Apple valuation scrutiny: paying more for far less growth
As seen on the 24/7 Wall St. homepage on October 21, 2026.
Borgeat's point: investors paid 12 to 14 times earnings for 30% growth under Jobs, and are paying far more today for a fraction of it.
And then there is Apple. A company I admire. A valuation I struggle to understand. Let me explain. Under Steve Jobs, Apple was changing the world. The iPhone. The iPad. An innovation machine growing revenues and earnings at roughly 30% a year. The valuation? 12 to 14 times https://t.co/t6gkZ0Krwt
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Apple traded at 12 to 14 times earnings during the Steve Jobs years while revenues and earnings grew roughly 30% a year, a multiple it commands no longer.
Thierry Borgeat, posting on X on October 21, 2026, says today's Apple carries a far higher multiple on a fraction of that growth, and calls himself an admirer who cannot make sense of the valuation.
For holders, the question is how much of the current price is habit rather than durable brand and installed base.
Anyone holding or weighing Apple should keep an eye on the stock as that valuation debate plays out.
Mentioned: AAPL