Record profits and cash flows are in the past. The market value is based upon expected future performance.
If you can understand that, there will be no confusion as to the reasons why they are different.
Bottom line: Wall Street expects that Apple's future profits and cash flows are now worth much less than what they used to be.
And therein lies the problem with financials of today... We value something based upon speculative "maybe's of the future" as opposed to its actual value. I.E. paper money vs gold and silver. Profits and earnings should be the major contributor to a company's MCAP with forecasts playing the minor role. Not the other way around.