A new report details how if the iPad were spun off as a separate company it would be the 11th largest in the U.S. in terms of revenue.
The report by Bernstein Research analyst Toni Sacconaghi, says the various iPad models combined brought in $32 billion in sales last year, which was just over 60% of all tablet sales.
Sacconaghi’s analysis, reported in Fortune, estimates iPad sales will grow 75% in 2013 to $46 billion. He estimates these figures would make the iPad business, on its own, the 11th largest tech company.
iPad Inc would vault into the Fortune 500 in the number 98 spot, beating out the likes of McDonald's (No. 107, $27 billion) and Nike (No. 136, $20.9 billion).
As Fortune notes, the iPad business easily makes more money than Gap (No. 185, $14.5 billion) and Toys "R" Us (No. 194, $13.9 billion) combined.
All this for a product, the iPad, launched less than three years ago.
Sacconaghi expects healthy iPad sales growth over the next two years with adoption flattening out in 2015 as the market becomes saturated.