A Business at a Glance
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QUALCOMM INC/DE
QCOM
$184.7B
Mkt Cap
$166.97
-2.42%
QUALCOMM INC/DE (QCOM) has a current P/E ratio of 33.3, compared to its historical median P/E of 18.3. The stock is currently considered Expensive based on its historical valuation range.
QUALCOMM INC/DE (QCOM) has a 5-year average return on invested capital (ROIC) of 43.2%. This indicates strong capital allocation and a potential competitive advantage.
QUALCOMM INC/DE (QCOM) has a market capitalization of $176.8B. It is classified as a large-cap stock.
Yes, QUALCOMM INC/DE (QCOM) pays a dividend with a trailing twelve-month yield of 2.16%. The company also returns capital through share buybacks, with a buyback yield of 6.07%.
Based on historical P/E analysis, QUALCOMM INC/DE (QCOM) appears expensive. The current P/E of 33.3 is 82% above its historical median of 18.3. The estimated fair value CAGR (P/E method) is 12.4%.
QUALCOMM INC/DE (QCOM) operates in the Radio & Tv Broadcasting & Communications Equipment industry, within the Industrials sector.
QUALCOMM INC/DE (QCOM) reported annual revenue of $44.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Qualcomm is a global technology leader that develops and commercializes foundational technologies including on-device artificial intelligence, high-performance and low-power computing, and advanced wireless connectivity that power intelligent devices across handsets, automotive, and the internet of things. The company operates through two primary business segments: QCT (Qualcomm CDMA Technologies), which designs and supplies integrated circuit platforms and system software for mobile devices, automotive systems featuring connectivity, digital cockpit, and advanced driver assistance/automated driving capabilities, and IoT products spanning consumer electronics, industrial devices, and edge networking; and QTL (Qualcomm Technology Licensing), which licenses intellectual property including patents essential to wireless products. Qualcomm's business model combines semiconductor sales with licensing revenue, generating returns from both chipset sales to original equipment manufacturers and royalties from licensees implementing the company's patented technologies. The company's competitive moat is built on decades of intellectual property development in cellular technologies (4G and 5G), industry standard contributions, and proprietary technologies in areas such as RF design, AI and machine learning, and application processor architectures. Qualcomm serves a diverse customer base including handset manufacturers, automotive OEMs, infrastructure vendors, and cloud providers globally, with particular strength in premium-tier smartphone segments and emerging leadership in automotive platforms and AI-enabled personal devices.
【AI-driven diversification accelerating】 Management expects continued momentum in automotive and IoT segments, with automotive revenues projected to grow approximately 50% in the third fiscal quarter driven by adoption of the fourth-generation Snapdragon Digital Chassis platform and expanding ADAS content. The company anticipates significant growth in personal AI devices, particularly smart glasses, with new product launches expected in the second half of the year catalyzing demand inflection, while agentic AI capabilities are expected to drive an upgrade cycle in smartphones and reshape the mobile industry. Data center represents an emerging growth vector, with custom silicon engagements with leading hyperscalers expected to begin shipments in the December quarter and initial revenue contributions anticipated in fiscal 2027, positioning the company to capture opportunities in AI inference workloads. Near-term handset revenues remain constrained by industry-wide memory supply dynamics and pricing pressures, though management expects sequential recovery beginning in the June quarter as these conditions normalize, with underlying consumer demand for premium-tier devices remaining resilient.
