NASDAQ · Technology

QUALCOMM Incorporated

QCOM · Semiconductors

$168.89

▼ -8.14 (-4.6%)

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Mr. Market is currently offering QUALCOMM Incorporated at $168.89.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 55.4%

Operating Margin 28.0%

Net Income Margin 12.5%

Fin. Health A

Years to Pay Off Debt 2.7 yrs

Working Capital vs Long-Term Debt $1.8B

Working Capital $16.6B

Valuation F

Margin of Safety 0.0%

Price-to-Book 8.39x

Cash Flow B

Free Cash Flow $12.8B

CapEx % of Net Income 21.5%

Owner Earnings $8.3B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $178.0B

Enterprise Value $192.0B

P/E (TTM) 18.18

Dividend Yield 2.01%

Exchange NASDAQ

Key Margins

Gross Profit 55.4%

Operating Margin 28.0%

Net Margin 12.5%

Company Info

Sector Technology

Industry Semiconductors

Employees 52000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering QUALCOMM Incorporated at $168.89.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $168.89, the stock trades at a 255% premium to its Graham Number of $47.62. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About QUALCOMM Incorporated

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software with connectivity and computing technologies for use in mobile devices; automotive systems for connectivity, digital cockpit, and ADAS/AD; and IoT, including consumer electronic devices, industrial devices, and edge networking products. The QTL segment grants licenses or provides rights to use portions of its intellectual property portfolio, which include various patent rights useful in the manufacture and sale of wireless products comprising products implementing LTE, and/or OFDMA-based 5G products and derivatives; to use cellular standard-essential patents, including 3G, 4G and 5G for cellular devices. The QSI segment invests in early-stage companies in various industries, including 5G, artificial intelligence, automotive, consumer, enterprise, cloud, IoT, and extended reality, and investments, including non-marketable equity securities and, to a lesser extent, marketable equity securities, and convertible debt instruments. It also provides development, and other services and sells related products to the United States government agencies and their contractors. In addition, the company is also involved in Qualcomm government technologies and data center businesses. QUALCOMM Incorporated was incorporated in 1985 and is headquartered in San Diego, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	55.4% ▼	56.2%	55.7%	57.8%	N/A
Operating Margin %	28.0% ▲	26.3%	24.1%	35.9%	N/A
Net Income %	12.5% ▼	26.0%	20.2%	29.3%	N/A
Diluted EPS	5.01 ▼	8.97	6.42	11.37	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$50.1B	$55.2B	$51.0B	$49.0B	N/A
Total Debt	$14.8B ↑	$14.6B	$15.4B	$15.5B	N/A
Working Capital	$16.6B ▲	$14.7B	$12.8B	$8.9B	N/A
Years to Pay Debt	2.67	1.44	2.13	1.20	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$12.8B ▲	$11.2B	$9.8B	$6.8B
Owner Earnings	$8.3B	$12.9B	$10.5B	$17.0B
CapEx % of Net Income	21.5%	10.3%	20.0%	17.5%

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	35,070	-1,860	-9,120	-41,860
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	14,762,000	12,832,000	10,858,000	17,572,000
Total Unusual Items	167,000	-93,000	-912,000	-322,000
Total Unusual Items Excluding Goodwill	167,000	-93,000	-912,000	-322,000
Net Income From Continuing Operation Net Minority Interest	5,541,000	10,110,000	7,339,000	12,986,000
Reconciled Depreciation	1,602,000	1,706,000	1,809,000	1,762,000
Reconciled Cost Of Revenue	19,738,000	17,060,000	15,869,000	18,635,000
EBITDA	14,929,000	12,739,000	9,946,000	17,250,000
EBIT	13,327,000	11,033,000	8,137,000	15,488,000
Net Interest Income	-25,000	-22,000	-381,000	-399,000
Interest Expense	664,000	697,000	694,000	490,000
Interest Income	639,000	675,000	313,000	91,000
Normalized Income	5,409,070	10,201,140	8,241,880	13,266,140
Net Income From Continuing And Discontinued Operation	5,541,000	10,142,000	7,232,000	12,936,000
Total Expenses	31,890,000	28,709,000	27,170,000	28,340,000
Total Operating Income As Reported	12,355,000	10,071,000	7,788,000	15,860,000
Diluted Average Shares	1,105,000	1,130,000	1,126,000	1,137,000
Basic Average Shares	1,096,000	1,116,000	1,117,000	1,123,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	5,541,000	10,142,000	7,232,000	12,936,000
Net Income Common Stockholders	5,541,000	10,142,000	7,232,000	12,936,000
Net Income	5,541,000	10,142,000	7,232,000	12,936,000
Net Income Including Noncontrolling Interests	5,541,000	10,142,000	7,232,000	12,936,000
Net Income Discontinuous Operations	0	32,000	-107,000	-50,000
Net Income Continuous Operations	5,541,000	10,110,000	7,339,000	12,986,000
Tax Provision	7,122,000	226,000	104,000	2,012,000
Pretax Income	12,663,000	10,336,000	7,443,000	14,998,000
Other Income Expense	294,000	105,000	-826,000	-463,000
Other Non Operating Income Expenses	127,000	198,000	86,000	-141,000
Special Income Charges	-152,000	-261,000	-994,000	-47,000
Write Off	113,000	79,000	132,000	47,000
Restructuring And Mergern Acquisition	39,000
Earnings From Equity Interest				-7,000	13,000
Gain On Sale Of Security	319,000	168,000	82,000	-275,000
Net Non Operating Interest Income Expense	-25,000	-22,000	-381,000	-399,000
Interest Expense Non Operating	664,000	697,000	694,000	490,000
Interest Income Non Operating	639,000	675,000	313,000	91,000
Operating Income	12,394,000	10,253,000	8,650,000	15,860,000
Operating Expense	12,152,000	11,649,000	11,301,000	9,705,000
Other Operating Expenses		-3,000	862,000	-1,059,000
Research And Development	9,042,000	8,893,000	8,818,000	8,194,000
Selling General And Administration	3,110,000	2,759,000	2,483,000	2,570,000
Gross Profit	24,546,000	21,902,000	19,951,000	25,565,000
Cost Of Revenue	19,738,000	17,060,000	15,869,000	18,635,000
Total Revenue	44,284,000	38,962,000	35,820,000	44,200,000
Operating Revenue	44,284,000	38,962,000	35,820,000	44,200,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	1,074,000	1,113,000	1,114,000	1,121,000
Share Issued	1,074,000	1,113,000	1,114,000	1,121,000
Net Debt	9,291,000	6,785,000	6,948,000	12,709,000
Total Debt	14,811,000	14,634,000	15,398,000	15,482,000
Tangible Book Value	8,700,000	14,231,000	9,531,000	5,623,000
Invested Capital	36,017,000	40,908,000	36,979,000	33,495,000
Working Capital	16,610,000	14,727,000	12,836,000	8,858,000
Net Tangible Assets	8,700,000	14,231,000	9,531,000	5,623,000
Common Stock Equity	21,206,000	26,274,000	21,581,000	18,013,000
Total Capitalization	36,017,000	39,544,000	36,065,000	31,550,000
Total Equity Gross Minority Interest	21,206,000	26,274,000	21,581,000	18,013,000
Stockholders Equity	21,206,000	26,274,000	21,581,000	18,013,000
Gains Losses Not Affecting Retained Earnings	560,000	587,000	358,000	-22,000
