We all know that the iPad is big business for Apple. But an interesting tidbit from Fortune 2.0 puts the numbers in perspective.

With more than $32 billion in sales of the tablet last year, Bernstein Research Analyst Toni Sacconaghi said the iPad business would be the 11th largest technology company in the United States on its own.

And a hypothetical iPad Inc. would make some waves in the Fortune 500 as well:

Even more impressive, it would make the Fortune 500, slotting in at No. 98, above long-established companies like McDonald’s (MCD) (No. 107, $27 billion), Macy’s (M) (No. 110, $26.4 billion), and Nike (NKE) (No. 136, $20.9 billion). Put another way, the iPad business handily makes more money than Gap (GPS) (No. 185, $14.5 billion) and Toys “R” Us (No. 194, $13.9 billion) combined. Not too shabby for a device launched just shy of three years ago.

Sacconaghi is projecting some great numbers for the iPad, with 75 percent growth in 2013 and sales of $46 billion. By 2015, sales will begin to slow as the market becomes saturated.

Source: Fortune 2.0