QUALCOMM IncorporatedQCOM
NasdaqGS•Technology•Semiconductors
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.
QUALCOMM Incorporated (QCOM) reported trailing twelve months revenue of $44.49B as of March 2026, a 5.2% increase year-over-year. Quarterly revenue reached $10.60B, reflecting continued top-line momentum.
QUALCOMM Incorporated generated $9.92B in TTM net income, with quarterly EBITDA of $2.72B. The operating margin contracted from 28.4% to 21.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (21.8%) and net margin (69.5%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 25.6% a year ago, signaling stronger bottom-line efficiency.
QCOM trades at a P/E of 13.7x (below the broader market average) and a P/S of 3.0x. The price-to-book ratio of 5.0x reflects a moderate premium to book value.
The company generated $1.92B in free cash flow over the trailing twelve months, a 18.1% decrease year-over-year, indicating cash generation ability. The balance sheet shows $57.14B in total assets with $14.77B in long-term debt against $27.28B in stockholders equity for a debt-to-equity ratio of 0.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~26.2% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 35.2% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~19.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 5.5% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 0.7x on average — earnings are well-supported by cash generation.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 4.5% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation