- Earnings quality Backed by cash Accruals are −4.1% of assets, against −7.5% a year earlier. The usual band is ±10%. Sloan ratio
- Accounting risk Low manipulation risk M-Score −2.29 against −2.73 a year earlier. Above −1.78 is the model's flag. Beneish M-Score
- Financial strength Financially strong 8 of 9 strength tests passed, against 7 a year earlier. Piotroski F-Score
- Bankruptcy risk Low bankruptcy risk Z-Score 9.10 against 7.15 a year earlier. Safe above 2.99, distress below 1.81. Altman Z-Score
Key numbers, against the prior year
- Revenue Growth 6.4% +4.4pp
- Gross Margin 46.9% +0.7pp
- Operating Margin 32.0% +0.5pp
- Net Margin 26.9% +2.9pp
- Current Ratio 0.89x +0.03x
- Debt / Equity 3.87x -1.54x
The footnote changes, tone and quoted findings for Apple are in the full analysis.