$150 Billion Cash or Cash Equivalents on the books by end of March, or $159 per share, and no debt.
$55 billion of pre-tax pos. cash-flow, can easily cover $32 billion of interest on $850 of Apple Bonds paying 4% to be issued for each of 940 million AAPL shares. Buying up all Apple shares cancells out the $10 billion per year ($14 billion pre-tax cost) dividend, so only costs Apple about $18 billion more per year. The company would be owned clear and free by an acquiror, and still have over $20 billion a year pre-tax cash flow, even after paying the interest.
Obviously, the difference between a dividend and bond interest is that, dividends can be eliminated any time while bond interest payments are mandatory.
There is no guarantee the $55 billion of pre-tax cash flow can be maintained for the next 25 years. You don't know. I don't know. I bet $20 that Tim Cook himself does not as well. Why am I so sure?
Because if Cook is 100% sure about the earnings forever, he will have used the $137 billion cash to buy back 1/3 of the outstanding shares already. There is no risk whatsoever. Why hasn't he done that? Did he not know the simple math that you & I know. I don't think so.
Cook hasn't done that because he is not nor will ever be a Carl Icahn. Apple's sum is worth more than its parts. This is not HP back in the 80s when it spun off Agilent. Who's going to pay $1000 a share right now. Cook and management should continue to buy back shares quietly. Doing so will increase earnings per share and lower p/e. Over time, value investors will rotate in once a nice bottom forms for the stock. This will take time but is required to shake out the growth investors, speculators, and shorts.