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$171.78
Market Capi
$180B
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
0.7x
P/S 26Ei
4.2x
P/S 28Ei
3.5x
EV/EBIT 26Ei
14x
EV/EBIT 28Ei
12x
P/E 26Ei
14x
P/E 28Ei
15x
P/S 26Ei
4.2x
EV/EBIT 26Ei
14x
P/E 26Ei
14x
P/S 28Ei
3.5x
EV/EBIT 28Ei
12x
P/E 28Ei
15x
Revenue
2026E
$42B
Gross Margini
55%
Hist. CAGRi
0.1%
Proj. CAGRi
1.6%
EBIT
2026E
$13B
Op. Margini
28%
Hist. CAGRi
-5.8%
Proj. CAGRi
5.3%
Net profit
2026E
$14B
Net Margini
13%
Hist. CAGRi
-25%
Proj. CAGRi
22%
Business Model
Recent Developments
Average Targeti
$215.42+22%
Consensusi
Outperform
35 analysts covering
Net debti
$5.2B
Div. Yieldi
2.1%
Buyback Yldi
3.6%
Market Capi
$180B
P/E 26Ei
14x
Adj. P/E (fwd.)i
0.7x
Revenue 26E
$42B
Proj. CAGRi
1.6%
Gross Margini
55%
EBIT 26E
$13B
Proj. CAGRi
5.3%
Op. Margini
28%
Net Profit 26E
$14B
Proj. CAGRi
22%
Net Margini
13%
Average Targeti
$215.42+22%
Consensusi
Outperform
35 analysts covering
Profile
Qualcomm operates two reportable segments: QCT (Qualcomm CDMA Technologies), which designs and sells semiconductors and software, and QTL (Qualcomm Technology Licensing), which licenses Qualcomm's patent portfolio to device manufacturers worldwide.
Industry
Qualcomm's primary customers are smartphone OEMs — Samsung, Xiaomi, OPPO, vivo, and others — along with Apple for baseband modems (though Apple is developing its own). China and Hong Kong together represent roughly 46% of revenues, making Qualcomm among the most China-exposed large-cap US semiconductors. The automotive and IoT channels are growing but still secondary. The handset end-market is cyclical and intensely competitive, with Mediatek as the primary chip rival and Apple's in-house ambitions as a structural overhang.
Key metrics
Economic moat
Qualcomm's moat rests on two distinct pillars. First, its essential patent portfolio for cellular standards (2G through 5G) creates a structural licensing toll that competitors cannot easily bypass — device makers must license to ship, regardless of whose chips they use. Second, decades of co-design with chipmaking partners and OEMs has produced silicon complexity and RF integration that is extremely hard to replicate quickly; Snapdragon's modem-to-application-processor integration is still ahead of most challengers. These advantages compound: licensing revenues fund R&D that deepens the chip lead, which in turn reinforces the patent position.
Cristiano Amon
Amon has served as CEO since June 2021, having joined Qualcomm in 1995 and risen through the engineering and business development ranks over more than two decades. He became President in 2018 and was co-CEO briefly before taking sole control. His tenure has been defined by the strategic push to diversify Qualcomm beyond smartphones into Automotive, IoT, and AI-enabled PCs — a pivot that is now visibly contributing to results. He sits on the board of directors as well.
Akash Palkhiwala
Palkhiwala has been CFO since August 2019, having previously served as VP of Finance within Qualcomm. He has been the primary architect of Qualcomm's capital return framework, overseeing consistent dividend growth and share buybacks funded by strong free cash flow generation. His tenure overlaps with the period of QTL licensing renegotiations that improved margin visibility.
Other key figures
Mark McLaughlin (Board Chairman since 2019) brings cybersecurity and enterprise technology credibility from his prior role as CEO of Palo Alto Networks. Baaziz Achour serves as CTO, leading the R&D organization that underpins both the chip roadmap and the patent portfolio that powers QTL. Kevin O'Buckley joined as a corporate officer in March 2026, though specific remit details are not yet fully public.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Qualcomm's fiscal Q2 2026 (reported late April) delivered revenue slightly ahead of consensus on a year-over-year decline, with the top-line drag concentrated entirely in handsets. Non-GAAP EPS beat estimates by a meaningful margin.
The standout segment was Automotive, which posted record quarterly revenue and grew 38% year-over-year, confirming the pivot toward non-handset verticals is gaining real traction. IoT also grew, while QCT handsets contracted 13% as Chinese OEMs faced memory and demand headwinds.
Qualcomm Technology Licensing (QTL) held firm with QTL EBT margins near 72%, demonstrating the licensing segment's durability. Q3 guidance came in below Street expectations, flagging continued softness in handsets and sending shares lower in the immediate post-earnings session before a subsequent recovery.
Recent developments
Shares surged roughly 35% in the month following Q2 earnings as investors rotated into diversification optionality — Automotive and IoT growth trajectories overshadowed handset softness in the market's read.
In late May 2026, shares gave back approximately 9% in a single session after Nvidia announced new AI chips that analysts flagged as a competitive threat to Qualcomm's edge-AI and PC ambitions. The move illustrated how sensitive the stock has become to AI positioning narratives.
Qualcomm has scheduled its next earnings report for July 29, 2026, which will be the key near-term catalyst for assessing whether handset weakness extends into a third consecutive quarter.
Debate & sentiment
Bulls argue that Automotive and IoT now represent a credible re-rating story: Automotive hit a record quarter and has a multi-year design-win pipeline, which reduces the structural dependence on smartphone cycles that has historically capped the valuation multiple.
Bears focus on the handset segment declining double-digits while Android OEMs — particularly in China — face inventory digestion and tepid end-demand. Apple's ongoing in-house modem development remains a long-tail risk to QCT's largest customer concentration.
The AI PC and edge-AI opportunity is the swing factor. Qualcomm's Snapdragon X platform has early design wins across PC OEMs, but competition is intensifying from both Arm-native challengers and Nvidia's move into the space, leaving the magnitude of the opportunity genuinely contested.
Consensusi
Outperform
Average targeti
$215.42+22%
Highest targeti
$300.00+70%
Lowest targeti
$100.00-43%
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