IHS' teardown of the iPhone SE has revealed Apple's markup for the device. According to its estimate, a $399 16 GB unit costs around $156.20 to build. When manufacturing costs are included, the total comes out to an estimated $160. A step-by-step breakdown of the product has also been released by IHS.

The iPhone SE uses a lot of the same components and designs as earlier iPhones. Its case is nearly the same as the iPhone 5S', it uses the iPhone 6's LTE tech and secondary camera, and its A9 processor and primary camera are found in the iPhone 6s.

IHS' Andrew Rassweiler says the only real difference between the relatively inexpensive iPhone SE and the flagship iPhone 6s its its size and display resolution.