Qualcomm Inc (QCOM)
Information Technology · Semiconductors · US stock · S&P 500 component
$172.83
▼ -5.13 (2.88%)
Fair valueFair
$162 −6.5% to fair value
$81fair band $137–$196$242
Day's range
$171.93 – $178.59
52-week range
$121.99 – $259.92
About Qualcomm Inc
Qualcomm develops wireless technology and chips used in smartphones and a growing range of connected devices, including cars and industrial equipment. It earns money in two main ways: selling system-on-chip products and related components to device makers, and licensing its patented wireless technology to handset manufacturers in return for royalties. The company designs its chips and relies on outside manufacturers to produce them.
Over the last twelve months, $44.1 billion in revenue was reported. Revenue growth over three years averaged 0.1% a year. Operating margin is 23.2% and return on invested capital is 24%. Net debt to EBITDA is 0.6 times. It pays a dividend with a yield of 2.1%. The X-Ray Score is 53 out of 100. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
Price chart
52-wk range $121.99 – $259.92Volume 15,067,396Daily, split-adjusted
Vitals
Market cap$184.8B
52-week range$121.99 – $259.92
Volume (last day)15,067,396
P/E (TTM)20.2
EBIT / EV yield5.3%
Free-cash-flow yield5.6%
Dividend yield2.1%
Revenue (TTM)$44.1B
Net income (TTM)$9.3B
Operating margin23.2%
Return on capital24.4%
Debt incl. leases$15.3B
Cash & securities$8.3B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$162middle half of models $135 – $186
Fair
−6.5% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $173
Undervalued < $137Fair $137 – $196Overvalued > $196
P/E multiple
$170
P/B multiple
$184
P/S multiple
$245
EV/EBITDA multiple
$215
EV/EBIT multiple
$186
EV/revenue multiple
$227
10-year DCF, EBITDA exit
$134
5-year DCF, EBITDA exit
$152
10-year DCF, revenue exit
$135
5-year DCF, revenue exit
$155
10-year DCF, growth exit
$81
5-year DCF, growth exit
$79
Dividend discount, stable · not used
$63
Dividend discount, multi-stage · not used
$66
Earnings power value
$137
Growth the price implies
14.2%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
67/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield5.3%
Free-cash-flow yield5.6%
Fair value vs price0.9×
Growth
Weak
34/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)0.1%
EPS growth (3y)-23.9%
Growth consistency80%
Profitability
Fair
56/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital24.4%
Operating margin23.2%
Gross profitability41.7%
Financial health
Fair
54/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA0.6×
Interest cover14.8×
Dividends
Weak
49/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield2.1%
Dividends vs free cash flow37%
Dividend growth5.8%
Quarterly results: last 6 quarters
+16.9%
Mar '25
+10.3%
Jun '25
+10.0%
Sep '25
+5.0%
Dec '25
-3.5%
Mar '26
-4.0%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $9.9B, diluted EPS $1.87.
Compare with peers
MU Micron Technology Inc79 FSLR First Solar, Inc.70 NVDA Nvidia Corp67 AVGO Broadcom Inc.60Other Semiconductors companies by X-Ray Score.
SWOT analysis: Qualcomm Inc
Strengthsinside the company
- Return on invested capital is 24.4%, against a median of 12.7% for industry peers.
- Free cash flow equals 5.6% of the market value, which funds dividends, buybacks or debt paydown.
- Operating profit covers interest 15x, so debt costs are a small drag.
Weaknessesinside the company
- Earnings per share have declined 23.9% a year over three years.
Opportunitiesvaluation and setting
- Revenue growth picked up to 13.7% last year from 0.1% a year over three years.
- Dividends use only 37% of free cash flow, which leaves room to raise them.
- Trades at 20.0x earnings, 54% below the 43.0x median of industry peers.
- Our Market Compass rates the backdrop for Information Technology as favourable.
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Earnings in Semiconductors follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare QCOM with peers and sector
Medians of 14 Semiconductors peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): NVDA 67, AVGO 60, MU 79, AMD 48, INTC 17, TXN 44.
