Apple keeps knocking on the door of a $5tn (€4.45tn) market valuation, but has struggled to make the milestone stick.
It first crossed the threshold on July 28th but only for a few hours, falling back below it by the closing bell. The same pattern played out on July 29th, and again on September 22nd and 28th.
Apple hit the valuation twice more on October 12th and 13th, only to close below it on both occasions. Six trading sessions, six failed breakouts, before Apple finally managed to close above $5tn on Wednesday.
Of course, given shares more than doubled since April 2025’s tariff shock and are up over 25 per cent in 2026, the distinction between $4.99tn and $5tn is unlikely to be keeping shareholders awake at night.
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Still, investors could be forgiven for being hesitant. There’s nothing magical about crossing a trillion-dollar threshold – indeed, with the S&P 500 now containing 12 trillion-dollar companies, it’s increasingly routine – but Apple is expensive.
The company now trades at almost 11 times sales, notes Creative Planning strategist Charlie Bilello, the highest level in Apple’s history. Apple’s price-sales ratio is more than double where it was in 2022, and nearly 50 per cent higher than its five-year average.
Other valuation metrics tell a similar story. Apple trades on 36 times estimated earnings, well above its five-year average of 27.
Apple is pricey not only relative to its own history but to all but one of its magnificent seven peers (Tesla, of course). It is a pronounced premium compared with Microsoft, which trades on 27 times estimated earnings, as well as to Amazon (24), Alphabet (22), Meta (22), and Nvidia (14). The next test comes on November 2nd, when Apple reports earnings.
Bulls will hope the shares can build on the $5tn milestone, but Apple’s bulging valuation leaves little room for disappointment.
