Apple
Analysis of Nominal and Common Size Statements
In terms of nominal figures, Apple's financial statements indicate that the company has experienced an exceptional run of success. In the past three years, the company's revenues have increased by 152%, from $42.9 billion in 2009 to $108.2 billion in 2011. This rapid escalation in revenue derives primarily from two products, the iPhone and the iPad, both of which have sold tens of millions of units in the past three years and driven the phenomenal growth in the company.
The growth in other line items on the income statement has mirrored the growth in revenue. Cost of goods sold has increased from $25.6 billion in 2009 to $64.4 billion in 2011. Selling, general and administrative expense has increased from $4.1 billion in 2009 to $7.6 billion in 2011. Research and development expense has increased from $1.3 billion to $2.4 billion over the same period. The company's bottom line has increased from $8.2 billion in net profit in 2009 to $25.9 billion in 2011, an increase of 214%. It is worth noting that the increase in net income is much higher than the increase in the revenue over the same period. Earnings per share have increased from $9.22 to $28.05 in that span, driving a massive increase in the value of the company's stock.
This dramatic improvement in the company's income statement has created some interesting...
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