Price to Book Value (P/BV)
since 2005
Calculation
Qualcomm Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 4, 2026 | 6.10 | = | 173.19 | ÷ | 28.41 | 28.41 | = | 30,401 | ÷ | 1,070,000,000 | |
| Nov 5, 2025 | 9.08 | = | 179.72 | ÷ | 19.80 | 19.80 | = | 21,206 | ÷ | 1,071,000,000 | |
| Nov 6, 2024 | 7.31 | = | 172.99 | ÷ | 23.65 | 23.65 | = | 26,274 | ÷ | 1,111,000,000 | |
| Nov 1, 2023 | 5.72 | = | 110.89 | ÷ | 19.39 | 19.39 | = | 21,581 | ÷ | 1,113,000,000 | |
| Nov 2, 2022 | 7.00 | = | 112.50 | ÷ | 16.07 | 16.07 | = | 18,013 | ÷ | 1,121,000,000 | |
| Nov 3, 2021 | 15.59 | = | 138.48 | ÷ | 8.88 | 8.88 | = | 9,950 | ÷ | 1,120,000,000 | |
| Nov 4, 2020 | 24.00 | = | 128.97 | ÷ | 5.37 | 5.37 | = | 6,077 | ÷ | 1,131,000,000 | |
| Nov 6, 2019 | 19.69 | = | 84.63 | ÷ | 4.30 | 4.30 | = | 4,909 | ÷ | 1,141,844,863 | |
| Nov 7, 2018 | 82.57 | = | 63.21 | ÷ | 0.77 | 0.77 | = | 928 | ÷ | 1,212,162,586 | |
| Nov 1, 2017 | 2.56 | = | 53.46 | ÷ | 20.86 | 20.86 | = | 30,746 | ÷ | 1,474,164,639 | |
| Nov 2, 2016 | 3.12 | = | 67.09 | ÷ | 21.52 | 21.52 | = | 31,778 | ÷ | 1,476,886,684 | |
| Nov 4, 2015 | 2.88 | = | 60.26 | ÷ | 20.90 | 20.90 | = | 31,421 | ÷ | 1,503,094,004 | |
| Nov 5, 2014 | 3.28 | = | 77.20 | ÷ | 23.56 | 23.56 | = | 39,169 | ÷ | 1,662,600,946 | |
| Nov 6, 2013 | 3.26 | = | 69.74 | ÷ | 21.36 | 21.36 | = | 36,088 | ÷ | 1,689,435,673 | |
| Nov 7, 2012 | 2.95 | = | 58.12 | ÷ | 19.67 | 19.67 | = | 33,523 | ÷ | 1,704,029,150 | |
| Nov 2, 2011 | 3.25 | = | 52.18 | ÷ | 16.03 | 16.03 | = | 26,951 | ÷ | 1,680,984,426 | |
| Nov 3, 2010 | 3.54 | = | 45.69 | ÷ | 12.89 | 12.89 | = | 20,858 | ÷ | 1,617,713,293 | |
| Nov 5, 2009 | 3.61 | = | 43.85 | ÷ | 12.16 | 12.16 | = | 20,316 | ÷ | 1,670,313,078 | |
| Nov 6, 2008 | 3.05 | = | 33.05 | ÷ | 10.84 | 10.84 | = | 17,944 | ÷ | 1,655,471,748 | |
| Nov 8, 2007 | 4.11 | = | 39.76 | ÷ | 9.68 | 9.68 | = | 15,835 | ÷ | 1,636,486,963 | |
| Nov 2, 2006 | 4.48 | = | 36.36 | ÷ | 8.11 | 8.11 | = | 13,406 | ÷ | 1,652,553,203 | |
| Nov 2, 2005 | 5.97 | = | 40.38 | ÷ | 6.76 | 6.76 | = | 11,119 | ÷ | 1,644,187,545 |
Based on: 10-K (reporting date: 2026-09-27), 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-24), 10-K (reporting date: 2016-09-25), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-25), 10-K (reporting date: 2010-09-26), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-24), 10-K (reporting date: 2005-09-25).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Qualcomm Inc. Annual Report.
The price-to-book value (P/BV) ratio exhibits three distinct phases over the analyzed period: a decade of relative stability, a period of extreme volatility characterized by a sharp valuation spike, and a subsequent phase of moderate correction and stabilization.
- Historical Stability Phase (2005–2017)
- Between 2005 and 2017, the P/BV ratio remained consistently low, fluctuating within a narrow range between 2.56 and 5.97. During this interval, the book value per share (BVPS) grew steadily from 6.76 US$ to 20.86 US$, indicating a consistent accumulation of equity that closely tracked the growth in share price. The downward trend in the P/BV ratio during this period suggests that the growth in book value outpaced the growth in market valuation.
