Apple Company's Financial Analysis was based on the solved Horizontal Analysis, Trend Analysis, Vertical Analysis and through the formulas using the Financial Ratios.

1. T
I
M
C
O
O
K

2. Apple Inc. is engaged
in designing,
manufacturing and
marketing mobile
communication and media
devices, personal
computers, and portable
digital music players.

3. Apple Inc.’s (NASDAQ:AAPL) new $5 Billion
spaceship-shaped global headquarters in
Cupertino, known imaginatively as Apple
Campus 2.

4. The $5 billion project is due for completion
in 2016 and will include one of the largest
photovoltaic arrays in the world.

5. FINANCIAL
STATEMENTS
REPORT
2012-2014

6. BALANCE SHEET
Period Ending:
September 27,
2014
September 28,
2013
September 29,
2012
CURRENT ASSETS
Cash and Cash
Equivalents
$13,844,000 $14,259,000 $10,746,000
Short- Term
Investments
$11,233,000 $26,287,000 $18,383,000
Net Receivables $31,537,000 $24,094,000 $21,275,000
Inventory $2,111,000 $1,764,000 $791,000
Other Current Assets $9,806,000 $6,882,000 $6,458,000
Total Current Assets $68,531,000 $73,286,000 $57,653,000
LONG-TERM ASSETS
Long-Term
Investments
$130,162,000 $106,215,000 $92,122,000
Fixed Assets $20,624,000 $16,597,000 $15,452,000
Goodwill $4,616,000 $1,577,000 $1,135,000
Intangible Assets $4,142,000 $4,179,000 $4,224,000
Other Assets $3,764,000 $5,146,000 $5,478,000

7. Period Ending:
September 27,
2014
September 28,
2013
September 29,
2012
CURRENT LIABILITIES
Accounts Payable $48,649,000 $36,223,000 $32,589,000
Short-Term Debt /
Current Portion of
Long-Term Debt
$6,308,000 $0 $0
Other Current
Liabilities
$8,491,000 $7,435,000 $5,953,000
Total Current
Liabilities
$63,448,000 $43,658,000 $38,542,000
LONG TERM LIABILITIES
Long-Term Debt $28,987,000 $16,960,000 $0
Other Liabilities $24,826,000 $20,208,000 $16,664,000
Deferred Liability
Charges
$3,031,000 $2,625,000 $2,648,000
Misc. Stocks $0 $0 $0
Minority Interest $0 $0 $0

8. Period Ending:
September 27,
2014
September 28,
2013
September 29,
2012
STOCKHOLDERS’ EQUITY
Common Stocks $23,313,000 $19,764,000 $16,422,000
Capital Surplus $0 $0 $0
Retained Earnings $87,152,000 $104,256,000 $101,289,000
Treasury Stock $0 $0 $0
Other Equity $1,082,000 ($471,000) $499,000
Total Equity $111,547,000 $123,549,000 $118,210,000
Total Liabilities &
$231,839,000 $207,000,000 $176,064,000

9. INCOME STATEMENT
Period Ending:
September 27,
2014
September 28,
2013
September 29,
2012
Total Revenue $182,795,000 $170,910,000 $156,508,000
Cost of Revenue $112,258,000 $106,606,000 $87,846,000
Gross Profit $70,537,000 $64,304,000 $68,662,000
OPERATING EXPENSES
Research and
Development
$6,041,000 $4,475,000 $3,381,000
Sales, General and
Admin.
$11,993,000 $10,830,000 $10,040,000
Non-Recurring
Items
$0 $0 $0
Other Operating
Items
$0 $0 $0
Operating Income $52,503,000 $48,999,000 $55,241,000
Add'l
income/expense
items
$980,000 $1,156,000 $522,000
Earnings Before
Interest and Tax
$53,483,000 $50,155,000 $55,763,000