| Metric | Target | Period |
|---|---|---|
| Revenue | $9.2 billion–$10 billion | Q3 FY2026 |
| Non-GAAP EPS | $2.10–$2.30 | Q3 FY2026 |
| QTL Revenue | $1.15 billion–$1.35 billion | Q3 FY2026 |
| QTL EBT Margin | 67%–71% | Q3 FY2026 |
| QCT Revenue | $7.9 billion–$8.5 billion | Q3 FY2026 |
| QCT EBT Margin | 25%–27% | Q3 FY2026 |
| QCT Handset Revenue | approximately $4.9 billion | Q3 FY2026 |
| QCT Automotive Revenue Growth | approximately 50% year-over-year | Q3 FY2026 |
| Non-GAAP Operating Expenses | approximately $2.6 billion | Q3 FY2026 |
| Automotive Annualized Revenue Run Rate | above $6 billion | FY2026 exit |
| Apple QCT Product Revenue |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 44.5B | 44.3B | 39.0B | 35.8B | 44.2B | 33.6B |
| Net Income | 9.9B | 5.5B | 10.1B | 7.2B | 12.9B | 9.0B |
| EPS | $9.31 | $5.01 | $8.97 | $6.42 | $11.37 | $7.87 |
| Free Cash Flow | 12.5B | 12.8B | 11.2B | 9.8B | 6.8B | 8.6B |
| ROIC | 28.3% | 25.8% | 35.7% | 28.2% | 63.7% | 62.9% |
| Gross Margin | - | 55.4% | 56.2% | 55.7% | 57.8% | 57.5% |
| Debt/Equity | 0.61 | 0.70 | 0.56 | 0.71 | 0.83 | 1.53 |
| Dividends/Share | $3.61 | $3.48 | $3.30 | $3.10 | $2.86 | $2.66 |
| Operating Income | 11.4B | 12.4B | 10.1B | 7.8B | 15.9B | 9.8B |
| Operating Margin | 25.5% | 27.9% | 25.8% | 21.7% | 35.9% | 29.2% |
| ROE | 36.4% | 23.3% | 42.4% | 36.5% | 92.5% | 112.8% |
| Shares Outstanding | 1,059M | 1,106M | 1,131M | 1,126M | 1,138M | 1,149M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 26.5B | 25.3B | 23.6B | 22.3B | 22.6B | 24.3B | 23.5B | 33.6B | 44.2B | 35.8B | 39.0B | 44.3B | 44.5B |
| Gross Margin | 59.7% | 58.9% | 58.6% | 56.0% | 54.7% | 64.6% | 60.7% | 57.5% | 57.8% | 55.7% | 56.2% | 55.4% | N/A |
| R&D | 5.5B | 5.5B | 5.2B | 5.5B | 5.6B | 5.4B | 6.0B | 7.2B | 8.2B | 8.8B | 8.9B | 9.0B | 9.5B |
| SG&A | 2.3B | 2.3B | 2.4B | 2.7B | 3.0B | 2.2B | 2.1B | 2.3B | 2.6B | 2.5B | 2.8B | 3.1B | 3.4B |
| EBIT | 7.5B | 5.8B | 6.5B | 2.6B | 621M | 7.7B | 6.3B | 9.8B | 15.9B | 7.8B | 10.1B | 12.4B | 11.4B |
| Op. Margin | 28.5% | 22.8% | 27.6% | 11.6% | 2.7% | 31.6% | 26.6% | 29.2% | 35.9% | 21.7% | 25.8% | 27.9% | 25.5% |
| Net Income | 8.0B | 5.3B | 5.7B | 2.4B | -5.0B | 4.4B | 5.2B | 9.0B | 12.9B | 7.2B | 10.1B | 5.5B | 9.9B |
| Net Margin | 30.1% | 20.8% | 24.2% | 11.0% | -22.0% | 18.1% | 22.1% | 26.9% | 29.3% | 20.2% | 26.0% | 12.5% | 22.3% |
| Non-Recurring | 116M | 563M | 224M | 37M | 482M | 208M | 0 | 5.0M | 2.0M | 894M | 114M | 56M | 56M |
| Returns on Capital | |||||||||||||
