At least. Some numbers. NOW the debate is going to be fun, with some numbers to play with...

So let's see...

Google is valued at $195B, and had a profit of $6.5B in 2009. 6.5/195 => 0.033

Apple is valued at $306B, and had a profit of $14B in 2009. 14.0/306 => 0.045

Same ballpark.

Now...

Facebook is valued at $50B, and had a profit of $200MM in 2009. 0.2/50 => 0.004

Facebook over-valued in the long term ? Sure. In the short term ? It's the (speculative) market at work.