Of all the big technology stocks, Apple (NASDAQ:AAPL) has been viewed as the value stock of the bunch. While most of the high-flying big tech companies have seen their stocks awarded with high price-to-earnings multiples in recent years, Apple has not. In fact, over the past three years, Apple has only earned itself a P/E ratio, on average, in the mid-teens, lower than the broader market’s current P/E ratio of 22.

TSLA PE Ratio (TTM) data by YCharts.

Not only has Apple traded at a cheaper multiple relative to the market, but its valuation has also included over $100 billion in net cash. If you strip out Apple’s excess cash, Apple’s underlying business has actually traded at an even cheaper multiple relative to its earnings stream.

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