Explain this page
Arphra AIPlain-English read on QUALCOMM Incorporated’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +57.51% | +57.84% | +55.70% | +56.21% | +55.43% | +56.30% | +57.25% | +57.02% | +57.05% |
| Operating margin | +29.16% | +35.88% | +21.74% | +25.85% | +27.90% | +25.06% | +24.41% | +25.63% | +24.85% |
| EBITDA margin | +33.88% | +39.03% | +27.77% | +32.70% | +33.71% | +31.13% | +30.74% | +31.18% | +31.99% |
| EBIT margin | +29.16% | +35.04% | +22.72% | +28.32% | +30.09% | +27.20% | +27.00% | +26.49% | +26.54% |
| Pre-tax margin | +30.61% | +33.93% | +20.78% | +26.53% | +28.59% | +25.21% | +25.95% | +25.60% | +25.63% |
| Net margin | +26.94% | +29.27% | +20.19% | +26.03% | +12.51% | +18.99% | +19.81% | +19.92% | +20.13% |
| Cost structure | |||||||||
| Cost of revenue / sales | +42.49% | +42.16% | +44.30% | +43.79% | +44.57% | +45.43% | +43.80% | +44.82% | +44.20% |
| R&D intensity | +21.38% | +18.54% | +24.62% | +22.82% | +20.42% | +22.44% | +22.61% | +22.29% | +22.85% |
| SG&A intensity | +6.97% | +5.81% | +6.93% | +7.08% | +7.02% | +7.07% | +6.85% | +7.09% | +7.01% |
| Effective tax rate | +11.98% | +13.42% | +1.40% | +2.19% | +56.24% | +20.19% | +19.04% | +19.59% | +19.11% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +90.88% | +71.81% | +33.51% | +38.60% | +26.13% | +32.87% | +33.01% | +33.30% | +34.56% |
| Return on assets (ROA) | +21.93% | +26.39% | +14.17% | +18.39% | +11.05% | +14.16% | +14.72% | +15.50% | +15.26% |
| Return on capital (ROC) | +37.29% | +46.41% | +20.69% | +24.14% | +32.88% | +25.28% | +24.51% | +25.69% | +25.06% |
| Return on invested capital (ROIC) | +34.45% | +37.86% | +19.21% | +24.31% | +14.74% | +19.16% | +19.89% | +19.96% | +20.30% |
| Asset turnover | +81.39% | +90.18% | +70.18% | +70.64% | +88.32% | +74.55% | +74.31% | +77.81% | +75.78% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +26.94% | +29.27% | +20.19% | +26.03% | +12.51% | +18.99% | +19.81% | +19.92% | +20.13% |
| Asset turnover (× revenue / assets) | +81.39% | +90.18% | +70.18% | +70.64% | +88.32% | +74.55% | +74.31% | +77.81% | +75.78% |
| Equity multiplier (× assets / equity) | +414.47% | +272.10% | +236.50% | +209.92% | +236.46% | +232.15% | +224.30% | +214.89% | +226.50% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.81 | 0.90 | 0.70 | 0.71 | 0.88 | 0.75 | 0.74 | 0.78 | 0.76 |
| Fixed-asset turnover | 7.36 | 8.55 | 7.10 | 8.35 | 9.44 | — | — | — | — |
| Inventory turnover | 4.42 | 2.65 | 2.47 | 2.66 | 2.46 | — | — | — | — |
| Receivables turnover | 9.38 | 7.83 | 11.25 | 9.92 | 10.26 | — | — | — | — |
| Payables turnover | 5.19 | 4.91 | 8.30 | 6.60 | 7.07 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 38.92 | 46.60 | 32.43 | 36.81 | 35.57 | — | — | — | — |
| Days inventory outstanding (DIO) | 82.61 | 137.93 | 147.71 | 137.42 | 148.42 | — | — | — | — |
| Days payables outstanding (DPO) | 70.38 | 74.35 | 43.98 | 55.28 | 51.61 | — | — | — | — |
| Cash conversion cycle | 51.15 | 110.18 | 136.17 | 118.94 | 132.37 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.17 | 0.70 | 1.56 | 1.20 | 2.53 | 1.70 | 1.60 | 1.58 | 1.58 |
| FCF / Net income | 0.96 | 0.53 | 1.36 | 1.10 | 2.31 | 1.52 | 1.45 | 1.43 | 1.37 |
| FCF margin | +25.76% | +15.46% | +27.50% | +28.65% | +28.95% | +28.86% | +28.72% | +28.44% | +27.58% |
| OCF margin | +31.39% | +20.58% | +31.54% | +31.32% | +31.64% | +32.33% | +31.63% | +31.55% | +31.88% |
| CapEx / Revenue | +5.62% | +5.12% | +4.05% | +2.67% | +2.69% | +3.20% | +3.14% | +3.20% | +3.10% |
| CapEx / D&A | 1.19 | 1.28 | 0.80 | 0.61 | 0.74 | — | — | — | — |
