The BOM of the iPhone 5 is estimated by analyst to be $199.
Apple is known to be able to make a nice profit from hardware sales. A margin that other electronics makers are only dreaming about. IHS iSuppli has released their iPhone 5 Bill of Material (BOM) estimates based on virtual teardown.
The BOM of the iPhone 5 is $199. Manufacturing cost is supposed to be $8. This BOM estimate is preliminary. IHN does not have an iPhone 5 in hand yet.
More details on iSuppli.