Following earnings growth of 68%, after hours trading of AAPL at $300/share shows a P/E of 19.8. The company added over $5 billion in cash for a total of $51 billion or $52.9/share.

Excluding cash from the price of $300 leads to an enterprise value of $249 and a trailing twelve months earnings of $15.15. The ex-cash P/E is therefore 16.44.

P/E/trailing Growth is 0.29.

My guess is that this is keeping AAPL cheaper than the S&P 500 on both P/E and P/E/G.