When the iPhone X goes on sale next month, Apple Inc.’s rival, Samsung Electronics Co., has good reason to hope it is a roaring success.

The South Korean company’s giant components division stands to make $110 from for each top-of-the-line, $1,000 iPhone X that Apple sells.

The fact reflects a love-hate dynamic between the phone makers that is one of the more unusual relationships in business. While each company vies to get consumers to buy its gadgets, Samsung’s parts operation stands to make billions of dollars supplying screens and memory chips for the new iPhone—parts that Apple relies on for its most important product.

“These are two of the largest companies on the planet deeply tied at the hip and directly competitive,” said David Yoffie, a professor at Harvard Business School, who has studied Apple and serves on Intel Corp. ’s board. “That makes this stand out compared with almost any relationship you can think of.”

An analysis conducted by Counterpoint Technology Market Research for The Wall Street Journal finds Samsung is likely to earn roughly $4 billion more in revenue from iPhone X parts than from components made for the Galaxy S8 in the 20 months after the new iPhones go on sale Nov. 3.