Nasdaq: QCOM · Semiconductors
Qualcomm
Qualcomm, based in San Diego, develops foundational technologies for on-device AI, high-performance low-power computing and wireless connectivity. Its QCT semiconductor business sells chip platforms for handsets ($27,793 million in FY2025), automotive ($3,957 million) and IoT ($6,617 million), and QTL licenses its patent portfolio ($6,415 million). FY2025 (ended September 28, 2025) revenue rose 14% to $44,284 million, but net income fell to $5,541 million after a $5.7 billion tax valuation allowance charge, which was released in fiscal Q2 2026. Apple, Samsung and Xiaomi each provided 10% or more of revenue. In December 2025 it acquired Alphawave IP Group for $2.3 billion.
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:54 (SEC EDGAR) · Source 10-K filed: November 5, 2025
Built on10-K FY2025 · filed 2025-11-0510-Q (quarter ended 2026-06-28) · filed 2026-07-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 13.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 27.9%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +12.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 0.3x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.53x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 13.6x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.52
Higher than 75% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 78% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 75% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 24% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 86% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-27
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$171.99close on 2026-11-04
Market cap$184.72B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 13.6x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 8.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 13.6x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 6.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.0%
At FY2025 year-end: 33.8x
Earnings: trailing 12 months to 2026-09-27
At FY2025 year-end: 8.6x
Book value at FY2025 year-end
At FY2025 year-end: 13.7x
EBITDA for FY2025
At FY2025 year-end: 7.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 27, 2026 (fourth quarter: annual figure minus the first three quarters).
- Revenue$11.27B → $10.32B (vs. a year earlier)↓ −8.4%$11.27B → $10.32B (vs. a year earlier)
- Operating margin25.9% → 13.1% (vs. a year earlier)↓ −12.7 pts25.9% → 13.1% (vs. a year earlier)
- Net income−$3.12B → $1.25B (vs. a year earlier)↑ $1.25B−$3.12B → $1.25B (vs. a year earlier)
- Cash$4.53B → $4.64B (vs. previous quarter-end)↑ +2.3%$4.53B → $4.64B (vs. previous quarter-end)
- Long-term debt$12.78B → $12.62B (vs. previous quarter-end)↓ −1.3%$12.78B → $12.62B (vs. previous quarter-end)
Source: Form 10-K ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 4, 2026.
Key changes
Record QCT Automotive revenue of $2B, up 89%. Source sentence
—Record QCT Automotive Revenues: Achieved First $2B Quarter, Growing 89% Year-Over-Year—
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- QUALCOMM INC/DE
- Headquarters
- SAN DIEGO, CA
- Incorporated in
- Delaware
- Fiscal year end
- 09/27
- Exchange & ticker
- Nasdaq: QCOM
- Industry
- Semiconductors
- CIK
- 804328
- Website
- https://www.qualcomm.com/ ↗
Workforce (as of FY2025 year-end)
Employees
52,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q1 FY2027
Quarter end: December 2026. In past years, Q1 results were released 38 days after quarter end (Feb 4, 2026; Feb 5, 2025; Jan 31, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around September 27.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 31–38 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q4 FY2026 | Sep 27, 2026 | Nov 4, 2026 (+38 days) | Nov 4, 2026 10-K (+38 days) |
| Q3 FY2026 | Jun 28, 2026 | Jul 29, 2026 (+31 days) | Jul 29, 2026 10-Q (+31 days) |
| Q2 FY2026 | Mar 29, 2026 | Apr 29, 2026 (+31 days) | Apr 29, 2026 10-Q (+31 days) |
| Q1 FY2026 | Dec 28, 2025 | Feb 4, 2026 (+38 days) | Feb 4, 2026 10-Q (+38 days) |
| Q4 FY2025 | Sep 28, 2025 | Nov 5, 2025 (+38 days) | Nov 5, 2025 10-K (+38 days) |
| Q3 FY2025 | Jun 29, 2025 | Jul 30, 2025 (+31 days) | Jul 30, 2025 10-Q (+31 days) |
| Q2 FY2025 | Mar 30, 2025 | Apr 30, 2025 (+31 days) | Apr 30, 2025 10-Q (+31 days) |
| Q1 FY2025 | Dec 29, 2024 | Feb 5, 2025 (+38 days) | Feb 5, 2025 10-Q (+38 days) |
| Q4 FY2024 | Sep 29, 2024 | Nov 6, 2024 (+38 days) | Nov 6, 2024 10-K (+38 days) |
| Q3 FY2024 | Jun 23, 2024 | Jul 31, 2024 (+38 days) | Jul 31, 2024 10-Q (+38 days) |
| Q2 FY2024 | Mar 24, 2024 | May 1, 2024 (+38 days) | May 1, 2024 10-Q (+38 days) |
| Q1 FY2024 | Dec 24, 2023 | Jan 31, 2024 (+38 days) | Jan 31, 2024 10-Q (+38 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
QCT
Handset platforms
Snapdragon mobile platforms, modems and RF for smartphones.
