AAPL
Apple Inc.
AAPL has lower modeled downside risk, despite its lower overall score.
FN
Fabrinet
FN has the edge over AAPL overall, supported by stronger modeled upside and stronger valuation.
AAPL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
AAPL's revenue, profitability, cash flow and balance sheet are all currently healthy.
FN Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Under pressure | |
| Strong |
FN's revenue, profitability and balance sheet are currently healthy, but its cash flow is under pressure.
AAPL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 26x | $230 | -35% |
| Fair | 31x | $279 | -21% |
| Expensive | 37x | $328 | -7.5% |
| Forward | 38x | $355 | — |
| Current | 40x | $355 | — |
Historical ranges are pointers, not guarantees.
AAPL's PE is in its expensive range at 40x. If earnings grow as analysts expect, today's price would be 38x next year's earnings.
FN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $354 | — |
| Cheap | 19x | $258 | -27% |
| Fair | 25x | $335 | -5.4% |
| Current | 27x | $354 | — |
| Expensive | 33x | $437 | +23% |
Historical ranges are pointers, not guarantees.
FN has the edge over AAPL in the historical PE scenario, which offers more potential upside but is not a forecast.
AAPL Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Weakening | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for AAPL, but weaker profitability.
FN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Limited | |
| High |
FN has the edge over AAPL on the outlook, with more favorable valuation and profitability expectations.
AAPL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.28 | +3.3% |
| Q3 2026 | $8.98 | +20% |
| Q2 2026 | $8.71 | +32% |
| Q1 2026 | $8.26 | +29% |
| Q4 2025 | $7.90 | +25% |
| Q3 2025 | $7.46 | +23% |
| Q2 2025 | $6.59 | +0.2% |
| Q1 2025 | $6.42 | -0.3% |
| Q4 2024 | $6.30 | -2% |
AAPL earned $8.98 per share over the past year, up 20% from the year before.
FN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $20.94 | +58% |
| Q3 2026 | $13.25 | +37% |
| Q2 2026 | $13.05 | +42% |
| Q1 2026 | $11.63 | +30% |
| Q4 2025 | $10.43 | +17% |
| Q3 2025 | $9.70 | +15% |
| Q2 2025 | $9.17 | +13% |
| Q1 2025 | $8.98 | +19% |
| Q4 2024 | $8.94 | +29% |
FN has the edge over AAPL on earnings, with more consistent year-over-year improvement.
AAPL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $114.5B | +12% |
| Q2 2026 | $109.4B | +16% |
| Q1 2026 | $111.2B | +17% |
| Q4 2025 | $143.8B | +16% |
| Q3 2025 | $102.5B | +7.9% |
| Q2 2025 | $94B | +9.6% |
| Q1 2025 | $95.4B | +5.1% |
| Q4 2024 | $124.3B | +4% |
AAPL's revenue has grown year over year for 10 quarters in a row: $114B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 31% | -0.5 points |
| Q2 2026 | 33% | +2.6 points |
| Q1 2026 | 32% | +1.3 points |
| Q4 2025 | 35% | +0.9 points |
| Q3 2025 | 32% | +0.5 points |
| Q2 2025 | 30% | +0.4 points |
| Q1 2025 | 31% | +0.3 points |
| Q4 2024 | 34% | +0.7 points |
AAPL has the edge over FN on profitability, with a higher operating margin.
FN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.5B | +51% |
| Q2 2026 | $1.3B | +45% |
| Q1 2026 | $1.2B | +39% |
| Q4 2025 | $1.1B | +36% |
| Q3 2025 | $978.1M | +22% |
| Q2 2025 | $909.7M | +21% |
| Q1 2025 | $871.8M | +19% |
| Q4 2024 | $833.6M | +17% |
FN has the edge over AAPL on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.9% | +0.3 points |
| Q2 2026 | 10% | +0.4 points |
| Q1 2026 | 9.9% | +0.8 points |
| Q4 2025 | 10% | +0.5 points |
| Q3 2025 | 9.6% | +0.1 points |
| Q2 2025 | 9.8% | +0.1 points |
| Q1 2025 | 9.1% | -0.7 points |
| Q4 2024 | 9.6% | -0.1 points |
FN's operating margin was 9.9% last quarter, about level with the same quarter a year ago.
AAPL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $25.9B | -2.4% |
| Q2 2026 | $31.9B | +31% |
| Q1 2026 | $26.7B | +28% |
| Q4 2025 | $51.6B | +91% |
| Q3 2025 | $26.5B | +11% |
| Q2 2025 | $24.4B | -8.6% |
| Q1 2025 | $20.9B | +0.9% |
| Q4 2024 | $27B | -28% |
AAPL has the edge over FN on cash generation, producing positive trailing cash flow while its opponent burns cash.
