AAPL
Apple Inc.
Platform / Network
★ Quality 72/100Price today
$319.97
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See what it is worthcharlieapp.co
What this business is made of
The business
They sell you the phone once and rent you the ecosystem forever.
Apple designs the iPhone, Mac, iPad and wearables, but the real engine is hooking 1.5 billion active devices. On top of that base it charges for Services —App Store, iCloud, subscriptions— which already grow 14% a year with margins near 75%.
The cost of leaving is the moat: iMessage, photos, purchased apps and three accessories that only talk to other Apples. It's not a legal monopoly, it's accumulated friction. Switching brands feels like moving to another country.
Revenue history
From $365.8B to $416.2B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $416.2B · FY2025
Of every $100 in sales, $73 goes to costs and operations; $27 is left as net profit (27% margin).
Catalysts and risks
Revamped Siri at WWDC in June 2026.
Buybacks of ~$91B a year that cut shares by about 3% annually.
Services growing 14%+ with a 75% margin.
Tariffs that could cost $5-8B a year.
Regulatory pressure in China, a key production and sales market.
Foldable iPhone pushed to 2027 due to hinge and screen failures.
Charlie's note
“Extraordinary business, price with little modesty: paying over 19x for something that grows at a mid-single digit and is no longer a monopoly leaves little room for surprises. I'd rather buy castles when the moat is on sale, not when they charge admission for the view.”
Analysis · July 2026
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