The bill of materials (BOM) for an iPhone 6S Plus with 16GB of NAND flash memory comes to $231.50.
That still leaves Apple making a very healthy profit on the smartphone because, IHS said, the unsubsidised price for this phone is a staggering $749.
Apple has included 3D touch and a Taptic engine to improve the device and encourage people to upgrade or to buy a new phone.
IHS said the new phones are stronger, including a harder aluminium case, and an upgrade to its cover glass.
Apple also uses a faster microprocessor in the phone – the A9 – which the company claims gives 70 percent faster CPU performance.
The Taptic Engine uses a vibrating magnet to give a vibration or tapping sensation when the device is touched.
The new phones also have an improved wireless modem and better wi-fi.