QUALCOMM Incorporated

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Sep 2026, QCT was 86% and QTL was 13% of revenue.

Quarters: QUALCOMM Incorporated's SEC filings, named by the month they end. Fiscal years: QUALCOMM Incorporated's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $31.6 ends up as net income. Net margin rose from 20.2% to 31.6% over the past 3 years.

Circled: Sep 2025 (net −27.7%, operating 25.9%), Mar 2026 (net 69.5%, operating 21.8%). Net margin is usually about 1 point below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: QUALCOMM Incorporated's annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 50.7% and falling for 4 quarters; inventory at 156 days, up from 121 a year earlier; capital spending 5.8% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report QUALCOMM buys from TSMC, Samsung, GlobalFoundries and 5 more; sells to Apple, Samsung, Xiaomi; one customer it does not name accounts for 22% of its revenue.

Their suppliers

ASMPT 0522.HKto Amkor Technology

BE Semiconductor Industries BESI.ASto Amkor Technology

Henkel HEN3.DEto Amkor Technology

Lam Research LRCXto ASE Technology, Micron Technology +2

Teradyne TERto ASE Technology

Advantest ATEYYto ASE Technology

Silicon Motion Technology SIMOto Micron Technology

Applied Materials AMATto Micron Technology

ASML ASMLto Micron Technology

KLA KLACto TSMC

Onto Innovation ONTOto TSMC, Samsung

NXP Semiconductors NXPIto Samsung

Show 12

Suppliers

Amkor Technology AMKR

Arm ARM

ASE Technology ASX

GlobalFoundries GFS

Micron Technology MU

TSMC TSM

Samsung 005930.KS

STATS ChipPAC

 

QCOMQUALCOMM

Customers

Unnamed customer 22%

Apple AAPL 10%

Samsung 005930.KS 10%

Fortinet FTNT

Xiaomi XIACF

Their customers

Ambarella AMBAfrom Samsung

AMD AMDfrom Samsung

NVIDIA NVDAfrom Samsung

Arrow Electronics ARWfrom Fortinet

Ingram Micro INGMfrom Fortinet

TD Synnex SNXfrom Fortinet

Show 6

QUALCOMM's 10-K for the year to Sep 2026 gives two customers' shares of its revenue: Customer X (22%) and Customer Y (20%).

From QUALCOMM Incorporated's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Changes since the previous annual report (10-K filed Nov 5, 2025)

Micron Technology MUNamed for the first time, as a supplier

SSTATS ChipPACNamed for the first time, as a supplier

SSTATSChipPACNo longer named (was a supplier)

TTranssionNo longer named (was a partner)

Only the companies QUALCOMM names in its 10-K filed Nov 4, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 13.9x, below the peer median of 21x, but earnings are expected to fall, so the discount may be deserved.

Priced 34% below the peer median of 21x.

At 13.9× trailing earnings QCOM is below most of its five-year range; the five-year median is 17.8×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $185, 5% above the current price; 27% of 37 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 10 analysts (27%). Sell or Strong Sell: 3.

Over the past year the average of the analysts' latest price targets went from $197.22 to $186.94 (−5%), while QCOM went from $174.50 to $177.14 (+2%). In the past three months targets were raised 4 times and cut 8 times. 4 upgrades and 6 downgrades over the year; the latest: Freedom Broker moved it to Hold from Buy on Nov 9, 2026.

The day after each of these reports the stock moved −7.4% (Dec 2025, beat); +19.7% (Mar 2026, beat); −6.9% (Jun 2026, missed); −4.7% (Sep 2026, beat).

For the quarter ending Dec 2026 (QUALCOMM reports on Feb 3, 2027), analysts expect adjusted earnings of $2.26 a share, 36% less than the $3.50 of a year earlier, and revenue of $10.8B, down 12% on a year earlier. For the fiscal year ending Sep 2027, they expect adjusted earnings of $9.59 a share, 9% less than the $10.53 of the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $8.7B in free cash flow over the year and returned more than it generated: $11.7B went back to shareholders (dividends plus buybacks), so $3.0B came from cash on hand or borrowing.

QUALCOMM had 1.07B diluted shares in the quarter ended Jun 2026, 2.7% fewer than a year earlier, and 1.2% fewer each year on average since Mar 2020. It spent $7.8B on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.9, no pressure to repay short-term debt; debt-to-equity 0.5, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 7 members of Congress and 12 funds whose copy leaves QCOM out (on the exchange, not in the app yet): Nan Shan Life Insurance, Altimeter Capital Management, Laurel Lee, Dan Meuser, Mirae Asset Global Investments, Appaloosa and 13 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 17 held QCOM at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 7 cut, 3 bought new, 2 sold all and 1 held the same. The largest of them is Norges Bank, 16.21M shares worth $3.0B at Jun 30, 2026, 7.0% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of QCOM at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $21.5M of QCOM on the open market in the 12 months to Nov 12, 2026; none bought. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Cristiano R Amon (President & CEO; director), who sold $7.6M in 4 sales.

From the Form 4s filed with the SEC about QUALCOMM Incorporated (83 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 120 other transactions (grants, option exercises, shares withheld for tax, gifts and other transfers).