- Valuation Anomaly (2018–2021)
- A significant divergence occurred in 2018, where the P/BV ratio spiked to an unprecedented 82.57. This surge was not driven by an increase in share price, which remained stable at 63.21 US$, but rather by a precipitous decline in BVPS to 0.77 US$. This indicates a substantial reduction in shareholders' equity. While the P/BV ratio began to contract in subsequent years, it remained elevated compared to historical norms, reaching 24.00 in 2020, reflecting a market valuation that significantly exceeded the underlying book value.
- Normalization and Projected Trends (2022–2026)
- From 2022 onward, a trend toward normalization is observed as BVPS recovered strongly, rising from 16.07 US$ in 2022 to a projected 28.41 US$ by 2026. Consequently, the P/BV ratio compressed from 7.00 in 2022 to a projected 6.10 by 2026. Although these levels remain higher than the pre-2018 average, the convergence of increasing book value and stabilizing share prices suggests a return to a more sustainable valuation structure.
Overall, the data indicates that while share prices have reached new highs in the later years, the extreme volatility in the P/BV ratio was primarily a function of drastic changes in book value rather than speculative market pricing. The long-term trajectory shows a transition from a low-multiple environment to a higher-multiple valuation regime.
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Comparison to Competitors
Qualcomm Inc., P/BV, long-term trends, comparison to competitors
| Qualcomm Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Marvell Technology Inc. | Micron Technology Inc. | NVIDIA Corp. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 4, 2026 | 6.10 | — | — | — | — | — | 39.76 | 31.24 | 5.53 | 8.41 | 30.21 | — |
| Nov 5, 2025 | 9.08 | 5.18 | 3.65 | 10.07 | 19.24 | 1.97 | 25.73 | 13.09 | 4.51 | 3.89 | 40.38 | 12.35 |
| Nov 6, 2024 | 7.31 | 3.15 | 3.09 | 7.25 | 15.29 | 0.85 | 28.08 | 12.13 | 3.95 | 2.51 | 39.25 | 9.86 |
| Nov 1, 2023 | 5.72 | 4.85 | 2.53 | 8.23 | 21.59 | 1.75 | 23.25 | 10.58 | 2.24 | 1.74 | 26.03 | 8.57 |
| Nov 2, 2022 | 7.00 | 2.32 | 2.35 | 7.25 | 10.23 | 1.15 | 40.04 | 10.10 | 3.52 | 1.15 | 24.95 | 11.33 |
| Nov 3, 2021 | 15.59 | 19.21 | 2.50 | 10.60 | 10.50 | 2.21 | 15.98 | 13.64 | 3.84 | 1.79 | 20.14 | 11.87 |
| Nov 4, 2020 | 24.00 | 17.77 | 4.22 | 7.63 | 7.40 | 2.84 | 11.83 | 10.55 | 1.45 | 1.50 | 15.49 | 17.02 |
| Nov 6, 2019 | 19.69 | 20.46 | 3.61 | 6.67 | 5.09 | 3.78 | 8.15 | 6.40 | 1.75 | 1.40 | 10.09 | 13.79 |
| Nov 7, 2018 | 82.57 | 18.30 | 3.02 | 4.73 | 3.74 | 2.94 | 11.40 | 4.28 | 2.52 | 1.49 | 19.60 | 11.20 |
| Nov 1, 2017 | 2.56 | 19.87 | 3.22 | 5.94 | 5.28 | 3.08 | 10.50 | 3.82 | 1.96 | 2.51 | 10.51 | 9.89 |
| Nov 2, 2016 | 3.12 | 31.66 | 4.35 | 4.93 | 3.84 | 2.60 | 17.57 | 2.45 | 1.39 | 1.48 | 3.98 | 7.36 |
| Nov 4, 2015 | 2.88 | — | 3.72 | 2.87 | 8.24 | 2.21 | 19.59 | 2.23 | 1.50 | 1.47 | 2.84 | 5.30 |
| Nov 5, 2014 | 3.28 | 12.72 | 3.64 | 3.80 | 7.98 | 2.91 | 3.26 | 2.29 | 1.65 | 3.22 | 2.19 | 5.94 |
| Nov 6, 2013 | 3.26 | 4.94 | 3.28 | 2.82 | 4.46 | 2.11 | 2.78 | 1.69 | 1.18 | 1.92 | 1.63 | 4.46 |
| Nov 7, 2012 | 2.95 | 3.45 | 2.90 | 1.79 | 3.25 | 2.04 | 2.61 | 1.24 | 1.82 | 0.72 | 2.20 | 3.45 |
| Nov 2, 2011 | 3.25 | 3.28 | 2.62 | 1.65 | 3.51 | 2.90 | 2.11 | 1.80 | 1.85 | 0.64 | 3.27 | 3.48 |
