Technology • Consumer Electronics & Ecosystem Software • SIC 3571
$344.63 ▼ -4.28
(-1.23%)
MKT CAP: $5.09T • VOL: 67.84M
52W L $124 52W H $352
AAPL // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: Form 10-K (FY2025) // Item 1 Components & Manufacturing
01 // UPSTREAM SUPPLIERS & FOUNDRIES
TSM <GO>
CRITICAL
Taiwan Semiconductor Manufacturing Co.
FOUNDRY / INFRA • Exclusive A-Series & M-Series 3nm Custom Silicon Foundry
EST. COGS / CAPEX SHARE 100%
EVIDENCE: 10-K Item 1A Single-Source Custom Silicon Foundry Dependency
AVGO <GO>
CRITICAL
Broadcom Inc.
SUPPLIER • RF Front-End FBAR Filters & Wireless Connectivity Modules
EST. COGS / CAPEX SHARE 20%
EVIDENCE: Multi-Year Billion-Dollar 5G RF Component Supply Agreement (8-K / 10-K)
QCOM <GO>
HIGH
Qualcomm Incorporated
SUPPLIER • 5G Baseband Cellular Modems & Patent Licensing
EST. COGS / CAPEX SHARE 18%
EVIDENCE: 10-K Cellular Baseband Supply & Licensing Commitments
CORE VALUE-CHAIN HUB NASDAQ
AAPL // Apple Inc.
GROSS MARGIN
48.6%
OP MARGIN
33.2%
ROIC %
81.4%
MKT CAP
$5.09T
UPSTREAM INPUTS ──► AAPL OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
GOOGL <GO>
REV SHARE: ~6%
Alphabet Inc. (Safari TAC Licensing)
CUSTOMER • Default Search Engine Traffic Acquisition Payments (Services)
EVIDENCE: DOJ Antitrust Record & 10-K Services Licensing Revenue
VZ <GO>
REV SHARE: ~22%
Verizon / US & Global Carrier Channel
CUSTOMER • Carrier Postpaid iPhone Distribution & Financing
EVIDENCE: 10-K Note 11 Indirect Channel Distribution (~62% Indirect Sales)
BBY <GO>
REV SHARE: ~7%
Best Buy Co., Inc.
CUSTOMER • North American Retail Hardware & Authorized Service Channel
EVIDENCE: 10-K Third-Party Reseller Distribution Disclosures
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| AAPL ★ | Apple Inc. | $344.63 | $5.09T | 48.6% | 33.2% | 81.4% | 30.1x | +14.2% | SUBJECT ISSUER |
| GOOGL | Alphabet Inc. | $283.82 | $3.49T | 60.9% | 33.3% | 16.6% | 19.9x | +22.2% | AAPL VS GOOGL <GO> |
| MSFT | Microsoft Corporation | $530.14 | $3.94T | 67.7% | 47.1% | 26.5% | 19.9x | +17.9% | AAPL VS MSFT <GO> |
| META | Meta Platforms, Inc. | $624.52 | $1.60T | 81.0% | 32.9% | 18.2% | 16.3x | +27.5% | AAPL VS META <GO> |
| NVDA | NVIDIA Corporation | $213.66 | $5.15T | 74.7% | 65.2% | 65.1% | 23.2x | +83.4% | AAPL VS NVDA <GO> |
| TSM | Taiwan Semiconductor Manufacturing Company Ltd. | $431.81 | $2.24T | — | 21.1% | 14.9% | 14.9x | -3.3% | AAPL VS TSM <GO> |
| SPCX | Space Exploration Technologies Corp. | $143.89 | $1.95T | — | 21.1% | 58.3% | 14.3x | +20.9% | AAPL VS SPCX <GO> |