Materials in the low-end model of Apple Inc.'s AAPL, +0.43% new iPhone 5 cost $199, according to a physical teardown by market-research provider IHS Inc. IHS, -3.31% .

Meanwhile, the 16-gigabyte iPhone 5 cost $207 to manufacture, the firm said.

Earlier this month, the firm's virtual teardown estimated the combined cost of the components for the iPhone 5--what is known as a bill of materials--at $197, or only $9 more than for the iPhone 4S.