

332,160,000

346,747,000

352,755,000

336,309,000

350,662,000

381,191,000

351,002,000

329,840,000

337,158,000

354,054,000

> Total Current Assets

154,106,000
121,465,000
114,423,000
134,836,000
153,154,000
118,180,000
112,292,000
135,405,000
128,777,000
112,913,000

112,913,000

128,777,000

135,405,000

112,292,000

118,180,000

153,154,000

134,836,000

114,423,000

121,465,000

154,106,000

Cash And Cash Equivalents

36,010,000
38,466,000
34,050,000
34,940,000
37,119,000
28,098,000
27,502,000
23,646,000
20,535,000
24,687,000

24,687,000

20,535,000

23,646,000

27,502,000

28,098,000

37,119,000

34,940,000

34,050,000

38,466,000

36,010,000

Short-term Investments

40,816,000
31,368,000
27,646,000
27,699,000
26,794,000
23,413,000
20,729,000
24,658,000
30,820,000
31,185,000

31,185,000

30,820,000

24,658,000

20,729,000

23,413,000

26,794,000

27,699,000

27,646,000

31,368,000

40,816,000

Net Receivables

27,101,000
33,036,000
33,908,000
51,506,000
65,253,000
45,400,000
42,242,000
60,932,000
23,752,000
17,936,000

17,936,000

23,752,000

60,932,000

42,242,000

45,400,000

65,253,000

51,506,000

33,908,000

33,036,000

27,101,000

Inventory

4,973,000
5,219,000
5,178,000
6,580,000
5,876,000
5,460,000
5,433,000
4,946,000
6,820,000
7,482,000

7,482,000

6,820,000

4,946,000

5,433,000

5,460,000

5,876,000

6,580,000

5,178,000

5,219,000

4,973,000

Other Current Assets

13,687,000
13,376,000
13,641,000
14,111,000
18,112,000
15,809,000
16,386,000
21,223,000
16,422,000
13,660,000

13,660,000

16,422,000

21,223,000

16,386,000

15,809,000

18,112,000

14,111,000

13,641,000

13,376,000

13,687,000

> Long-term Assets

199,948,000
215,693,000
215,417,000
216,166,000
228,037,000
232,482,000
224,017,000
217,350,000
217,970,000
219,247,000

219,247,000

217,970,000

217,350,000

224,017,000

232,482,000

228,037,000

216,166,000

215,417,000

215,693,000

199,948,000

Property Plant Equipment

0
37,815,000
38,615,000
49,527,000
39,245,000
39,304,000
40,335,000
52,534,000
0
0

52,534,000

40,335,000

39,304,000

39,245,000

49,527,000

38,615,000

37,815,000

Long Term Investments

118,745,000
134,539,000
131,948,000
127,877,000
138,683,000
141,219,000
131,077,000
120,805,000
114,095,000
110,461,000

110,461,000

114,095,000

120,805,000

131,077,000

141,219,000

138,683,000

127,877,000

131,948,000

134,539,000

118,745,000

Long-term Assets Other

43,270,000
43,339,000
44,854,000
48,849,000
50,109,000
51,959,000
52,605,000
54,428,000
60,924,000
65,388,000

65,388,000

60,924,000

54,428,000

52,605,000

51,959,000

50,109,000

48,849,000

44,854,000

43,339,000

43,270,000

> Total Liabilities

287,830,000
267,980,000
265,560,000
287,912,000
309,259,000
283,263,000
278,202,000
302,083,000
290,020,000
270,002,000

270,002,000

290,020,000

302,083,000

278,202,000

283,263,000

309,259,000

287,912,000

265,560,000

267,980,000

287,830,000

> Total Current Liabilities

132,507,000
106,385,000
107,754,000
125,481,000
147,574,000
127,508,000
129,873,000
153,982,000
137,286,000
120,075,000

