Qualcomm Inc. (QCOM) intrinsic value & 10-year financials
Qualcomm Inc. (QCOM) has a Graham intrinsic value of $63.45 per share. At $172.11 on Oct 16, 2026, the stock trades 171% above that value. Over the last 10 fiscal years revenue grew 7.3% a year to $44.3B, with an average return on invested capital of 32.8%.
- Graham intrinsic value
- $63.45
- Share price (Oct 16, 2026)
- $172.11
- Price vs Graham value
- 171% above
- Market cap
- $190.2B
- Revenue (FY2025)
- $44.3B
- Revenue growth (10-yr CAGR)
- 7.3%
- ROIC (10-yr avg)
- 32.8%
- Free cash flow (FY2025)
- $12.8B
QCOM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $44.3B | $5.5B | $5.01 | $12.8B | 27.9% | 19.0% |
| FY2024 | $39.0B | $10.1B | $8.97 | $11.2B | 25.8% | 31.3% |
| FY2023 | $35.8B | $7.2B | $6.42 | $9.8B | 21.7% | 25.6% |
| FY2022 | $44.2B | $12.9B | $11.37 | $6.8B | 35.9% | 55.7% |
| FY2021 | $33.6B | $9.0B | $7.87 | $8.6B | 29.2% | 51.5% |
| FY2020 | $23.5B | $5.2B | $4.52 | $4.4B | 26.6% | 48.4% |
| FY2019 | $24.3B | $4.4B | $3.59 | $6.4B | 31.6% | 69.7% |
| FY2018 | $22.7B | -$4.9B | -$3.32 | $3.1B | 3.3% | 3.5% |
| FY2017 | $22.3B | $2.5B | $1.65 | $4.0B | 11.7% | 8.1% |
| FY2016 | $23.6B | $5.7B | $3.81 | $6.9B | 27.6% | 15.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
QUALCOMM INC/DE has demonstrated mature, steady growth, with revenue compounding at 7.3% annually over the past decade.
QUALCOMM INC/DE has earned high returns on invested capital, averaging 32.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, QUALCOMM INC/DE shows that management has aggressively returned capital to shareholders by retiring 26.2% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, QUALCOMM INC/DE is modeled at 3.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $63.45 per share.