Latest Ratios: P/E Ratio 37.2x · EV/EBITDA 14.7x · ROE 23.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $196.5B | $187.0B | $192.2B | $125.1B | $128.5B | $148.2B | $135.2B | $93.1B | $105.4B | $77.2B | $102.6B |
| Enterprise Value | $205.1B | $195.5B | $199.7B | $132.7B | $141.8B | $157.4B | $144.2B | $97.2B | $110.0B | $64.1B | $108.4B |
| P/E Ratio → | 37.22 | 33.77 | 18.94 | 17.30 | 9.93 | 16.39 | 26.04 | 21.19 | — | 31.61 | 17.98 |
| P/S Ratio | 4.44 | 4.22 | 4.93 | 3.49 | 2.91 | 4.42 | 5.75 | 3.83 | 4.64 | 3.47 | 4.36 |
| P/B Ratio | 9.72 | 8.82 | 7.31 | 5.79 | 7.13 | 14.89 | 22.25 | 18.96 | 113.56 | 2.51 | 3.23 |
| P/FCF | 15.33 | 14.58 | 17.22 | 12.70 | 18.80 | 17.14 | 30.68 | 14.54 | 33.87 | 19.30 | 14.96 |
| P/OCF | 14.03 | 13.34 | 15.75 | 11.07 | 14.12 | 14.07 | 23.26 | 12.77 | 27.06 | 16.46 | 13.87 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.41 | 5.13 | 3.70 | 3.21 | 4.69 | 6.13 | 4.00 | 4.84 | 2.88 | 4.60 |
| EV / EBITDA | 14.69 | 14.01 | 16.96 | 13.82 | 8.05 | 13.84 | 18.86 | 10.71 | 50.40 | 15.86 | 13.68 |
| EV / EBIT | 16.60 | 14.67 | 18.10 | 16.30 | 9.16 | 16.08 | 23.16 | 12.02 | 29.14 | 18.24 | 15.92 |
| EV / FCF | — | 15.25 | 17.90 | 13.47 | 20.76 | 18.20 | 32.73 | 15.18 | 35.35 | 16.01 | 15.80 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.4% | 55.4% | 56.2% | 55.7% | 57.8% | 57.5% | 60.7% | 64.6% | 54.9% | 56.1% | 58.6% |
| Operating Margin | 27.9% | 27.9% | 25.8% | 21.7% | 35.9% | 29.2% | 26.6% | 31.6% | 2.7% | 11.6% | 27.6% |
| Net Profit Margin | 12.5% | 12.5% | 26.0% | 20.2% | 29.3% | 26.9% | 22.1% | 18.1% | -21.8% | 11.1% | 24.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.3% | 23.3% | 42.4% | 36.5% | 92.5% | 112.8% | 94.6% | 150.3% | -31.3% | 7.9% | 18.1% |
| ROA | 10.5% | 10.5% | 19.1% | 14.5% | 28.7% | 23.5% | 15.2% | 13.4% | -10.1% | 4.2% | 11.1% |
| ROIC | 29.1% | 29.1% | 24.0% | 19.3% | 47.1% | 42.9% | 38.9% | 79.2% | 4.0% | 7.0% | 13.5% |
| ROCE | 28.9% | 28.9% | 23.4% | 19.8% | 47.7% | 34.8% | 24.6% | 33.7% | 1.6% | 5.2% | 14.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.77 | 0.77 | 0.59 | 0.74 | 0.90 | 1.64 | 2.59 | 3.25 | 17.64 | 0.71 | 0.37 |
| Debt / EBITDA | 1.17 | 1.17 | 1.31 | 1.67 | 0.92 | 1.43 | 2.06 | 1.76 | 7.50 | 5.42 | 1.48 |
| Net Debt / Equity | — | 0.40 | 0.29 | 0.35 | 0.74 | 0.92 | 1.48 | 0.83 | 4.95 | -0.43 | 0.18 |
| Net Debt / EBITDA | 0.61 | 0.61 | 0.64 | 0.79 | 0.76 | 0.81 | 1.18 | 0.45 | 2.10 | -3.25 | 0.73 |
| Debt / FCF | — | 0.67 | 0.68 | 0.77 | 1.96 | 1.06 | 2.05 | 0.64 | 1.48 | -3.28 | 0.85 |
| Interest Coverage | 20.07 | 20.07 | 15.83 | 11.72 | 31.61 | 17.51 | 10.34 | 12.89 | 4.91 | 7.11 | 22.94 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.82 | 2.82 | 2.40 | 2.33 | 1.75 | 1.68 | 2.14 | 1.88 | 1.55 | 4.00 | 3.14 |
| Quick Ratio | 1.94 | 1.94 | 1.79 | 1.67 | 1.15 | 1.41 | 1.84 | 1.72 | 1.40 | 3.81 | 2.93 |
| Cash Ratio | 1.36 | 1.36 | 1.27 | 1.18 | 0.54 | 1.04 | 1.29 | 1.37 | 1.08 | 3.42 | 2.55 |
| Asset Turnover | — | 0.88 | 0.71 | 0.70 | 0.90 | 0.81 | 0.66 | 0.74 | 0.70 | 0.34 | 0.45 |
| Inventory Turnover | 2.46 | 2.46 | 2.66 | 2.47 | 2.65 | 4.42 | 3.56 | 6.14 | 6.05 | 4.81 | 6.27 |
| Days Sales Outstanding | — | 35.57 | 36.81 | 32.43 | 46.60 | 38.92 | 62.09 | 37.16 | 46.63 | 59.47 | 34.39 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 2.0% | 1.9% | 2.8% | 2.5% | 2.0% | 2.1% | 3.2% | 3.3% | 4.2% | 2.9% |
| Payout Ratio | 68.7% | 68.7% | 36.4% | 47.9% | 24.8% | 33.3% | 55.4% | 67.7% | — | 131.9% | 52.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 3.0% | 5.3% | 5.8% | 10.1% | 6.1% | 3.8% | 4.7% | — | 3.2% | 5.6% |
| FCF Yield | 6.5% | 6.9% | 5.8% | 7.9% | 5.3% | 5.8% | 3.3% | 6.9% | 3.0% | 5.2% | 6.7% |
