---
title: Qualcomm (QCOM) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/qcom
ticker: QCOM
as_of: 2026-10-17
sector: Technology
industry: Semiconductors
---
# Qualcomm (QCOM)

Qualcomm (QCOM) closed at $172.11 on Oct 16, 2026, overvalued by 28% vs its model value of $134.97 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $172.11 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $134.97 |
| Price vs model | overvalued by 28% vs model |
| Range of that model | $99.06 – $214.28 |
| Market value | $183.8B |
| P/E (fiscal 2025) | 34.4 |
| Net margin (fiscal 2025) | 12.5% |
| Free cash flow (fiscal 2025) | $12.8B |
| Dividend yield (trailing twelve months) | 2.10% |
| Beta | 1.65 |
| Cost of capital (WACC) | 10.42% |
| Business classification | Cyclical (Moderate growth (~11% recent), Moderate margins (13% net margin), Highly cyclical earnings, Strong FCF yield (7.0%)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.10% |
| Dividends per share, last 12 months | $3.62 |
| Coverage | — |
| Raised | 22 years in a row |
| Growth over 5 years | 6.4% a year |
| Latest payment | $0.92, ex-date Sep 3, 2026, paid Sep 24, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 1, 2021 | $2.66 |
| To Aug 31, 2022 | $2.93 |
| To Aug 30, 2023 | $3.10 |
| To Sep 5, 2024 | $3.30 |
| To Sep 4, 2025 | $3.48 |
| Trailing twelve months (to Sep 3, 2026) | $3.62 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $134.97 | $99.06 | $214.28 |
| DCF · Perpetuity growth · 10y | cross check | $158.43 | $117.79 | $246.71 |
| DCF · EBITDA exit · 5y | cross check | $538.65 | $454.54 | $635.63 |
| DCF · EBITDA exit · 10y | cross check | $501.89 | $394.35 | $639.23 |
| P/E · peers | cross check | $389.64 | $198.99 | $471.02 |
| P/E · own history | cross check | $147.69 | $127.74 | $208.66 |
| PEG | sanity check | $263.45 | $263.45 | $263.45 |
| EV/EBITDA · peers | cross check | $536.97 | $252.37 | $790.08 |
| EV/Revenue · peers | cross check | $624.51 | $488.77 | $804.40 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $64.26 | $47.61 | $91.74 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 14 open-market sales ($4.8M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 15, 2026 | ROGERS ALEXANDER H | EVP, Pres QTL & Global Affairs | Option/RSU exercise | 5,798.725 | $0 |
| Oct 15, 2026 | ROGERS ALEXANDER H | EVP, Pres QTL & Global Affairs | Tax withholding | 1,901 | $339,138.4 |
| Oct 15, 2026 | ROGERS ALEXANDER H | EVP, Pres QTL & Global Affairs | Option/RSU exercise | 5,798 | $0 |
| Oct 15, 2026 | Palkhiwala Akash J. | EVP, CFO & COO | Option/RSU exercise | 8,284 | $0 |
| Oct 15, 2026 | Palkhiwala Akash J. | EVP, CFO & COO | Option/RSU exercise | 8,284.191 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 2, 2026 | S-3 | Shelf registration | https://www.sec.gov/Archives/edgar/data/804328/000110465926113315/tm2626658d1_s3.htm |
| Sep 8, 2026 | 8-K | 3.02 Unregistered Sale of Equity | https://www.sec.gov/Archives/edgar/data/804328/000110465926105718/tm2623289d1_8k.htm |
| Jul 31, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/804328/000110465926089234/tm2621612d2_8k.htm |
| Jul 31, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/804328/000080432826000089/forms-8moonshot.htm |
| Jul 29, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Viking Global | 2026-06-30 | 1,514,185 | $279.8M |
| Harry Burn | 2026-06-30 | 547,812 | $101.2M |
| David Katz | 2026-09-30 | 260,589 | $48.0M |
| Tepper | 2026-06-30 | 250,000 | $46.2M |

8 tracked managers in all.

## About

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 adh…

---

Source: https://sweetvaluelab.com/stocks/qcom (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.