Apple is cheaper at $353.21 than it was at $78.20 by Philip Elmer-DeWitt @FortuneMagazine August 9, 2011, 11:12 AM EDT E-mail Tweet Facebook Google Plus Linkedin Share icons Its P/E ratio hit 13.97 Monday, lower than at the depth of the 2008-2009 meltdown Reader Travis Lewis points out that after Monday’s $20.41 (5.8%) drop, Apple’s AAPL price-to-earnings ratio has fallen below the low point set on Jan. 20, 2009 — six days after Steve Jobs announced his second medical leave — when the stock closed at $78.20. To make the comparison, Lewis had to go back to Apple’s non-adjusted earnings numbers, before the company revised its accounting methods to include deferred revenue from iPhone sales. His calculations: Q4’08 EPS: $1.26 Q3’08 EPS: $1.19 Q2’08 EPS: $1.16 Q1’08 EPS: $1.76 Total fiscal 2008 EPS: $5.37. 01/20/2009 trailing P/E ratio: 14.56 08/08/2011 trailing P/E ratio: 13.97 In other words, Apple at $353.21 (which is where it closed Monday) is cheaper than Apple at $78.20 (where it closed on Jan. 20, 2009). Lewis is a Seeking Alpha contributor who writes about the Apple options market at AAPLPain.com.