120,075,000

137,286,000

153,982,000

129,873,000

127,508,000

147,574,000

125,481,000

107,754,000

106,385,000

132,507,000

Short Long Term Debt

12,762,000
13,003,000
16,039,000
15,613,000
16,169,000
16,658,000
24,991,000
21,110,000
11,483,000
12,574,000

12,574,000

11,483,000

21,110,000

24,991,000

16,658,000

16,169,000

15,613,000

16,039,000

13,003,000

12,762,000

Accounts payable

63,846,000
40,127,000
40,409,000
54,763,000
74,362,000
52,682,000
48,343,000
64,115,000
57,918,000
42,945,000

42,945,000

57,918,000

64,115,000

48,343,000

52,682,000

74,362,000

54,763,000

40,409,000

40,127,000

63,846,000

Other Current Liabilities

48,504,000
53,255,000
51,306,000
53,577,000
57,043,000
58,168,000
56,539,000
67,094,000
59,893,000
56,425,000

56,425,000

59,893,000

67,094,000

56,539,000

58,168,000

57,043,000

53,577,000

51,306,000

53,255,000

48,504,000

> Long-term Liabilities

155,323,000
161,595,000
157,806,000
162,431,000
161,685,000
155,755,000
148,329,000
148,101,000
152,734,000
149,927,000

149,927,000

152,734,000

148,101,000

148,329,000

155,755,000

161,685,000

162,431,000

157,806,000

161,595,000

155,323,000

Long term Debt

99,281,000
108,642,000
105,752,000
109,106,000
106,629,000
103,323,000
94,700,000
98,959,000
99,627,000
97,041,000

97,041,000

99,627,000

98,959,000

94,700,000

103,323,000

106,629,000

109,106,000

105,752,000

108,642,000

99,281,000

Other Liabilities

0
39,853,000
38,354,000
43,050,000
55,056,000
52,432,000
53,629,000
38,394,000
0
0

38,394,000

53,629,000

52,432,000

55,056,000

43,050,000

38,354,000

39,853,000

Long-term Liabilities Other

27,872,000
27,791,000
27,131,000
28,636,000
30,367,000
52,432,000
53,629,000
32,485,000
53,107,000
52,886,000

52,886,000

53,107,000

32,485,000

53,629,000

52,432,000

30,367,000

28,636,000

27,131,000

27,791,000

27,872,000

> Total Stockholder Equity

66,224,000
69,178,000
64,280,000
63,090,000
71,932,000
67,399,000
58,107,000
50,672,000
56,727,000
62,158,000

62,158,000

56,727,000

50,672,000

58,107,000

67,399,000

71,932,000

63,090,000

64,280,000

69,178,000

66,224,000

Common Stock

0
54,203,000
54,989,000
57,365,000
58,424,000
61,181,000
62,115,000
64,849,000
0
0

64,849,000

62,115,000

61,181,000

58,424,000

57,365,000

54,989,000

54,203,000

Retained Earnings

14,301,000
15,261,000
9,233,000
5,562,000
14,435,000
12,712,000
5,289,000
-3,068,000
3,240,000
4,336,000

4,336,000

3,240,000

-3,068,000

5,289,000

12,712,000

14,435,000

5,562,000

9,233,000

15,261,000

14,301,000

Capital Surplus

Treasury Stock

Other Stockholders Equity

0
-286,000
58,000
163,000
-927,000
-6,494,000
-9,297,000
-11,109,000
0
0

-11,109,000

-9,297,000

-6,494,000

-927,000

163,000

58,000

-286,000

Balance Sheet

Currency in CAD. All numbers in thousands.

