It's valued as if growing earnings and growing cash somehow cancelled each other out. (Which, if gross P/E were the only statistic, I suppose they would.) It's an interesting idea with lots of fun applications: for example, try going to your boss and telling her you need a raise because you have too much cash.
One day the market is gonna see through all that and the shares will suddenly go to 5k or something. Could be years from now though.