Yep. It's one of the reasons I think a good chunk of Apple's stock is a bubble - their margin is actually lower than their competition, and they're starting to lose marketshare (even though the entire market is growing fast enough their gross sales are still increasing).
Company A has more revenue, more profit, a higher margin, a greater percentage (absolutely dominant, actually) share of its core markets, and a growing market.
Company B has less revenue, less profit, lower margins, a shrinking percentage (rapidly, no less) share of one of its markets, it doesn't dominate any of its core markets, but all of them are growing.
How company B is valued greater than company A, well, it just doesn't make any technical sense. It must be hope and change for the future, which means a bit of a bubble valuation - hope that the future will show "good things".
IMO it is a bubble. Apples schtick is to build the next new phone or expand that technology to a new version of an old gadget. Microsoft and Google are building new product lines in new markets. For long term sustained growth Apple will need to find something new as you can only sell so many iPhones to the same people.