AppleAAPL

How iPhone-dependent is Apple, really?

→Still an iPhone company: $54.3B of $109.4B last quarter (50%). Services ($30.7B) is the diversification bet — higher margin, stickier.

What's happening to the China business?

→Greater China: $18.8B last quarter vs $45.8B in the Americas — the region every Apple bear case starts with.

Is the business selling more than it used to?

$416.2B+6% YoYFY 2025

→$416.2B in the last fiscal year.

How much of it becomes profit?

$112.0B+19% YoYFY 2025

→$112.0B last fiscal year.

How much of that growth reaches YOUR share?

→$27.74 of revenue per share last year, split-adjusted.

What's left after everything, in actual cash?

$98.8B−9% YoYFY 2025

→$98.8B of free cash flow last year.

Where does each dollar of revenue actually go?

→27¢ of every sales dollar survives all the way to the bottom line.

How much of every sales dollar ends up as free cash?

→24% FCF margin last year.

What does staying competitive cost, per dollar of sales?

When sales grow, do profits grow faster?

Of every dollar of sales, how much survives?

What does it earn on the money it uses?

What has the market paid per dollar of earnings?

And per dollar of sales?

Could it handle its debt if things went wrong?

Is the company's own capital growing?

How much goes back — and how much leaks out as stock comp?

How fast is your ownership being diluted — or concentrated?

→-2.6% last year.

Is the dividend cheque growing?

Can it afford the dividend?

Are the people running it buying or selling?