(NASDAQ: AAPL) stock never seems to stay down for long. While it was struggling in the early part of the year, shares of the iPhone maker are now up more than 20% year to date. The stock is trading at a new all-time high, and with a market cap of around $3.6 trillion, Apple is back to being the most valuable company in the world.

But it brings up the question of whether or not the stock has become too expensive. Is it too late to invest in Apple right now, or does it still look like a good buy, even at its current levels?

Due to the recent surge in price, shares of Apple are now trading at more than 36 times the company's trailing earnings. Over the past 10 years, the stock has averaged a much more modest earnings multiple of less than 22.

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Source Fool.com