Apple's $4.75 Trillion Valuation Presents a New Challenge Under John Ternus

Tim Cook took over as CEO of Apple on August 24, 2011, when the company's market value was around $350 billion. Over his 15-year tenure, he grew the company into a massive cash-generating machine through operational excellence and successful new products.

Cook expanded iPhone sales, boosted other product lines, and introduced wearable segments like Apple Watch and AirPods, while developing high-margin services. The result was revenue climbing from $108 billion in 2011 to $467 billion over the last four quarters, with net income increasing from $26 billion to $129 billion.

Under Cook's leadership, Apple's share count declined by 44% through record-sized share repurchases, while earnings per share climbed nearly 600%. The company also benefited from an expanding earnings multiple, which grew from around 11 times earnings to 37 times forward earnings expectations.