Balance sheet apple inc

How to Read Apple’s Balance Sheet

For investors in Apple, Inc. (AAPL), the investment has certainly been fruitful. For those who are late to the party and are considering investing in the Cupertino-based consumer products giant, a good place to start gauging the company is its balance sheet. A company’s balance sheet presents a picture of its financial situation at a certain point in time. For an investor who wants to understand a company and its potential, the balance sheet is a good guide.

Apple’s balance sheet is available in the «Investor News Section» of the company’s corporate website as its 10-K filing with the Securities and Exchange Commission. Investors can also access Apple’s unaudited balance sheet, which it releases with its quarterly earnings.

Balance Sheet Components

The balance sheet of a company breaks down into its assets (or what it owns), liabilities (or what it owes), and its shareholders’ equity (or the money that belongs to shareholders after paying off all liabilities). The total of its assets is equal to the sum of its shareholders’ equity plus its liabilities. In the case of Apple, as of September 30, 2019, this consisted of $338.52 billion on the assets side, total liabilities of $248.03 billion, and total shareholders’ equity of $90.49 billion.

Cash Is King

For Apple, its strong cash position is a major strength. The company holds cash and cash equivalents of $50.5 billion and also holds $44.08 billion in marketable securities that can easily be converted into cash. Thus, it has an ample cash chest. A lot of this is held overseas and the company would have to pay US taxes on the money to bring it into the country. That is why the company prefers to borrow money to engage in its share buyback program.

Accounts receivable make up $14.1 billion. This represents the amounts owed by the companies it does business with, such as cellular network carriers, retailers and wholesalers, and government and education customers. Extending credit in business transactions is a risk, and Apple has credit insurance to limit its risk to this exposure.

The company also reports about $37.6 billion in the property, plant, and equipment category. This represents the value of what it owns in property and equipment after accounting for the wear and tear associated with use.

Liabilities Side

Apple’s current liabilities are about $89.7 billion, which includes its $29.1 billion accounts payable, or the amount it owes companies it does business with, as well as more than $9.9 billion in commercial paper issued. The company issued commercial paper debt to finance activities such as share buybacks it has committed to, as well as to pay out dividends.

The company has a total long-term debt of more than $108 billion, which includes both fixed-rate debt, on which the interest rate is fixed, and floating-rate debt, on which the interest rate could move up. To manage the risk that interest rates could move against the company, Apple has also entered into interest rate swaps. The company’s other non-current liabilities, or those that are not due for a while, amount to about $31.7 billion.

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Also, Apple’s shareholder equity position has declined over time to about $90 billion as it has been reducing its cash position. Back in 2014, the company also had a stock split, giving out seven shares for every share held by an investor.

Analyzing the Balance Sheet

Another way to understand Apple’s financial position is to look at certain ratios that give an idea of how the company manages its business. One major ratio for this purpose is the liquidity ratio, which provides a measure of how easily the company can pay off its creditors if it had to. This is obtained by taking stock of Apple’s current assets versus its current liabilities. In Apple’s case, this is at 1.54, indicating the company has enough current assets on hand to cover its current liabilities.

Looking at how much Apple is leveraged, or how much debt it has in relation to its equity position, also provides investors with an idea about how prudently its debt is managed. Too much debt relative to equity indicates that a company is over-leveraged. This could be a red flag since it will have less breathing room if it runs into trouble. In the past few years, Apple’s capital structure has dramatically changed, with its debt-to-equity ratio jumping from about 0.32 in 2014 to 1.32 in 2019.

As for the company’s profitability, it posted sales of $260.17 billion with a net income of $55.25 billion in 2019 and making for a return on equity of about 55.92%.

The Bottom Line

A reading of Apple’s balance sheet certainly suggests that it is a well-managed company. It presents its information in a reader-friendly format and does not have any significant exposure to off-the-balance-sheet items that might obfuscate its true situation. However, investors should note that a company’s balance sheet could deteriorate as its earnings situation and industry position change. Thus, it is important to look at its most recent balance sheet before investing.

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Apple (AAPL)

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Updated Dec 9, 2021 09:30 AM ET

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Fiscal Year End for Apple Inc. falls in the month of September.

All items in Millions except Per Share data.

