Apple Inc (NASDAQ:AAPL) shares have outperformed the S&P 500 in the past year, generating a 12-month total return of 39.7%.

But with a $2.9 trillion market cap, some investors are wondering if there’s any value left in Apple stock.

Earnings: A price-to-earnings ratio (PE) is one of the most basic fundamental metrics for gauging a stock’s value. The lower the PE, the higher the value. For comparison, the S&P 500’s PE is currently at about 30, nearly double its long-term average of 15.9.

Apple’s PE is currently 32 slightly above the S&P 500 average as a whole. Apple’s PE is also up 126.9% over the past five years, suggesting its valuation has become fairly stretched.

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However, when it comes to evaluating a stock, earnings are not everything.

Growth rate is also critical for companies that are rapidly building their bottom lines. The price-to-earnings-to-growth ratio (PEG) is a good way to incorporate growth rates into the evaluation process. The S&P 500’s overall PEG is currently about 1; Apple’s PEG is 2.04, suggesting Apple may be overvalued.

Price-to-sales ratio is another important valuation metric, particularly for unprofitable companies and growth stocks. The S&P 500’s PS ratio is currently 3.27, more than twice its long-term average of 1.63. Apple’s PS ratio is 8.09, again making the stock look overvalued.

Finally, Wall Street analysts see no value in Apple stock over the next 12 months. The average analyst price target among the 38 analysts covering Apple is $175, suggesting 1.2% downside from current levels.

The Verdict: At its current price, Apple stock appears to be slightly overvalued based on a sampling of common fundamental valuation metrics.