	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30
Accounts Payable	64,115,000	54,763,000	42,296,000	46,236,000	55,888,000
Capital Stock	64,849,000	57,365,000	50,779,000	45,174,000	40,201,000
Cash	23,646,000	34,940,000	38,016,000	48,844,000	25,913,000
Common Stock	64,849,000	57,365,000	50,779,000	45,174,000	40,201,000
Common Stock Shares Outstanding	15,943,425	16,426,786	16,976,763	17,772,944	19,019,944
Inventory	4,946,000	6,580,000	4,061,000	4,106,000	3,956,000
Long Term Debt	98,959,000	109,106,000	98,667,000	91,807,000	93,735,000
Long Term Investments	120,805,000	127,877,000	100,887,000	105,341,000	170,799,000
Net Debt	96,423,000	89,779,000	74,420,000	59,203,000	88,570,000
Net Invested Capital	170,741,000	187,809,000	177,775,000	198,535,000	221,630,000
Net Receivables	60,932,000	51,506,000	37,445,000	45,804,000	48,995,000
Net Tangible Assets	50,672,000	63,090,000	65,339,000	90,488,000	107,147,000
Net Working Capital	-18,577,000	9,355,000	38,321,000	57,101,000	14,473,000
Non Current Assets Total	217,350,000	216,166,000	180,175,000	175,697,000	234,386,000
Non Current Liabilities Other	32,485,000	28,636,000	26,320,000	20,958,000	11,165,000
Non Current Liabilities Total	148,101,000	162,431,000	153,157,000	142,310,000	141,712,000
Non Currrent Assets Other	54,428,000	48,849,000	42,522,000	32,978,000	22,283,000
Other Assets	44,011,000	38,762,000	33,952,000	32,978,000	22,283,000
Other Current Assets	21,223,000	14,111,000	11,264,000	12,352,000	12,087,000
Other Current Liab	67,094,000	53,577,000	47,867,000	43,242,000	39,293,000
Other Liab	38,394,000	43,050,000	46,108,000	50,503,000	48,914,000
Other Stockholder Equity	-11,109,000	163,000	-406,000	-584,000	-3,454,000
Property Plant Equipment	52,534,000	49,527,000	45,336,000	37,378,000	41,304,000
Retained Earnings	-3,068,000	5,562,000	14,966,000	45,898,000	70,400,000
Short Long Term Debt	21,110,000	15,613,000	13,769,000	16,240,000	20,748,000
Short Term Investments	24,658,000	27,699,000	52,927,000	51,713,000	40,388,000
Total Assets	352,755,000	351,002,000	323,888,000	338,516,000	365,725,000
Total Current Assets	135,405,000	134,836,000	143,713,000	162,819,000	131,339,000
Total Current Liabilities	153,982,000	125,481,000	105,392,000	105,718,000	115,929,000
Total Liab	302,083,000	287,912,000	258,549,000	248,028,000	258,578,000
Total Stockholder Equity	50,672,000	63,090,000	65,339,000	90,488,000	107,147,000