| ROIC | 25.1% | 16.7% | 18.2% | 8.1% | 3.9% | 73.7% | 68.5% | 62.9% | 63.7% | 28.2% | 35.7% | 25.8% | 28.3% |
| ROE | 21.2% | 14.9% | 18.1% | 7.8% | -31.5% | 153.5% | 94.6% | 112.8% | 92.5% | 36.5% | 42.4% | 23.3% | 36.4% |
| ROA | 16.9% | 10.6% | 11.1% | 4.1% | -10.1% | 13.4% | 15.2% | 23.5% | 28.7% | 14.5% | 19.1% | 10.5% | 17.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 8.9B | 5.5B | 7.6B | 5.0B | 3.9B | 7.3B | 5.8B | 10.5B | 9.1B | 11.3B | 12.2B | 14.0B | 14.3B |
| Free Cash Flow | 7.7B | 4.5B | 7.1B | 4.3B | 3.1B | 6.4B | 4.4B | 8.6B | 6.8B | 9.8B | 11.2B | 12.8B | 12.5B |
| Owner Earnings | 6.7B | 3.3B | 5.3B | 2.6B | 1.5B | 4.8B | 3.2B | 7.3B | 5.3B | 7.0B | 7.8B | 9.6B | 9.6B |
| CapEx | 1.2B | 994M | 539M | 690M | 784M | 887M | 1.4B | 1.9B | 2.3B | 1.4B | 1.0B | 1.2B | 1.8B |
| Maint. CapEx | 1.1B | 1.2B | 1.4B | 1.5B | 1.6B | 1.4B | 1.4B | 1.6B | 1.8B | 1.8B | 1.7B | 1.6B | 1.6B |
| Growth CapEx | 35M | 0 | 0 | 0 | 0 | 0 | 14M | 306M | 500M | 0 | 0 | 0 | 208M |
| D&A | 1.1B | 1.2B | 1.4B | 1.5B | 1.6B | 1.4B | 1.4B | 1.6B | 1.8B | 1.8B | 1.7B | 1.6B | 1.6B |
| CapEx/OCF | 13.3% | 18.1% | 7.3% | 13.8% | 20.1% | 12.2% | 24.2% | 17.9% | 24.9% | 12.8% | 8.5% | 8.5% | 12.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 2.6B | 2.9B | 3.0B | 3.3B | 3.5B | 3.0B | 2.9B | 3.0B | 3.2B | 3.5B | 3.7B | 3.8B | 3.8B |
| Dividend Yield | 2.8% | 3.6% | 4.9% | 4.8% | 4.7% | 4.4% | 3.2% | 2.1% | 2.1% | 2.8% | 2.1% | 2.2% | 2.2% |
| Share Buybacks | 4.5B | 11.2B | 3.9B | 1.3B | 22.6B | 1.8B | 2.5B | 3.4B | 3.1B | 3.0B | 4.1B | 8.8B | 10.7B |
| Buyback Yield | 4.9% | 17.6% | 5.4% | 2.2% | 25.8% | 2.2% | 2.0% | 2.5% | 2.5% | 2.5% | 2.2% | 4.8% | 6.1% |
| Stock-Based Comp | 1.1B | 1.0B | 943M | 914M | 883M | 1.0B | 1.2B | 1.7B | 2.0B | 2.5B | 2.6B | 2.8B | 3.1B |
| Debt Repayment | 0 | 0 | 0 | 0 | 5.5B | 0 | 2.2B | 0 | 1.5B | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -17.6B | -6.4B | -6.9B | -16.4B | 3.3B | 3.2B | 4.0B | 2.8B | 8.6B | 4.1B | 1.3B | 4.7B | 6.7B |
| Cash & Equiv. | 7.9B | 7.6B | 5.9B | 35.0B | 11.8B | 11.8B | 6.7B | 7.1B | 2.8B | 8.4B | 7.8B | 5.5B | 9.8B |
| Long-Term Debt | 0 | 10.0B | 10.0B | 19.4B | 15.4B | 13.4B | 15.2B | 13.7B | 13.5B | 14.5B | 13.3B | 14.8B | 14.8B |
| Debt/Equity | 0.00 | 0.35 | 0.37 | 0.68 | 19.04 | 3.14 | 2.51 | 1.53 | 0.83 | 0.71 | 0.56 | 0.70 | 0.61 |
| Interest Coverage | 1510.0 | 55.5 | 21.9 | 5.2 | 0.8 | 12.2 | 10.4 | 17.5 | 32.4 | 11.2 | 14.4 | 18.6 | 16.7 |
| Equity | 39.2B | 31.4B | 31.8B | 30.7B | 807M | 4.9B | 6.1B | 9.9B | 18.0B | 21.6B | 26.3B | 21.2B | 27.3B |
