13F +7% · CITADEL Institutional Filing Alert

Citadel GQS (Global Quantitative Strategies) (Citadel Quantitative Research & Systematic) added to AAPL (+7% shares QoQ · 17.0% of 13F portfolio)

Form 13F-HR institutional holdings disclosure · Filed 2026-10-17

Citadel Holdings › All Filing Alerts › SEC Filing ↗

AAPL

Apple Inc.

$343.91

−$3.82 (1.10%)Oct 26 close

Information TechnologyS&P 500 Compare Technicals

Model valuationLeans expensiveDCF base $196

1M 3M 6M 1Y 2Y

AAPLSPY

Wall St. Highest PT $405.00 (+17.8%) Wall St. Avg PT $328.35 (-4.5%)

Underwater Drawdown %Max DD -13.8%Current -1.2%

Relative Strength vs SPY+15.5% vs SPYOutperforming

+$0.97 (0.28%)

+$2.84 (0.83%)

+$7.29 (2.17%)

+$76.78 (28.74%)

YTD

+$72.79 (26.85%)

+$82.06 (31.34%)

Chart

Loading live chart…

Ratings & dials

1m · 5m · 15m · 1h · 4h · 1D

Analyst & Morningstar ratings

Consensus · Targets · Morningstar

Wall Street analyst consensus

Buy

39 analysts · mean score 2.20

1 = Strong Buy · 5 = Sell

Wall Street consensus

Analyst price targets

Current price$343.91

Average target$328.35

−$15.56 (−4.5%) downsideaverage target vs current price

CurrentAverageMedian

Low$215.00

Median$328.35

High$405.00

12-month Wall Street target range

Third-party ratings, not SURVYR.'s views.

Health check

Financial health

Safe zone

Altman Z-score 13.4

Above 2.99 is the safe zone, below 1.81 the distress zone.

Quality

Strong

Piotroski F-score 8 of 9

See the tests

✓Positive net income
✓Positive operating cash flow
✓Return on assets improved
✗Cash flow above net income
✓Long-term debt / assets fell
✓Current ratio improved
✓No share dilution
✓Gross margin improved
✓Asset turnover improved

Computed by SURVYR. from the company's SEC filings (latest balance sheet Jun 27, 2026). Descriptive, not a forecast.

Key stats & company

Market value$5.0T

P/E (last 12 months)38.9

P/E (next 12 months, estimated)35.5

52-week range$243.42 – $348.15

Revenue growth (latest quarter vs a year ago)+16.4%

Dividend yield0.31%

Analyst consensusBuy (39)

Average analyst price target$328.35 (-5%)

What they do

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets. It also provides AppleCare support and cloud services.

Technology · Consumer Electronics

Valuation and fundamentals

Valuation & fundamentals

Bottom line

Leans expensive

Model read-out from the numbers below, not advice. Score -2 (DCF counts double).

▼DCF (base case)below the price by 43%

▼Forward P/E vs sector35.5x vs median 17.3x

▲Piotroski F-score8/9

▲Altman Z13.4 (safe)

▲Net debt / EBITDA0.1x

•Analyst target-5% (39 analysts)

Discounted cash flow

Bear

$125

-64%

growth 4% · disc. 10.6% · term. 2.0%

Base

$196

-43%

growth 9% · disc. 9.6% · term. 2.5%

Bull

$292

-15%

growth 12% · disc. 8.6% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 15% a year for 10 years.

Implied

+15%/yr

FCF, last 3 yrs

-4%/yr

FCF, last 5 yrs

+6%/yr

Revenue, last 3 yrs

+2%/yr

Revenue, last 5 yrs

+9%/yr

Same inputs as the DCF above: trailing free cash flow 136.7B, 9.6% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-27). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.07 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)

sector median 35.4× · 56th pct

38.9×
pricier

Forward P/E

sector median 17.3× · 91st pct

35.5×
pricier

EV / EBITDA

sector median 20.3× · 66th pct

29.6×
pricier

Price / sales

sector median 4.8× · 79th pct

10.6×
pricier

Price / book

sector median 5.2× · 96th pct

46.1×
pricier

FCF yield

sector median 3.6% · 43rd pct

2.8%
pricier

Forward EPS $9.57 vs trailing $8.72 (+10% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin

48.7%

Operating margin

33.2%

FCF margin

29.3%

Net margin

27.6%

Return on equity

119.9%

Return on invested capital

98.9%

Net debt / EBITDA

0.1×

Current ratio

1.0×

Interest cover

39.4×

Cash conversion (OCF/NI)

1.1×

Piotroski F-score 8/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✗ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✓ Gross margin improved✓ Asset turnover improved

Altman Z-score 13.4 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$328

-5%

Analysts

Buy

Range

$215–$405

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2025	$416.2B	$112.0B	$98.8B
2024	$391.0B	$93.7B	$108.8B
2023	$383.3B	$97.0B	$99.6B
2022	$394.3B	$99.8B	$111.4B
2021	$365.8B	$94.7B	$93.0B
2020	$274.5B	$57.4B	$73.4B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +1.8%.

For information only · Important disclosures

Grades vs sector

Momentum

50th percentile in sector

C+

12-1 return: +23.6%
Percentile within its GICS sector across the S&P 1500.

Growth

51st percentile in sector

C+

Revenue growth (YoY): +16.4%
Percentile within its GICS sector across the S&P 1500.

Value

21st percentile in sector

Forward E/P: 2.8% · EBITDA/EV: 3.3%
Percentile within its GICS sector across the S&P 1500.

Profitability

92nd percentile in sector

Profit margin: +27.6% · Return on equity: +148.8%
Percentile within its GICS sector across the S&P 1500.

Revisions

Not enough data yet

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Systematic Models

Not held by any of our 7 live models right now.

Quality Growth

ranked 21 of 360 · Composite (0-1) 0.8

Momentum Top 15

ranked 159 of 499 · 12-month momentum 24.9%

Momentum Blend

Not in the current book

New Highs Growth

ranked 59 of 589 · 12-month momentum 25.0%

SURVYR. Barbell Momentum & T-Bill Shield

Outside this model's universe or screens

SURVYR. Physical AI Grid & Power

Outside this model's universe or screens

SURVYR. Long Book

Not in the current book

Earnings & events

AAPL earningsNext report in 6 days

Next report · quarter Sep 2026

Mon Nov 2, 2026After the close

EPS consensus$1.98

Revenue consensus–

Last 4 quarters · EPS vs estimate

Jul 30, 2026$2.02est $1.89+6.7%Above estimates

Apr 30, 2026$2.01est $1.94+3.5%Above estimates

Jan 29, 2026$2.84est $2.67+6.2%Above estimates

Oct 30, 2025$1.85est $1.77+4.5%Above estimates

In line = within 1% of the estimate.

EstimateActual (beat)Actual (miss)

News & catalysts

More news

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Simply Wall St. · 51m ago

Instagram quietly makes major change for Apple TV users

TheStreet · 1h ago

What Did NetApp Do That HP Did Not?

Trefis · 1h ago

Apple's Most Expensive iPhone Faces Unexpected Problem

GuruFocus.com · 1h ago

Apple Stocks Move Higher With $1,999 M6 MacBook Pro Launch

GuruFocus.com · 1h ago

Insider trades

Newstead Jennifer

SVP, GC and Government Affairs · 2026-10-20

Sell
$814.7K

Parekh Kevan