You know Apple is huge when even part of its business is bigger than many of its competitors.

If the iPad were a standalone company, it would be the 11th largest tech company in the U.S., according to an estimate from Bernstein Research analyst Toni Sacconaghi, via Fortune.

Sacconaghi crunched the numbers and found that the iPad generated $32 billion in revenue for Apple in 2012, beating out the sales of major corporations like McDonald's and Macy's.

Needless to say, the iPad isn't Apple's only big money maker. As previous reports have pointed out, the iPhone generates more revenue than Microsoft and iTunes is bigger than most media companies.

Apple's total sales for the 2012 fiscal year were $156.5 billion and the company continues to be the most valuable in the world, with a market cap of just under $500 billion.

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