	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31
Accounts Payable	42,945,000	57,918,000	64,115,000	48,343,000	52,682,000	74,362,000	54,763,000	40,409,000	40,127,000	63,846,000
Capital Stock	69,568,000	66,399,000	64,849,000	62,115,000	61,181,000	58,424,000	57,365,000	54,989,000	-	-
Cash	24,687,000	20,535,000	23,646,000	27,502,000	28,098,000	37,119,000	34,940,000	34,050,000	38,466,000	36,010,000
Common Stock	-	-	64,849,000	62,115,000	61,181,000	58,424,000	57,365,000	54,989,000	54,203,000	-
Common Stock Shares Outstanding	15,821,946	15,842,407	15,943,425	16,095,378	16,207,568	16,334,371	16,426,786	16,556,942	16,686,305	16,823,263
Inventory	7,482,000	6,820,000	4,946,000	5,433,000	5,460,000	5,876,000	6,580,000	5,178,000	5,219,000	4,973,000
Long Term Debt	97,041,000	99,627,000	98,959,000	94,700,000	103,323,000	106,629,000	109,106,000	105,752,000	108,642,000	99,281,000
Long Term Investments	110,461,000	114,095,000	120,805,000	131,077,000	141,219,000	138,683,000	127,877,000	131,948,000	134,539,000	118,745,000
Net Debt	84,928,000	90,575,000	96,423,000	92,189,000	91,883,000	85,679,000	89,779,000	87,741,000	83,179,000	76,033,000
Net Invested Capital	171,773,000	167,837,000	170,741,000	177,798,000	187,380,000	194,730,000	187,809,000	186,071,000	190,823,000	178,267,000
Net Receivables	17,936,000	23,752,000	60,932,000	42,242,000	45,400,000	65,253,000	51,506,000	33,908,000	33,036,000	27,101,000
Net Tangible Assets	-	-	50,672,000	58,107,000	67,399,000	71,932,000	63,090,000	64,280,000	69,178,000	-
Net Working Capital	-7,162,000	-8,509,000	-18,577,000	-17,581,000	-9,328,000	5,580,000	9,355,000	6,669,000	15,080,000	21,599,000
Non Current Assets Total	219,247,000	217,970,000	217,350,000	224,017,000	232,482,000	228,037,000	216,166,000	215,417,000	215,693,000	199,948,000
Non Current Liabilities Other	52,886,000	53,107,000	32,485,000	53,629,000	52,432,000	30,367,000	28,636,000	27,131,000	27,791,000	27,872,000
Non Current Liabilities Total	149,927,000	152,734,000	148,101,000	148,329,000	155,755,000	161,685,000	162,431,000	157,806,000	161,595,000	155,323,000
Non Currrent Assets Other	65,388,000	60,924,000	54,428,000	52,605,000	51,959,000	50,109,000	48,849,000	44,854,000	43,339,000	43,270,000
Other Assets	-	-	44,011,000	52,605,000	51,959,000	50,109,000	38,762,000	44,854,000	43,339,000	-
Other Current Assets	13,660,000	16,422,000	21,223,000	16,386,000	15,809,000	18,112,000	14,111,000	13,641,000	13,376,000	13,687,000
Other Current Liab	56,425,000	59,893,000	67,094,000	56,539,000	58,168,000	57,043,000	53,577,000	51,306,000	53,255,000	48,504,000
Other Liab	-	-	38,394,000	53,629,000	52,432,000	55,056,000	43,050,000	38,354,000	39,853,000	-
Other Stockholder Equity	-	-	-11,109,000	-9,297,000	-6,494,000	-927,000	163,000	58,000	-286,000	-
Property Plant Equipment	-	-	52,534,000	40,335,000	39,304,000	39,245,000	49,527,000	38,615,000	37,815,000	-
Retained Earnings	4,336,000	3,240,000	-3,068,000	5,289,000	12,712,000	14,435,000	5,562,000	9,233,000	15,261,000	14,301,000
Short Long Term Debt	12,574,000	11,483,000	21,110,000	24,991,000	16,658,000	16,169,000	15,613,000	16,039,000	13,003,000	12,762,000
Short Term Investments	31,185,000	30,820,000	24,658,000	20,729,000	23,413,000	26,794,000	27,699,000	27,646,000	31,368,000	40,816,000
Total Assets	332,160,000	346,747,000	352,755,000	336,309,000	350,662,000	381,191,000	351,002,000	329,840,000	337,158,000	354,054,000
Total Current Assets	112,913,000	128,777,000	135,405,000	112,292,000	118,180,000	153,154,000	134,836,000	114,423,000	121,465,000	154,106,000
Total Current Liabilities	120,075,000	137,286,000	153,982,000	129,873,000	127,508,000	147,574,000	125,481,000	107,754,000	106,385,000	132,507,000
Total Liab	270,002,000	290,020,000	302,083,000	278,202,000	283,263,000	309,259,000	287,912,000	265,560,000	267,980,000	287,830,000
Total Stockholder Equity	62,158,000	56,727,000	50,672,000	58,107,000	67,399,000	71,932,000	63,090,000	64,280,000	69,178,000	66,224,000

Cash Flow

Currency in CAD. All numbers in thousands.