11. HORIZONTAL ANALYSIS
2014 2013 2012
ASSETS
CURRENT
ASSETS
In Value In % In Value In % In Value In %
Cash and
cash
Equivalents
(415,000) (2.91%)
3,513,00
0
32.69% 931,000 9.49%
Short-term
Investments
(15,054,00
0)
(57.27
%)
7,904,00
0
43%
2,246,00
0
13.92%
Net
Receivables
7,443,000 30.89%
2,819,00
0
13.23%
7,544,00
0
54.94%
Inventory 347,000 19.67% 973,000 123% 15,000 1.93%
Other Current
Assets
2,924,000 42.49% 424,000 6.48%
2,019,00
0
44.58%
Total Current
Assets
(4,755,000
)
(6.49%)
15,630,0
00
27.12%
12,665,0
00
28.15%

12. NON-CURRENT ASSETS
Long-term
Investments
23,947,0
00
22.55%
14,093,0
00
15.30%
36,514,0
00
65.63%
Fixed Assets
4,027,00
0
24.26%
1,145,00
0
7.41%
7,675,00
0
98.68%
Goodwill
3,039,00
0
192.71
%
442,000 38.94% 239,000 26.67%
Intangible Assets (37,000) (0.89%) (45,000) (1.07%) 688,000 19.46%
Other Assets
(1,382,00
0)
(26.86%
)
(332,000) (6.06%)
1,922,00
0
54.05%
Total Assets
24,839,0
00
12%
30,936,0
00
17.57%
59,693,0
00
51.30%
2014 2013 2012

13. 2014 2013 2012
Liabilities
Current Liabilities In Value In % In Value In % In Value In %
Accounts Payable
12,426,0
00
34.3
0%
3,634,00
0
11.15
%
8,710,000 36.48%
Short-term Debt 6,308,000 - - - - -
Other current
liabilities
1,056,000
14.2
0%
1,482,00
0
24.90
%
1,862,000 45.51%
Total Current
Liabilities
19,790,00
0
70.9
1%
5,116,00
0
13.27
%
10,572,00
0
37.80%
Non-current Liabilities
Long-term Debt
12,027,0
00
70.9
1%
16,960.0
00
- - -
Other Liabilities
4,618,00
0
22.8
5%
3,544,00
0
21.27
%
6,564,000 64.99%
Deferred Liability
Charges
406,000
15.4
7%
(23,000)
(0.87
%)
962,000 57.06%
Total Liabilities 36,841,0
00
44/1
5%
25,597,0
00
44.24
%
18,098,00
0
45.52%

14. 2014 2013 2012
Shareholders
’ Equity
In Value In % In Value In % In Value In %
Common
Shares
3,549,000 17.96%
3,342,00
0
20.35%
3,091,00
0
23.19%
Retained
Earnings
(17,104,00
0)
16.41%
2,967,00
0
2.93%
38,448,0
00
61.18%
Other Equity 1,553,000
(329.72%
)
(970,000
)
(194.39%
)
56,000 12.64%
Total Equity
(12,002,00
0)
(9.71%)
5,339,00
0
4.52%
41.595,0
00
100%

16. TREND ANALYSIS
2014 2013 2012
CURRENT ASSETS
Cash and cash
Equivalents
129% 133% 100% Base Year
Short-term
Investments
61% 143%
Net Receivables 148% 148%
Inventory 267% 223%
Other Current Assets 152% 107%
Total Current Assets 119% 127%

17. NON-CURRENT ASSETS
Long-term
Investments
141 % 115%
Fixed Assets 133% 107%
Goodwill 407% 139%
Intangible Assets 98% 99%
Other Assets 69% 94%
Deferred Asset
Charges
- -
Total Assets 132% 118%
2014 2013 2012

18. 2014 2013 2012
CURRENT LIABILITIES
Accounts Payable 149.28% 111.15%
Short-Term Debt - -
Other Current
Liabilities
142.63% 124.90%
Total Current
Liabilities
164.62% 113.27%
LONG TERM LIABILITIES
Long-Term Debt - -
Other Liabilities 149% 121.30%
Deferred Liability
Charges
114.46% 99.13%
Misc. Stocks - -
Minority Interest - -
Total Liabilities 207.92% 144.24%

