(NASDAQ: AAPL) has been one of the top-performing stocks over the past 20 years, as it's transformed from being a small PC maker to the iconic smartphone leader. But the position the company is in today is very different from what it was even a decade ago.

iPhone sales growth has slowed, and product refresh times have lengthened for the iconic product. Apple's growth is now mainly in services and accessories that augment the iPhone. Despite the slowing growth, Apple stock has risen and is now trading at about 30 times trailing earnings. Is that too expensive for such a big company?

The iPhone proliferated in the market faster than almost any tech product before it and, while its sales these days are massive and generally considered successful, its year-over-year growth has slowed as the market became saturated.

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Source Fool.com