Apple Inc. (AAPL)

Executive Summary

Apple Inc. is, in our view at T&T Capital Management, the best-run consumer franchise in the world — and at roughly 36x trailing earnings, it is also the most expensive version of itself we have underwritten in a decade. Fiscal 2025 produced record revenue of $416.2 billion and record net income of $112.0 billion, with diluted EPS of $7.46, and the March 2026 quarter beat handily — $111.2 billion in revenue, up 17% year-over-year, $2.01 in diluted EPS, up 22%, and a 49.3% gross margin. The iPhone 17 cycle has been the strongest in years, Services revenue crossed $30 billion in a single quarter for the first time, and the installed base now exceeds 2.5 billion active devices.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers