In an interesting breakdown, analysts at Trefis have estimated that if the iPhone were a company in-itself, it would be worth more than all but 10 other companies in the world.
Assume Apple (AAPL) today is worth $391 billion (nearly 40% more than its current market cap), as the analysts at Trefis estimate it to be.
Assume as well, as they do, that the iPhone represents 53.5% of that value.
Then it follows, according to them, that the iPhone, were Steve Jobs to spin it off as a separate company, would be worth $209 billion.
Incredible. The only companies that would be larger are (from smallest to largest): AT&T, Petro China, China Construction Bank, IBM, BHP, Procter & Gamble, Microsoft, ICBC, Exxon Mobil, and Apple. We always knew that the iPhone was a wildly successful product, but to just $53 billion shy of Microsoft on its own is simply mind-blowing.