| Total Assets | 48.6B | 50.8B | 52.4B | 65.5B | 32.7B | 33.0B | 35.6B | 41.2B | 49.0B | 51.0B | 55.2B | 50.1B | 57.1B |
| Total Liabilities | 9.4B | 19.4B | 20.6B | 34.7B | 31.9B | 28.0B | 29.5B | 31.3B | 31.0B | 29.5B | 28.9B | 28.9B | 29.9B |
| Intangibles | 2.6B | 3.7B | 3.5B | 3.7B | 3.0B | 2.2B | 1.7B | 1.5B | 1.9B | 1.4B | 1.2B | 1.1B | 1.6B |
| Retained Earnings | 30.8B | 31.2B | 30.9B | 30.1B | 542M | 4.5B | 5.3B | 9.8B | 17.8B | 20.7B | 25.7B | 20.6B | 26.9B |
| Working Capital | 16.4B | 16.0B | 15.7B | 32.7B | 6.0B | 7.8B | 9.8B | 8.1B | 8.9B | 12.8B | 14.7B | 16.6B | 13.3B |
| Current Assets | 22.4B | 22.1B | 23.0B | 43.6B | 17.4B | 16.8B | 18.5B | 20.1B | 20.7B | 22.5B | 25.2B | 25.8B | 23.1B |
| Current Liabilities | 6.0B | 6.1B | 7.3B | 10.9B | 11.4B | 8.9B | 8.7B | 12.0B | 11.9B | 9.6B | 10.5B | 9.1B | 9.8B |
| Per Share Data | |||||||||||||
| EPS | 4.65 | 3.22 | 3.81 | 1.64 | -3.39 | 3.59 | 4.52 | 7.87 | 11.37 | 6.42 | 8.97 | 5.01 | 9.31 |
| Owner EPS | 3.90 | 2.00 | 3.51 | 1.76 | 1.00 | 3.97 | 2.79 | 6.35 | 4.66 | 6.22 | 6.94 | 8.70 | 9.10 |
| Book Value | 22.86 | 19.19 | 21.22 | 20.61 | 0.55 | 4.02 | 5.28 | 8.66 | 15.83 | 19.16 | 23.24 | 19.17 | 25.76 |
| Cash Flow/Share | 5.19 | 3.36 | 5.10 | 3.35 | 2.67 | 5.96 | 5.06 | 9.17 | 7.99 | 10.03 | 10.79 | 12.67 | 10.86 |
| Dividends/Share | 1.54 | 1.80 | 2.02 | 2.20 | 2.38 | 2.48 | 2.54 | 2.66 | 2.86 | 3.10 | 3.30 | 3.48 | 3.61 |
| Shares Out. | 1.7B | 1.6B | 1.5B | 1.5B | 1.5B | 1.2B | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B |
| Valuation | |||||||||||||
| P/E Ratio | 11.7 | 12.1 | 12.8 | 25.1 | N/A | 18.4 | 23.3 | 14.9 | 9.6 | 16.4 | 18.3 | 33.4 | 17.9 |
| P/FCF | 12.1 | 14.1 | 10.3 | 14.3 | 28.0 | 12.6 | 27.5 | 15.6 | 18.3 | 12.0 | 16.7 | 14.4 | 14.1 |
| EV/EBIT | 10.0 | 10.0 | 10.5 | 18.7 | 149.5 | 11.3 | 20.2 | 14.4 | 8.6 | 15.9 | 18.7 | 15.4 | 16.2 |
| Price/Book | 2.4 | 2.0 | 2.3 | 2.0 | 108.5 | 16.5 | 19.9 | 13.6 | 6.9 | 5.5 | 7.1 | 8.7 | 6.5 |
| Price/Sales | 3.5 | 3.2 | 2.6 | 3.1 | 3.2 | 2.8 | 3.8 | 4.3 | 3.5 | 3.5 | 4.5 | 3.9 | 4.0 |
| FCF Yield | 8.3% | 7.1% | 9.7% | 7.0% | 3.6% | 7.9% | 3.6% | 6.4% | 5.5% | 8.3% | 6.0% | 6.9% | 7.1% |
| Market Cap | 92.9B | 63.8B | 73.2B | 61.9B | 87.5B | 80.8B | 121.0B | 135.1B | 124.8B | 118.5B | 186.0B | 185.0B | 176.8B |
| Avg. Price | 53.92 | 49.52 | 40.81 | 45.78 | 50.01 | 55.83 | 77.30 | 125.53 | 137.00 | 110.19 | 154.23 | 154.38 | 166.97 |
| Year-End Price | 54.24 | 39.00 | 48.88 | 41.41 | 59.78 | 66.15 | 105.24 | 117.58 | 109.70 | 105.22 | 164.48 | 167.27 | 166.97 |
QUALCOMM INC/DE passes 6 of 9 quality checks, suggesting mixed fundamentals.
