Apple released its fiscal fourth-quarter earnings report on Nov. 2. Here’s Morningstar’s take on Apple’s earnings and stock.

Key Morningstar Metrics for Apple

• Fair Value Estimate: $290.00
• Morningstar Rating: ★★
• Morningstar Economic Moat Rating: Wide
• Morningstar Uncertainty Rating: Medium

What We Thought of Apple’s Fiscal Q4 Earnings

Apple’s September-quarter revenue beat guidance, rising 12% year on year to $114 billion. Gross margin rose 70 basis points year on year to 47.9%, with a one-time tariff refund benefit. Revenue for iPhone rose 18% year on year. December revenue is guided to high-single-digit year-on-year growth.

Why it matters: Results were good, but the biggest stories are margins and supply. Margins are pressured by…