	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30
Begin Period Cash Flow	35,929,000	39,789,000	50,224,000	25,913,000	20,289,000
Capital Expenditures	10,708,000	11,085,000	7,309,000	10,495,000	13,313,000
Change In Cash	-10,952,000	-3,860,000	-10,435,000	24,311,000	5,624,000
Change In Working Capital	1,200,000	-4,911,000	5,690,000	-3,488,000	34,694,000
Change To Account Receivables	-1,823,000	-10,125,000	6,917,000	245,000	-5,322,000
Change To Inventory	1,484,000	-2,642,000	-127,000	-289,000	828,000
Change To Liabilities	9,926,000	14,002,000	-1,981,000	-2,548,000	9,172,000
Change To Netincome	10,044,000	2,985,000	6,517,000	5,076,000	-27,694,000
Change To Operating Activities	-8,387,000	-6,146,000	881,000	-896,000	30,016,000
Depreciation	11,104,000	11,284,000	11,056,000	12,547,000	10,903,000
Dividends Paid	14,841,000	14,467,000	14,081,000	14,119,000	13,712,000
End Period Cash Flow	24,977,000	35,929,000	39,789,000	50,224,000	25,913,000
Free Cash Flow	111,443,000	92,953,000	73,365,000	58,896,000	64,121,000
Investments	-9,560,000	-3,075,000	5,453,000	58,093,000	30,845,000
Issuance Of Capital Stock	-	1,105,000	880,000	781,000	669,000
Net Borrowings	-123,000	12,665,000	2,499,000	-7,819,000	432,000
Net Income	99,803,000	94,680,000	57,411,000	55,256,000	59,531,000
Other Cashflows From Financing Activities	-160,000	976,000	754,000	-105,000	-105,000
Other Cashflows From Investing Activities	-1,780,000	-352,000	-909,000	-1,078,000	-745,000
Other Non Cash Items	111,000	-147,000	-97,000	-652,000	-444,000
Sale Purchase Of Stock	-89,402,000	-85,971,000	-72,358,000	-66,897,000	-72,738,000
Stock Based Compensation	9,038,000	7,906,000	6,829,000	6,068,000	-
Total Cash From Financing Activities	-110,749,000	-93,353,000	-86,820,000	-90,976,000	-87,876,000
Total Cash From Operating Activities	122,151,000	104,038,000	80,674,000	69,391,000	77,434,000
Total Cashflows From Investing Activities	-22,354,000	-14,545,000	-4,289,000	45,896,000	16,066,000

