Nevertheless, Apple is still a giant. Its 44% decline notwithstanding, Apple is still the second largest company (Google, Berkshire Hathaway and Wal-Mart make up the other top five). Oddly enough, even as the second largest cap company, it is unclear whether Apple is a growth company, a value investment or with this decline, potentially, a yield play. It doesn't quite fit any billing. Let's take a look at AAPL today. One of the most reported items about Apple besides its stock price is its cash holdings. As of December 29, their reported balance was approximately $137 billion, and is held as follows: At $392 per share, the cash value represents 37% of Apple's total market value. Although some of that cash is needed to run the business, it plays a crucial role in valuation. Current consensus earnings estimates call for September year end earnings of $43.90 per share. On the face of it, Apple's P/E would be 8.9x 2013 earnings. However, two adjustments are likely needed.