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How valuation actually works, explained on real companies with real numbers. No background required — just patience for a multi-step argument.

July 26, 2026 AAPL learn dcf valuation-basics

What's a Company Worth? Apple, the iPhone, and the Answer Key

On June 29, 2007 the first iPhone went on sale, and you could have bought all of Apple for $92 billion. We now know exactly how much cash the company went on to produce — and the answer key says that on launch day, the market was pricing the iPhone itself at roughly zero. Grading that price is the clearest way we know to show what a valuation is, and what it isn't.