QUALCOMM Incorporated (QCOM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-20.8%

$131.74

vs $166.26 price

Levered DCF

$142.37

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.86

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	32.67×	18.71×	17.17×	9.81×	16.12×	25.69×	21.07×	-21.87×
P/B	8.54×	7.22×	5.75×	7.04×	14.66×	21.98×	18.8×	114.45×
P/S	4.09×	4.87×	3.46×	2.87×	4.35×	5.68×	3.8×	4.67×
EV / EBITDA	12.71×	15.49×	13.24×	8.13×	12.49×	18.71×	10.17×	20.77×
Gross margin	55.4%	56.2%	55.7%	57.8%	57.5%	60.7%	64.6%	54.9%
Operating margin	27.9%	25.8%	21.7%	35.9%	29.2%	26.6%	31.6%	2.7%
Net margin	12.5%	26.0%	20.2%	29.3%	26.9%	22.1%	18.1%	-21.8%
Current ratio	2.82×	2.4×	2.33×	1.75×	1.68×	2.14×	1.88×	1.55×
Debt / equity	0.77×	0.59×	0.74×	0.9×	1.64×	2.59×	3.25×	17.64×
Interest coverage	18.61×	14.45×	11.22×	32.37×	17.51×	10.39×	12.23×	0.81×
Dividend yield	2.1%	1.9%	2.8%	2.5%	2.1%	2.2%	3.2%	3.3%
Payout ratio	68.7%	36.4%	47.9%	24.8%	33.3%	55.4%	67.7%	-69.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	26.1%	38.6%	33.5%	71.8%	90.9%	85.5%	89.3%	-534.9%
Return on invested capital	13.2%	21.4%	18.1%	35.0%	27.4%	20.7%	17.0%	-26.2%
Return on assets	11.1%	18.4%	14.2%	26.4%	21.9%	14.6%	13.3%	-15.2%
Free cash flow yield	7.1%	5.9%	7.9%	5.4%	5.9%	3.3%	6.9%	2.9%
Earnings yield	3.1%	5.3%	5.8%	10.2%	6.2%	3.9%	4.8%	-4.7%
Enterprise value	$189.7B	$197.4B	$131.7B	$140.3B	$155.1B	$142.6B	$96.4B	$110.8B
Net debt / EBITDA	0.57×	0.6×	0.77×	0.78×	0.74×	1.18×	0.43×	0.86×
Cash conversion cycle (days)	132	119	136	110	51	76	39	42