| Stock-based comp / Revenue | +4.95% | +4.60% | +6.93% | +6.80% | +6.28% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 7.87 | 11.38 | 6.42 | 8.98 | 5.01 | 10.73 | 10.54 | 11.86 | 14.98 |
| EPS · basic | 8.00 | 11.52 | 6.47 | 9.09 | 5.06 | 10.96 | 10.57 | 12.03 | 14.98 |
| Book value / share | 8.66 | 15.84 | 19.17 | 23.25 | 19.19 | 22.36 | 23.02 | 25.21 | 28.92 |
| Tangible BV / share | 1.08 | 4.95 | 8.46 | 12.59 | 7.87 | 22.36 | 23.02 | 25.21 | 28.92 |
| Sales / share | 29.21 | 38.87 | 31.81 | 34.48 | 40.08 | 38.70 | 38.38 | 42.15 | 49.65 |
| Operating CF / share | 9.17 | 8.00 | 10.03 | 10.80 | 12.68 | 12.51 | 12.14 | 13.30 | 15.83 |
| Free cash flow / share | 7.53 | 6.01 | 8.75 | 9.88 | 11.60 | 11.17 | 11.02 | 11.99 | 13.69 |
| Dividends / share | 2.62 | 2.82 | 3.07 | 3.26 | 3.44 | 3.67 | 3.54 | 3.92 | 4.65 |
| Payout ratio | +33.26% | +24.83% | +47.87% | +36.35% | +68.67% | +49.99% | +46.56% | +46.66% | +46.56% |
| Retention ratio | +66.74% | +75.17% | +52.13% | +63.65% | +31.33% | +50.01% | +53.44% | +53.34% | +53.44% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +31.68% | -18.96% | +8.77% | +13.66% | -4.01% | +0.17% | +9.04% | +18.97% | +6.42% |
| Gross profit · YoY | — | +32.43% | -21.96% | +9.78% | +12.07% | -2.50% | +1.86% | +8.60% | +19.03% | +6.32% |
| Profit | ||||||||||
| Operating income · YoY | — | +62.02% | -50.90% | +29.31% | +22.68% | -13.77% | -2.45% | +14.49% | +15.33% | +4.31% |
| EBITDA · YoY | — | +51.70% | -42.34% | +28.08% | +17.19% | -11.35% | -1.10% | +10.60% | +22.04% | +5.66% |
| Net income · YoY | — | +43.05% | -44.09% | +40.24% | -45.37% | +45.71% | +4.45% | +9.65% | +20.25% | +2.62% |
| Operating | ||||||||||
| EBIT · YoY | — | +58.22% | -47.46% | +35.59% | +20.79% | -13.25% | -0.58% | +6.98% | +19.21% | +5.18% |
| R&D · YoY | — | +14.19% | +7.62% | +0.85% | +1.68% | +5.47% | +0.95% | +7.48% | +21.97% | +7.31% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +44.60% | -43.59% | +39.88% | -44.21% | +114.26% | -1.78% | +12.50% | +26.29% | +8.38% |
| EPS · basic · YoY | — | +44.00% | -43.84% | +40.49% | -44.33% | +116.66% | -3.57% | +13.77% | +24.52% | +8.15% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $16.3B | $16.16B | $16.07B | $15.44B | $16.37B | $17.59B | $16.86B | $18.55B | $22.59B |
| Net debt | $9.18B | $13.39B | $7.62B | $7.59B | $8.53B | $9B | $8.09B | $9.27B | $11B |
| Net debt / EBITDA | 0.81 | 0.78 | 0.77 | 0.60 | 0.57 | 0.68 | 0.62 | 0.64 | 0.62 |
| Debt / equity | 1.64 | 0.90 | 0.74 | 0.59 | 0.77 | 0.72 | 0.66 | 0.67 | 0.70 |
| Debt / assets | +39.52% | +32.97% | +31.48% | +27.99% | +32.65% | +30.84% | +29.43% | +31.09% | +30.99% |
| Equity / assets | +24.13% | +36.75% | +42.28% | +47.64% | +42.29% | +43.07% | +44.58% | +46.54% | +44.15% |
| Coverage | |||||||||
| EBITDA / interest expense | 20.34 | 35.20 | 14.33 | 18.28 | 22.48 | 17.67 | 17.45 | 18.26 | 18.67 |
| Operating income / interest | 17.51 | 32.37 | 11.22 | 14.45 | 18.61 | 14.23 | 13.85 | 15.01 | 14.50 |
| Interest expense | $559M | $490M | $694M | $697M | $664M | $748.92M | $750.25M | $792.87M | $946.19M |
| Liquidity | |||||||||
| Current ratio | 1.68 | 1.75 | 2.33 | 2.40 | 2.82 | — | — | — | — |
| Quick ratio | 1.34 | 1.01 | 1.51 | 1.64 | 1.84 | — | — | — | — |
| Cash ratio | 0.60 | 0.23 | 0.88 | 0.75 | 0.86 | — | — | — | — |
| Working capital | $8.12B | $8.86B | $12.84B | $14.73B | $16.61B | — | — | — | — |
| Working capital / revenue | +24.20% | +20.04% | +35.83% | +37.80% | +37.51% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).