Apple (AAPL) — Bearish? Apple at $4.94T: Great Business, Zero Margin of Safety

<p>Bearish on Apple (AAPL) as of 2026-11-02: 2.5% owner earnings yield. See why Apple&#x27;s $4.94 trillion price buys only a 2.5% yield on $122.3B of true owner earnings. Fresh FY26 results show a record business, but the margin of safety is gone.</p><p><br></p><p>Chapters</p><p>(0:00) The Price of Perfection</p><p>(1:18) Step 1: FY26 Net Income</p><p>(3:58) Earnings Quality &amp; Non-GAAP</p><p>(5:20) The Price of Perfection</p><p>(7:38) Step 1: FY26 Net Income</p><p>(14:12) Valuation Price vs Intrinsic Value</p><p>(15:12) Inversion What Makes the Thesis Wrong</p><p>(15:51) Moat Diagnosis Evidence</p><p>(17:35) ROE Anatomy Margins vs Leverage</p><p>(18:35) Footnote Ledger I Operations &amp; Macro</p><p>(19:58) ROE Anatomy Margins vs Leverage</p><p>(21:14) Capital Allocation &amp; Executive Candour</p><p>(23:59) Valuation Price vs Intrinsic Value</p><p>(29:07) Footnote Ledger I Operations &amp; Macro</p><p>(30:23) Valuation Price vs Intrinsic Value</p><p>(33:10) The Balance Sheet Fortress</p><p>(34:53) Footnote Ledger I Structural &amp; Legal</p><p>(36:16) Moat Diagnosis Evidence</p><p>(37:57) Footnote Ledger I Structural &amp; Legal</p><p>(39:14) Capital Allocation &amp; Executive Candour</p><p>(43:43) Moat Diagnosis Evidence</p><p>(44:24) Inversion What Makes the Thesis Wrong</p><p>(45:25) Valuation Price vs Intrinsic Value</p><p>(46:31) Footnote Ledger I Structural &amp; Legal</p><p>(47:11) The Final Verdict OVERVALUED</p><p>(50:19) The DeepValues Ecosystem</p><p>(50:42) Get the free apps</p><p><br></p><p>Full open-source research report: <a href="https://research.deepvalues.ai/company/aapl/2026-09-12-en/?utm_source=spotify&amp;utm_medium=description&amp;utm_campaign=company&amp;utm_content=aapl">https://research.deepvalues.ai/company/aapl/2026-09-12-en/?utm_source=spotify&amp;utm_medium=description&amp;utm_campaign=company&amp;utm_content=aapl</a></p><p><br></p><p>DeepValues toolkit</p><p>• Run the numbers on any stock yourself, free: <a href="https://app.deepvalues.ai/?ref=podcast&amp;src=why_apple_stock_is_overvalued-en">https://app.deepvalues.ai/?ref=podcast&amp;src=why_apple_stock_is_overvalued-en</a></p><p>• Free Margin of Safety Weekly, every Saturday (guru moves, market temperature, the week&#x27;s research; no account needed): <a href="https://app.deepvalues.ai/letter?src=spotify&amp;ref=aapl">https://app.deepvalues.ai/letter?src=spotify&amp;ref=aapl</a></p><p>• DeepValues for iOS, intrinsic value and margin of safety for any stock: <a href="h