Apple Inc
Held by 21 superinvestors (AAPL).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
Apple Inc (AAPL): A conservative earnings-power estimate, $63–$96 / sh; today’s price sits above it (price $309 as of 2026-07-02).
An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.
Price as of 2026-07-02 · yahoo · DGS10 4.4% @ 2026-06-25.
Method & numbers
Owner-earnings DCF $62.53 – $95.50 · Greenwald zero-growth $76.38 · zero-growth base $76.38 · reproduction $10.19
Moat Franchise (moat) · terminal value 40% of present value · owner-earnings yield 2% vs 10Y 4.4%.
Graham earnings-power value (normalized NOPAT)$61.83 – $76.38 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 68% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$61.20 – $74.80 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Reproduction value = tangible net assets $60.43B + capitalized R&D $92.48B（FY 2025, 2024, 2023, 2022, 2021） = $10.19 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 17% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 4% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 8.90%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-06-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
21 superinvestors hold it · $66.72B combined
Largest holder Warren Buffett
Held by 21 superinvestors of Apple Inc (AAPL); this quarter 2 opened, 5 added, 6 trimmed (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
AAPL's price is not below its conservative value band.
See which stocks are in the strike zone right nowSuperinvestors Holding This Security
- Value$57.84BWeight (prev→now)22.6% → 22.0%
- Value$7.35BWeight (prev→now)50.3% → 36.7% ▼
- Value$911.9MWeight (prev→now)New · 2.6%
- Value$311.5MWeight (prev→now)2.7% → 2.6%
- Value$143.0MWeight (prev→now)0.3% → 0.6% ▲
- Value$38.9MWeight (prev→now)3.6% → 3.6% ▲
- Value$34.3MWeight (prev→now)7.3% → 7.1% ▼
- Value$33.4MWeight (prev→now)0.0% → 0.0% ▼
- Value$28.1MWeight (prev→now)0.8% → 0.9%
- Value$11.2MWeight (prev→now)5.9% → 5.3%
Show all 21 holders ▸Superinvestors Holding This Security ▾
- Value$8.0MWeight (prev→now)0.0% → 0.0% ▼
- Value$3.8MWeight (prev→now)0.1% → 0.1% ▼
- Value$3.3MWeight (prev→now)0.7% → 0.7%
- Value$1.2MWeight (prev→now)0.0% → 0.0% ▲
- Value$1.1MWeight (prev→now)0.1% → 0.1%
- Value$1.0MWeight (prev→now)0.0% → 0.0% ▼
- Value$784,718Weight (prev→now)0.1% → 0.1%
- Value$609,096Weight (prev→now)0.0% → 0.0%
- Value$243,892Weight (prev→now)0.0% → 0.0% ▲
- Value$234,248Weight (prev→now)0.0% → 0.0% ▲
- Value$229,334Weight (prev→now)New · 0.1%
Ownership overview
Apple Inc (AAPL) is held by 21 of the superinvestors tracked on Compounder, with a combined $66.72B in reported 13F value. The largest position belongs to Warren Buffett, where it makes up 22.0% of the portfolio.
Other notable holders by value include Duan Yongping (36.7% of its book), Andreas Halvorsen (2.6% of its book) and Thomas Gayner (2.6% of its book).
Over the latest quarter, 2 of the tracked filers opened a new position in AAPL, 5 added to existing ones, 6 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
Holders over time
Superinvestors holding this security over the last 8 quarters: 20 → 21.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-19
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