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Apple Stock Is Really Expensive

TheMotleyFool

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Are Apple's (NASDAQ: AAPL) growth prospects brighter today than at any point in the past decade? Given that the iPhone is no longer much of a growth business at all, probably not. But after an 85% rally in 2019, Apple stock is at its most expensive in at least the past 10 years.

Based on fiscal 2019 earnings per share, Apple's price-to-earnings ratio is now above 25. While that's not astronomical in an absolute sense, this is a company that's already worth more than $1.3 trillion. And it's a company's where share buybacks are propping up per-share earnings as net income declines.