# Apple CDR (CAD Hedged) (AAPL.TO) fundamentals

Data as of 2026-11-01. TSX, Canada. Sector: Technology / Computers & Hardware. Price C$48.40, market value C$6.59 trillion.

## Valuation
- **P/E (trailing): 39.3×** (5-yr avg 40.4×, 3-yr avg 45.0×). Apple CDR (CAD Hedged) trades at 39.3× trailing earnings, close to its own five-year average of 40.4×. The Technology median in the September 2026 study was 32.1×.
- **Price / sales: 14.1×**. Each dollar of revenue is priced at 14.1×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 93.7×**. The shares trade at 93.7× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 39.5×**. Enterprise value is 39.5× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 2.1%** (5-yr avg 2.8%). Free cash flow equals 2.1% of the market value, below its five-year average of 2.8%, so the shares are pricier on cash than usual.
- **Earnings yield: 2.5%**. The inverse of the P/E: 2.5% of the price is earned each year.

## Profitability
- **Gross margin: 48.7%**. Apple CDR (CAD Hedged) keeps 48.7% of revenue after the direct cost of what it sells.
- **Operating margin: 33.2%**. 33.2% of revenue is left after running the business, an exceptional level.
- **Net margin: 26.9%**. 26.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 151.9%**. A 151.9% return on equity is extremely high; check whether buybacks or debt have shrunk the equity base, which flatters the ratio.
- **Return on invested capital: 108.8%**. Return on all capital, debt included, is 108.8%: comfortably above what that capital costs.
- **Return on assets: 35.9%**. Each dollar of assets produces 35.9% of profit.

## Growth
- **Revenue growth (1 yr): 6.4%** (3-yr 1.8%/yr). Revenue grew 6.4% over the last year.
- **Free-cash-flow growth (3 yr): -3.9%/yr**. Free cash flow has compounded at -3.9% a year over three years.

## Financial health
- **Debt to equity: 1.34**. Debt is 1.34 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 0.3×**. It would take 0.3 years of operating earnings to repay net borrowings, within the comfortable range.
- **Current ratio: 0.89** (quick 0.86). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 16.45**. A Z-score of 16.45 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 0.31%** (C$0.15 per share, trailing). Apple CDR (CAD Hedged) yields 0.31%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 14%** (11% of free cash flow). 14% of earnings goes out as dividends, leaving room to keep raising it.
- **Shareholder yield: 1.6%**. Dividends plus net buybacks return 1.6% of the market value a year.

## Price and momentum
- **Total return (1 yr): 24.7%** (YTD 24.9%, 3-mo 10.4%). The shares are up 24.7% over twelve months including dividends.
- **From 52-week high: -1.9%** (39.2% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 55**. An RSI of 55 is neutral.
- **Beta (1 yr): 0.40** (volatility 24%). Beta of 0.40 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=AAPL.TO · Page: https://foliofundamentals.com/stocks/aapl.to

Not investment advice.