Valuation scenarios
Apple Inc. (AAPL): bear, base and bull values
| Scenario | Growth | FCF margin | Discount rate | Value / share | vs price |
|---|---|---|---|---|---|
| Bear | 1.4% | 20.7% | 10.0% | $74.38 | -78% |
| Base | 6.4% | 23.7% | 9.0% | $123.02 | -64% |
| Bull | 11.4% | 26.7% | 8.0% | $204.11 | -41% |
Price: $343.46, close as of 2026-10-16. Base uses reported growth and margin (FY ending 2025-09-27 vs 2024-09-28, capped to −20%…+40%). Bear/bull shift growth ±5 pts, margin ±3 pts and discount rate ∓1 pt. These are fixed assumptions, not forecasts.
5-year free-cash-flow DCF, 2.5% terminal growth. Financials from SEC EDGAR, retrieved 2026-10-17.