Hi YXI friends,

The YXI Profile aims to provide a complete overview of the asset's historical fundamentals, forward estimates, and quantitative characteristics.

It may be particularly relevant to long-term investors who want to look past the daily noise and news headlines and understand how their assets behave over the long term.

All of the charts in this note were developed using proprietary analytical tools to provide a unique set of insights for YXI Premium subscribers.

We update this note every quarter, one business day after the earnings report. The goal is to create a long-term rolling report on the asset so you can easily look back on what happened before.

Given the volume of the charts, I keep the commentary relatively light to begin with. We add more colour with incoming earnings.

DISCLAIMER: This newsletter is strictly educational. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.

AAPL’s quarterly revenue has picked up pace in the past year, notably in the latest two quarters, thanks to 1) the front-running of tariffs and 2) increased demand for iPhone 17 series outside the US.

TTM revenue now grows at 6%, but this is still very slow compared with other Mag-7s.

AAPL’s peak growth in the past decamde was post-COVID, due to a surge in consumer spending post lock-down.

AAPL is a hardware company. Therefore, its margins are lower than the more software-heavy Mag-7 peers. However, it is producing a solid 25% Free Cash Flow margin, growing its enormous cash pile every day.

AAPL sees improved profit growth in the past two quarters in terms of EBITDA and EPS.

AAPL doesn’t spend that much on CapEx compared with its Mag-7 peers, though this may change if it is no longer comfortable with borrowing other companies’ AI products.

AAPL is heavy on share repurchases, which has helped the stock remain very bid during the recent slow-growth phase.

AAPL is also a dividend stock, although the amount of dividend paid only grows by 1-1.5% every year.

Here are the key financial metrics from the past four quarters. I have designed the table this way so we only focus on the key top-line, profit, and cash flow metrics.

Here are the forward estimates by Wall Street of AAPL’s next four quarters. WS expects AAPL to continue growing at a mid-to-high single-digit pace. However, they expect improvements in profit margins.

Here are the key valuation metrics over time, including the NTM metrics (using today’s share price).

AAPL now trades in the high range of its past 3 years in terms of both the top line and bottom line valuation. This coincides with my Elliott Wave cycle top expectation in the next 3 months.

AAPL’s EV/ Sales has expanded thanks to the latest sales growth. However, unless AAPL continues accelerating growth, we could see the valuation multiple stall or compress from today’s level.

EV/ EBITDA per Growth % is above its 3-year median, i.e. the bottom line valuation can be considered expensive.

AAPL Past Monthly Returns

AAPL tends to do well in Q4 due to the busy shopping season. Q1 is a tyypical headwind quarter for the stock.

AAPL is up 12% YTD, trailing both SPY and its 10-year average.

AAPL regularly draws down 30%, even though it’s also regularly the biggest stock in the world.

AAPL trades with a moderately positive correlation to SPY.

AAPL’s volatility picks up in late January through to May, but is fairly benign around the year-end.

AAPL sees larger average returns on Mondays and Fridays. However, the downside tail-risk is greater on Friday.

AAPL sees on average 5% positive returns 3 months after hitting the 70 RSI.

This was most recently triggered last Monday, on December 1, 2025.