On Jan. 22, ubiquitous gadget guru Apple
- The iPod/iTunes gravy train rolls on, right alongside iPhones, iMacs, iToasters, and iSinks. OK, not the last two, but you get the picture.
- Apple doesn't much like to repurchase stock; it hasn't paid a dividend since 1996, when the iPod was but a glimmer in Steve Jobs' spectacled eye; and it spent just $455 million on acquisitions in the last 20 years. What are you hoarding all that cash for, Steve?
- Then again, this company is less recession-proof than some others I can think of. Forty-four percent of Apple's revenue comes from the Americas alone. A debt-free, $18 billion bankroll should get Cupertino through plenty of bad times.
(Figures in millions, except per-share data)
Income Statement Highlights
Q1 2008 |
Q1 2007 |
Change |
|
---|---|---|---|
Sales |
$9,608 |
$7,115 |
35.0% |
Net Profit |
$1,581 |
$1,004 |
57.5% |
EPS |
$1.76 |
$1.14 |
54.4% |
Diluted Shares |
900.1 |
883.3 |
1.9% |
Get back to basics with the income statement.
Margin Checkup
Q1 2008 |
Q1 2007 |
Change* |
|
---|---|---|---|
Gross Margin |
34.7% |
31.2% |
3.5 |
Operating Margin |
22.1% |
18.6% |
3.5 |
Net Margin |
16.5% |
14.1% |
2.4 |
Margins are the earnings engine.
Balance Sheet Highlights
Assets |
Q1 2008 |
Q1 2007 |
Change |
---|---|---|---|
Cash + ST Invest. |
$18,448 |
$11,869 |
55.4% |
Accounts Rec. |
$1,939 |
$1,621 |
19.6% |
Inventory |
$459 |
$303 |
51.5% |
Liabilities |
Q1 2008 |
Q1 2007 |
Change |
---|---|---|---|
Accounts Payable |
$5,366 |
$3,885 |
38.1% |
Long-Term Debt |
$0 |
$0 |
N/A |
The balance sheet reflects the company's health.
Cash Flow Highlights
Q1 2008 |
Q1 2007 |
Change |
|
---|---|---|---|
Cash From Ops. |
$2,787 |
$1,813 |
53.7% |
Capital Expenditures |
$224 |
$142 |
57.7% |
Free Cash Flow |
$2,563 |
$1,671 |
53.4% |
$1,463 |
$936 |
56.3% |
Free cash flow is a Fool's best friend.
Competitive Context
Market Cap |
Trailing P/E Ratio |
CAPS Rating |
|
---|---|---|---|
Apple |
$120,680 |
34.9 |
|
Research In Motion |
$47,560 |
45.3 |
|
Dell |
$43,920 |
14.8 |
|
Adobe Systems |
$19,120 |
27.5 |
|
Netflix |
$1,490 |
24.0 |
Using the latest reported numbers from Capital IQ. Keep your partners close and the competition in your vest pocket.
Related Foolishness: