QUALCOMM Incorporated (QCOM)
NEUTRALファンダメンタル
66
株価
$160.50
時価総額
$166.49B
パート1 · 企業の価値
概要
Qualcomm designs the modem and processor chips that let phones, cars and other devices connect to cellular networks, and separately licenses the patents behind wireless standards to nearly every phone maker in the world, collecting a fee even on phones that use a competitor's chip. It owns no factories, having its chips built by outside foundries. Historically a smartphone-chip company, it is pushing into automotive computing and connected devices as smartphone growth slows.
収益の仕組み
Most revenue comes from selling chips (QCT): Qualcomm books a sale each time a phone maker buys a modem or processor, priced on performance and features. A separate stream (QTL) collects a licensing royalty, typically a percentage of a phone's selling price, on nearly all 3G/4G/5G devices sold worldwide regardless of whose chip they use. Licensing carries far higher margins than chip sales because it has almost no associated manufacturing cost.
セグメント別売上高
Modem and processor chips sold to smartphone makers, still Qualcomm's largest single source of revenue.
Chips for connected devices outside phones — industrial equipment, wearables, networking gear and other always-connected products.
Patent-licensing royalties collected on nearly all 3G, 4G and 5G phones sold worldwide, independent of who supplies the chip.
Computing and connectivity chips sold to carmakers for infotainment and driver-assistance systems, Qualcomm's fastest-growing chip business.
Residual revenue and unallocated corporate items outside Qualcomm's main reported chip and licensing categories.
競争優位性（moat）
特許・ライセンス · 狭いQualcomm's patents on 3G, 4G and 5G standards let it collect a royalty on almost any cellular phone sold, a durable advantage that survives even when a rival wins the chip sale. The chip business itself is more exposed: Apple has moved to build its own modems, and MediaTek competes hard on price in mid-range Android phones.
需要を左右する要因
景気循環型Chip revenue tracks global smartphone shipment volumes, which rise and fall with consumer spending and inventory cycles at phone makers, while licensing revenue is steadier because it is tied to the much larger installed base of devices sold under multi-year patent agreements. Automotive and IoT are newer, smaller cycles layered on top.
主なリスク
- Apple in-sourcing modems — Apple, historically a major chip customer, is developing its own cellular modems and is expected to eventually stop buying Qualcomm chips, removing a large customer over time.
- Customer concentration — A small number of large customers, including Apple, Samsung and Xiaomi, each account for a meaningful share of revenue; losing or shrinking any one of them affects results directly.
- China exposure — A significant share of revenue is tied to Chinese device makers and to sales into China, exposing Qualcomm to trade restrictions, licensing disputes and competition encouraged by Chinese industrial policy.
- Licensing disputes — Qualcomm's patent-licensing revenue depends on agreements that counterparties periodically challenge or renegotiate, and adverse rulings or regulatory action against its licensing practices could reduce this high-margin income stream.
顧客集中度
Qualcomm discloses that Apple, Samsung and Xiaomi each individually account for 10% or more of revenue, without giving a combined figure. Apple is separately transitioning to its own modem chips, directly reducing this customer's future purchases.
強気材料
Buyers argue that Qualcomm's patent portfolio keeps generating high-margin royalties on nearly every cellular phone sold regardless of chip supplier, while new chip businesses in automotive and connected devices diversify the company away from its dependence on smartphone volumes.
弱気材料
Sellers worry that Apple's shift to in-house modems removes a major customer over several years, that Chinese chipmakers are closing the technology gap in mid-range phones, and that licensing income remains exposed to periodic legal challenges from large counterparties.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$44.07B
直近12か月（2026/6/28まで）
純利益
$9.26B
直近12か月（2026/6/28まで）
フリーキャッシュフロー
$12.82B
自己資本合計
$21.21B
負債合計
$28.94B
流動比率
2.02
利払い倍率
14.85
負債/EBITDA
1.09
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$135.88
現在株価
$160.50
安全マージン
-18.1%
適正価値レンジ
$91.57 - $180.19
推定方法
バリュエーション指標
P/E レシオ
18.10
ROE
26.1%
P/B レシオ
6.02
P/FCF
15.98
粗利益率
54.2%
ROIC
17.6%
収益性レーダー
Value Creation (Economic Moat)
ROIC
17.6%
WACC
12.9%
ROIC − WACC
+4.7 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（19）
- EPS shows upward trend
- EPS CAGR 5.38%
- Price CAGR 9.44%
- ROIC 17.6%
- Gross Margin 54.2%
- P/FCF 15.98
- Debt/Equity ratio
- Operating Margin 23.2%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 37.3%
- Revenue Growth 5Y 15.3%
- Earnings Quality (OCF/NI) 1.34
- Share Dilution -2.2%
- Piotroski F-Score 6/9
不合格（8）
- P/B Ratio 6.02
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 41% Buy
- Earnings Surprise avg 0.4%
- PEG Ratio 8.98
- Net Margin Trend 21.0% vs 26.8%
データなし（1）
- Dividend Payout NaN%
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Cristiano Renno Amon | CEO, President & Director | 55 |
| Mr. Akash Palkhiwala | Executive VP, CFO & COO | 49 |
| Ms. Ann N. Cathcart Chaplin | Executive VP, General Counsel & Corporate Secretary | 52 |
| Mr. Alexander H. Rogers J.D. | Executive VP, President of Qualcomm Technology Licensing (QTL) & Global Affairs | 68 |
| Dr. Baaziz Achour | Executive VP & Chief Technology Officer of Qualcomm Technologies, Inc. | 63 |
| Ms. Patricia Y. Grech | Senior VP & Chief Accounting Officer | 53 |
| Mr. Brett William Simpson | Senior Vice President of Investor Relations | 51 |
| Mr. Don McGuire | Executive VP & Chief Marketing Officer | - |
| Mr. Colin Ryan | Executive VP and Chief Strategy & Corporate Development Officer | - |
| Ms. Heather Ace J.D. | Executive VP & Chief Human Resources Officer | 55 |
監査リスク
2
取締役会リスク
3
報酬リスク
3
株主権利リスク
7
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for QCOM, sourced from Markets Gazette.
