QUALCOMM Incorporated

QCI.DE

Semiconductors · Technology

Price

€137.92

-2.08 (-1.49%)

Market Cap

€144.82B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Mixed

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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 designs the chips and software that power smartphones and other wireless devices. Its most well-known products are Snapdragon processors, which run inside phones made by Samsung, Xiaomi, and many other Android brands. Qualcomm also owns a massive portfolio of patents covering 3G, 4G, and 5G wireless technology, making it one of the most important companies in mobile communications.

Qualcomm earns money in two main ways: selling chips directly to device makers, and licensing its wireless patents to almost every company that builds a phone. It operates globally, with a large share of revenue coming from Chinese smartphone manufacturers. Its patent portfolio is a strong competitive moat because any company selling a 4G or 5G device must pay Qualcomm royalties. The key growth opportunity is expanding beyond phones into automotive chips and industrial devices, while the main risk is its heavy dependence on a small number of large customers and ongoing exposure to US-China trade tensions.

Growth Profile

For growth stock investors

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.

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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

+1.8%

Nearly flat sales (+1.8% YoY)

Profit growth

EPS YoY

-16.5%

Earnings shrinking (-16.5% 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

23.7%

Converts sales into free cash efficiently (23.7%)

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

14.85x

Comfortably covers interest (14.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

15.8x

Fair value — P/E 15.8

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

+3.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.8 → 12.6)

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Dividends

Dividend

Dividend Yield

2.15%

Moderate income — 2.15% yield

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

Dividend record

Dividend Growth

+1.2%

Dividend flat

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