Apple falls short of sky-high expectations, but is the stock cheap? At 11 times earnings, it's hard to argue that it's not -- though there's one metric that should make investors very nervous. The Fool's Eric Bleeker explains in the following video.

Eric Bleeker, CFA has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.