QUALCOMM Incorporated (QCOM)
SobrevaloradaFundamental
67
Precio
$183.65
Capitalización Bursátil
$207.48B
Parte 1 · Cuánto vale la empresa
Resumen
Qualcomm designs the modem and processor chips that let phones, cars and other devices connect to cellular networks, and separately licenses the patents behind wireless standards to nearly every phone maker in the world, collecting a fee even on phones that use a competitor's chip. It owns no factories, having its chips built by outside foundries. Historically a smartphone-chip company, it is pushing into automotive computing and connected devices as smartphone growth slows.
Cómo genera ingresos
Most revenue comes from selling chips (QCT): Qualcomm books a sale each time a phone maker buys a modem or processor, priced on performance and features. A separate stream (QTL) collects a licensing royalty, typically a percentage of a phone's selling price, on nearly all 3G/4G/5G devices sold worldwide regardless of whose chip they use. Licensing carries far higher margins than chip sales because it has almost no associated manufacturing cost.
Ingresos por segmento
Modem and processor chips sold to smartphone makers, still Qualcomm's largest single source of revenue.
Chips for connected devices outside phones — industrial equipment, wearables, networking gear and other always-connected products.
Patent-licensing royalties collected on nearly all 3G, 4G and 5G phones sold worldwide, independent of who supplies the chip.
Computing and connectivity chips sold to carmakers for infotainment and driver-assistance systems, Qualcomm's fastest-growing chip business.
Residual revenue and unallocated corporate items outside Qualcomm's main reported chip and licensing categories.
Ventaja competitiva
Patentes y licencias · EstrechaQualcomm's patents on 3G, 4G and 5G standards let it collect a royalty on almost any cellular phone sold, a durable advantage that survives even when a rival wins the chip sale. The chip business itself is more exposed: Apple has moved to build its own modems, and MediaTek competes hard on price in mid-range Android phones.
Qué impulsa la demanda
CíclicoChip revenue tracks global smartphone shipment volumes, which rise and fall with consumer spending and inventory cycles at phone makers, while licensing revenue is steadier because it is tied to the much larger installed base of devices sold under multi-year patent agreements. Automotive and IoT are newer, smaller cycles layered on top.
Riesgos clave
- Apple in-sourcing modems — Apple, historically a major chip customer, is developing its own cellular modems and is expected to eventually stop buying Qualcomm chips, removing a large customer over time.
- Customer concentration — A small number of large customers, including Apple, Samsung and Xiaomi, each account for a meaningful share of revenue; losing or shrinking any one of them affects results directly.
- China exposure — A significant share of revenue is tied to Chinese device makers and to sales into China, exposing Qualcomm to trade restrictions, licensing disputes and competition encouraged by Chinese industrial policy.
- Licensing disputes — Qualcomm's patent-licensing revenue depends on agreements that counterparties periodically challenge or renegotiate, and adverse rulings or regulatory action against its licensing practices could reduce this high-margin income stream.
Concentración de clientes
Qualcomm discloses that Apple, Samsung and Xiaomi each individually account for 10% or more of revenue, without giving a combined figure. Apple is separately transitioning to its own modem chips, directly reducing this customer's future purchases.
Los argumentos a favor
Buyers argue that Qualcomm's patent portfolio keeps generating high-margin royalties on nearly every cellular phone sold regardless of chip supplier, while new chip businesses in automotive and connected devices diversify the company away from its dependence on smartphone volumes.
Los argumentos en contra
Sellers worry that Apple's shift to in-house modems removes a major customer over several years, that Chinese chipmakers are closing the technology gap in mid-range phones, and that licensing income remains exposed to periodic legal challenges from large counterparties.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance y Liquidez
Ingresos
$44.07B
Últimos 12 meses (hasta 28/6/2026)
Beneficio Neto
$9.26B
Últimos 12 meses (hasta 28/6/2026)
Flujo de Caja Libre
$12.82B
Patrimonio Neto Total
$21.21B
Pasivo Total
$28.94B
Ratio de Liquidez
2.02
Cobertura de Intereses
14.85
Deuda/EBITDA
1.09
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$147.16
Precio Actual
$183.65
Margen de Seguridad
-24.8%
Rango de Valor Justo
$100.11 - $194.20
Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.
