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Apple (AAPL) produced free cash flow (FCF) margins that peaked last fiscal year at over 28%. In its most recent FY ending Sept. 2023, they dropped to just 26%. And in the latest fiscal quarter, FCF margins fell to 21%.
Does this mean that Apple's performance has peaked? Could that lead to a peak in AAPL stock or flat performance over the next year? If so, what is the best way to play the stock going forward?