QUALCOMM INC/DE
$172.47
−4.67 (−2.64%) · delayed · Nov 13, 2026
Five-year price
52w $121.99 to $259.92
- Market cap
- $184.5B
- Enterprise value
- $194.5B
- P/E
- 13.6×
- 19.4× on 3y avg EPS
- EV / EBIT
- 22.5×
- FCF yield
- 4.7%
- ROIC
- 21.4%
- Debt / equity
- 0.48
- Piotroski F
- 5/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 30.0%
- ●ROE > 15% (5y avg)5y avg ROE 43.0%
- ○Stable operating marginsMargin volatility 5.6% (σ, 5y)
- ●Earnings convert to cashFCF / net income 119% (5y avg)
- ●Growing revenueRevenue CAGR 5y 5.1%
- ●Shrinking share countDiluted shares -6.6% over 5y
Value
20
- ●P/E below 15P/E 13.6
- ○EV/EBIT below 12EV/EBIT 22.5
- ○FCF yield above 6%FCF yield 4.7%
- ○Price below Graham NumberGraham Number $90.10
- ○P/B below 3P/B 6.1
Safety
80
- ●Debt / equity below 0.5D/E 0.48
- ●Debt payable in < 4 yrs of earningsNet debt $10.0B
- ●Interest coverage > 8xCoverage 12.6x
- ●Current ratio > 1.5Current ratio 1.86
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $43.1B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.86
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 1350%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 19.4
- ○P/E × P/B ≤ 22.5Product 117.7
Valuation lab
What do you have to believe?
At $172.47, the market is pricing in about 7.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $10.0B · 1070M shares · 5y revenue CAGR 5.1%
Intrinsic value
$144.60
Price
$172.47
Premium paid
19%
What the price implies
The market is paying for 7.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
57% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 22,258 | 22,611 | 24,273 | 23,531 | 33,566 | 44,200 | 35,820 | 38,962 | 44,284 | 43,120 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 2,581 | 621 | 7,667 | 6,255 | 9,789 | 15,860 | 7,788 | 10,071 | 12,355 | 8,658 |
| Operating margin | 11.6% | 2.7% | 31.6% | 26.6% | 29.2% | 35.9% | 21.7% | 25.8% | 27.9% | 20.1% |
| Pre-tax income | 2,987 | 392 | 7,481 | 5,719 | 10,274 | 14,998 | 7,443 | 10,336 | 12,663 | 9,414 |
| Income tax | 543 | 5,356 | 3,095 | 521 | 1,231 | 2,012 | 104 | 226 | 7,122 | (4,214) |
| Net income | 2,445 | (4,964) | 4,386 | 5,198 | 9,043 | 12,936 | 7,232 | 10,142 | 5,541 | 13,628 |
| EPS (diluted) | 1.64 | -3.39 | 3.59 | 4.52 | 7.87 | 11.37 | 6.42 | 8.97 | 5.01 | 12.70 |
| Diluted shares | 1,490 | 1,463 | 1,220 | 1,149 | 1,149 | 1,137 | 1,126 | 1,130 | 1,105 | 1,073 |
Who owns it