AAPL
Apple Inc.
AAPL has the edge over KSPI overall, supported by stronger fundamentals and lower modeled downside.
KSPI
Joint Stock Company Kaspi.kz
KSPI offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
AAPL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
AAPL's revenue, profitability, cash flow and balance sheet are all currently healthy.
KSPI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
KSPI's revenue, profitability, cash flow and balance sheet are all currently healthy.
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.
KSPI PE Valuation
KSPI has no meaningful PE right now: it lost money over the past year.
AAPL Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Weakening | |
| Moderate | |
| Moderate |
AAPL has the edge over KSPI on the outlook, with more favorable earnings expectations.
KSPI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect KSPI's revenue to grow, but its profitability to weaken.
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 has the edge over KSPI on earnings, with stronger typical year-over-year growth.
KSPI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $12.32 | -4.2% |
| Q1 2026 | $12.30 | -3.1% |
| Q4 2025 | $12.47 | +1.1% |
| Q3 2025 | $12.97 | +13% |
| Q2 2025 | $12.86 | +16% |
| Q1 2025 | $12.69 | +21% |
| Q4 2024 | $12.33 | +25% |
| Q3 2024 | $11.51 | +25% |
KSPI earned $12.32 per share over the past year, down 4.2% from the year before.
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 KSPI on profitability, with a higher operating margin.
KSPI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.5B | +14% |
| Q1 2026 | $2.3B | +25% |
| Q4 2025 | $2.5B | +53% |
| Q3 2025 | $2.5B | +70% |
| Q2 2025 | $2.2B | +64% |
| Q1 2025 | $1.8B | +49% |
| Q4 2024 | $1.6B | +27% |
| Q3 2024 | $1.5B | +30% |
KSPI has the edge over AAPL on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 29% | -26 points |
| Q1 2026 | 30% | -7.6 points |
| Q4 2025 | 31% | -21 points |
| Q3 2025 | 57% | +5.6 points |
| Q2 2025 | 56% | -18 points |
| Q1 2025 | 37% | -11 points |
| Q4 2024 | 52% | -0.4 points |
| Q3 2024 | 52% | -32 points |
KSPI's operating margin was 29% last quarter, down 26 points from the same quarter a year ago, near the bottom of its range since 2022.
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's free cash flow has been positive every quarter for seven years: $136B over the past year, up 38% from the year before.
KSPI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $1.5B | +64% |
| Q1 2026 | $120.4M | +$461.1M |
| Q4 2025 | $872.7M | +52% |
| Q3 2025 | -$323.1M | -188% |
| Q2 2025 | $895.5M | +56% |
| Q1 2025 | -$340.7M | +$82.1M |
| Q4 2024 | $574.3M | -40% |
| Q3 2024 | $367.6M | +$652.3M |
KSPI has the edge over AAPL on cash flow, with more consistent year-over-year improvement.
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 KSPI 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.
KSPI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +3K shares |
| 1 year | -0.8% | -1.6M shares |
| 3 years | -1% | -1.8M shares |
KSPI has 190M diluted shares, down 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $63.8M |
| Q4 2025 | $49.3M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
KSPI spent $113M buying back its own shares over the past year, after none the year before.
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).
KSPI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | -0.2x | Net Cash |
| Q4 2025 | -0.2x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | -0.3x | Net Cash |
| Q3 2024 | -0.2x | Net Cash |
KSPI 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).
KSPI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.6 | Neutral |
| Stochastic | 15.5 | Oversold |
KSPI's weekly RSI is 46 (neutral) and its Stochastic is 15 (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.
KSPI PE vs Technology Sector
| Metric | KSPI | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
KSPI has no meaningful PE right now: it lost money over the past year.
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 stronger trend alignment. AAPL is above 5 of 5 weekly averages versus KSPI above 2 of 4.
KSPI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $92.4 | 4.1% below |
| 20 week MA | $94.4 | 6.1% below |
| 50 week MA | $85.2 | 4% above |
| 100 week MA | $86.4 | 2.6% above |
KSPI has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 2.6% above its 100-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 KSPI on returns for 2026, with the stronger performance.
KSPI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $96.0 | $96.7 | +0.8% |
| 2025 | $96.7 | $78.7 | -19% |
| 2026 YTD | $78.7 | $88.6 | +13% |
KSPI has finished lower in one of the last two years. It's up 13% so far in 2026.