Other Equity Adjustments	560,000	587,000	358,000	-22,000
Retained Earnings	20,646,000	25,687,000	20,733,000	17,840,000
Capital Stock	0	0	490,000	195,000
Common Stock	0	0	490,000	195,000
Total Liabilities Net Minority Interest	28,937,000	28,880,000	29,459,000	31,001,000
Total Non Current Liabilities Net Minority Interest	19,793,000	18,376,000	19,831,000	19,135,000
Other Non Current Liabilities	4,911,000	5,018,000	5,210,000	3,863,000
Liabilities Heldfor Sale Non Current		0	38,000	119,000	0
Tradeand Other Payables Non Current			1,080,000	1,472,000	1,713,000
Non Current Deferred Liabilities	71,000	88,000	99,000	144,000
Non Current Deferred Revenue	71,000	88,000	99,000	144,000
Long Term Debt And Capital Lease Obligation	14,811,000	13,270,000	14,484,000	13,537,000
Long Term Debt	14,811,000	13,270,000	14,484,000	13,537,000
Current Liabilities	9,144,000	10,504,000	9,628,000	11,866,000
Other Current Liabilities	3,149,000	3,345,000	3,107,000	3,636,000
Current Deferred Liabilities	358,000	297,000	293,000	369,000
Current Deferred Revenue	358,000	297,000	293,000	369,000
Current Debt And Capital Lease Obligation		1,364,000	914,000	1,945,000	2,044,000
Current Debt		1,364,000	914,000	1,945,000	2,044,000
Other Current Borrowings		1,364,000	914,000	1,446,000	1,544,000
Commercial Paper			0	499,000	500,000
Payables And Accrued Expenses	5,637,000	5,498,000	5,314,000	5,916,000
Current Accrued Expenses	1,839,000	1,834,000	1,685,000	1,486,000
Payables	3,798,000	3,664,000	3,629,000	4,430,000
Total Tax Payable	1,007,000	1,080,000	1,717,000	634,000
Income Tax Payable	1,007,000	1,080,000	1,717,000	634,000
Accounts Payable	2,791,000	2,584,000	1,912,000	3,796,000
Total Assets	50,143,000	55,154,000	51,040,000	49,014,000
Total Non Current Assets	24,389,000	29,923,000	28,576,000	28,290,000
Other Non Current Assets	6,450,000	8,053,000	8,174,000	8,929,000
Non Current Deferred Assets	743,000	5,162,000	3,310,000	1,803,000
Non Current Deferred Taxes Assets	743,000	5,162,000	3,310,000	1,803,000
Goodwill And Other Intangible Assets	12,506,000	12,043,000	12,050,000	12,390,000
Other Intangible Assets	1,148,000	1,244,000	1,408,000	1,882,000
Goodwill	11,358,000	10,799,000	10,642,000	10,508,000
Net PPE	4,690,000	4,665,000	5,042,000	5,168,000
Accumulated Depreciation	-9,814,000	-8,876,000	-7,668,000	-6,602,000
Gross PPE	14,504,000	13,541,000	12,710,000	11,770,000
Leases	594,000	550,000	485,000	369,000
Construction In Progress	154,000	126,000	226,000	330,000
Machinery Furniture Equipment	11,673,000	10,808,000	9,981,000	9,134,000
Buildings And Improvements	1,915,000	1,888,000	1,849,000	1,767,000
Land And Improvements	168,000	169,000	169,000	170,000
Current Assets	25,754,000	25,231,000	22,464,000	20,724,000
Other Current Assets	2,435,000	1,579,000	1,194,000	1,625,000
Assets Held For Sale Current		0	341,000	733,000	0
Restricted Cash	2,323,000
Inventory	6,526,000	6,423,000	6,422,000	6,341,000
Finished Goods	2,205,000	2,586,000	2,150,000	2,791,000
Work In Process	3,985,000	3,497,000	4,096,000	3,329,000
Raw Materials	336,000	340,000	176,000	221,000
Receivables	4,315,000	3,929,000	3,183,000	5,643,000
Other Receivables	1,460,000	1,582,000	1,260,000	1,468,000
Accounts Receivable	2,855,000	2,347,000	1,923,000	4,175,000
Cash Cash Equivalents And Short Term Investments	10,155,000	13,300,000	11,324,000	6,382,000
Other Short Term Investments	4,635,000	5,451,000	2,874,000	3,609,000
Cash And Cash Equivalents	5,520,000	7,849,000	8,450,000	2,773,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	12,820,000	11,161,000	9,849,000	6,834,000
Repurchase Of Capital Stock	-8,791,000	-4,121,000	-2,973,000	-3,129,000
Repayment Of Debt	-2,363,000	-1,713,000	-7,012,000	-8,892,000
