>>2010 P/E (forward) is still over 40. We have a long way to continue to fall.<<
Moron. GAAP EPS was $0.24 Q1. Add another $0.06 because cash taxes were $1.5 million less than what they reported. So $0.30 is the 'real' EPS - but if you want to talk cash flow you could also add back $0.07 for stock comp plus acquisition related charges as well ...
But that's just for Q1. The point is that they will probably break $1 annual cash EPS this year and GAAP EPS soon after. So your >40 P/E is really <20.
But if that's too complicated for you, please notice that the market cap is only ~ 1*revenues + cash ... for the company which is (arguably) the world leader in robotics.