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Qualcomm
(NASDAQ:QCOM)
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Rating:69Neutral
Price Target:
$184.00
▲(10.20% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by strong underlying financial quality (healthy margins, robust free cash flow, and improving leverage) and a generally constructive earnings-call outlook centered on accelerating non-handset diversification. These positives are partially offset by weak technicals (price below major moving averages) and near-term headwinds highlighted on the call (margin pressure, handset softness, and reduced Apple-related revenue), with valuation providing moderate support.
Positive Factors
Strong profitability & cash generation
Robust trailing‑twelve‑month margins and strong free cash flow provide durable financial flexibility. High FCF (≈$10.4B) and solid operating margins support sustained R&D, strategic investments, dividends and buybacks, helping the company weather semiconductor cycles.
Negative Factors
Handset concentration and supply shocks
Significant exposure to handset cycles and major OEM relationships creates top‑line volatility. A material step‑down in Apple revenue and handset softness can sharply swing quarter‑to‑quarter results and complicate capacity, inventory and investment planning over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability & cash generation
Robust trailing‑twelve‑month margins and strong free cash flow provide durable financial flexibility. High FCF (≈$10.4B) and solid operating margins support sustained R&D, strategic investments, dividends and buybacks, helping the company weather semiconductor cycles.
Read all positive factors
Qualcomm Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes income from different business units, highlighting which segments drive growth and profitability, and indicating strategic focus areas.
Analyzes income from different business units, highlighting which segments drive growth and profitability, and indicating strategic focus areas.
Data provided by:
The Fly
The FlyQualcomm (QCOM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$176.29B
Dividend Yield2.21%
Average Volume (3M)17.09M
Price to Earnings (P/E)18.5
Beta (1Y)1.72
Revenue Growth1.87%
EPS Growth-16.70%
CountryUS
Employees52,000
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)8.78
Shares Outstanding1,050,233,900
10 Day Avg. Volume11,920,309
30 Day Avg. Volume17,092,485
Financial Highlights & Ratios
PEG Ratio-0.74
Price to Book (P/B)8.54
Price to Sales (P/S)4.09
P/FCF Ratio14.13
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$201.83Price Target Upside20.88% Upside
Rating ConsensusHold
Number of Analyst Covering25
EPS Forecast (FY)10.6
Revenue Forecast (FY)$43.12B
Qualcomm Business Overview & Revenue Model
Company Description
QUALCOMM Incorporated is a company dedicated to developing and bringing to market fundamental technologies crucial for the global wireless communication industry. Its operations are structured into three primary segments: Qualcomm CDMA Technologie...
How the Company Makes Money
Qualcomm primarily makes money through two major revenue streams: (1) selling semiconductor products and (2) licensing its wireless intellectual property.
1) Semiconductor product sales (QCT): Qualcomm sells chipsets and related components—most n...
Qualcomm Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presents a materially positive long-term outlook driven by clear diversification progress: record automotive results, robust IoT and industrial design wins, concrete early data center milestones (tape-out, two custom wins with wafers in production) and an expanded FY2029 non-handset target to $40B. Short-term challenges include elevated memory and input costs, supply constraints that materially reduce expected Apple revenue, handset-market weakness (Android down ~20% YoY), and near-term gross-margin pressure (partly offset over time by double-digit pricing actions). Given the magnitude and strategic significance of the wins and targets versus manageable near-term cost and supply headwinds, the highlights outweigh the lowlights.Positive Updates
Strong Q3 Revenue and EPS
Reported revenue of $9.9 billion (at the high end of guidance) and non-GAAP EPS of $2.21.
Negative Updates
Memory Price and Input-Cost Headwinds
Industry facing unprecedented memory prices and broad-based increases in input costs across wafer fabrication, assembly, test, advanced packaging and materials; management expects these factors to pressure QCT gross margins in the short term and be slightly below historical range.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Q3 Revenue and EPS
Reported revenue of $9.9 billion (at the high end of guidance) and non-GAAP EPS of $2.21.
