What?
Apple’s (NASDAQ:AAPL) Other Product Revenues – which includes sales of the Apple Watch, Airpods, Apple TV, and other products and accessories – rose from around $31 billion in FY’20 to about $38.4 billion in FY’21. Trefis expects the metric to rise to about $43 billion in FY’22 and around $50 billion in FY’23.
Why?
Growth has been driven by the launch of new Airpods wireless earphones and greater traction for the Apple Watch.
So What?
Despite the strong recent growth in revenue, we think Apple stock is a bit overvalued. We value AAPL at about $160 per share, about 10% below the current market price.
See Our Complete Analysis For Apple
| Returns | Dec 2021 MTD [1] |
2021 YTD [1] |
2017-21 Total [2] |
| AAPL Return | 8% | 34% | 515% |
| S&P 500 Return | 5% | 27% | 113% |
| Trefis MS Portfolio Return | 2% | 47% | 297% |
[1] Month-to-date and year-to-date as of 12/31/2021
[2] Cumulative total returns since 2017
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