19. 2014 2013 2012
SHAREHOLDER’S EQUITY
Common Stocks 141.96% 120.35%
Capital Surplus - -
Retained Earnings 86.04% 102.93%
Treasury Stock - -
Other Equity 216.83% (94.39%)
Total Equity 94.36% 104.52%

21. VERTICAL ANALYSIS
2014 2013 2012
CURRENT ASSETS
Cash and cash
Equivalents
5.97 6.89 6.10
Short-term
Investments
4.85 12.70 10.44
Net Receivables 13.60 11.64 12.08
Inventory 0.91 0.85 0.45
Other Current
Assets
4.23 3.32 3.67
Total Current
Assets
29.56% 35.40% 32.75%

22. NON-CURRENT ASSETS
Long-term
Investments
56.14 51.31 52.32
Fixed Assets 8.90 8.02 8.78
Goodwill 1.99 0.75 0.64
Intangible Assets 1.79 2.02 2.40
Other Assets 1.62 2.49 3.11
Deferred Asset
Charges
- - --
Total Assets 100% 100% 100%
2014 2013 2012

23. 2014 2013 2012
CURRENT LIABILITIES
Accounts Payable 20.98 17.50 18.51
Short-Term Debt 2.72 - -
Other Current
Liabilities
3.66 3.59 3.38
Total Current
Liabilities
27.37% 21.09% 21.89%
LONG TERM LIABILITIES
Long-Term Debt 12.50 8.19 -
Other Liabilities 10.71 9.76 9.46
Deferred Liability
Charges
1.31 1.27 1.50
Misc. Stocks - - -
Minority Interest - - -
Total Liabilities 51.89% 40.31% 32.86%

24. 2014 2013 2012
SHAREHOLDER’S EQUITY
Common Stocks 10.06 9.55 9.33
Capital Surplus - - -
Retained Earnings 37.59 50.37 57.53
Treasury Stock - - -
Other Equity 0.47 0.23 0.28
Total Equity 48.11% 59.69% 67.14%
Total Liabilities
and Equity
100% 100% 100%

26. RATIO LIQUIDITY
2014 2013 2012
Net Working
Capital
5,083,000 29,628,000 19,111,000
Current Ratio 1.08 1.68 1.50
Quick Ratio 1.05 1.64 1.48

27. ACTIVITY RATIO/ ASSET
UTILIZATION RATIO
2014 2013 2012
Accounts
Receivable
Turnover
6.57 7.53 8.94
Average
Collection
Period
54.79 47.81 40.27
Inventory
Turnover
57.94 83.45 112.12
Average Age of
Inventory
6.21 4.31 3.21
Operating
Cycle
61 52.12 43.48
Fixed Asset
Turnover
8.86 10.30 10.13
Total Asset
Turnover
0.79 0.83 0.89

28. 2014 2013 2012
Debt Ratio 0.52 0.40 0.33
Debt/ Equity
Ratio
1.08 0.68 0.49
Times
Interest
Earned
- - -
LEVERAGE/ DEBT
UTILIZATION RATIO

29. 2014 2013 2012
Gross Profit
Margin
39% 38% 44%
Profit Margin 22% 22% 275%
Return on
Asset
83% 89% 107%
Return on
Equity
35% 30% 35%
PROFITABILITY RATIO

30. Company (2014) Industry Averages Evaluation
Return on Asset 83% 15.13% Better
Return on Equity 35% 29.17% Better
Current Ratio 1.08 1.57 Worse
Quick Ratio 1.05 1.51 Worse
Fixed Asset
Turnover
8.86 - -
Total Asset
Turnover
0.79 0.75 Better
Debt Ratio 0.52 - -
Debt/Equity Ratio 108% 32.75% Better
Inventory
Turnover
57.94 44.42 Better
Accounts
Receivable
Turnover
6.57 11.75 Worse
Average Collection
Period
54.79 - -
Average Age of
Inventory
6.21 - -