Métodos de Estimación
Métricas de Valoración
Ratio P/E
21.01
ROE
26.1%
Ratio P/B
6.99
P/FCF
18.55
Margen Bruto
54.2%
ROIC
17.6%
Radar de Rentabilidad
Creación de Valor (Ventaja Competitiva)
ROIC
17.6%
WACC
13.2%
ROIC − WACC
+4.4 pp
El ROIC supera el coste del capital: la empresa está creando valor para los accionistas.
Criterios de Análisis Fundamental
Superado (19)
- EPS shows upward trend
- EPS CAGR 5.38%
- Price CAGR 11.71%
- ROIC 17.6%
- Gross Margin 54.2%
- P/FCF 18.55
- Debt/Equity ratio
- Operating Margin 23.2%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 37.3%
- Revenue Growth 5Y 15.3%
- Earnings Quality (OCF/NI) 1.34
- Share Dilution -2.2%
- Piotroski F-Score 6/9
Fallido (8)
- P/B Ratio 6.99
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 41% Buy
- Earnings Surprise avg 0.4%
- PEG Ratio 10.55
- Net Margin Trend 21.0% vs 26.8%
No disponible (1)
- Dividend Payout NaN%
Piotroski F-Score
Señales mixtas: algunas áreas requieren atención
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Participaciones institucionales
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Cristiano Renno Amon | CEO, President & Director | 55 |
| Mr. Akash Palkhiwala | Executive VP, CFO & COO | 49 |
| Ms. Ann N. Cathcart Chaplin | Executive VP, General Counsel & Corporate Secretary | 52 |
| Mr. Alexander H. Rogers J.D. | Executive VP, President of Qualcomm Technology Licensing (QTL) & Global Affairs | 68 |
| Dr. Baaziz Achour | Executive VP & Chief Technology Officer of Qualcomm Technologies, Inc. | 63 |
| Ms. Patricia Y. Grech | Senior VP & Chief Accounting Officer | 53 |
| Mr. Brett William Simpson | Senior Vice President of Investor Relations | 51 |
| Mr. Don McGuire | Executive VP & Chief Marketing Officer | - |
| Mr. Colin Ryan | Executive VP and Chief Strategy & Corporate Development Officer | - |
| Ms. Heather Ace J.D. | Executive VP & Chief Human Resources Officer | 55 |
Riesgo de Auditoría
2
Riesgo del Consejo
3
Riesgo de Compensación
3
Riesgo de Derechos del Accionista
7
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Documentos
- Ver documento
Informe anual (10-K)
Un resumen anual del negocio, los resultados financieros y los riesgos de la empresa.
Presentado el 2025-11-05
- Ver documento
Informe trimestral (10-Q)
Una actualización del desempeño financiero de los últimos tres meses.
Presentado el 2026-07-29
- Ver documento
Informe de hecho relevante (8-K)
Un aviso sobre un hecho relevante, como un cambio de dirección o un anuncio importante.
Presentado el 2026-09-08
via SEC EDGAR
Historial de Resultados
via SEC EDGAR
Latest News
Recent headlines for QCOM, sourced from Markets Gazette.
- 7d agoPOSITIVEQualcomm rinnova l'accordo globale di licenza di brevetti con Apple
Qualcomm has announced a global patent license agreement renewal with Apple, effective April 1, 2027. This multi-year deal secures a crucial revenue stream for Qualcomm, extending their relationship beyond the current agreement. While specific financial terms were not disclosed, the renewal removes significant uncertainty for investors regarding the future of their licensing business with Apple, a key customer. This development is expected to provide stability and continued profitability for Qualcomm's licensing division, reinforcing its market position in mobile technology.