| Nov 3, 2010 | 3.54 | 6.21 | 3.36 | 2.35 | 4.24 | 2.46 | 2.41 | 2.63 | 2.96 | 0.96 | 3.74 | 4.00 |
| Nov 5, 2009 | 3.61 | 8.23 | 3.43 | 2.53 | 3.78 | 2.76 | 2.44 | 2.67 | 1.53 | 1.25 | 2.27 | 3.10 |
| Nov 6, 2008 | 3.05 | — | 2.04 | 1.84 | — | 1.72 | 2.20 | 2.69 | 1.96 | 0.42 | 4.24 | 2.09 |
| Nov 8, 2007 | 4.11 | 1.44 | 3.99 | 3.14 | — | 2.76 | 3.26 | 4.05 | 3.29 | 0.96 | 5.06 | 4.14 |
| Nov 2, 2006 | 4.48 | 1.42 | 3.36 | 3.81 | — | 3.27 | 2.75 | 4.19 | 5.52 | 1.30 | 5.75 | 3.93 |
| Nov 2, 2005 | 5.97 | 5.83 | 3.75 | 3.42 | — | 3.34 | 3.19 | 3.75 | 3.85 | 1.47 | 3.63 | 4.00 |
Based on: 10-K (reporting date: 2026-09-27), 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-24), 10-K (reporting date: 2016-09-25), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-25), 10-K (reporting date: 2010-09-26), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-24), 10-K (reporting date: 2005-09-25).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
Qualcomm Inc., P/BV, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Qualcomm Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Nov 4, 2026 | 6.10 | — |
| Nov 5, 2025 | 9.08 | 12.82 |
| Nov 6, 2024 | 7.31 | 9.07 |
| Nov 1, 2023 | 5.72 | 6.26 |
| Nov 2, 2022 | 7.00 | 5.10 |
| Nov 3, 2021 | 15.59 | 6.22 |
| Nov 4, 2020 | 24.00 | 5.97 |
| Nov 6, 2019 | 19.69 | 5.04 |
| Nov 7, 2018 | 82.57 | 4.59 |
| Nov 1, 2017 | 2.56 | 4.04 |
| Nov 2, 2016 | 3.12 | 3.35 |
| Nov 4, 2015 | 2.88 | 2.84 |
| Nov 5, 2014 | 3.28 | 3.36 |
| Nov 6, 2013 | 3.26 | 2.64 |
| Nov 7, 2012 | 2.95 | 2.32 |
| Nov 2, 2011 | 3.25 | 2.71 |
| Nov 3, 2010 | 3.54 | 2.82 |
| Nov 5, 2009 | 3.61 | 2.88 |
| Nov 6, 2008 | 3.05 | 2.07 |
| Nov 8, 2007 | 4.11 | 3.09 |
| Nov 2, 2006 | 4.48 | 3.39 |
| Nov 2, 2005 | 5.97 | 3.77 |
Based on: 10-K (reporting date: 2026-09-27), 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-24), 10-K (reporting date: 2016-09-25), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-25), 10-K (reporting date: 2010-09-26), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-24), 10-K (reporting date: 2005-09-25).
Comparison to Industry (Information Technology)
Qualcomm Inc., P/BV, long-term trends, comparison to industry (information technology)
| Qualcomm Inc. | Information Technology | |
|---|---|---|
| Nov 4, 2026 | 6.10 | — |
| Nov 5, 2025 | 9.08 | 13.99 |
| Nov 6, 2024 | 7.31 | 13.09 |
| Nov 1, 2023 | 5.72 | 11.29 |
| Nov 2, 2022 | 7.00 | 10.25 |
| Nov 3, 2021 | 15.59 | 12.37 |
| Nov 4, 2020 | 24.00 | 10.94 |
| Nov 6, 2019 | 19.69 | 8.41 |
| Nov 7, 2018 | 82.57 | 7.00 |
| Nov 1, 2017 | 2.56 | 5.46 |
| Nov 2, 2016 | 3.12 | 4.53 |
| Nov 4, 2015 | 2.88 | 4.30 |
| Nov 5, 2014 | 3.28 | 4.36 |
| Nov 6, 2013 | 3.26 | 3.50 |
| Nov 7, 2012 | 2.95 | 3.75 |
| Nov 2, 2011 | 3.25 | 3.98 |
| Nov 3, 2010 | 3.54 | 4.16 |
| Nov 5, 2009 | 3.61 | 4.31 |
| Nov 6, 2008 | 3.05 | 4.00 |
| Nov 8, 2007 | 4.11 | 8.64 |
| Nov 2, 2006 | 4.48 | 7.24 |
| Nov 2, 2005 | 5.97 | 7.40 |
Based on: 10-K (reporting date: 2026-09-27), 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-24), 10-K (reporting date: 2016-09-25), 10-K (reporting date: 2015-09-27), 10-K (reporting date: 2014-09-28), 10-K (reporting date: 2013-09-29), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-25), 10-K (reporting date: 2010-09-26), 10-K (reporting date: 2009-09-27), 10-K (reporting date: 2008-09-28), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-24), 10-K (reporting date: 2005-09-25).