Historical source-based research. Compilation date and financial period are different dates.

Research summary

A dated valuation context using AAPL's September 17, 2026 price snapshot and annual accounting denominators.

Measurement basis

The accounting period ended 2025-09-27. These values combine that annual denominator with the dated price snapshot. They are not trailing-twelve-month or forward estimates.

Financial evidence

Annual P/E: 45.17x. Estimated capitalization / annual sales: 11.82x. Estimated capitalization / book equity: 66.70x. The capitalization estimate uses the source snapshot's share-count basis; it is not an exchange-certified contemporaneous market capitalization.

Sector context

The equal-weight median annual P/E of 16 eligible covered technology firms is 47.78x. Fiscal year ends and business mixes differ; the sample is not a market index or a fair-value benchmark.

Historical context

A consistent historical-multiple series is not available in this release. A median computed from the same price divided by different years of earnings would not be a historical valuation median and is not reported.

Interpretation and uncertainty

A multiple describes a relationship between selected inputs. It cannot alone distinguish a durable business advantage from unusually high expectations, cyclical earnings or an accounting distortion.

What to monitor

Check subsequent filings, diluted-share definitions, corporate actions and the date of every denominator. A multiple can change because either price or accounting inputs change.

Methodology

The source data is dated and static. No fair-value estimate, expected return, rating or price target is implied.

Sources & dates

Methodology protocol ↗SMS research updates ↗