Apple never had a high multiple at any point after 2009, when the most profitable product of all time was established and growing.
This is the last 15 years of AAPL against it's P/E NTM
This is the last 15 years of AAPL against it's P/E NTM
http://www.asymco.com/2012/10/12/what-is-apples-realized-pe-...
Yet the stock's PE ratio was still remarkably low in that period, fluctuating in the 10 to 20 range.