QCT
Automotive
Digital cockpit, connectivity and driver-assistance platforms.
QCT
IoT
Chips for PCs, consumer, industrial and networking devices.
QTL
Patent licensing
Licenses to its patent portfolio for wireless devices.
From the Form 10-K, FY2025, year ended 2025-09-28.
U.S. and worldwide share of flagship products/services
Qualcomm does not state a market share in its 10-K.
Reviewed: Form 10-K (FY2025, year ended 2025-09-28) · Form 10-Q (quarter ended 2026-06-28)
07
Recent strategic focusSite analysis
Recent developments.
Q3 FY2026 results
Quarter ended June 28, 2026: revenue $9,947M (vs $10,365M); net income $2,002M (vs $2,666M); diluted EPS $1.87 (vs $2.43).
Source: Form 10-Q (quarter ended 2026-06-28)
Handset slowdown
Lower chipset shipments to major OEMs adjusting build plans due to memory supply constraints; automotive up 61% to $1,588M.
Source: Form 10-Q (quarter ended 2026-06-28)
Tax benefit
$5.7B release of the federal deferred tax valuation allowance in fiscal Q2 2026 lifted 9M net income to $12,377M.
Source: Form 10-Q (quarter ended 2026-06-28)
Capex ÷ D&A (FY2025)
0.74x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,192M ÷ $1,602M = 0.74x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
20.4%
formularesearch & development expense ÷ revenue × 100
e.g.$9,042M ÷ $44,284M × 100 = 20.4%
Where the money goes, over time
Unit: $M. Capex went from $1.41B in FY2020 to $1.19B in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-05
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$44.28B
As reported in the 10-K
Revenue CAGR (5 years)
+13.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($44,284M ÷ $23,531M) ^ (1÷5) − 1 = 13.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
27.9%▲favorable
+1.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$12,355M ÷ $44,284M × 100 = 27.9%
ROE (FY2025)
23.3%▲favorable
6-year average: 65.5%
As reported in the 10-K
P/B (FY2025 end)
8.57x
formulafiscal year-end closing price ÷ book value per share
e.g.$169.20 ÷ $19.74 = 8.57x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
13.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($181,721M + $14,811M − $5,520M) ÷ ($12,355M + $1,602M) = 13.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +13.5% a year over 5 years (strong growth)
From $23.53B in FY2020 to $44.28B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 26.6% → 27.9%
How much operating profit is left per $100 of revenue. It moved +1.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 42.3% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 65.5% over 6 years (latest: 23.3%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Alphawave IP Group
07 · what it does
Key activities
- QCT: Snapdragon and other platforms for handsets, automotive and IoT
- QTL: patent licensing
- Acquisitions such as Alphawave (wired connectivity)
06 · what it draws on
Key resources
- About 52,000 workers (September 28, 2025)
- R&D of $9,042M in FY2025
- Third-party foundries and suppliers
02 · why customers buy
Value propositions
- Integrated chip platforms and cellular technology for smartphones, automotive and IoT.
04 · how it keeps them
Customer relationships
- Multi-year license agreements (QTL) with device makers.
03 · how it reaches them
Channels
- Direct sales to device makers and automakers.
