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QUALCOMM Incorporated

QCOM
56
Semiconductors · Technology
Price
$160.75
+0.01 (+0.01%)
Market Cap
$168.79B
Exchange
NASDAQ
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 28, 2026
How the score breaks down
Quality
Strong
Growth
Mixed
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Good
Dividends
Good
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Share count falling — buybacks

−3.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.15B (2021) → 1.10B (2025)

Winston Score History

The full picture

Qualcomm makes the tiny computer chips that power smartphones. Its most famous product is the Snapdragon processor, which runs inside phones made by Samsung, Xiaomi, and many other Android brands. Apple also uses Qualcomm's modem chips to connect iPhones to cellular networks, making Qualcomm one of the most important chip suppliers in the mobile industry.

Qualcomm earns money two ways: selling chips directly to phone makers, and collecting licensing fees from companies that use its patented wireless technology. Nearly every smartphone on earth uses some of Qualcomm's patents, which gives the company a powerful and durable competitive advantage. It operates globally, with a large share of revenue coming from Chinese phone manufacturers. The biggest growth opportunity is expanding Snapdragon chips into laptops, cars, and industrial devices, but the main risk is customer concentration — losing Apple's modem business or a slowdown in smartphone demand could meaningfully hurt revenue.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-22.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$9.0B/ year

→ Flat (+2% vs prior year)

20.4% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$8.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

QUALCOMM Incorporated's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
53.1%
Healthy — 53.1% gross margin
Profit after running costs
Operating Margin
16.3%
Healthy — 16.3% operating margin
Return on the money invested
ROCE
23.8%
Exceptional — 23.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+1.9%
Nearly flat sales (+1.9% YoY)
Profit growth
EPS YoY
-16.1%
Earnings shrinking (-16.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
134%
Turns 134% of profit into real cash
Spare cash per sale
FCF Margin
23.6%
Converts sales into free cash efficiently (23.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.55
Conservative — low debt load (0.55)
Covers its interest
Interest Cover
30.78x
Comfortably covers interest (30.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
18.3x
Fair value — P/E 18.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.7
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
2.11%
Moderate income — 2.11% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+4.0%
Dividend growing modestly (4.0% YoY)

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