	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31
Begin Period Cash Flow	21,974,000	24,977,000	28,861,000	29,180,000	38,630,000	35,929,000	35,276,000	40,006,000	37,719,000	39,789,000
Capital Expenditures	2,916,000	3,787,000	3,289,000	2,102,000	2,514,000	2,803,000	3,223,000	2,093,000	2,269,000	3,500,000
Change In Cash	5,155,000	-3,003,000	-3,884,000	-319,000	-9,450,000	2,701,000	653,000	-4,730,000	2,287,000	-2,070,000
Change In Working Capital	231,000	-1,497,000	-48,000	-3,225,000	-2,052,000	6,525,000	-1,790,000	-4,697,000	-3,779,000	5,355,000
Change To Account Receivables	5,321,000	4,275,000	-6,384,000	-981,000	9,476,000	-3,934,000	-8,809,000	1,031,000	8,598,000	-10,945,000
Change To Inventory	-741,000	-1,807,000	435,000	-16,000	384,000	681,000	-1,429,000	13,000	-276,000	-950,000
Change To Liabilities	-	-	15,774,000	-4,725,000	-21,398,000	20,275,000	14,050,000	307,000	-23,366,000	-
Change To Netincome	-	-	589,000	3,870,000	2,471,000	3,114,000	-1,550,000	1,215,000	1,333,000	-
Change To Operating Activities	-	-	-9,873,000	2,497,000	9,486,000	-10,497,000	-5,602,000	-6,048,000	11,265,000	-
Depreciation	2,898,000	2,916,000	2,865,000	2,805,000	2,737,000	2,697,000	2,989,000	2,832,000	2,797,000	2,666,000
Dividends Paid	3,650,000	3,768,000	3,703,000	3,811,000	3,595,000	3,732,000	3,640,000	3,767,000	3,447,000	3,613,000
End Period Cash Flow	27,129,000	21,974,000	24,977,000	28,861,000	29,180,000	38,630,000	35,929,000	35,276,000	40,006,000	37,719,000
Free Cash Flow	25,644,000	30,218,000	20,838,000	20,790,000	25,652,000	44,163,000	16,977,000	19,001,000	21,712,000	35,263,000
Investments	2,319,000	-1,445,000	2,806,000	6,953,000	-6,390,000	-12,929,000	4,608,000	5,747,000	-7,895,000	-8,584,000
Issuance Of Capital Stock	-	-	-	-	-	-	544,000	0	-	-
Net Borrowings	-	-	1,657,000	971,000	-1,751,000	-1,000,000	3,220,000	3,220,000	10,423,000	-
Net Income	24,160,000	29,998,000	20,721,000	19,442,000	25,010,000	34,630,000	20,551,000	21,744,000	23,630,000	28,755,000
Other Cashflows From Financing Activities	-	-	-12,000	-43,000	-44,000	-61,000	-57,000	-34,000	-16,000	-
Other Cashflows From Investing Activities	-	-	-597,000	-615,000	-194,000	-374,000	-530,000	-78,000	-204,000	-
Other Non Cash Items	-1,415,000	-317,000	172,000	-41,000	-187,000	167,000	542,000	-215,000	-499,000	25,000
Sale Purchase Of Stock	-19,594,000	-19,475,000	-24,428,000	-21,865,000	-22,631,000	-20,478,000	-19,748,000	-22,900,000	-18,548,000	-24,775,000
Stock Based Compensation	2,686,000	2,905,000	2,278,000	2,243,000	2,252,000	2,265,000	-	-	-	-
Total Cash From Financing Activities	-25,724,000	-35,563,000	-26,794,000	-27,445,000	-28,351,000	-28,159,000	-20,382,000	-29,396,000	-11,326,000	-32,249,000
Total Cash From Operating Activities	28,560,000	34,005,000	24,127,000	22,892,000	28,166,000	46,966,000	20,200,000	21,094,000	23,981,000	38,763,000
Total Cashflows From Investing Activities	-	-	-1,217,000	4,234,000	-9,265,000	-16,106,000	835,000	3,572,000	-10,368,000	-

Income Statement

Currency in CAD. All numbers in thousands.

	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30
Cost Of Revenue	223,546,000	212,981,000	169,559,000	161,782,000	163,756,000
Ebit	119,437,000	108,949,000	66,288,000	63,930,000	70,898,000
Ebitda	133,138,000	123,136,000	81,020,000	81,860,000	87,046,000
Gross Profit	170,782,000	152,836,000	104,956,000	98,392,000	101,839,000
Income Before Tax	119,103,000	109,207,000	67,091,000	65,737,000	72,903,000
Income Tax Expense	19,300,000	14,527,000	9,680,000	10,481,000	13,372,000
Interest Expense	2,931,000	2,645,000	2,873,000	3,576,000	3,240,000
Interest Income	2,825,000	2,843,000	3,763,000	4,961,000	5,686,000
Net Income	99,803,000	94,680,000	57,411,000	55,256,000	59,531,000
Net Income Applicable To Common Shares	99,803,000	94,680,000	57,411,000	55,256,000	59,531,000
Net Income From Continuing Ops	99,803,000	94,680,000	57,411,000	55,256,000	59,531,000
Net Interest Income	-106,000	198,000	890,000	1,385,000	2,446,000
Operating Income	119,437,000	108,949,000	66,288,000	63,930,000	70,898,000
Reconciled Depreciation	11,104,000	11,284,000	11,056,000	12,547,000	10,903,000
Research Development	26,251,000	21,914,000	18,752,000	16,217,000	14,236,000
Selling General Administrative	25,094,000	21,973,000	19,916,000	18,245,000	16,705,000
Tax Provision	19,300,000	14,527,000	9,680,000	10,481,000	13,372,000
Total Operating Expenses	274,891,000	256,868,000	208,227,000	196,244,000	194,697,000
Total Other Income Expense Net	-228,000	60,000	-87,000	422,000	-441,000
Total Revenue	394,328,000	365,817,000	274,515,000	260,174,000	265,595,000

