The Google Pixel Watch is pricey for a Wear OS watch, coming in at a starting MSRP of $350. Taken with its conspicuously high-end styling, the watch's price puts it firmly in premium territory. Now, thanks to an analysis by Counterpoint Research, we know how much of that primo price tag is going to materials: a cool $123.

According to Counterpoint's bill-of-materials analysis, the Pixel Watch's chipset, RAM, and storage account for the lion's share of the device's materials cost at about 27 percent. That may come as a surprise, considering the device uses Samsung's tried-and-true Exynos 9110 chipset (CounterPoint notes that "the first-generation Pixel smartwatch would have delivered faster, smoother performance had Google built its system on the more advanced Exynos W920 platform").

Your math hasn't failed you: this doesn't add up to an even 100% because of rounding.

The watch's display, a round 450x450 OLED covered in custom, domed Gorilla Glass 5, is the second most expensive bit of hardware, clocking in at about 17 percent of the device's bill of materials. Casing, including waterproofing and heat treatment, accounts for almost 15 percent, with components like various sensors, the battery and charging hardware, and wireless radios each accounting for single-digit portions. Notably, Counterpoint found the default silicone Active band the Pixel Watch ships with makes up roughly three percent of materials costs, or about four bucks — making the $50 Google charges for a new one all the more galling.

A materials cost of about $123 makes up about a third of the Pixel Watch's retail price of $350 to $400. That may sound high, but the sticker price also has to factor in considerations like research and development, manufacturing, and marketing; there's a lot more that goes into building a piece of hardware than just the materials. For comparison's sake, Counterpoint's 2021 analysis of the Apple Watch Series 6 (which now seems to be unavailable directly from Counterpoint) showed a materials cost of $136 to the device's $399 starting price, meaning Google's Pixel Watch material costs are roughly in line with other high-end wearables.