9/30/2021 9/30/2020 9/30/2019 9/30/2018 9/30/2017
Assets
Cash & Equivalents 62,639 90,943 100,557 66,301 74,181
Receivables 51,506 37,445 45,804 48,995 35,673
Notes Receivable 0 0 0 0 0
Inventories 6,580 4,061 4,106 3,956 4,855
Other Current Assets 14,111 11,264 12,352 12,087 13,936
Total Current Assets 134,836 143,713 162,819 131,339 128,645
Net Property & Equipment 39,440 36,766 37,378 41,304 33,783
Investments & Advances 127,877 100,887 105,341 170,799 194,714
Other Non-Current Assets 0 0 0 0 0
Deferred Charges 0 0 0 0 0
Intangibles 0 0 0 0 8,015
Deposits & Other Assets 48,849 42,522 32,978 22,283 10,162
Total Assets 351,002 323,888 338,516 365,725 375,319
Liabilities & Shareholders Equity 9/30/2021 9/30/2020 9/30/2019 9/30/2018 9/30/2017
Notes Payable 0 0 0 0 0
Accounts Payable 54,763 42,296 46,236 55,888 49,049
Current Portion Long-Term Debt 15,613 13,769 16,240 20,748 18,473
Current Portion Capital Leases 0 0 0 0 0
Accrued Expenses 0 0 0 0 25,744
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 55,105 49,327 43,242 40,230 7,548
Total Current Liabilities 125,481 105,392 105,718 116,866 100,814
Mortgages 0 0 0 0 0
Deferred Taxes/Income 0 0 0 2,797 2,836
Convertible Debt 0 0 0 0 0
Long-Term Debt 109,106 98,667 91,807 93,735 97,207
Non-Current Capital Leases 0 0 0 0 0
Other Non-Current Liabilities 53,325 54,490 50,503 45,180 40,415
Minority Interest (Liabilities) 0 0 0 0 0
Total Liabilities 287,912 258,549 248,028 258,578 241,272
Shareholders Equity 9/30/2021 9/30/2020 9/30/2019 9/30/2018 9/30/2017
Preferred Stock 0 0 0 0 0
Common Stock (Par) 57,365 50,779 45,174 40,201 35,867
Capital Surplus 0 0 0 0 0
Retained Earnings 5,562 14,966 45,898 70,400 98,330
Other Equity 163 -406 -584 -3,454 -150
Treasury Stock 0 0 0 0 0
Total Shareholder’s Equity 63,090 65,339 90,488 107,147 134,047
Total Liabilities & Shareholder’s Equity 351,002 323,888 338,516 365,725 375,319
Total Common Equity 63,090 65,339 90,488 107,147 134,047
Shares Outstanding 16,406.40 17,001.80 17,773.00 18,981.60 20,660.90
Book Value Per Share 3.85 3.84 5.09 5.64 6.49

Fiscal Year End for Apple Inc. falls in the month of September.

All items in Millions except Per Share data.

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Apple Inc (AAPL)

09-2021 09-2020 09-2019 09-2018 09-2017
Assets
Current Assets
Cash & Cash Equivalents 34,940,000 38,016,000 48,844,000 25,913,000 20,289,000
Marketable Securities 27,699,000 52,927,000 51,713,000 40,388,000 53,892,000
Receivables 51,506,000 37,445,000 45,804,000 48,995,000 35,673,000
Inventories 6,580,000 4,061,000 4,106,000 3,956,000 4,855,000
Other current assets 14,111,000 11,264,000 12,352,000 12,087,000 13,936,000
TOTAL $134,836,000 $143,713,000 $162,819,000 $131,339,000 $128,645,000
Non-Current Assets
PPE Net 39,440,000 36,766,000 37,378,000 41,304,000 33,783,000
Investments And Advances 127,877,000 100,887,000 105,341,000 170,799,000 194,714,000
Other Non-Current Assets 48,849,000 42,522,000 32,978,000 22,283,000 18,177,000
TOTAL $216,166,000 $180,175,000 $175,697,000 $234,386,000 $246,674,000
Total Assets $351,002,000 $323,888,000 $338,516,000 $365,725,000 $375,319,000
Liabilities
Current Liabilities
Short Term Debt 15,613,000 13,769,000 16,240,000 20,748,000 18,473,000
Accounts payable and accrued liabilities 54,763,000 42,296,000 46,236,000 55,888,000 44,242,000
Deferred Revenues 7,612,000 6,643,000 5,522,000 5,966,000 7,548,000
TOTAL $125,481,000 $105,392,000 $105,718,000 $115,929,000 $100,814,000
Non-Current Liabilities
Long Term Debt 109,106,000 98,667,000 91,807,000 93,735,000 97,207,000
Deferred Revenues 7,612,000 6,643,000 5,522,000 5,966,000 7,548,000
Other Non-Current Liabilities 53,325,000 54,490,000 50,503,000 48,914,000 40,415,000
TOTAL $162,431,000 $153,157,000 $142,310,000 $142,649,000 $140,458,000
Total Liabilities $287,912,000 $258,549,000 $248,028,000 $258,578,000 $241,272,000
Shareholders’ Equity
Shares Outstanding, K 16,406,400 17,001,800 17,773,060 18,981,590 20,537,250
Common Shares 57,365,000 50,779,000 45,174,000 40,201,000 35,867,000
Retained earnings 5,562,000 14,966,000 45,898,000 70,400,000 98,330,000
Other shareholders’ equity 163,000 -406,000 -584,000 -3,454,000 -150,000
TOTAL $63,090,000 $65,339,000 $90,488,000 $107,147,000 $134,047,000
Total Liabilities And Equity $351,002,000 $323,888,000 $338,516,000 $365,725,000 $375,319,000

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Barchart provides the option of viewing Annual or Quarterly Balance Sheets.

A Balance Sheet is a financial statement that summarizes a company’s assets, liabilities and shareholders’ equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by shareholders. The balance sheet adheres to the following : Assets = Liabilities + Shareholders’ Equity
(Source: Investopedia)

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