	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31
Cost Of Revenue	52,860,000	66,822,000	52,051,000	47,074,000	54,719,000	69,702,000	48,186,000	46,179,000	51,505,000	67,111,000
Ebit	-	-	24,894,000	23,076,000	29,979,000	41,488,000	23,786,000	24,126,000	27,503,000	-
Ebitda	31,216,000	38,932,000	28,349,000	25,881,000	32,716,000	44,632,000	26,909,000	27,866,000	31,478,000	36,883,000
Gross Profit	41,976,000	50,332,000	38,095,000	35,885,000	42,559,000	54,243,000	35,174,000	35,255,000	38,079,000	44,328,000
Income Before Tax	28,382,000	35,623,000	24,657,000	23,066,000	30,139,000	41,241,000	23,248,000	24,369,000	28,011,000	33,579,000
Income Tax Expense	-	-	3,936,000	3,624,000	5,129,000	6,611,000	2,697,000	2,625,000	4,381,000	-
Interest Expense	-	1,003,000	827,000	719,000	691,000	694,000	672,000	665,000	670,000	638,000
Interest Income	-	868,000	753,000	722,000	700,000	650,000	659,000	719,000	718,000	747,000
Net Income	24,160,000	29,998,000	20,721,000	19,442,000	25,010,000	34,630,000	20,551,000	21,744,000	23,630,000	28,755,000
Net Income Applicable To Common Shares	-	-	20,721,000	19,442,000	25,010,000	34,630,000	20,551,000	21,744,000	23,630,000	-
Net Income From Continuing Ops	24,160,000	29,998,000	20,721,000	19,442,000	25,010,000	34,630,000	20,551,000	21,744,000	23,630,000	28,755,000
Net Interest Income	-	-135,000	-74,000	3,000	9,000	-44,000	-13,000	54,000	48,000	109,000
Operating Income	28,318,000	36,016,000	24,894,000	23,076,000	29,979,000	41,488,000	23,786,000	24,126,000	27,503,000	33,534,000
Reconciled Depreciation	2,898,000	2,916,000	2,865,000	2,805,000	2,737,000	2,697,000	2,989,000	2,832,000	2,797,000	2,666,000
Research Development	7,457,000	7,709,000	6,761,000	6,797,000	6,387,000	6,306,000	5,772,000	5,717,000	5,262,000	5,163,000
Selling General Administrative	6,201,000	6,607,000	6,440,000	6,012,000	6,193,000	6,449,000	5,616,000	5,412,000	5,314,000	5,631,000
Tax Provision	4,222,000	5,625,000	3,936,000	3,624,000	5,129,000	6,611,000	2,697,000	2,625,000	4,381,000	4,824,000
Total Operating Expenses	66,518,000	81,138,000	65,252,000	59,883,000	67,299,000	82,457,000	59,574,000	57,308,000	62,081,000	77,905,000
Total Other Income Expense Net	64,000	-393,000	-163,000	-10,000	160,000	-203,000	-525,000	189,000	460,000	-64,000
Total Revenue	94,836,000	117,154,000	90,146,000	82,959,000	97,278,000	123,945,000	83,360,000	81,434,000	89,584,000	111,439,000

