Public company

DCF Workbench

Apple Inc. - Intrinsic valuation overlay using revenue, margin, FCF, WACC, and terminal value hooks.

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Document Import

CIM or 10-K extraction candidates are reviewed before model creation.

Manual or demo model

Demo fixture values are not linked to the local SEC database.

Manual
CompanyApple Inc.AAPL
Historical periods2Actuals
SEC-backed rows0Visible lineage
Mapped lines0Database records
Forecast periods4Model assumptions
SECHistorical actuals from local SEC databaseForecastAnalyst or model assumptionFormulaCalculated from linked rowsOutputValuation result
Enterprise Value$1,952,597
Equity Value$1,851,293
Implied Share Price$196.94
PV Terminal Value$1,578,608
Terminal % EV80.8%

DCF Assumption Dashboard

Six primary valuation groups, fixture-backed for layout parity with LBO
01

Company / Market Data

CompanyManualApple Inc.
Ticker / CIKManualAAPL / 320193
Valuation DateFormula12/31/2025
Diluted SharesManual9,400
Net DebtManual$101,304
SectorManualTechnology Hardware
02

Operating Forecast

Revenue Growth6.0%
Gross Margin39.5%
EBITDA Margin33.8%
D&A % Revenue13.7%
Revenue493,673
EBITDA166,932
03

Free Cash Flow

Cash Tax Rate21.0%
Capex % Revenue3.0%
NWC % Revenue12.3%
NOPAT78,489
Unlevered FCF127,817
04

Discount Rate

WACC8.5%
Terminal Growth2.5%
Terminal Value2,185,884
PV Terminal ValueOutput$1,578,608
Terminal % EVOutput80.8%
05

Equity Bridge

Enterprise Value$1,952,597
Less: Net DebtManual$101,304
Equity Value$1,851,293
Diluted SharesManual9,400
Implied Share Price$196.94
06

Sensitivity Output

Forecast CaseManagement Base
Read-only output from Management Plan
WACC / g2.0%2.5%3.0%
7.5%$222.11$244.80$275.05
8.5%$180.52$196.94$218.16
9.5%$150.24$162.51$177.54

DCF Engine

Package-aligned valuation outputs from free cash flow, discounting, terminal value, and equity bridge
DCF packageReady
Valuation hooksFCF / Debt / Cash
Sensitivity grid3 x 3
Cash flow

Unlevered FCF Bridge

The DCF surface reads operating forecast outputs and isolates unlevered free cash flow before financing effects.

FY2028E FCF$127,817
FCF CAGR7.6%
Capex % Revenue3.0%
Valuation

Enterprise to Equity Bridge

Enterprise value is bridged through net debt to implied equity value and per-share valuation.

Enterprise Value$1,952,597
Net Debt$101,304
Equity Value$1,851,293
DCF Components
Value% EV
PV of FCF$373,98919.2%
PV of Terminal Value$1,578,60880.8%
Enterprise Value$1,952,597100.0%

DCF Model

Historical actuals plus projected periods with formula provenance
Intrinsic Valuation ModelUSD in millions, except per-share data, multiples, and percentagesForecast case: Management Base
SECInputFormulaOutput
Source: Management Plan
Active SheetValuation
Visible Rows9
Editable Fields0
Forecast Periods4
9 rows
Line ItemFY2023AFY2024AFY2025EFY2026EFY2027EFY2028ESourceFormula / Audit
DCF Valuation
Discount Factorvaluation--0.9220.8500.7840.722Manual1 / (1 + WACC) ^ period number
PV of Unlevered FCFvaluation--94,69593,87293,12292,300ManualUnlevered FCF multiplied by discount factor
Terminal Valuevaluation-----2,185,884ManualTerminal year FCF grown into perpetuity divided by WACC less terminal growth
PV of Terminal Valuevaluation-----1,578,608ManualTerminal value multiplied by final year discount factor
Enterprise Valuevaluation-----1,952,597ManualSum of PV of FCF and PV of terminal value
Equity Valuevaluation-----1,851,293ManualEnterprise value less net debt
Implied Share Pricevaluation-----$196.94ManualEquity value divided by diluted shares outstanding
DCF Checkvaluation--0.00.00.00.0ManualPV components reconcile to enterprise value

Valuation Committee Memo

AI-assisted draft using deterministic model facts

Valuation Summary

The base DCF implies $1.95tn of enterprise value and a $196.94 implied share price using an 8.5% WACC and 2.5% terminal growth rate.

Free Cash Flow Build

Forecast FCF expands from $102.7bn to $127.8bn through revenue growth, steady EBITDA margins, and disciplined capex intensity.

Sensitivity Focus

The valuation is most sensitive to the spread between WACC and terminal growth, with terminal value representing roughly 81% of enterprise value.