Obtain Year$-$end Stock Prices and Industry Ratios:

You can find historical stock prices on www$.$bigcharts.com of finance.yahoo.com At either site, click on the Historical Quotes tab. Enter the balance sheet date and click Lookup. Use the closing price for each fiscal year end, please note that Apples' year end is $9/30.$ To find the number of shares outstanding and dividends per share, you can look at the bottom portion of the income statement.

Industry Ratios

Industry ratios can be obtained from either investing.com or moneycentral.msn$.$com. For investing.com,once you have entered the stock ticker, go to Financials and then Ratios. At moneycentral.msn$.$com, go to Markets, enter the stock ticker, and look under Analysis for Ratios.

Copy the above information $($historical stock prices, shares outstanding, industry ratios etc.$)$ into the top portion of the Ratios worksheet of the provided spreadsheet.$$

Apple Inc.

Liquidity Ratios

Sep $30,2023$ Sep $24,2022$ Sep $25,2021$ Sep $26,2020$ Sep $28,2019$ Sep $29,2018$

Current ratio

Quick ratio

Cash ratio

Solvency Ratios

Sep $30,2023$ Sep $24,2022$ Sep $25,2021$ Sep $26,2020$ Sep $28,2019$ Sep $29,2018$

Debt Ratios

Debt to equity

Debt to equity $($including operating lease liability$)$

Debt to capital

Debt to capital $($including operating lease liability$)$

Debt to assets

Debt to assets $($including operating lease liability$)$

Financial leverage

Coverage Ratios

Interest coverage

Fixed charge coverage

Profitability Ratios

Sep $30,2023$ Sep $24,2022$ Sep $25,2021$ Sep $26,2020$ Sep $28,2019$

Return on Sales

Gross profit margin

Operating profit margin

Net profit margin

Return on Investment

Return on equity $($ROE$)$

Return on assets $($ROA$)$

Short$-$term $($Operating$)$ Activity Ratios

Sep $30,2023$ Sep $24,2022$ Sep $25,2021$ Sep $26,2020$ Sep $28,2019$ Sep $29,2018$

Turnover Ratios

Inventory turnover

Receivables turnover

Payables turnover

Working capital turnover

Average No$.$ Days

Average inventory processing period

Add: Average receivable collection period

Operating cycle

Less: Average payables payment period

Cash conversion cycle

Long$-$term $($Investment$)$ Activity Ratios

Sep $30,2023$ Sep $24,2022$ Sep $25,2021$ Sep $26,2020$ Sep $28,2019$ Sep $29,2018$

Net fixed asset turnover

Net fixed asset turnover $($including operating lease, right$-$of$-$use asset$)$

Total asset turnover

Equity turnover

Historical price multiples

Sep $30,2023$ Sep $24,2022$ Sep $25,2021$ Sep $26,2020$ Sep $28,2019$ Sep $29,2018$

Price to earnings $($P$/$E$)$

Price to operating profit $($P$/$OP$)$

Price to sales $($P$/$S$)$

Price to book value $($P$/$BV$)$

Apple Inc.

Economic profit calculation

US$ in millions

$12$ months ended: Sep $30,2023$ Sep $24,2022$ Sep $25,2021$ Sep $26,2020$ Sep $28,2019$ Sep $29,2018$

Net operating profit after taxes $($NOPAT$)$

Cost of capital

Invested capital

Economic profit

ROIC calculation

Sep $30,2023$ Sep $24,2022$ Sep $25,2021$ Sep $26,2020$ Sep $28,2019$ Sep $29,2018$

Selected Financial Data $($US$ in millions$)$

Net operating profit after taxes $($NOPAT$)$

Invested capital

Performance Ratio

ROIC

Market value added $($MVA$)$ calculation

US$ in millions

Sep $30,2023$ Sep $24,2022$ Sep $25,2021$ Sep $26,2020$ Sep $28,2019$ Sep $29,2018$

Fair value of commercial paper, term debt, and finance leases

Operating lease liability

Market value of common equity

Less: Marketable securities

Market $($fair$)$ value of Apple

Less: Invested capital

MVA