- 10d agoPOSITIVEQualcomm (QCOM) +8%: torna il rally AI prima dello Snapdragon Summit
Qualcomm Inc. (QCOM) shares surged over 8% on Monday, driven by a resurgence of investor interest in AI and semiconductor stocks. This rally was fueled by renewed optimism regarding industry spending prospects, coupled with a supportive market environment characterized by falling oil prices and lower Treasury yields. The uplift provided relief to growth-oriented tech stocks, which are sensitive to borrowing costs. The Philadelphia Semiconductor Index also saw a significant gain of approximately 4%, indicating broad strength in the chip sector. Investors are anticipating positive developments ahead of the upcoming Snapdragon Summit.
- 16d agoPOSITIVEQualcomm +3,9% dopo accordo con AWS che rafforza i piani per i data center
Qualcomm shares surged 3.9% following StoneX's reaffirmation of a Buy rating and a $270 price target. The upgrade highlights Qualcomm's expanding ambitions in the data center sector and its growing engagement with hyperscale clients. This strategic move aims to diversify Qualcomm's revenue streams beyond its core, albeit volatile, smartphone business. A key development supporting this long-term data center strategy is the company's recent agreement with Amazon Web Services (AWS), announced on September 8th. Under this partnership, Qualcomm will supply customized silicon and advanced solutions, signaling a significant step in its diversification efforts and potential for future growth in the cloud infrastructure market.
- 23d agoPOSITIVEQualcomm tonica a Wall Street su annuncio partnership con Amazon per chip data center
Qualcomm Inc. shares surged approximately 3% on Wall Street following the announcement of a multi-year partnership with Amazon. This collaboration focuses on the large-scale production of chips, signaling a significant expansion for Qualcomm into the data center market. The deal is expected to bolster Qualcomm's revenue streams and solidify its position as a key supplier for major cloud providers. Investors are viewing this development positively, anticipating increased demand for Qualcomm's advanced semiconductor technology and a potential boost to its market share in the competitive data center infrastructure space.
- 7/29/2026NEGATIVEQualcomm’s stock falls as memory woes weigh on earnings
Qualcomm Inc. experienced a stock decline following its latest earnings report, which missed analyst expectations due to significant challenges in the memory market. The company's financial performance was negatively impacted by these memory-related issues, leading to a shortfall in its bottom line. Investors are closely watching how Qualcomm navigates these supply chain and pricing pressures within the memory segment, as it directly affects profitability and future growth prospects for the semiconductor giant.
- 7/8/2026NEUTRALHow Qualcomm’s CIO is placing big bets on AI to support the chip company’s diversification push
Qualcomm's Chief Information Officer, Attila Tinic, is advocating for increased internal adoption of Artificial Intelligence (AI) technologies. This strategic push is intended to bolster the semiconductor giant's ongoing diversification initiatives. While the specific AI applications and their direct financial impact are not detailed, the CIO's focus suggests a forward-looking approach to operational efficiency and innovation. Investors will monitor how these AI investments translate into tangible business outcomes and support Qualcomm's strategic goals in a competitive tech landscape.
- 6/27/2026POSITIVEQualcomm’s big AI gamble: Breaking Nvidia’s chips stronghold
Qualcomm CEO Cristiano Amon is strategically positioning the company to challenge Nvidia's dominance in the lucrative data center AI chip market. The company has reportedly secured early commitments from major tech players, including Meta and Microsoft, as clients for its upcoming AI-focused processors. This move signals Qualcomm's ambition to diversify beyond its traditional mobile chip business and tap into the rapidly expanding AI infrastructure sector. For investors, this represents a significant growth opportunity, potentially unlocking new revenue streams and enhancing Qualcomm's competitive standing in the high-demand AI hardware space.
via Markets Gazette