FORTUNE — It’s been a year since Asymco‘s Horace Dediu — mystified by the apparent decoupling of Apple’s (AAPL) share price from its earnings growth — first spotted the correlation between the company’s valuation and its holdings in cash and marketable securities.
Dediu took another look at that correlation Monday, and the result is the chart reproduced here.
As you can see, the stock rallied briefly this spring, but has since returned to the trend line that it’s followed since 2008.
Apple is a $530 billion company that grows like a start-up, but as Dediu demonstrated in a series of eye-opening charts Monday, the value of its shares have been compressed to the level of, say, a well-regulated utility.
Consolidated Edison (ED), for example, has a higher price-to-earnings ratio than Apple.