Issuance Of Debt	2,485,000	799,000	6,948,000	8,477,000
Issuance Of Capital Stock	404,000	383,000	434,000	356,000
Capital Expenditure	-1,192,000	-1,041,000	-1,450,000	-2,262,000
End Cash Position	7,843,000	7,849,000	8,527,000	3,099,000
Beginning Cash Position	7,849,000	8,527,000	3,099,000	7,116,000
Effect Of Exchange Rate Changes	-22,000	12,000	30,000	-113,000
Changes In Cash	16,000	-690,000	5,398,000	-3,904,000
Financing Cash Flow	-13,196,000	-9,269,000	-6,663,000	-7,196,000
Cash From Discontinued Financing Activities	0	19,000	-58,000	4,000
Cash Flow From Continuing Financing Activities	-13,196,000	-9,288,000	-6,605,000	-7,200,000
Net Other Financing Charges	-1,126,000	-949,000	-540,000	-800,000
Cash Dividends Paid	-3,805,000	-3,687,000	-3,462,000	-3,212,000
Common Stock Dividend Paid	-3,805,000	-3,687,000	-3,462,000	-3,212,000
Net Common Stock Issuance	-8,387,000	-3,738,000	-2,539,000	-2,773,000
Common Stock Payments	-8,791,000	-4,121,000	-2,973,000	-3,129,000
Common Stock Issuance	404,000	383,000	434,000	356,000
Net Issuance Payments Of Debt	122,000	-914,000	-64,000	-415,000
Net Short Term Debt Issuance	0	0	-498,000	-3,000
Short Term Debt Payments	-998,000	-799,000	-5,566,000	-7,003,000
Short Term Debt Issuance	998,000	799,000	5,068,000	7,000,000
Net Long Term Debt Issuance	122,000	-914,000	434,000	-412,000
Long Term Debt Payments	-1,365,000	-914,000	-1,446,000	-1,889,000
Long Term Debt Issuance	1,487,000	0	1,880,000	1,477,000
Investing Cash Flow	-800,000	-3,623,000	762,000	-5,804,000
Cash From Discontinued Investing Activities	0	2,000	1,383,000	-16,000
Cash Flow From Continuing Investing Activities	-800,000	-3,625,000	-621,000	-5,788,000
Net Other Investing Changes	-1,000	-36,000	19,000	41,000
Net Investment Purchase And Sale	1,122,000	-2,304,000	918,000	1,340,000
Sale Of Investment	5,816,000	2,765,000	1,586,000	2,754,000
Purchase Of Investment	-4,694,000	-5,069,000	-668,000	-1,414,000
Net Business Purchase And Sale	-743,000	-254,000	-235,000	-4,912,000
Purchase Of Business	-743,000	-254,000	-235,000	-4,912,000
Net PPE Purchase And Sale	14,000	10,000	127,000	5,000
Sale Of PPE	14,000	10,000	127,000	5,000
Capital Expenditure Reported	-1,192,000	-1,041,000	-1,450,000	-2,262,000
Operating Cash Flow	14,012,000	12,202,000	11,299,000	9,096,000
Cash From Discontinued Operating Activities	0	-91,000	-399,000	-170,000
Cash Flow From Continuing Operating Activities	14,012,000	12,293,000	11,698,000	9,266,000
Change In Working Capital	414,000	1,223,000	1,148,000	-7,800,000
Change In Other Working Capital	62,000	20,000	-56,000	-324,000
Change In Other Current Assets	971,000	230,000	603,000	-2,266,000
Change In Payables And Accrued Expense	-116,000	1,728,000	-1,879,000	-7,000
Change In Accrued Expense	-235,000	1,046,000	1,000	-1,043,000
Change In Payable	119,000	682,000	-1,880,000	1,036,000
Change In Account Payable	119,000	682,000	-1,880,000	1,036,000
Change In Inventory	-138,000	13,000	8,000	-3,137,000
Change In Receivables	-365,000	-768,000	2,472,000	-2,066,000
Changes In Account Receivables	-365,000	-768,000	2,472,000	-2,066,000
Other Non Cash Items	-57,000	-67,000	25,000	-56,000
Stock Based Compensation	2,783,000	2,648,000	2,484,000	2,031,000
Asset Impairment Charge	130,000	86,000	314,000	49,000
Deferred Tax	3,980,000	-3,064,000	-1,269,000	-138,000
Deferred Income Tax	3,980,000	-3,064,000	-1,269,000	-138,000
Depreciation Amortization Depletion	1,602,000	1,706,000	1,809,000	1,762,000
Depreciation And Amortization	1,602,000	1,706,000	1,809,000	1,762,000
Operating Gains Losses	-381,000	-349,000	-152,000	432,000
Gain Loss On Investment Securities	-381,000	-349,000	-152,000	432,000
Net Income From Continuing Operations	5,541,000	10,110,000	7,339,000	12,986,000

