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QUALCOMM Incorporated — Intrinsic Value & Fair Price

QCOM
NASDAQTechnologySemiconductorsCIK 0000804328qualcomm.comAbout QCOM
Last close · Oct 16, 2026172.11−6.29 (−3.53%)
Market cap$183.8B
Model value · DCF · Perpetuity growth · 5y
134.97
Qualcomm closed at $172.11 — overvalued by 28% vs model.
99.06the model's range214.28

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
64.26 – 624.51
Wall St. target
175.00 2% below
Above model, 1y
7 of 22 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
2.10%
Past 2 years
low 1.42%high 2.87%
Dividends per share, a year at a time
$2.66Sep ’21$2.93Aug ’22$3.10Aug ’23$3.30Sep ’24$3.48Sep ’25$3.62TTM
Coverage
—
Raised
22 years in a row
Growth, 5 yrs
6.4% a year
Last change
+3.4% · Jun 2026
Every payment, with ex-dates · latest $0.92, paid Sep 24, 2026

Research on QCOM

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How it is valued

Valued asCyclical
Moderate growth (~11% recent)Moderate margins (13% net margin)Highly cyclical earningsStrong FCF yield (7.0%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for cyclical companies
P/E
34.4×
EV / EBITDA
12.9×
FCF yield
6.8%
Dividend yield, TTM
2.10%
Beta
1.65
Cost of capital (WACC)
10.42%
Full financials

Analyst actions

third-party, quoted
09-09Piper Sandler · target190.00
07-30RBC Capital · target160.00
07-30Evercore ISI · target159.00
06-25Morgan Stanley · “Equal Weight” from “Underweight”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists QCOM as a comparable
Side by side:vs AVGOvs AMD

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just QCOM. No account.

About Qualcomm

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 Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). The QCT division specializes in creating and supplying integrated circuits and system software, leveraging 3G, 4G, 5G, and other advanced wireless technologies. These components are essential for a range of products, including those used for wireless voice and data communication, networking, application processing, multimedia, and global positioning. The QTL segment generates revenue by licensing its extensive intellectual property portfolio, which encompasses various patent rights vital for the manufacture and sale of wireless devices, particularly those adhering to standards like CDMA2000, WCDMA, LTE, and OFDMA-based 5G. Through its QSI segment, Qualcomm invests in early-stage companies across diverse sectors such as 5G, artificial intelligence, automotive, consumer electronics, enterprise solutions, cloud computing, and the Internet of Things, aiming to support the introduction of new products and services for both existing and emerging communication applications. Furthermore, the company provides development services and related products to United States government agencies and their contractors. Founded in 1985, QUALCOMM Incorporated maintains its headquarters in San Diego, California.

CEO
Cristiano Renno Amon
Headquarters
San Diego, CA
Employees
52,000
IPO
1991-12-13
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.