"As long as iPhones make up more than 60 percent of Apple's sales, Wall Street will only care about the razors, not the razorblades," Cramer said on "Mad Money" one day after his interview with Apple CEO Tim Cook.
Cramer was referencing what he calls Apple's burgeoning razor-razorblade model, in which consumers buy its devices (the razors) and then consistently use the company's many services, including iCloud and Apple Music (the blades).
"That's why I expect Apple's stock will stay mired at this level, either until the phone biz picks up again or the service biz grows to the point where it can no longer be ignored," he said.
Apple shares closed 1.7 percent higher on Wednesday, at $153.31, but fell slightly in after-hours trading. The stock has been on a downtrend since Oct. 2018.
But Apple's foray into health could become much more valuable in the years to come than many anticipate, Cramer said.
Also on Wednesday, Mayo Clinic's head of cardiovascular medicine told CNBC that the organization was using artificial intelligence to predict heart failure using patients' electrocardiogram readings.
And while requesting an electrocardiogram from your doctor can be "kind of a hassle," buying an electrocardiogram-equipped Apple Watch isn't, Cramer said.
"That, right there, within the span of 10 minutes, is why Apple's such a conundrum. If you want an EKG, the Apple Watch is better than going to the doctor's office because you're constantly wearing it so you get a more accurate reading," he said.
Apple's 1.3-billion-person ecosystem has "tons of other uses" like this that Wall Street may not be noticing, the "Mad Money" host said. And until it notices, shares of the Cramer-fave stock might be stuck.
"Of course, I don't expect this story will move this stock, not right now. Not even anytime soon," Cramer said. "Until then, ... the stock will trade on every little data point that gives us some insight into the iPhone hardware sales."
Disclosure: Cramer's charitable trust owns shares of Apple.