Apple's new high has caught a lot of attention. Apple's free cash flow this year is expected to hit a record $140 billion, growing over 40% by 2025. In contrast, Alphabet's free cash flow is expected to drop about 67% this year to $21 billion. Apple uses almost 100% of its free cash flow every year for buybacks or dividends, which supports its $4 trillion valuation—equating to roughly a 3% net buyback and dividend yield.