We all know the knocks on Tim Cook. First, Apple hasn’t released a mind-blowingly innovative new product during his five years as CEO. Second, he isn’t Steve Jobs. Fortune thinks different on these points. Cook has kept Apple extravagantly profitable (almost $46 billion in the past year), one reason it’s the world’s most valuable company, at $600 billion. And innovation does continue in the form of the smartwatch and wireless earphones; it’s just not of the magnitude of the iPod, iPhone, and iPad. Don’t undervalue competence either. Apple shipped 212,000 iPhones in the past year, and unlike those of arch-foe Samsung, none of them spontaneously combusted. Oh, and there will only ever be one Steve Jobs. Give Cook a break on that one.