Information Technology · Semiconductors · US stock · price as of 16 Oct 2026
Key indicators
Price
$172.11
52-week range
$120.88 – $257.56
Market cap
$184.0B
P/E (trailing)
20.1×
EV / EBITDA
16.2×
Free-cash-flow yield
5.7%
Dividend yield
2.1%
Revenue (last 12 months)
$44.1B
Revenue growth (3y a year)
0.1%
Operating margin
23.2%
Return on invested capital
24.4%
Net debt / EBITDA
0.6×
Fair value
Blended fair value$269.11 range $260 – $279
Versus priceUndervalued+56% to fair value
Peer multiples
$347.83
Fundamentals-adjusted multiple
$240.67
10-year DCF (market-scaled)
$218.84
Earnings power value (floor, not blended)
$78.71
Model uncertainty
Medium
X-Ray Score
57/ 100 · High confidence · ahead of 68% of sector peers
Valuation81
Growth34
Profitability56
Financial health54
Dividends49
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%. 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.
StocksXray gives Qualcomm Inc an X-Ray Score of 57 out of 100 (high confidence), ahead of 68% of the S&P 500 stocks in its sector. Its strongest lens is valuation (81) and its weakest is growth (34).
Our fair value blend is $269.11 (range $260.15 to $279.08). At $172.11 the stock trades 36% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Qualcomm Inc (QCOM)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$120.09
$110.77
$101.05
$162.99
$165.75
$172.11
Market cap
$138.0B
$125.9B
$113.8B
$184.2B
$183.2B
$184.0B
P/E
15.3×
9.7×
15.7×
18.2×
33.1×
20.1×
EV / revenue
4.2×
3.0×
3.3×
4.8×
4.2×
4.3×
EV / EBITDA
12.4×
7.6×
12.3×
15.8×
13.5×
16.2×
Price / free cash flow
16.0×
18.4×
11.6×
16.5×
14.3×
17.7×
Free-cash-flow yield
6.3%
5.4%
8.7%
6.1%
7.0%
5.7%
Price / book
13.9×
7.0×
5.3×
7.0×
8.6×
6.7×
Dividend yield
2.22%
2.58%
3.07%
2.02%
2.10%
2.10%
Fundamentals checklist ● 5 Good · ● 8 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.5%Average
Free-cash-flow yield5.7%Good
Risk models
Altman Z score5.0×Good
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−23.9%Bad
Free-cash-flow growth (3y)23.3%Average
Revenue growth (3y)0.1%Bad
Growth consistency80%Bad
Balance sheet
Current ratio2.0×Average
Net debt / EBITDA0.6×Average
Interest cover14.8×Average
Valuation
Fair value vs price1.6×Good
EBIT / EV yield5.4%Good
Profitability
Return on invested capital24.4%Average
Operating margin23.2%Average
Gross profitability41.7%Good
XStocksXray
Qualcomm Inc (QCOM)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
33,566
44,200
35,820
38,962
44,284
44,069
Gross profit
19,304
25,565
19,951
21,902
24,546
23,897
Operating income
9,789
15,860
7,788
10,071
12,355
10,219
Net income
9,043
12,936
7,232
10,142
5,541
9,259
Diluted EPS ($)
7.87
11.37
6.42
8.97
5.01
8.56
Free cash flow
8,648
6,834
9,849
11,161
12,820
10,416
Gross margin
57.5%
57.8%
55.7%
56.2%
55.4%
54.2%
Operating margin
29.2%
35.9%
21.7%
25.8%
27.9%
23.2%
Net margin
26.9%
29.3%
20.2%
26.0%
12.5%
21.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
41,240
49,014
51,040
55,154
50,143
57,367
Cash
7,116
2,773
8,450
7,849
5,520
4,533
Total debt
15,745
14,983
15,398
14,634
14,811
15,270
Equity
9,950
18,013
21,581
26,274
21,206
27,658
Dividend per share ($)
2.66
2.86
3.10
3.30
3.48
3.59
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.