01 · who it serves
Customer segments
- Smartphone OEMs (Apple, Samsung, Xiaomi each ≥10% of FY2025 revenue)
- Automakers and tier-one suppliers
- IoT, PC and industrial device makers
09 · where money goes
Cost structure
FY2025, share of revenue ($44.28B)
- Cost of revenue44.6%
- Research & development20.4%
- Selling, general & administrative7.0%
Operating profit left: 27.9% of revenue. Depreciation & amortization (inside the costs above): $1.6B. Capital spending: $1.19B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Revenue $44,284M (FY2025)
- QCT $38,367M (handsets $27,793M; automotive $3,957M; IoT $6,617M)
- QTL licensing $6,415M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
QCT designs integrated circuit platforms made by third-party foundries and sells them to device makers; QTL licenses cellular and other patents to device makers for royalties.
01 what it draws on
Inputs & resources
- About 52,000 workers (September 28, 2025)
- R&D of $9,042M in FY2025
- Third-party foundries and suppliers
02 what it does
Activities
- QCT: Snapdragon and other platforms for handsets, automotive and IoT
- QTL: patent licensing
- Acquisitions such as Alphawave (wired connectivity)
03 who it serves
Customers
- Smartphone OEMs (Apple, Samsung, Xiaomi each ≥10% of FY2025 revenue)
- Automakers and tier-one suppliers
- IoT, PC and industrial device makers
04 how money comes in
How it earns
- Revenue $44,284M (FY2025)
- QCT $38,367M (handsets $27,793M; automotive $3,957M; IoT $6,617M)
- QTL licensing $6,415M
How the business makes money
- 52–53 week fiscal year ending the last Sunday in September.
- $15.0B buyback program announced November 2024.
- Some large customers develop their own chips.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Qualcomm’s licensing model is exposed to government action on royalties and to China trade policy.
Political engagement
Licensees lobbying regulators
Licensees may lobby regulators and officials to cut royalty rates or the royalty base, impose compulsory licensing or weaken patent enforcement.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
China tariffs
Chinese tariffs on Qualcomm chips or devices using them can make them more expensive for Chinese customers.
Constrains the businessTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
QCT Handsets
27,793 (62%)QCT IoT
6,617 (15%)QTL Licensing
6,415 (14%)QCT Automotive
3,957 (9%)
Source: Form 10-K (FY2025, year ended 2025-09-28) QCT revenue by stream plus QTL; total revenue $44,284M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Alphawave IP Group
Acquired December 18, 2025 for $2.3B ($1.8B in stock, $301M cash); high-speed wired connectivity IP and custom silicon.
Source: Form 10-Q (quarter ended 2026-06-28) — Note on Acquisitions
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Smartphone, automotive and IoT device makers.
Named by the company
Suppliers
Third-party foundries and assembly/test suppliers.
Named by the company
No single supplier is named in the summary.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Qualcomm competes with many companies across its product lines, most of which compete in some but not all lines; the 10-K does not name them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-05
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-05
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-05
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-05
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 23,531 | 33,566 | 44,200 | 35,820 | 38,962 | 44,284 |
| Operating income | 6,255 | 9,789 | 15,860 | 7,788 | 10,071 | 12,355 |
| Pretax income | 5,719 | 10,274 | 14,998 | 7,443 | 10,336 | 12,663 |
| Net income (attributable) | 5,198 | 9,043 | 12,936 | 7,232 | 10,142 | 5,541 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 42.6% | 31.7% | -19.0% | 8.8% | 13.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 26.6% | 29.2% | 35.9% | 21.7% | 25.8% | 27.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 22.1% | 26.9% | 29.3% | 20.2% | 26.0% | 12.5% |
| Balance sheet ($M) | ||||||
| Total assets | 35,594 | 41,240 | 49,014 | 51,040 | 55,154 | 50,143 |
| Total equity | 6,077 | 9,950 | 18,013 | 21,581 | 26,274 | 21,206 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 15,226 | 13,701 | 13,537 | 14,484 | 13,270 | 14,811 |
| Equity ratio | 17.1% | 24.1% | 36.8% | 42.3% | 47.6% | 42.3% |
| ROE | 85.5% | 112.8% | 92.5% | 36.5% | 42.4% | 23.3% |
| Cash flow ($M) | ||||||
| Operating CF | 5,814 | 10,536 | 9,096 | 11,299 | 12,202 | 14,012 |
| Investing CF | -5,263 | -3,356 | -5,804 | 762 | -3,623 | -800 |
| Financing CF | -5,707 | -6,798 | -7,196 | -6,663 | -9,269 | -13,196 |
