Apple's price-to-earnings ratio is in the low teens, below the market average. Usually a growing tech company is much higher.

Those earnings largely depend on the ability to sell iPhones for $700-750 each, including carrier subsidy. Google just proved they could sell the Nexus 4 for $299 unlocked without subsidy. How much longer can Apple expect the carriers to play that game? At $500 each or even $400 Apple would be enormously profitable but maybe not biggest-market-cap-in-the-world profitable.