| Buyback Yield | 4.5% | 4.7% | 2.1% | 2.4% | 2.4% | 2.3% | 1.8% | 1.9% | 21.4% | 1.7% | 3.8% |
| Total Shareholder Yield | 6.3% | 6.7% | 4.1% | 5.1% | 4.9% | 4.3% | 3.9% | 5.1% | 24.7% | 5.9% | 6.7% |
| Shares Outstanding | — | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.5B | $1.5B | $1.5B |
Geopolitical handset market exposure
According to current market data, Qualcomm trades at a forward P/E of 17.61, which appears to discount the company as a legacy handset player rather than a diversified compute firm, despite the potential for long-term earnings growth from the automotive and PC-compute segments.
The discrepancy between the TTM P/E of 37.80 and the forward multiple suggests that investors are pricing in a significant recovery in earnings, likely tied to the Snapdragon X Elite platform's success. This valuation gap warrants caution, as it implies that the market is highly sensitive to any failure in the company's strategic pivot away from mobile-only dependency.
Based on reported financial figures, ROIC has fluctuated between 5.1% and 8.4% over the last ten quarters, indicating that the company is struggling to consistently compound returns on its invested capital amidst the ongoing cyclical downturn in the global semiconductor handset market.
The compression in ROIC suggests that the high R&D intensity required to maintain a competitive edge in cellular standards is currently outpacing the incremental returns generated by new product launches. Investors should monitor whether the automotive design-win pipeline can eventually drive a structural improvement in these returns as the revenue mix shifts.
As reported in recent filings, the cash conversion cycle has remained elevated, averaging over 110 days across the last ten quarters, which reflects the inherent difficulty of managing inventory in a fabless model sensitive to rapid technological obsolescence and shifting OEM demand.
The persistent DIO (Days Inventory Outstanding) of over 120 days suggests that the company is carrying significant stock, which poses a risk of write-downs if handset demand fails to materialize as expected. This inefficiency in working capital management highlights the company's vulnerability to the bullwhip effect within the global smartphone supply chain.
The P/E ratio is frequently misapplied to Qualcomm because it fails to account for the high-margin, IP-heavy nature of the QTL licensing segment, which provides a degree of earnings stability that is fundamentally different from the cyclical, hardware-driven revenue streams of its merchant silicon peers.
Analysts should instead focus on an adjusted EV/EBITDA metric that separates the licensing business from the QCT hardware segment to better capture the underlying earning power. Relying solely on P/E ignores the significant accounting true-ups and non-recurring patent settlements that frequently distort the company's reported net income.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying QCOM stock.
QUALCOMM Incorporated's current P/E ratio is 37.2x. The historical average is 37.2x. This places it at the 71th percentile of its historical range.
QUALCOMM Incorporated's current EV/EBITDA is 14.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.2x.
QUALCOMM Incorporated's return on equity (ROE) is 23.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 27.2%.
Based on historical data, QUALCOMM Incorporated is trading at a P/E of 37.2x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
QUALCOMM Incorporated's current dividend yield is 1.85% with a payout ratio of 68.7%.
QUALCOMM Incorporated has 55.4% gross margin and 27.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
QUALCOMM Incorporated's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.