| Free cash flowcalccash flow from operations − capital expenditures | 4,407 | 8,648 | 6,834 | 9,849 | 11,161 | 12,820 |
| Cash and equivalents | 6,707 | 7,116 | 2,773 | 8,450 | 7,849 | 5,520 |
| Per share & other | ||||||
| EPS ($) | 4.52 | 7.87 | 11.37 | 6.42 | 8.97 | 5.01 |
| BVPS ($) | 5.37 | 8.84 | 16.07 | 19.37 | 23.61 | 19.74 |
| Dividend per share ($) | 2.54 | 2.66 | 2.86 | 3.10 | 3.30 | 3.48 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 56.2% | 33.8% | 25.2% | 48.3% | 36.8% | 69.5% |
| P/E (x) | 25.3 | 17.0 | 10.7 | 16.8 | 19.0 | 33.8 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 18.0 | 13.8 | 8.3 | 13.1 | 16.5 | 13.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 21.31 | 15.14 | 7.54 | 5.56 | 7.21 | 8.57 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-27 † | $10.32B-8.4% | $1.36B-53.5% | $1.25B | — |
| 2026-06-28 | $9.95B-4.0% | $1.63B-41.1% | $2B-24.9% | $1.87 |
| 2026-03-29 | $10.6B-3.5% | $2.31B-26.0% | $7.37B+162.1% | $6.88 |
| 2025-12-28 | $12.25B+5.0% | $3.37B-5.3% | $3B-5.5% | $2.78 |
| 2025-09-28 † | $11.27B | $2.92B | −$3.12B | — |
| 2025-06-29 | $10.37B | $2.76B | $2.67B | $2.43 |
| 2025-03-30 | $10.98B | $3.12B | $2.81B | $2.52 |
| 2024-12-29 | $11.67B | $3.56B | $3.18B | $2.83 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
24.7%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$12,355M × (1 − 24.5%) ÷ $37,781M × 100 = 24.7%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
12.56%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $181.72B ÷ ($181.72B + $14.81B) = 92.5%
e.g.Debt weight: $14.81B ÷ ($181.72B + $14.81B) = 7.5%
e.g.WACC: 13.3% × 92.5% + 4.5% × (1 − 24.5%) × 7.5% = 12.56%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 10.3%–15.2% and ROIC − WACC runs +9.5 to +14.4 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 12.56% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.52 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 13.31%
- Cost of debt
- 4.48%
- Tax rate
- 24.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 92% : 8%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 12.56%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.52 (price-derived adjusted beta. Raw β 1.77, R² 0.33, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.773 + 0.33 = 1.518
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.52 × 5.5% = 13.3%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.8%
Perpetual FCF growth: g = r − FCF ÷ EV = 12.6% − 6.8%
Past FCF growth (FY2020–FY2025)
+23.8%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+13.5%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $12.82B (operating CF − capex); enterprise value $189.37B = market cap $184.72B (latest close, 2026-11-04) + debt $14.81B − cash and short-term investments $10.16B; r = WACC of 12.6% using this page’s default assumptions (β 1.52, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$188.53B
FCF $12.82B ÷ (12.6% − 5.8%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 10.6% | 11.6% | 12.6% | 13.6% | 14.6% |
|---|---|---|---|---|---|
| 0% | 0.64x | 0.58x | 0.54x | 0.50x | 0.46x |
| 2% | 0.79x | 0.71x | 0.64x | 0.58x | 0.54x |
| 4% | 1.03x | 0.89x | 0.79x | 0.71x | 0.64x |
| 6% | 1.47x | 1.21x | 1.03x | 0.89x | 0.79x |
| 8% | 2.60x | 1.88x | 1.47x | 1.21x | 1.03x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.38x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -16.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 98%
Most profit comes from core operations.
- ✓
Days sales outstanding: 42 → 21 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-05
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-05
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$14,012M ÷ $5,541M = 2.53x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$12,355M ÷ $12,663M × 100 = 98%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,347M + $2,855M) ÷ 2 ÷ $44,284M × 365 = 21 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($6,423M + $6,526M) ÷ 2 ÷ $19,738M × 365 = 120 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 80.2%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 19.8%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 302 of 416
- Beta (adjusted)
- 1.52
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 72% of covered companies have more
above 1 = swings more than the market
- 842.3M shares reported by 3,020 13F filers ÷ 1,050.0M shares outstanding on 2026-07-27. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-01-22 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
19
Strengths & weaknessesSite analysis
Strengths
1. Diversification beyond handsets
Automotive revenue rose 36% and IoT 22% in FY2025.
