Analyst: Apple's revenue per employee is 'off the charts'

October 31, 2013: 10:39 AM ET

At $2.13 million per full-time equivalent, Apple towers over other tech companies.image004

Source: ISI Group. Click to enlarge.

FORTUNE -- In his note to clients Thursday, ISI's Brian Marshall highlighted two "nuggets" from the 88-page Form 10-K that Apple released late Wednesday:

  • Apple's $11 billion in projected capital expenditures for fiscal 2014. That, he notes, is a double-digit increase from a company that was already "the single largest CapEx spender" in Marshall's "Big 7 Hyperscale group" -- Apple (AAPL), Google (GOOG), Microsoft (MSFT), Amazon (AMZN), EBay (EBAY), Facebook (FB) and Yahoo (YHOO.) SeeĀ $11 billion for plants, equipment and a spaceship.
  • Apple's "off-the-charts" revenue-per-head metric compared with the other IT and networking companies he covers. See attached chart.

"The scale the company is executing on," he writes, "is nothing less than astonishing."

For what it's worth, Apple's $2.13 million per full-time-equivalent employee in fiscal 2013 is actually a tad less than the $2.15 million it produced in 2012.

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Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for

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