QCOM

QUALCOMM INC/DE

Technology • CIK: 0000804328

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Market Cap
$189.84B
P/E (TTM)
35.0x
Rev Growth (TTM)
+10.3%
Net Margin (TTM)
12.0%
FCF Yield (TTM)
6.8%
FCF Margin (TTM)
28.8%

What Changed

View Full Filings
10-Q Q1 FY2026 vs 10-Q Q3 FY2025
Q2 FY2026 Revenue Guidance InitiatedNo forward revenue guidance provided→$10.2B-$11.0B range; memory supply constraints and...
Q2 FY2026 EPS Guidance InitiatedNo EPS guidance provided→$1.69-$1.89 GAAP diluted EPS (vs Q1 FY2026 actuals of...
Hidden Liability Risk Levelmoderate→high — Arm litigation now high-severity; Arm seeking...
Operating Margin YoY30.47% (Q1 FY2025)→27.47% (Q1 FY2026, -300bps YoY) — driven by higher R&D...
Net Margin YoY27.25% (Q1 FY2025)→24.52% (Q1 FY2026, -273bps YoY)

Arm litigation: watch for appeals court ruling on Nuvia ALA breach claim —...·QCT handset revenue Q2 FY2026: guided $10.2B-$11.0B total revenue implies QCT...·Operating margin: Q2 FY2026 guidance implies continued YoY pressure; watch...

LATEST EARNINGS

•
Q2 FY2026
•
19 days ago
•View source
Revenue
$10.60B
—
Net Income
$7.37B
+162.2%
EPS
$6.88
+173.0%
Operating
21.8%↓ -6.6%
Net
69.5%↑ +43.9%
  • •QCT Automotive revenues reached a record high, growing 38% year-over-year.
  • •Combined QCT Automotive and IoT revenues grew 20% year-over-year, showcasing diversification.
  • •Completed $5.4 billion in share repurchases in the first half of fiscal 2026 and announced a new $20 billion authorization.
  • •GAAP Net Income increased 162% year-over-year to $7.37 billion, largely due to a significant income tax benefit.
View Full Earnings →

Cash Flow Health

Free Cash Flow8/8 positive
TTM$12.9B
Q1 '26
$4.4B+23%
Q4 '26
$3.6B+39%
FCF Margin
TTM28.8%
Q1 '2636.0%+13%
Sector: 8.5%Top 25%
OCF Margin32.1%
OCF/NI2.68x
CapEx Coverage9.8x
FCF Yield6.8%
FCF Growth (2Y)+17%
Cash Conversion Cycle
97 days
DSO: 28+DIO: 116−DPO: 46
View Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Shareholder Friendly
Total Shareholder YieldTTM
TTM7.1%
Div Yield2.0%
+
Buyback (TTM)5.1%

Strong capital returns to shareholders

Dividend & Payout Metrics
Dividend Yield (TTM)2.0%
FCF Payout Ratio29.6%
Free Cash Flow (TTM)$12.9B
Stock Repurchases (TTM)$9.7B
Capital Return / FCF104.5%
Est. Dividends Paid (TTM)$3.8B
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
15.3%
Volatile
-0.5% YoY-24.8%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
11.6%
8Q: 23.7%
Asset Turnover
0.84x
8Q: 0.78x
Leverage (1+D/E)
–
Asset & CapEx Efficiency
Fixed Asset Turn
9.82x
8Q:9.56x
+232.3%
Invested Cap Turn
1.32x
8Q:1.31x
+13.9%
CapEx Intensity
4.3%
8Q:3.5%
CapEx/Depreciation
0.94x
Depreciation Rate Trend
⚠ Declining -5.2%
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ1 2026Q4 2026Q3 2025Q2 2025Q1 2025Q4 2025Q3 2024Q2 2024
Revenue
$44.9B
$12.3B↑8.7%
$11.3B↑8.7%
$10.4B↓5.6%
$11.0B↓5.9%
$11.7B↑13.9%
$10.2B↑9.1%
$9.4B↑0.0%
$9.4B
Operating Income
$12.2B
$3.4B↑15.4%
$2.9B↑5.6%
$2.8B↓11.5%
$3.1B↓12.2%
$3.6B↑37.7%
$2.6B↑16.3%
$2.2B↓5.1%
$2.3B
Net Income
$5.4B
$3.0B↑196.4%
$-3.1B↓216.9%
$2.7B↓5.2%
$2.8B↓11.6%
$3.2B↑8.9%
$2.9B↑37.2%
$2.1B↓8.5%
$2.3B
Operating Cash Flow
$14.4B
$5.0B↑24.2%
$4.0B↑39.0%
$2.9B↑12.6%
$2.6B↓44.3%
$4.6B↑73.3%
$2.6B↓13.3%
$3.1B↓14.1%
$3.6B
Free Cash Flow
$12.9B
$4.4B↑23.0%
$3.6B↑39.1%
$2.6B↑10.3%
$2.3B↓45.7%
$4.3B↑80.3%
$2.4B↓10.3%
$2.7B↓20.9%
$3.4B
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
35.0x
Volatile
8Q: 63.6x-8254%
High PEG ratio (3.4x) suggests expensive for growth
Valuation Lenses
Earnings
35.0x
vs – sector
Cash Flow
14.0x
EV/FCF vs –
Growth-Adj
3.4xPEG
Expensive for growth
Quality-Adj
2.3P/E per %ROIC
ROIC: 15.3%
Shareholder Returns
Dividend
2.0%
Buyback
5.1%
Total Yield
7.1%
Market Cap$189.84B
EV$181.13B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
61/100
High Quality

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)
–
8Q:–
Return on Invested Capital (ROIC)Top 25%
15.3%
8Q:–
-24.8%
vs Sector:0.0%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 11.6%
Asset Turnover: 0.84x

Earnings Quality

Cash Conversion

2.68x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin55.1%

Capital Efficiency

Invested Capital Turnover1.32x

Working Capital

Cash Conversion Cycle97 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
69/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
10.3%
OpInc Growth YoY
-5.3%
EPS Growth YoY
-47.1%
FCF 3Y CAGR
17.1%

Growth Quality Analysis

✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 7.5/10 - Highly sustainable growth

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
55.1%
Operating
27.1%
Top 25% in sector
Net
12.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+16.9 pts
FCF: 28.8% | Net: 12.0%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $11.82B
Interest Coverage
–
+Net cash position: $11.82B
Leverage Metrics
Debt-to-Equity
–x
Balance sheet risk & solvency analysis

Research

All research