AAPL
Apple Inc.
AAPL has the edge over SMSI overall, supported by stronger fundamentals and lower modeled downside.
SMSI
Smith Micro Software, Inc.
SMSI 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.
SMSI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Under pressure | |
| Strong |
SMSI's balance sheet is currently strong, and its revenue is stable, but its profitability and cash flow are 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.
SMSI PE Valuation
SMSI has no meaningful PE right now: it lost money over the past year.
AAPL Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Weakening | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for AAPL, but weaker profitability.
SMSI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
SMSI has the edge over AAPL on the outlook, with more favorable 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 has the stronger earnings trend. Trailing diluted EPS is up 20% for AAPL versus SMSI down 109%.
SMSI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2024 | -$26.40 | -$9.20 |
| Q2 2024 | -$26.90 | -$8.90 |
| Q1 2024 | -$27.20 | -$6.80 |
| Q4 2023 | -$15.20 | +$6.00 |
| Q3 2023 | -$17.20 | +$2.00 |
| Q2 2023 | -$18.00 | +$10.80 |
| Q1 2023 | -$20.40 | +$6.40 |
| Q4 2022 | -$21.20 | +$3.20 |
SMSI is still losing money, but far less than before: $2.32 per share over the past year, against $28.80 at its worst in mid-2022.
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 has the edge over SMSI on sales, with more consistent year-over-year improvement.
| 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 SMSI on profitability, with a higher operating margin.
SMSI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5M | +15% |
| Q2 2026 | $4.3M | -1.8% |
| Q1 2026 | $4.2M | -8.7% |
| Q4 2025 | $4M | -20% |
| Q3 2025 | $4.3M | -6.5% |
| Q2 2025 | $4.4M | -14% |
| Q1 2025 | $4.6M | -20% |
| Q4 2024 | $5M | -42% |
SMSI's revenue is recovering but still below its 2021 peak: $5M last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -29% | +74 points |
| Q2 2026 | -55% | +284 points |
| Q1 2026 | -80% | +33 points |
| Q4 2025 | -110% | -20 points |
| Q3 2025 | -103% | +37 points |
| Q2 2025 | -338% | -203 points |
| Q1 2025 | -113% | +430 points |
| Q4 2024 | -90% | -23 points |
SMSI's operating margin was −29% last quarter, up 74 points from 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 SMSI on cash generation, producing positive trailing cash flow while its opponent burns cash.
SMSI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$192K | +$2M |
| Q2 2026 | -$943K | +$1.4M |
| Q1 2026 | -$3.8M | -$3.2M |
| Q4 2025 | -$2.2M | +$2.7M |
| Q3 2025 | -$2.2M | +$1.7M |
| Q2 2025 | -$2.3M | +$1.9M |
| Q1 2025 | -$606K | +$743K |
| Q4 2024 | -$4.9M | -$3.9M |
SMSI has burned cash in most quarters: −$7M over the past year, against −$10M the year before.
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 SMSI 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.
SMSI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.2% | +376K shares |
| 1 year | +44% | +1.7M shares |
| 3 years | +263% | +4M shares |
| 5 years | +415% | +4.5M shares |
| Available history | +435% | +4.5M shares |
SMSI has 6M diluted shares, up 44% from a year ago.
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).
SMSI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2021 | -23.7x | Net Cash |
| Q4 2020 | -3.6x | Net Cash |
| Q3 2020 | -2.5x | Net Cash |
| Q2 2020 | -1.9x | Net Cash |
| Q1 2020 | -1.4x | Net Cash |
| Q4 2019 | -2.5x | Net Cash |
SMSI has more cash than debt.
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).
SMSI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.1 | Neutral |
| Stochastic | 10.8 | Oversold |
SMSI's weekly RSI is 39 (neutral) and its Stochastic is 11 (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.
SMSI PE vs Technology Sector
| Metric | SMSI | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
SMSI 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 the edge over SMSI on trend strength, trading above more of its moving averages.
SMSI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.45 | 2% below |
| 20 week MA | $2.63 | 8.7% below |
| 50 week MA | $3.04 | 21% below |
| 100 week MA | $3.81 | 37% below |
| 200 week MA | $18.6 | 87% below |
SMSI is in a downtrend: it's below all five of its weekly moving averages, and 87% below 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 SMSI on returns for 2026, with the stronger performance.
SMSI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $154.8 | $213.6 | +38% |
| 2021 | $213.6 | $201.6 | -5.6% |
| 2022 | $201.6 | $82.4 | -59% |
| 2023 | $82.4 | $33.1 | -60% |
| 2024 | $33.1 | $7.25 | -78% |
| 2025 | $7.25 | $2.85 | -61% |
| 2026 YTD | $2.85 | $2.40 | -16% |
SMSI has finished five years in a row lower, and it's down 16% so far in 2026.