Alphabet's(NASDAQ: GOOG) (NASDAQ: GOOGL) Google is one of the most dominant businesses in modern history.

The internet search engine claims more than 90% market share in much of the world, has grown rapidly throughout its history, and generates huge profit margins. In spite of the strength in Google and in Alphabet's other properties like YouTube, the stock is actually trading at a discount to the S&P 500.

Currently, Alphabet is valued at a price-to-earnings (P/E) ratio of 18, and if you back out its $140 billion in cash and marketable securities, its P/E ratio is only 16. By comparison, the S&P 500 trades at a P/E multiple of just under 21.

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Source Fool.com