Qualcomm
ConvictionModerate
Dual engine: QCT sells fabless chipsets (handset SoCs, RF, auto, IoT) at hardware margins; QTL licenses Qualcomm's cellular/standards-essential patent portfolio for high-margin royalties on nearly every 3G/4G/5G device sold globally. QSI makes strategic investments.
Revenue
$44.3BFY2025, ended Sep 28 2025Rev growth
+14% YoY FY2025$44.3B vs $39.0B FY2024Gross margin
~55%FY2025, GAAP/TTM approx.Op margin
~28%FY2025, GAAP/TTM approx.Capex intensity
Low~3% of revenue (fabless; outsources fab to TSMC/Samsung/GlobalFoundriesMarket cap
~$186BJul 5, 2026; NASDAQ: QCOM, ~$176/sh, down ~20% year-to-date in 2026 on Apple-modem and China concernsThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence