Apple: A Value Equation Forensic Analysis – Taking The Long View


  • Apple is improving its business model over time, increasing equity returns to record levels.
  • The company has done so while doubling down on its R&D spending.
  • Growing high margin service revenues have been key to this improvement.
  • The value of equity over its cost (EMVA) has risen to a high of 90% of equity capitalization.
  • Fundamental, forensic analysis shows that AAPL remains a “buy and hold” stock.
Flat Lay of different apple products on a grey background.

Shahid Jamil

This analysis is the second in a monthly series of long-term, business model-centric views based on the Value Equation framework I devised, successfully used as a multiple public company founder and CEO, and addressed in a book by the same name. The equation reduces

Disclosure: I/we have a beneficial long position in the shares of AAPL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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