Module 10 · AAPL operating system

Unlock the rest of the Apple tape.

Services mix, the subscription S-curve, cash versus buybacks, the P&L funnel — wired to the Apple 10-K and the open feed.

AAPL mix · Services compounding

FY2025 · iPhone 50.1% · Mac 7.9% · iPad 6.4% · Watch 9.4% · Services 26.2% · $416B

Cash balance / returned capital ($B)

FCF, last print

+$0B

FY2025 · cash $157B · buybacks $99B · capex $9.6B

Pipeline expansion · product development platform

ResearchDesignProductionLaunch

iPhone

iPhone 16 cycle · iPhone 17 production · Next silicon + camera

Silicon

M4 in market · M5 design / tape-out

Intelligence

Apple Intelligence 1.0 · On-device models 2.x

Vision / spatial

Vision Pro 1 · Vision line expansion

Key figures

↗

Live market cap: $0.00T
Services mix, FY2025: 0.0%
Free cash flow: $0B

FY2025 AAPL revenue mix

Hover a wedge. Services is the slice this desk watches.

Paid relationships

The flywheel does not do linear.

3.15Best.

Apple paid subscriptions. Disclosed through 1.0B (2023). FY24–FY28E are desk estimates — Services growth plus Intelligence attach. Hover to read a year; click to pin.

Competitive brand analysis

Where Apple sits among the five.

Name	Strength	Weakness	Strategy
Apple $313.45 +1.1%	Installed base, mix shift to Services, cash machine.	Hardware cycle risk. AI perceived as late.	Own the device, tax the services layer.
Microsoft $496.37 +0.9%	Azure + Office compounding. OpenAI distribution.	Consumer hardware still a hobby.	Sit in the enterprise workflow.
Alphabet $342.00 -1.4%	Search cash, YouTube, Android reach.	AI is eating the query. Regulation.	Defend the query, sell the cloud.
Amazon $260.28 -0.3%	AWS + retail logistics flywheel.	Retail margin is thin. Ads are the patch.	Cloud funds everything else.
NVIDIA $209.66 -1.6%	The pick-and-shovel of the AI buildout.	Customer concentration. Cycle risk.	Sell the factory that makes intelligence.

Positioning map

Multiple vs tape heat.

Bid / momentum ↑Offer / lag ↓← Cheap multipleRich multiple →

AAPL · P/E 36.1 · session +1.1%

AAPL revenue and profit

How much of an Apple dollar survives.

Dynamics of marginality

Profit per share

Diluted EPS (gold) vs FCF per share (green).

Operating system · AAPL mix + mega-cap tape

Last print

$313.45

+1.1%

Volume

34.0M

session

VIX

15.2

vol regime

Session

CLOSED

closed

Daily visitor analog · AAPL tape

$311.78

Traffic analog · |ΔP| × volume

34.0M

Uptime · session flags, last 90 weekly prints

99.9%

Where a AAPL revenue dollar goes

AAPL mix → cash.

FY2025 revenue $416B · cash $157B · debt $97B

Mega-cap threat / opportunity

Bubbles sized by cap, placed by multiple.

Hover a name. Size is market cap. X is P/E.