Case | HBS Case Collection | June 2014

Financial Policy at Apple, 2013 (A)

by Mihir A. Desai and Elizabeth A. Meyer


By the end of 2013, Apple had $137 billion dollars in cash and marketable securities. This case explores how companies can generate such large amounts of cash and how and if they should distribute it to shareholders, especially in the face of shareholder pressure. In the process, students are asked to undertake fundamental financial analyses, including ratio analysis, a financial forecast, and a cash distribution analysis.

Keywords: Apple; Steve Jobs; forecast; Forecasting; Forecasting and Prediction; shareholder activism; share repurchase; dividends; Financial ratios; preferred shares; cash distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland;


Desai, Mihir A., and Elizabeth A. Meyer. "Financial Policy at Apple, 2013 (A)." Harvard Business School Case 214-085, June 2014.