These metrics estimate what QUALCOMM Incorporated is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$47.62

Margin of Safety

Market Cap ÷ Company Value

1.70

P/B Ratio

8.39

Warren's Owner Earnings

$8.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$44.3B

vs > $1.5B revenue

✅ Strong Financial Condition

2.82x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.01%

vs Uninterrupted dividends

❌ Earnings Growth

-55.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

18.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

8.39x P/B (P/E×P/B: 152.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-3.02

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$130.66

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	21.5%	10.3%	20.0%	17.5%
Repurchase of Capital Stock	-$8.8B	-$4.1B	-$3.0B	-$3.1B
Free Cash Flow	$12.8B ▲	$11.2B ▲	$9.8B ▲	$6.8B •
Warren's Owner Earnings	$8.3B	$12.9B	$10.5B	$17.0B

Peers & Industry Comparison

Semiconductors — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
QCOM	$168.89	$178.0B	18.18	55.4%	12.5%	$44.3B
NVDA NVIDIA Corporation	$197.09	$4,790.3B	40.2	71.1%	55.6%	$215.9B
AMD Advanced Micro Devices, Inc.	$343.41	$559.9B	132.1	52.5%	12.5%	$34.6B
INTC Intel Corporation	$96.72	$486.1B	N/A	37.2%	-5.9%	$53.8B
AVGO Broadcom Inc.	$412.68	$1,953.9B	80.3	76.7%	36.6%	$68.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.14%

Low — management has little skin in the game

Return on Equity (ROE)

26.1%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

11.1%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$8.8B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+1.2% YoY

Debt is roughly stable

Leadership Team

Cristiano Renno Amon

CEO, President & Director

Age 55

Pay: $5,539,054

0.100% of net income

Akash Palkhiwala

Executive VP, CFO & COO

Age 49

Pay: $2,629,426

0.047% of net income

Alexander Rogers

Executive VP, President of Qualcomm Technology Licensing (QTL) & Global Affairs

Age 68

Pay: $2,349,262

0.042% of net income

Brett William Simpson

Senior Vice President of Investor Relations

Age 51

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.70%	114,144,068
Blackrock Inc.	9.39%	100,139,957
State Street Corporation	4.96%	52,946,069
Geode Capital Management, LLC	2.71%	28,897,079
Morgan Stanley	1.74%	18,615,425
Wellington Management Group, LLP	1.57%	16,727,862
NORGES BANK	1.42%	15,147,945
Invesco Ltd.	1.19%	12,645,603

Risk Analysis

Beta (Market Risk)

1.49

Moderate volatility — moves slightly more than market

Short Interest

5.1% of float

Moderate short interest

Debt-to-Equity

0.56x

Conservative balance sheet — low financial risk

Current Ratio

2.37x

Strong liquidity — Graham approved

52-Week Price Range

Low: $121.99 Current: $168.89 High: $205.95

Currently at 56% of 52-week range

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