Apple Inc
AAPLAbove valueExpectations · demandingHeld by 28 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-09-27Valuation basis: trailing twelve months to 2026-06-27 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +6.4%
- Net margin
- 26.9%
- ROE
- 151.9%
- FCF margin
- 23.7%
Valuation · value band
Above fair value
Zero-growth floor
$76
Central IV
$136
Optimistic top
$167
Apple Inc (AAPL): A conservative value band $76–$167 / sh (zero-growth floor to growth-capped optimistic top); central read about $136. Today’s price sits above that band (price $313 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 6% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $76
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $81.99 – $167.10 · Greenwald zero-growth $93.41 · zero-growth base $93.41 · reproduction $10.94
Moat Franchise (moat) · terminal value 24% of present value · owner-earnings yield 3% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$75.90 – $93.41 / 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: TTM 2026-06-27, 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 222% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$76.13 – $93.05 / 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: TTM 2026-06-27, 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). Maintenance-capex methods diverge by 222% (> 50%); estimate is degraded. 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 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $82.10B + capitalized R&D $78.94B（FY 2026, 2024, 2023, 2022） = $10.94 / 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 on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window TTM 2026-06-27, FY 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 6% · OE FY TTM 2026-06-27, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). 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.
Valuation basis: trailing twelve months to 2026-06-27 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 16.7% a year in owner-earnings for the next few years. Revenue actually grew 6.6% a year.
The market wants it well ahead of its own track record.
SEC 13F · holders
Superinvestors Holding This Security
28 holders · $76.76B combined · this quarter +0 opened / -1 exited
- Value$65.95BWeight (prev→now)22.0% → 22.0% ▲
- Value$7.84BWeight (prev→now)36.7% → 41.1% ▲
- Value$1.98BWeight (prev→now)4.5% → 4.5% ▼
- Value$355.1MWeight (prev→now)2.6% → 2.7% ▲
- Value$288.3MWeight (prev→now)23.1% → 21.6% ▼
- Value$105.4MWeight (prev→now)0.6% → 0.4% ▼
- Value$44.0MWeight (prev→now)3.6% → 3.6% ▲
- Value$38.0MWeight (prev→now)0.0% → 0.1% ▲
- Value$37.8MWeight (prev→now)7.1% → 7.8% ▲
- Value$32.0MWeight (prev→now)0.9% → 0.9% ▼
Show all 28 holders ▸Collapse ▾
- Value$28.9MWeight (prev→now)16.5% → 13.2% ▼
- Value$18.0MWeight (prev→now)4.2% → 5.2% ▲
- Value$11.6MWeight (prev→now)5.3% → 5.3% ▲
- Value$9.1MWeight (prev→now)0.0% → 0.0% ▲
- Value$6.8MWeight (prev→now)0.4% → 0.4% ▲
- Value$3.8MWeight (prev→now)0.1% → 0.1% ▼
- Value$3.3MWeight (prev→now)0.7% → 0.7% ▼
- Value$1.3MWeight (prev→now)0.1% → 0.2% ▲
- Value$1.3MWeight (prev→now)0.0% → 0.0% ▲
- Value$963,518Weight (prev→now)0.2% → 0.3% ▲
- Value$836,742Weight (prev→now)0.0% → 0.0% ▲
- Value$784,718Weight (prev→now)0.1% → 0.1%
- Value$763,910Weight (prev→now)0.0% → 0.0% ▲
- Value$694,464Weight (prev→now)0.0% → 0.0% ▲
- Value$287,045Weight (prev→now)0.0% → 0.0% ▼
- Value$278,075Weight (prev→now)0.0% → 0.0% ▲
- Value$274,024Weight (prev→now)0.0% → 0.0% ▲
- Value$261,476Weight (prev→now)0.1% → 0.1% ▲
SEC 13F · notes
Written summary
Written summary
Apple Inc (AAPL) is held by 28 of the superinvestors tracked on Compounder, with a combined $76.76B 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 (41.1% of its book), Jeremy Grantham (4.5% of its book) and Thomas Gayner (2.7% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in AAPL, 4 added to existing ones, 13 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. 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.
SEC 13F · co-ownership
Also held by these investors
Investors holding Apple Inc (AAPL) also commonly hold →
- Microsoft CorpMSFT22 holders
- Alphabet Inc-Cl CGOOG21 holders
- Alphabet Inc-Cl AGOOGL19 holders
- Berkshire Hathaway Inc-Cl BBRK.B18 holders
- Meta Platforms Inc-Class AMETA15 holders
- Walt Disney Co/TheDIS14 holders
AAPL's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-18
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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