| Metric | QCOM | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 53 | 43 | 50 |
| Valuation | 67 | 31 | 50 |
| Growth | 34 | 41 | 54 |
| Profitability | 56 | 41 | 49 |
| Financial health | 54 | 61 | 49 |
| Dividends | 49 | 53 | 51 |
Sector leaders: highest X-Ray Score in Information Technology
QCOM ranks #33 of 75 in Information Technology and #6 of 15 in Semiconductors by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for QCOM
Each factor is rated by where QCOM stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 5 Good · 14 Average · 3 Bad of 22
Growth: 0 · 1 · 2
Profitability: 1 · 4 · 0
Financial strength: 0 · 4 · 0
Valuation: 4 · 1 · 0
Cash flow: 0 · 4 · 0
Efficiency: 0 · 0 · 1
| Factor | QCOM | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +0.1% | Bad beats 20% | +9.7% | – | – |
| Revenue growth, last year | +13.7% | Average beats 49% | +13.7% | +13.7% | ≈ In line |
| EPS growth, 3 years a year | −23.9% | Bad beats 10% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 54.2% | Average beats 45% | 57.8% | 56.2% | ≈ In line |
| Operating margin | 23.2% | Average beats 51% | 20.3% | 27.9% | ▼ Worse |
| Net margin | 21.0% | Average beats 58% | 17.8% | 26.0% | ▼ Worse |
| Return on invested capital | 24.4% | Average beats 58% | 19.4% | – | – |
| Return on equity | 33.5% | Good beats 69% | 21.0% | 38.6% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 0.6x | Average beats 59% | 0.8x | 0.3x | ≈ In line |
| Interest cover | 14.8x | Average beats 45% | 23.0x | 17.5x | ▼ Worse |
| Current ratio | 2.02 | Average beats 65% | 1.57 | 2.33 | ▼ Worse |
| Piotroski F-score | 6 / 9 | Average beats 43% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 20.0x | Good beats 78% | 33.6x | 17.0x | ▼ Worse |
| Price / book | 6.7x | Average beats 58% | 8.3x | 7.6x | ▲ Better |
| Price / sales | 4.2x | Good beats 71% | 6.9x | 4.2x | ≈ In line |
| EV / EBITDA | 16.3x | Good beats 75% | 24.7x | 13.7x | ▼ Worse |
| Free cash flow yield | 5.6% | Good beats 81% | 3.4% | 5.8% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 23.6% | Average beats 54% | 22.3% | 27.5% | ▼ Worse |
| Cash from operations / net income | 1.34 | Average beats 44% | 1.39 | 1.20 | ▲ Better |
| Free cash flow growth, 3 years a year | +23.3% | Average beats 63% | +15.4% | – | – |
| Accruals (lower is better) | −5.5% | Average beats 65% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.4x | Bad beats 27% | 3.9x | 2.9x | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 9 Average · ● 3 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginAverage
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 55/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $33.6B | $44.2B | $35.8B | $39.0B | $44.3B |
| Operating income | $9.8B | $15.9B | $7.8B | $10.1B | $12.4B |
| Net income | $9.0B | $12.9B | $7.2B | $10.1B | $5.5B |
| Operating cash flow | $10.5B | $9.1B | $11.3B | $12.2B | $14.0B |
| Operating margin | 29.2% | 35.9% | 21.7% | 25.8% | 27.9% |
| Free cash flow | $8.6B | $6.8B | $9.8B | $11.2B | $12.8B |
| Diluted EPS | $7.87 | $11.37 | $6.42 | $8.97 | $5.01 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
2 bullish · 4 neutral · 10 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 175.0 | Bearish |
| EMA 10 | 175.9 | Bearish |
| SMA 20 | 179.5 | Bearish |
| EMA 20 | 177.6 | Bearish |
| SMA 50 | 175.6 | Bearish |
| EMA 50 | 177.6 | Bearish |
| SMA 100 | 180.8 | Bearish |
| EMA 100 | 176.4 | Bearish |
| SMA 200 | 168.1 | Bullish |
| EMA 200 | 172.3 | Bullish |
Oscillators (daily)
| RSI (14) | 44.55 | Neutral |
| MACD (12, 26) | -1.51 | Bearish |
| Momentum (12) | -4.53 | Bearish |
| Stochastic %K (14) | 23.98 | Neutral |
| Williams %R (14) | -76.02 | Neutral |
| CCI (20) | -62.26 | Neutral |
Pivot points (classic, last session)
S3 163.7 | S2 167.8 | S1 170.3 | Pivot 174.5 | R1 177.0 | R2 181.1 | R3 183.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.62 USD
Yield on today's price
2.09%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.9200 | |
| 0.9200 | |
| 0.8900 | |
| 0.8900 | |
| 0.8900 | |
| 0.8900 | |
| 0.8500 | |
| 0.8500 | |
| 0.8500 | |
| 0.8500 | |
| 0.8000 | |
| 0.8000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold QCOM
| ETF | Share of the fund |
|---|---|
| SCHD Schwab U.S. Dividend Equity | 6.74% |
| FTXL First Trust Nasdaq Semiconductor | 5.63% |
| SOXQ Invesco PHLX Semiconductor | 4.41% |
| VALQ American Century STOXX U.S. Quality Va... | 3.91% |
| SMH VanEck Semiconductor | 3.74% |
| AIPI REX AI Equity Premium Income | 3.57% |
| IGPT Invesco AI and Next Gen Software | 3.55% |
| TDIV First Trust NASDAQ Technology Dividend... | 3.15% |
The eight funds with the largest weight in QCOM among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
QCOM stock splits
QCOM has split its stock 4 times since 1994. The latest was a 2-for-1 split on 16 Aug 2004.
Full QCOM stock split history →QCOM SEC filings
8-KSEC EDGAR
Current report
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Current report
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.