On account of Apple having cash of nearly $35 billion(*) while Google has about $22b, Google still retains a lead in terms of Enterprise Value ($165b vs. $154b). EV gives a better perspective on future earnings potential.
On the other hand, Apple is increasing cash more rapidly. I think $45b net cash by the end of this year is not unreasonable. It is also likely that Apple will not only have more cash than any other company on the planet but also more cash than any company has ever had.
(*) one more thing to keep in mind is that most databases list Apple’s cash incorrectly. EDGAR says cash is $23.46B. That excludes “long term” investments which are nearly $10b. For Apple the instruments for long term are the same as for short term: treasury bonds which have longer maturities but which have the same liquidity. It’s all in their SEC filings and management makes this clear in every earnings concall, but almost all reporting cites the short term figure only. Coupled with the hidden earnings under GAAP it’s tempting to think that there’s a conspiracy to keep Apple’s enormity minimized. Suits me fine.
