Apple charges $649 for the cheapest version of the iPhone 7, but it actually costs a lot less to build. IHS Markit reports that it the materials inside each iPhone 7 add up to just $219.80, before adding an extra $5 per device to cover manufacturing.

That’s actually $36.89 more than the iPhone 6s, according to IHS estimates, bringing Apple’s material cost closer to what Samsung pays per flagship smartphone. Cupertino reportedly pushed suppliers to cut costs ahead of the iPhone 7 launch, but it also packed the device with plenty of upgraded hardware. So it makes sense that the price of materials would go up slightly.

Breaking down the components, the most expensive piece is the display at $43. Intel’s modem and other chips from the company cost about $33.90 overall. The new A10 Fusion processor reportedly costs $26.90, while the iPhone 7’s bigger battery is priced at $2.50.

The front and rear-facing cameras add up to $19.90, while the iPhone 7’s 2GB of RAM and 32GB of storage cost $16.40  IHS lumps the new Taptic Engine, antennas, microphones, speakers and connectors together at $16.70. The audio chips, barometer, accelerometer, gyroscope, Touch ID sensor and a few other sensors combine for another $14.

Each iPhone 7 also comes with new Lightning EarPods, a 3.5mm to Lightning adapter and a USB power adapter. That’s another $11.80 per unit.

Of course, that doesn’t factor in all the work the company does before manufacturing even starts, including research, design, engineering, software development, licensing and more. CEO Tim Cook has also previously denounced these sort of cost estimates, though it’s safe to assume each new iPhone will always come with a pretty big markup.