Apple commands the highest market capitalization in all of tech. However, the most valuable company on an enterprise value basis isn’t Apple, but rather Google, according to Seeking Alpha.

Free cash flow (FCF)

Free cash flow, Google vs. Apple

Some believe enterprise value, not market capitalization, is a better indicator of future growth. To calculate the enterprise value the cash held by a company is deducted from the market capitalization.

Currently, Apple holds $141 billion in net cash, while Google sits on $58 billion. Based on this, Google leads Apple, $342 billion vs. $339 billion.

Seeking Alpha’s Ashraf Eassa calls the valuation gap “absurd,” noting:

I think this valuation gap is, frankly, absurd and worth exploiting. I’m starting to believe that Google has run far ahead of itself and – despite how much I absolutely adore Google – think that the pair trade here is probably to short Google/buy Apple until Apple’s enterprise value is, once again, squarely ahead of Google’s.

This may be true, but try telling that to Wall Street. Year over year, Google shares are up nearly 53 percent. Apple’s share are up “just” 14.6 percent, by comparison.

On Thursday, Apple released its seventh dividend of the Tim Cook era. Payable on Feb. 13, the dividend works out to $3.05 per share. It was declared on Jan. 27.

See also: Schiller, Possibly Forstall Expected To Testify In Apple-Samsung Patent CaseThe Contents Of The ‘Steve Jobs Time Capsule’ To Be Uncovered Feb. 25, and Former Designer Sheds Light On The Dark Side Of Working At Apple.

Photo: Dual Sub