Asymco: What’s Apple Really Worth?


On Tuesday, Apple announced its financial report for Q3 2014. In the third quarter alone, Apple made $37.4 billion in revenue giving them a record net profit of $7.7 billion.

During the third quarter the company sold 35.2 million iPhones, 13.2 million iPads, 4.4 million Macs, and 2.9 million iPods. Yesterday, IFO Apple Store reported that the company completely ignored its retail stores during its earnings call.

Asymco released an article detailing what Apple is really worth. The company now has 80 million Mac users, 18 million of which were added within the last year.

The report notes that Apple has sold over 900 million iOS devices to date, with the majority of those being iPhones. Asymco notes that with over 800 million iTunes accounts, valuing Apple should be very easy.

Therefore, in terms of revenues:

– Mac User = $289/yr

– iOS User = $262/yr

– iTunes User = $25/yr

Adding iTunes usage to either Mac or iOS yields:

– One Mac owner = $323/yr or 89c/day

– One iOS device owner = $287/yr or 79c/day

With that said, Apple makes about $169.3 billion in sales every year from its iOS and Mac users.

This exercise summarizes Apple’s valuation nicely: Apple is expected to keep its current customers for about a decade and then disappear.

Apple is set to hit one billion iOS devices sold by the end of this year, and you can probably bet that they will hit that number thanks to the next generation iPhone or iPad.

Apple will reportedly launch their next-generation iPhone, which is rumoured to include a 4.7-inch display, in the fall alongside the long-rumoured health and fitness-focused iWatch

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