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Despite having held the title of the largest company in the world by market capitalization for quite a while, the iPhone maker managed to more than double its share price over the past five years, posting an average annualized growth rate of 16% along the way. That move added roughly $2 trillion to the tech giant's market cap.Yet even with the stock's past success, there's a good argument why you probably don't need to buy Apple stock. It's not because of the company's lack of future growth prospects. Rather, it's because of a much simpler reason that affects a wide range of investors.Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks »Image source: Getty Images.You might think that the best argument not to buy Apple stock is that it doesn't have the growth prospects that it once did. Admittedly, a company valued at $3.88 trillion might not seem to have much room to climb higher. But consider just how much of a colossus Apple is from a financial perspective:Apple has posted revenue of $435 billion over the past 12 months. If you compared Apple's sales to the gross domestic product of countries around the world, the tech giant would score in the top 40.Apple had net income of nearly $118 billion during the same timeframe. The business has benefited not just from rising sales but also from greater internal efficiency, which has helped the company boost its margin performance over time. Net margin exceeded 27% according to its most recent figures, up from less than 21% five years ago.Apple's business has produced free cash flow of over $123 billion in the past 12 months. Nearly $92 billion of that has gone toward repurchasing Apple shares. The company has made similar moves for years, and the result has been a 25% drop in outstanding share counts between 2018 and today.Even with those generous returns of capital to shareholders, Apple has almost $67 billion in cash and short-term investments on its balance sheet.Moreover, Apple has ambitious growth plans. As CEO Tim Cook noted on the most recent quarterly conference call, Apple continues to see all-time records for its iPhone franchise as well as its services. Cook is proud of how the launch of the company's Apple Intelligence is going, with new features coming out at a steady pace. Streaming video, the Apple Pay electronic payment platform, and the company's landmark App Store continue to pull their weight and contribute to Apple's overall success. 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