Read all positive updates
Company Guidance
Qualcomm guided fourth‑fiscal‑quarter revenue of $9.7–$10.5 billion and non‑GAAP EPS of $2.05–$2.25, with QTL revenue of $1.2–$1.4 billion (EBT margin 68–72%) and QCT revenue of $8.4–$9.0 billion (EBT margin 23–25%); within QCT they expect roughly $5.2 billion of handset revenue, IoT about flat year‑over‑year with double‑digit growth in industrial networking and robotics, and another record automotive quarter of ~60% YoY growth. They forecast non‑GAAP operating expenses of about $2.7 billion in the quarter, are implementing double‑digit price increases to offset rising input costs (with benefit layering in over a few quarters), and expect QCT gross margins to be slightly below historical range near‑term (with data‑center custom chips diluting QCT gross margin by ~1.5–2%). Two custom data‑center silicon engagements are revenue‑generating beginning in the December quarter, the company expects data‑center revenue of $5 billion in FY‑27 and $15 billion in FY‑29, and updated targets call for $40 billion of non‑handset revenue by FY‑29 (automotive+IoT >$24B, data center >$15B), with non‑handsets >50% of QCT in FY‑27 and ~2/3 in FY‑29; they also raised the automotive exit annualized run rate to ~ $7 billion, see an $8B industrial target for FY‑29 and report a >$7B industrial design‑win pipeline (>$3.5B won this fiscal year).Qualcomm Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 44.07B | 44.28B | 38.96B | 35.82B | 44.20B | 33.57B |
| Gross Profit | 23.90B | 24.55B | 21.90B | 19.95B | 25.57B | 19.30B |
| EBITDA | 13.47B | 14.93B | 12.74B | 9.95B | 17.25B | 12.41B |
| Net Income | 9.26B | 5.54B | 10.14B | 7.23B | 12.94B | 9.04B |
Balance Sheet | ||||||
| Total Assets | 57.37B | 50.14B | 55.15B | 51.04B | 49.01B | 41.24B |
| Cash, Cash Equivalents and Short-Term Investments | 8.30B | 12.48B | 13.30B | 11.32B | 6.38B | 12.41B |
| Total Debt | 15.27B | 16.37B | 15.44B | 16.07B | 16.16B | 16.30B |
| Total Liabilities | 29.71B | 28.94B | 28.88B | 29.46B | 31.00B | 31.29B |
| Stockholders Equity | 27.66B | 21.21B | 26.27B | 21.58B | 18.01B | 9.95B |
Cash Flow | ||||||
| Free Cash Flow | 10.42B | 12.82B | 11.16B | 9.85B | 6.83B | 8.65B |
| Operating Cash Flow | 12.40B | 14.01B | 12.20B | 11.30B | 9.10B | 10.54B |
| Investing Cash Flow | -2.12B | -800.00M | -3.62B | 762.00M | -5.80B | -3.36B |
| Financing Cash Flow | -13.48B | -13.20B | -9.27B | -6.66B | -7.20B | -6.80B |
Qualcomm Technical Analysis
Negative
166.97
Price Trends
190.09
Negative
176.37
Negative
167.81
Negative
Market Momentum
-7.66
Negative
44.06
Neutral
78.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QCOM, the sentiment is Negative. The current price of 166.97 is above the 20-day moving average (MA) of 165.30, below the 50-day MA of 190.09, and below the 200-day MA of 167.81, indicating a bearish trend. The MACD of -7.66 indicates Negative momentum. The RSI at 44.06 is Neutral, neither overbought nor oversold. The STOCH value of 78.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for QCOM.
Qualcomm Risk Analysis
Qualcomm disclosed 24 risk factors in its most recent earnings report. Qualcomm reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Qualcomm Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $60.45B | 19.82 | 28.05% | 1.51% | 8.77% | 39.24% | |
74 Outperform | $789.07B | 119.18 | 8.08% | ― | 39.54% | 125.82% | |
71 Outperform | $189.93B | 56.79 | 9.79% | 1.12% | 29.75% | 83.33% | |
71 Outperform | $261.26B | 42.43 | 35.77% | 2.01% | 16.66% | 20.14% | |
69 Neutral | $176.29B | 18.47 | 37.33% | 2.15% | 1.87% | -16.70% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | $512.72B | -46.22 | -10.76% | ― | 7.47% | 55.56% |
* Technology Sector Average
QCOM
Qualcomm
162.17
17.25
11.91%
AMD
Advanced Micro Devices
469.56
297.28
172.56%
ADI
Analog Devices
383.93
162.82
73.64%
INTC
Intel
97.52
76.87
372.25%
NXPI
NXP Semiconductors
233.43
31.85
15.80%
TXN
Texas Instruments
280.44
101.37
56.61%
Qualcomm Corporate Events
M&A TransactionsRegulatory Filings and Compliance
Qualcomm Advances Modular Acquisition With Share Resale Filing
Neutral
Jul 31, 2026
On July 31, 2026, Qualcomm filed a prospectus supplement with the SEC to cover the resale by selling stockholders of 17,826,566 shares of common stock that were originally issued as consideration in its acquisition of Modular Inc., which had been ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Qualcomm to Acquire Modular in Stock-Based Deal
Positive
Jun 24, 2026
On June 21, 2026, Qualcomm entered into a definitive agreement to acquire Modular Inc., expanding its portfolio through a stock-based transaction aimed at integrating Modular’s assets and capabilities. As consideration, Qualcomm plans to iss...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.