QCOM
QUALCOMM Incorporated

QUALCOMM IncorporatedQCOM

Technology · Semiconductors
165.41USD
+5.52%
Nov 08, 2026
QCOM overview ready
Supplier and licensor of AI-capable connected compute platforms
Qualcomm is a fabless connected-compute platform supplier.
Theme not measured
RF / Wireless Semiconductors has no leadership state this session.
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the durability its demand has shown.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Dependence on smartphone market demand.
Market Nov 6Filing Sep 27Price action Nov 7Research Sep 2

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction5.4BusinessPerformance2.0BusinessQuality8.3Valuation3.0ThemeMomentum—Weakening — Revenue fell 8% year over year in the latest quarter. Reported earnings improved faster than operating income, so most of the improvement did not come from operations. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
RF / Wireless Semiconductors — RF / Wireless Semiconductors has only one or two priced members — no leadership state
Its economic family, Semiconductors, reads Lagging (−22.2pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryConstructive

Structure is constructive on both timeframes without excessive extension — a reasonable entry location.

Key Financials

Market Cap
$177.0B
Avg Volume (60D)
13.9M
60 sessions
Revenue Growth YoY
-2.6%
FY2026 vs FY2025
Gross Margin
+53.1%
Trailing twelve months
Operating Margin
+20.1%
Trailing twelve months
Free Cash Flow Yield
+4.9%
Distance from 200DMA
-1.9%
Next Earnings
2027-02-03
P/E
13.0x
EV / EBITDA
17.9x
EV / Sales
4.3x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 27, 2026
Filed balance-sheet data as of Sep 27, 2026

Business Performance

Weakening

Revenue fell 8% year over year in the latest quarter. Reported earnings improved faster than operating income, so most of the improvement did not come from operations.

Latest reported: Q4 FY2026, ended Sep 27
Revenue growthDeclining
-8.4%
$10.3B in Q4 FY2026 · YoY
YoY growth, last 4 quarters
  1. +5.0%
  2. -3.5%
  3. -4.0%
  4. -8.4%
Earnings growthTurned profitable
$1.25B
Net income $1.25B. EPS for this quarter is not in the quarterly data read here.
Diluted EPS YoY (GAAP), last 4 quarters
  1. -1.8%
  2. +173%
  3. -23%
  4. n/a
Operating marginContracting
13.1%
-12.8 pp YoY
Earnings improved more than operations did

Business Quality

8.3 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; peers is the dissenting view.
QUALCOMM Incorporated has an Expensive valuation stance because the price embeds expectations that run ahead of the durability its demand has shown. It trades at a 4.9% free-cash-flow yield and 17.9x EBITDA, which require sustained delivery to be justified.

What changed

  • QUALCOMM INC/DE — 8-K (items 2.02, 9.01)
    Reported on 8-K, dated 2026-11-04.
    2026-11-04 · source
  • QCOM fell 11.1% in one session
    QCOM closed -11.1% against a broad market that moved -1.8%.
    2026-10-30

Company Research

Thesis
Qualcomm is a fabless connected-compute platform supplier. Its QCT business sells Snapdragon system-on-chips, modem-RF connectivity, automotive cockpit/ADAS and IoT platforms; its QTL business licenses foundational cellular intellectual property.
Opportunity
Moderate opportunity
Adoption of power-efficient, AI-capable compute silicon that runs inference locally in smartphones, PCs, vehicles, robotics and industrial devices rather than relying exclusively on centralized cloud infrastructure.
Key risk
Dependence on smartphone market demand.

Economic classification

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Business & Markets

Technology · Semiconductors
What they do

QUALCOMM develops and commercializes foundational wireless technologies globally, operating through segments that design integrated circuits, system software, and license cellular intellectual property.

How it earns

Revenue is generated through product sales of semiconductor chips and licensing fees for patented technologies.

Products & services
Snapdragon system-on-chips
Modem-RF connectivity solutions
Automotive cockpit and ADAS platforms
IoT platforms
Cellular technology licensing
Customers & end markets
Mobile device manufacturers
Automotive industry
Industrial IoT device makers
Consumer electronics companies
Market position

Market leader in wireless semiconductor solutions and cellular technology licensing.

Demand drivers
Medium cyclicality

Demand is influenced by consumer electronics cycles and automotive production trends but supported by diversified end markets.