Ernst looks at net income before extraordinary items divided by the sum of common and preferred equity and long-term debt.

FORBES: Analytic myopia

Moreover, it must be noted, that Apple consistently beats earnings estimates, boasts high quality earnings from its operations (as opposed to extraordinary items), and has highly-visible growth ahead with product trajectories and its enviable retail strategy.

FORBES: Apple: Steve Jobs Departure Will Prove Visionary

The management blames falling car sales and extraordinary spinoff-related items.

FORBES: Beefing up the rump