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This week marks Cook's fifth anniversary as CEO of the iconic technology giant. He took the helm following the departure of founder Steve Jobs, who died in 2011. Since Cook became Apple's chief, the company's stock is up 105 percent, but has dropped 3 percent over the past year.
"The fact is the [Apple] stock had a spike, its come down, he gets very little credit for what he's accomplished, I believe." Cramer said on "Squawk on the Street. " Cook has "a service stream revenue that could be north of $28 billion next year that no one thought ... people say [Cook] backed into."
Cramer also commented on the expectations for Apple's presumed iPhone 7, which tentatively has a product release date scheduled for Sept. 7. Analysts have expressed disappointment with the Apple management team's handling in the smartphone market.
It's been widely reported the next iPhone may have a very similar design to last years model, but could be even thinner, more water resistant and lose its headphone port.
"I love the low expectations of the phone," he said. "And I keep remembering Lowell McAdams, CEO of Verizon, saying 'I'm gonna like it, I'm gonna want to upgrade,' Cramer said. "Now, I don't think he speaks idly."
Apple's stock was trading at $108.50 per share Monday afternoon. It's stock is up 3 percent, year-to-date.