Evidence: Form 10-K (FY2025, year ended 2025-09-28)
2. High-margin licensing
QTL licensing revenue of $6,415M in FY2025.
Evidence: Form 10-K (FY2025, year ended 2025-09-28)
3. Cash generation
Operating cash flow of $14,012M in FY2025; $8.8B of buybacks and $3.8B of dividends.
Evidence: Form 10-K (FY2025, year ended 2025-09-28)
Weaknesses
1. Customer concentration
Apple, Samsung and Xiaomi each ≥10% of revenue; some develop their own chips.
Evidence: Form 10-K (FY2025, year ended 2025-09-28)
2. Handset weakness
Q3 FY2026 handset revenue fell 20% to $5,086M.
Evidence: Form 10-Q (quarter ended 2026-06-28)
3. China export limits
U.S. revoked the license to sell 4G and other chips to Huawei in May 2024.
Evidence: Form 10-K (FY2025, year ended 2025-09-28)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
33.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.06%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
69%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
7.1%
(Operating CF − capex) ÷ market cap
1. Edge AI platforms
Positions on-device AI and low-power computing across phones, cars and PCs.
- What has to hold
- Non-handset revenue keeps growing.
- The other side
- Customer insourcing.
Evidence: Form 10-K (FY2025, year ended 2025-09-28)
2. Shareholder returns
Dividends rose from $2.54 (FY2020) to $3.48 (FY2025) per share; share count down 5%.
- What has to hold
- Cash flow holds.
- The other side
- Handset cycle.
Evidence: Form 10-K (FY2025, year ended 2025-09-28)
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
No debt due
$10.16B vs. $0
Interest coverage (operating income ÷ interest expense)
18.6x
$12.36B vs. $664M
Free cash flow ÷ dividends paid
3.4x
$12.82B vs. $3.81B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -19.0% in FY2023 ($44.2B → $35.82B) | Yes, by FY2025 |
| Operating income | -50.9% in FY2023 ($15.86B → $7.79B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income was positive each year FY2020–FY2025.
Source: Form 10-K (FY2025, year ended 2025-09-28)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Qualcomm has not accrued for its disclosed matters, believing losses are reasonably possible but not probable.
2 open matters (1 flagged as major)
Arm v. Qualcomm
On appealContract disputeMajorArm Ltd.; Qualcomm; Nuvia
Arm alleged breach of Nuvia’s architecture license; a December 2024 jury found Qualcomm did not breach and its CPUs are licensed, and final judgment for Qualcomm was entered September 30, 2025. Arm appealed to the Third Circuit.
- Next step
- Third Circuit appeal
Source: Form 10-Q (quarter ended 2026-06-28) — Note on Commitments and Contingencies
ParkerVision patent case
On appealPatent / IPParkerVision; Qualcomm
ParkerVision alleged infringement of RF receiver patents; final judgment for Qualcomm on receiver claims October 2, 2025. ParkerVision appealed; argued June 1, 2026.
Source: Form 10-Q (quarter ended 2026-06-28) — Note on Commitments and Contingencies
Based on Form 10-Q (quarter ended 2026-06-28) — Note on Commitments and Contingencies, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Customer/supplier concentration
Large customers
- Company disclosure (summarized from the 10-K)
- Largest customers may use their own or competitors’ chips.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Supply chain
Memory constraints
- Company disclosure (summarized from the 10-K)
- Customers cut build plans in 2026 due to memory supply constraints and price increases.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Geopolitics & supply chain
U.S.–China
- Company disclosure (summarized from the 10-K)
- Export controls and China exposure.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 4Law & regulation
Licensing disputes
- Company disclosure (summarized from the 10-K)
- Licensees challenge patents and FRAND terms; Arm litigation on appeal.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5Competition & technology shift
New markets
- Company disclosure (summarized from the 10-K)
- Competes against better-known companies in computing and other segments.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• Our increasing focus on artificial intelligence (AI), including on-device AI, agentic AI and AI infrastructure, may not result in the anticipated benefits and could expose us to additional competitive, regulatory, intellectual property and operational risks.