QUALCOMM INC/DE trades at 33.3x trailing earnings, compared to its 15-year median P/E of 18.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 14.4x vs a median of 15.0x. The company's 5-year average ROIC is 43.2% with a gross margin of 56.5%. Total shareholder yield (dividends + buybacks) is 8.2%. At current prices, the estimated annualized return to fair value is +19.0%.
QUALCOMM INC/DE (QCOM) has a net profit margin of 12.5%. This is a healthy margin.
QUALCOMM INC/DE (QCOM) generated $12.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
QUALCOMM INC/DE (QCOM) has a debt-to-equity ratio of 0.70. This indicates moderate leverage.
QUALCOMM INC/DE (QCOM) reported earnings per share (EPS) of $5.01 in its most recent fiscal year.
QUALCOMM INC/DE (QCOM) has a return on equity (ROE) of 23.3%. This indicates the company generates strong returns for shareholders.
QUALCOMM INC/DE (QCOM) has a 5-year average gross margin of 56.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for QUALCOMM INC/DE (QCOM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
QUALCOMM INC/DE (QCOM) has a book value per share of $19.17, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued momentum in automotive and IoT segments, with automotive revenues projected to grow approximately 50% in the third fiscal quarter driven by adoption of the fourth-generation Snapdragon Digital Chassis platform and expanding ADAS content. The company anticipates significant growth in personal AI devices, particularly smart glasses, with new product launches expected in the second half of the year catalyzing demand inflection, while agentic AI capabilities are expected to drive an upgrade cycle in smartphones and reshape the mobile industry. Data center represents an emerging growth vector, with custom silicon engagements with leading hyperscalers expected to begin shipments in the December quarter and initial revenue contributions anticipated in fiscal 2027, positioning the company to capture opportunities in AI inference workloads. Near-term handset revenues remain constrained by industry-wide memory supply dynamics and pricing pressures, though management expects sequential recovery beginning in the June quarter as these conditions normalize, with underlying consumer demand for premium-tier devices remaining resilient.
Based on recent SEC filings and earnings calls, QUALCOMM INC/DE (QCOM) has provided the following forward guidance: Revenue: $9.2 billion–$10 billion (Q3 FY2026); Non-GAAP EPS: $2.10–$2.30 (Q3 FY2026); QTL Revenue: $1.15 billion–$1.35 billion (Q3 FY2026); QTL EBT Margin: 67%–71% (Q3 FY2026); QCT Revenue: $7.9 billion–$8.5 billion (Q3 FY2026), plus 6 additional metrics.
| $2 billion+ |
| FY2027 |
Revenue (Q3 FY2026): “In the third fiscal quarter, we are forecasting revenues of $9.2 billion-$10 billion”
Non-GAAP EPS (Q3 FY2026): “and non-GAAP EPS of $2.10-$2.30”
QTL Revenue (Q3 FY2026): “In QTL, we estimate revenues of $1.15 billion-$1.35 billion”
QTL EBT Margin (Q3 FY2026): “and EBT margins of 67%-71%”
QCT Revenue (Q3 FY2026): “In QCT, we expect revenues of $7.9 billion-$8.5 billion”
QCT EBT Margin (Q3 FY2026): “and EBT margins of 25%-27%”
QCT Handset Revenue (Q3 FY2026): “We are forecasting QCT handset revenues to be approximately $4.9 billion”
QCT Automotive Revenue Growth (Q3 FY2026): “In QCT Automotive, following another record quarter, we expect year-over-year revenue growth to further accelerate to approximately 50% in the third fiscal quarter”
No recent press releases.