FN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$137.4M | -340% |
| Q2 2026 | -$36.9M | -888% |
| Q1 2026 | -$10.8M | -124% |
| Q4 2025 | -$5.3M | -106% |
| Q3 2025 | $57.3M | -8.9% |
| Q2 2025 | $4.7M | -93% |
| Q1 2025 | $45.7M | -48% |
| Q4 2024 | $94M | +26% |
FN's free cash flow has turned negative after years in the green: −$190M over the past year.
AAPL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +5.6M shares |
| 1 year | -1.9% | -284M shares |
| 3 years | -6.9% | -1.1B shares |
| 5 years | -13% | -2.1B shares |
| Available history | -17% | -3.1B shares |
AAPL has the edge over FN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $24.3B |
| Q2 2026 | $25.1B |
| Q1 2026 | $12.3B |
| Q4 2025 | $24.7B |
| Q3 2025 | $20.1B |
| Q2 2025 | $21.1B |
| Q1 2025 | $25.9B |
| Q4 2024 | $23.6B |
AAPL spent $86.4B buying back its own shares over the past year, down 4.8% from the year before.
FN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -19K shares |
| 1 year | +0.4% | +136K shares |
| 3 years | -0.7% | -248K shares |
| 5 years | -2.9% | -1.1M shares |
| Available history | -4.1% | -1.5M shares |
FN has 36M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $29.1M |
| Q2 2026 | — |
| Q1 2026 | $151,000 |
| Q4 2025 | $4.8M |
| Q3 2025 | $268,000 |
| Q2 2025 | $22.3M |
| Q1 2025 | $34.8M |
| Q2 2024 | $3.5M |
FN spent $34M buying back its own shares over the past year.
AAPL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.3x | Very low |
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.5x | Very low |
AAPL's net debt is less than a year of its operating earnings (EBITDA).
FN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.5x | Net Cash |
| Q2 2026 | -0.7x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -0.7x | Net Cash |
| Q3 2025 | -0.8x | Net Cash |
| Q2 2025 | -0.8x | Net Cash |
| Q1 2025 | -0.9x | Net Cash |
| Q4 2024 | -1.2x | Net Cash |
FN has the edge over AAPL on leverage, with a lower net debt burden relative to earnings.
AAPL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.1 | Neutral |
| Stochastic | 85.0 | Overbought |
AAPL's weekly RSI is 68 (neutral) and its Stochastic is 85 (overbought).
FN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.3 | Neutral |
| Stochastic | 13.9 | Oversold |
FN's weekly RSI is 40 (neutral) and its Stochastic is 14 (oversold).
AAPL PE vs Technology Sector
| Metric | AAPL | Sector median | Relative |
|---|---|---|---|
| PE | 40x | 28x | 42% above |
| PE % | 96 | 35 | 61 pts above |
AAPL is trading at 40x earnings, a 42% premium to the Technology sector's median of 28x.
FN PE vs Technology Sector
| Metric | FN | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 28x | 4.2% below |
| PE % | 60 | 35 | 25 pts above |
FN has the edge over AAPL on valuation relative to its sector.
AAPL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $343.1 | 3.4% above |
| 20 week MA | $329.0 | 7.9% above |
| 50 week MA | $295.6 | 20% above |
| 100 week MA | $262.4 | 35% above |
| 200 week MA | $226.3 | 57% above |
AAPL has the edge over FN on trend strength, trading above more of its moving averages.
FN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $381.8 | 7.3% below |
| 20 week MA | $430.4 | 18% below |
| 50 week MA | $508.0 | 30% below |
| 100 week MA | $396.1 | 11% below |
| 200 week MA | $287.6 | 23% above |
FN has fallen below most of its moving averages, though it's still 23% above its 200-week average.
AAPL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $72.5 | $132.0 | +82% |
| 2021 | $132.0 | $176.3 | +34% |
| 2022 | $176.3 | $131.9 | -25% |
| 2023 | $131.9 | $192.5 | +46% |
| 2024 | $192.5 | $255.6 | +33% |
| 2025 | $255.6 | $273.4 | +7% |
| 2026 YTD | $273.4 | $354.9 | +30% |
AAPL has the edge over FN on returns for 2026, with the stronger performance.
FN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $64.6 | $76.1 | +18% |
| 2021 | $76.1 | $118.0 | +55% |
| 2022 | $118.0 | $128.7 | +9% |
| 2023 | $128.7 | $190.3 | +48% |
| 2024 | $190.3 | $219.5 | +15% |
| 2025 | $219.5 | $478.3 | +118% |
| 2026 YTD | $478.3 | $353.8 | -26% |
FN has finished every year since 2020 higher, and it's down 26% so far in 2026.