Latest Income Statement (annual, 2022-09-30)

Gross Profit (+$)
totalRevenue	394,328,000
Cost of Revenue	-223,546,000
Gross Profit	170,782,000	170,782,000

Operating Income (+$)
Gross Profit	170,782,000
Operating Expense	-274,891,000
Operating Income	119,437,000	-104,109,000

Operating Expense (+$)
Research Development	26,251,000
Selling General Administrative	25,094,000
Selling And Marketing Expenses	-
Operating Expense	274,891,000	51,345,000

Net Interest Income (+$)
Interest Income	2,825,000
Interest Expense	-2,931,000
Other Finance Cost	-0
Net Interest Income	-106,000

Pretax Income (+$)
Operating Income	119,437,000
Net Interest Income	-106,000
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	119,103,000	119,665,000 EBIT - interestExpense = 116,506,000 119,103,000 102,734,000
Interest Expense	2,931,000
Earnings Before Interest and Taxes (EBIT)	119,437,000	122,034,000
Earnings Before Interest and Taxes (EBITDA)	133,138,000

After tax Income (+$)
Income Before Tax	119,103,000
Tax Provision	-19,300,000
Net Income From Continuing Ops	99,803,000	99,803,000
Net Income	99,803,000
Net Income Applicable To Common Shares	99,803,000

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	-
Total Other Income/Expenses Net	-228,000	106,000

Technicals of Apple

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Apple Inc CDR Daily Moving Averages Chart

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of Apple Inc CDR:

The Moving Average Convergence/Divergence (MACD) is 0.398. The Moving Average Convergence/Divergence (MACD) above zero is a bullish sign. +1
The MACD is higher than the signal line. This is a bullish indication. +1

Apple Inc CDR Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of Apple Inc CDR:

The ADX is 30.613. Strong Trend. +1
The ADX is rising, the current trend is strengthening. +1
The +DI is higher than the -DI. The current trend is up. +2

Apple Inc CDR Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The Parabolic SAR is lower than the price. The current trend is up. +2

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is above 50. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Apple Inc CDR Daily Relative Strength Index (RSI) Chart

2.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

The Stochastic is above 50. +1

Apple Inc CDR Daily Stochastic Oscillator Chart

2.3 Commodity Channel Index (CCI)

Apple Inc CDR Daily Commodity Channel Index (CCI) Chart

2.4 Chande Momentum Oscillator (CMO)

Apple Inc CDR Daily Chande Momentum Oscillator (CMO) Chart

2.5 Williams %R

3. Volatility Indicators

3.1 Bollinger Bands

Apple Inc CDR Daily Bollinger Bands Chart

3.2 Average True Range (ATR)

Apple Inc CDR Daily Average True Range (ATR) Chart

4. Volume Indicators

4.1 On-Balance Volume (OBV)

Apple Inc CDR Daily On-Balance Volume (OBV) Chart

4.2 Money Flow Index (MFI)

Apple Inc CDR Daily Money Flow Index (MFI) Chart

5. Summary

5.1. Notifications

Type	Notification	Date
Currently no notifications for Apple Inc CDR.

5.2. Trading Signals

Date	Indicator	Entry signal	Exit signal
2023-05-18	MACD	LONG ENTRY	SHORT CLOSE
2023-05-19	MACD	SHORT ENTRY	LONG CLOSE
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE
2023-05-25	STOCH	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-05-29	MACD	LONG ENTRY	SHORT CLOSE

5.2. Technical Score

Let's check the technical score of Apple Inc CDR based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	66.755
Ma 20	Greater than	Ma 50	25.929
Ma 50	Greater than	Ma 100	25.118
Ma 100	Greater than	Ma 200	23.587
Open	Greater than	Close	26.570
Total			4/5 (80.0%)