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$172.11
Market Capi
$191B
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
0.7x
P/S 26Ei
4.4x
P/S 28Ei
3.7x
EV/EBIT 26Ei
15x
EV/EBIT 28Ei
13x
P/E 26Ei
14x
P/E 28Ei
16x
P/S 26Ei
4.4x
EV/EBIT 26Ei
15x
P/E 26Ei
14x
P/S 28Ei
3.7x
EV/EBIT 28Ei
13x
P/E 28Ei
16x
Revenue
2026E
$43B
Gross Margini
55%
Hist. CAGRi
0.1%
Proj. CAGRi
5.3%
EBIT
2026E
$13B
Op. Margini
28%
Hist. CAGRi
-5.8%
Proj. CAGRi
8.2%
Net profit
2026E
$14B
Net Margini
13%
Hist. CAGRi
-25%
Proj. CAGRi
24%
Business Model
Recent Developments
Average Targeti
$194.13+5%
Consensusi
Outperform
35 analysts covering
Net debti
$5.1B
Div. Yieldi
2.1%
Buyback Yldi
3.6%
Market Capi
$191B
P/E 26Ei
14x
Adj. P/E (fwd.)i
0.7x
Revenue 26E
$43B
Proj. CAGRi
5.3%
Gross Margini
55%
EBIT 26E
$13B
Proj. CAGRi
8.2%
Op. Margini
28%
Net Profit 26E
$14B
Proj. CAGRi
24%
Net Margini
13%
Average Targeti
$194.13+5%
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 core customers are smartphone OEMs — Samsung, Xiaomi, OPPO, vivo, and others. Apple remains a QTL licensee, but its in-house modem is rapidly displacing Qualcomm chip volume: management has guided Apple-related product revenue to fall roughly 50% starting the December 2026 quarter. China and Hong Kong represent roughly 46% of revenue. Automotive and a nascent AI data-center business are becoming material diversification vectors alongside the core handset franchise.
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, which is why QTL revenue is insulated from Apple's chip in-sourcing. Second, decades of co-design with chipmaking partners and OEMs have produced silicon complexity and RF integration that is hard to replicate quickly, an advantage the company is now extending into automotive platforms and AI data-center silicon. Licensing revenues fund the R&D that deepens this chip lead, reinforcing 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 and added the Chief Operating Officer role in January 2024, having previously served as SVP and finance lead for Qualcomm's QCT semiconductor business. 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 EVP and CTO of Qualcomm Technologies, leading the R&D organization that underpins both the chip roadmap and the patent portfolio that powers QTL. Kevin O'Buckley joined as EVP of Global Operations and Supply Chain in March 2026, bringing semiconductor manufacturing and foundry expertise from prior senior roles at Intel Foundry Services, GlobalFoundries, IBM, and Marvell.
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
Fiscal third-quarter 2026 results, reported July 29, 2026, showed revenue of $9.9 billion, topping the company's own guidance range, while non-GAAP EPS of $2.21 came in just below the $2.23 consensus estimate.
Handset (QCT) revenue fell 20% year-over-year to $5.09 billion, pressured by industry-wide memory supply constraints, higher input costs, and softer demand from Chinese device makers.
Automotive revenue hit a record $1.59 billion, up 61% year-over-year, the 23rd consecutive quarter of double-digit growth, while IoT revenue rose 9% to $1.83 billion.
Management guided fiscal fourth-quarter adjusted EPS to $2.05-$2.25 on revenue of $9.7-$10.5 billion, below prior Street expectations, and confirmed chip price increases effective September 1, 2026 to offset cost inflation across wafer fabrication, memory, assembly, and packaging.
Recent developments
On July 22, 2026, Qualcomm and Samsung expanded their Snapdragon partnership across the new Galaxy lineup, with the Snapdragon 8 Elite Gen 5 powering the Galaxy Z Fold8 series and the Snapdragon Wear Elite platform running Samsung's new Watch Ultra2 and Watch9.
The two companies also extended their Android XR collaboration beyond headsets into intelligent eyewear built on Snapdragon AR1 Gen 1, with new designs from Gentle Monster and Warby Parker due this fall.
Qualcomm completed its acquisition of Alphawave Semi, extending the company into data-center silicon and connectivity IP beyond its historical smartphone and automotive base.
At its Investor Day in New York on June 24, 2026, management doubled its fiscal 2029 non-handset revenue target to $40 billion; the company will host its Snapdragon Summit in Maui, Hawaii on September 22-24, 2026.
Debate & sentiment
Bulls point to combined automotive and IoT revenue growth of 28% year-over-year to $3.42 billion as evidence the diversification strategy is progressing faster than the market credits, alongside a raised automotive exit-rate outlook of roughly $7 billion annualized.
Bears focus on the core handset franchise, where Qualcomm has effectively assumed near-zero Apple modem revenue by 2027 as Apple transitions to in-house modems, removing a large, historically high-margin revenue stream.
Licensing (QTL) revenue slipped 3% year-over-year to $1.28 billion, even at a high 69% EBT margin, raising questions about how long licensing can keep offsetting handset softness.
The debate ultimately centers on timing: skeptics argue smartphone and China-related headwinds will persist longer than modeled, while optimists believe the market is pricing Qualcomm as a fading handset supplier while ignoring the scale automotive, IoT, and data-center silicon could reach by 2028-2029.
Consensusi
Outperform
Average targeti
$194.13+5%
Highest targeti
$400.00+116%
Lowest targeti
$100.00-46%
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