Apple Inc.
Returns on Capital
| Fiscal Year | ROE | ROI | ROA |
|---|---|---|---|
| FY2007 | 24.1% | 24.1% | — |
| FY2008 | 27.4% | 27.4% | 16.9% |
| FY2009 | 26.0% | 26.0% | 17.3% |
| FY2010 | 29.3% | 29.3% | 18.6% |
| FY2011 | 33.8% | 33.8% | 22.3% |
| FY2012 | 35.3% | 35.3% | 23.7% |
| FY2013 | 30.0% | 26.4% | 17.9% |
| FY2014 | 35.4% | 28.1% | 17.0% |
| FY2015 | 44.7% | 30.9% | 18.4% |
| FY2016 | 35.6% | 22.4% | 14.2% |
| FY2017 | 36.1% | 20.9% | 12.9% |
| FY2018 | 55.6% | 29.6% | 16.3% |
| FY2019 | 61.1% | 30.3% | 16.3% |
| FY2020 | 87.9% | 35.0% | 17.7% |
| FY2021 | 150.1% | 55.0% | 27.0% |
| FY2022 | 197.0% | 66.7% | 28.3% |
| FY2023 | 156.1% | 61.6% | 27.5% |
| FY2024 | 164.6% | 65.7% | 25.7% |
| FY2025 | 151.9% | 73.7% | 31.2% |
I think that, every time you see the word EBITDA, you should substitute the words 'bullshit earnings.'