- 27d agoNEGATIVEQualcomm’s stock falls as memory woes weigh on earnings
Qualcomm Inc. experienced a stock decline following its latest earnings report, which missed analyst expectations due to significant challenges in the memory market. The company's financial performance was negatively impacted by these memory-related issues, leading to a shortfall in its bottom line. Investors are closely watching how Qualcomm navigates these supply chain and pricing pressures within the memory segment, as it directly affects profitability and future growth prospects for the semiconductor giant.
- 7/8/2026NEUTRALHow Qualcomm’s CIO is placing big bets on AI to support the chip company’s diversification push
Qualcomm's Chief Information Officer, Attila Tinic, is advocating for increased internal adoption of Artificial Intelligence (AI) technologies. This strategic push is intended to bolster the semiconductor giant's ongoing diversification initiatives. While the specific AI applications and their direct financial impact are not detailed, the CIO's focus suggests a forward-looking approach to operational efficiency and innovation. Investors will monitor how these AI investments translate into tangible business outcomes and support Qualcomm's strategic goals in a competitive tech landscape.
- 6/27/2026POSITIVEQualcomm’s big AI gamble: Breaking Nvidia’s chips stronghold
Qualcomm CEO Cristiano Amon is strategically positioning the company to challenge Nvidia's dominance in the lucrative data center AI chip market. The company has reportedly secured early commitments from major tech players, including Meta and Microsoft, as clients for its upcoming AI-focused processors. This move signals Qualcomm's ambition to diversify beyond its traditional mobile chip business and tap into the rapidly expanding AI infrastructure sector. For investors, this represents a significant growth opportunity, potentially unlocking new revenue streams and enhancing Qualcomm's competitive standing in the high-demand AI hardware space.
- 6/25/2026NEUTRALCan Qualcomm actually compete with Nvidia? Inside its bold data-center gamble.
Qualcomm Inc. is embarking on a significant $40 billion transformation, aiming to challenge Nvidia's dominance in the data center market. The company's strategy involves leveraging its expertise in mobile chip technology for high-performance computing applications. Meta Platforms Inc. has reportedly shown interest and is already a customer, indicating potential early adoption and validation of Qualcomm's efforts. While this represents a bold strategic pivot for Qualcomm, the success of this gamble remains to be seen, making it a key development for investors to monitor.
- 6/24/2026POSITIVEQualcomm’s stock is soaring as these big numbers excite Wall Street
Qualcomm Inc. experienced a significant surge in its stock price on Wednesday, following the announcement of ambitious new revenue targets. While specific figures were not detailed in the initial report, the market's strong positive reaction suggests these targets significantly exceeded Wall Street's expectations. This optimism indicates a robust outlook for Qualcomm's future performance, likely driven by anticipated growth in its core semiconductor business, including 5G technology and automotive applications. Investors are interpreting this news as a strong indicator of sustained profitability and market leadership.
- 6/22/2026POSITIVEQualcomm Nears Deal for AI Chip Startup Modular
Qualcomm Inc. is reportedly in advanced negotiations to acquire Modular Inc., an artificial intelligence chip startup, for approximately $4 billion. This strategic move signals Qualcomm's intent to bolster its capabilities in the rapidly growing AI chip market. The acquisition, if finalized, would integrate Modular's innovative technology into Qualcomm's existing portfolio, potentially enhancing its competitive edge against rivals in the AI hardware space. Investors will be watching for further details on the integration and the expected impact on Qualcomm's future product roadmap and market share.
- 6/16/2026NEUTRALQualcomm Stock In The Spotlight Amid Tenstorrent Deal Talks
QUALCOMM Inc. (NASDAQ:QCOM) experienced stock volatility following reports of potential acquisition talks with AI chip startup Tenstorrent. While the specifics of the deal and its financial implications remain undisclosed, the news places Qualcomm in the spotlight. Investors are likely evaluating the strategic fit and potential impact on Qualcomm's competitive position in the AI chip market. The outcome of these negotiations could significantly influence future market sentiment and stock performance for QCOM.
- 6/10/2026NEGATIVEQualcomm Slips, Shorter-Term Momentum Cools From Roller Coaster AI Highs
Qualcomm Inc. (QCOM) shares experienced a decline as investors engaged in short-term profit-taking following recent surges driven by Artificial Intelligence (AI) advancements. This dip contrasts with a bullish outlook from JPMorgan, which has set a target anticipating a significant $69 billion expansion in non-handset revenue. The immediate price action suggests that while the long-term AI narrative remains strong, current market dynamics are characterized by a cooling of momentum and a rebalancing of positions, potentially creating a short-term buying opportunity for patient investors.
- 6/5/2026NEUTRALBeyond Smartphones: Qualcomm Investor Day Could Unveil Major AI, Data Center Push
Qualcomm Inc. (QCOM) experienced an 8% stock decline amidst a general chip sector downturn, despite JPMorgan maintaining its 'Overweight' rating and raising its price target. The company's upcoming Investor Day is anticipated to reveal significant advancements in Artificial Intelligence and Data Center technologies, potentially shifting its market focus beyond smartphones. While the immediate price action reflects sector-wide pressures, the strategic pivot towards AI and data centers, coupled with analyst support, presents a mixed outlook for investors. The market will be closely watching for concrete details on these new growth avenues.
via Markets Gazette