Retour au classement

QUALCOMM Incorporated (QCOM)

Surévalué
TechnologySemiconductorsUnited States

Fondamental

67

Prix

$184.04

Capitalisation boursière

$207.48B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

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.

Comment l'entreprise gagne de l'argent

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.

Chiffre d'affaires par segment

Handsets62.8%

Modem and processor chips sold to smartphone makers, still Qualcomm's largest single source of revenue.

IoT14.9%

Chips for connected devices outside phones — industrial equipment, wearables, networking gear and other always-connected products.

Technology Licensing (QTL)12.6%

Patent-licensing royalties collected on nearly all 3G, 4G and 5G phones sold worldwide, independent of who supplies the chip.

Automotive8.9%

Computing and connectivity chips sold to carmakers for infotainment and driver-assistance systems, Qualcomm's fastest-growing chip business.

Other and unallocated0.8%

Residual revenue and unallocated corporate items outside Qualcomm's main reported chip and licensing categories.

Avantage concurrentiel

Brevets et licences · Étroit

Qualcomm'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.

Ce qui stimule la demande

Cyclique

Chip 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.

Principaux risques

  • 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.

Concentration des clients

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.

Les arguments en faveur

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.

Les arguments contre

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 août 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.

Bilan & Liquidités

Chiffre d'affaires

$44.07B

12 derniers mois (au 28/06/2026)

Résultat net

$9.26B

12 derniers mois (au 28/06/2026)

Flux de trésorerie libre

$12.82B

Capitaux propres totaux

$21.21B

Passif total

$28.94B

Ratio de liquidité général

2.02

Couverture des intérêts

14.85

Dette/EBITDA

1.09

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralSurévalué

Juste valeur

$147.16

Prix actuel

$184.04

Marge de sécurité

-25.1%

Fourchette de juste valeur

$100.11 - $194.20

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$194.13
Flux de trésorerie actualisés (DCF):$107.49
Multiple de résultat (P/E):$171.87
Formule de croissance de Graham:$97.37
Valeur de la capacité bénéficiaire (EPV):$53.89
P/B justifié:$66.48
Actualisation des dividendes (Gordon):$36.56
P/FFO, les fonds provenant de l'exploitation:$108.85
Bénéfices de milieu de cycle:$292.85
Multiple sur le chiffre d'affaires:$210.42
Consensus des analystes:Conserver (20B / 26H / 3S)
Dernière surprise sur les résultats:-2.75%

Indicateurs de valorisation

Ratio P/E

21.01

ROE

26.1%

Ratio P/B

6.99

P/FCF

18.55

Marge brute

54.2%

ROIC

17.6%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

17.6%

WACC

13.2%

ROIC − WACC

+4.4 pp

Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.

Critères d'analyse fondamentale

Réussi (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

Échoué (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%

Indisponible (1)

  • Dividend Payout NaN%

Score F de Piotroski

6/9

Signaux mixtes : certains domaines nécessitent attention

score
criteria

Qualité des bénéfices

1.34

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-2.2%

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Cristiano Renno AmonCEO, President & Director55
Mr. Akash PalkhiwalaExecutive VP, CFO & COO49
Ms. Ann N. Cathcart ChaplinExecutive VP, General Counsel & Corporate Secretary52
Mr. Alexander H. Rogers J.D.Executive VP, President of Qualcomm Technology Licensing (QTL) & Global Affairs68
Dr. Baaziz AchourExecutive VP & Chief Technology Officer of Qualcomm Technologies, Inc.63
Ms. Patricia Y. GrechSenior VP & Chief Accounting Officer53
Mr. Brett William SimpsonSenior Vice President of Investor Relations51
Mr. Don McGuireExecutive VP & Chief Marketing Officer-
Mr. Colin RyanExecutive VP and Chief Strategy & Corporate Development Officer-
Ms. Heather Ace J.D.Executive VP & Chief Human Resources Officer55

Risque d'audit

2

Risque du conseil

3

Risque de rémunération

3

Risque droits des actionnaires

7

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2025-11-05

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-07-29

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-09-08

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for QCOM, sourced from Markets Gazette.

  • 7d agoPOSITIVE
    Qualcomm 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 agoPOSITIVE
    Qualcomm (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 agoPOSITIVE
    Qualcomm +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 agoPOSITIVE
    Qualcomm 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.

  • 7/29/2026NEGATIVE
    Qualcomm’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.

  • 7/8/2026NEUTRAL
    How 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.

  • 6/27/2026POSITIVE
    Qualcomm’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