Further, as we seek to grow and diversify our business in areas such as automotive, IoT and data center, we may also
derive a significant portion of revenues in such areas from a limited number of customers, hyperscalers, automakers or other industry participants.
Our increasing focus on artificial intelligence (AI), including on-device AI, agentic AI and AI infrastructure, may not result in the anticipated benefits and could expose us to additional competitive, regulatory, intellectual property and operational risks.
AI technologies, including machine learning, generative AI, agentic AI and other data driven computational techniques, are increasingly important to our strategy across mobile, automotive, IoT, data center and other industries and applications, and we are investing significant engineering, research and development and other resources to integrate AI capabilities into our integrated circuit products, software platforms and system solutions. These investments are subject to a high degree of uncertainty and may not generate operating income or contribute to future results of operations or cash flows that meet our expectations, on the timeline we anticipate or at all.
The successful adoption and monetization of AI-enabled products depends on numerous factors beyond our control, including consumer demand, the willingness of customers to pay for AI-enabled functionality, the development of compelling AI use cases, competition from alternative architectures or cloud-based solutions, and the extent to which our customers develop or deploy proprietary AI technologies through vertical integration. If AI workloads shift toward competing platforms or architectures that do not rely on our products, or if end-user demand for AI-enabled products or functionality does not materialize as anticipated, our revenues, margins and results of operations could be negatively impacted.
AI technologies also may expose us to legal, regulatory, cybersecurity, privacy, intellectual property, operational and reputational risks. Read more
AI algorithms, models or training methodologies may be flawed, and datasets or outputs may be inaccurate, insufficient, biased, misleading or otherwise controversial. Our use of AI tools in our internal operations, or the use of AI-enabled products, tools or technologies by our customers, developers, vendors or other third parties, may result in inadvertent disclosure or misuse of confidential, proprietary, personal or competitively sensitive information, reliance on inaccurate or flawed outputs, cybersecurity or privacy incidents, claims of infringement or misuse of data, regulatory scrutiny, litigation or use that is inconsistent with our expectations, policies, controls or applicable laws and regulations.
In addition, we license for use in our products certain technologies and intellectual property from Arm, such as the Arm instruction set architecture. Read more
Arm has recently become a supplier of integrated circuit products, putting itself in direct competition with its licensees. As a result, our ability to obtain a license to Arm’s latest technologies and intellectual property, including on acceptable terms and time frames, has been and may continue to be impacted. If we are unable to obtain an acceptable license, our ability to compete effectively would be harmed and we could experience significant impacts to our future products and business.
No longer in the text (3)
Apple purchases our MDM (or thin modem) products, which do not include our integrated application processor technology, and which have lower revenue and margin contributions than our combined modem and application processor products. Read more
Consequently, to the extent Apple devices using our MDM products take share from our customers who purchase our integrated modem and application processor products, our revenues and margins may be negatively impacted. Additionally, we expect that Apple will increasingly use its own modem products, rather than our products, in its future devices, which will have a significant negative impact on our QCT revenues, results of operations and cash flows.
Further, while we derive a portion of our revenues from areas outside of mobile handsets, e.g., from industries such as automotive and IoT, certain product categories within those industries may in themselves be subject to high levels of customer concentration.
Further changes in the tax laws of foreign jurisdictions could arise as a result of the base erosion and profit shifting (BEPS) project that was undertaken by the Organization for Economic Co-operation and Development (OECD). Read more
The OECD, representing a coalition of member countries, has made certain changes, including the Pillar Two framework, which imposes a minimum tax of 15% in each taxing jurisdiction. The OECD is contemplating additional changes to numerous long-standing tax principles. These changes, if and as adopted by countries, may increase tax uncertainty and may adversely affect our provision for income taxes, results of operations and cash flows.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Nov 4, 2026 ↗ with the 10-K filed Nov 5, 2025 ↗.
25
What to watch going forwardSite analysis
- Handset demand amid memory constraints.
- Automotive and IoT growth.
- Arm appeal in the Third Circuit.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:54 (SEC EDGAR) · Source 10-K filed: November 5, 2025
Built on10-K FY2025 · filed 2025-11-05Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Qualcomm’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.