Price to Operating Profit (P/OP)
since 2005
Calculation
Qualcomm Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 5, 2025 | 15.58 | = | 179.72 | ÷ | 11.54 | 11.54 | = | 12,355 | ÷ | 1,071,000,000 | |
| Nov 6, 2024 | 19.08 | = | 172.99 | ÷ | 9.06 | 9.06 | = | 10,071 | ÷ | 1,111,000,000 | |
| Nov 1, 2023 | 15.85 | = | 110.89 | ÷ | 7.00 | 7.00 | = | 7,788 | ÷ | 1,113,000,000 | |
| Nov 2, 2022 | 7.95 | = | 112.50 | ÷ | 14.15 | 14.15 | = | 15,860 | ÷ | 1,121,000,000 | |
| Nov 3, 2021 | 15.84 | = | 138.48 | ÷ | 8.74 | 8.74 | = | 9,789 | ÷ | 1,120,000,000 | |
| Nov 4, 2020 | 23.32 | = | 128.97 | ÷ | 5.53 | 5.53 | = | 6,255 | ÷ | 1,131,000,000 | |
| Nov 6, 2019 | 12.60 | = | 84.63 | ÷ | 6.71 | 6.71 | = | 7,667 | ÷ | 1,141,844,863 | |
| Nov 7, 2018 | 103.26 | = | 63.21 | ÷ | 0.61 | 0.61 | = | 742 | ÷ | 1,212,162,586 | |
| Nov 1, 2017 | 30.15 | = | 53.46 | ÷ | 1.77 | 1.77 | = | 2,614 | ÷ | 1,474,164,639 | |
| Nov 2, 2016 | 15.26 | = | 67.09 | ÷ | 4.40 | 4.40 | = | 6,495 | ÷ | 1,476,886,684 | |
| Nov 4, 2015 | 15.68 | = | 60.26 | ÷ | 3.84 | 3.84 | = | 5,776 | ÷ | 1,503,094,004 | |
| Nov 5, 2014 | 17.00 | = | 77.20 | ÷ | 4.54 | 4.54 | = | 7,550 | ÷ | 1,662,600,946 | |
| Nov 6, 2013 | 16.30 | = | 69.74 | ÷ | 4.28 | 4.28 | = | 7,230 | ÷ | 1,689,435,673 | |
| Nov 7, 2012 | 17.43 | = | 58.12 | ÷ | 3.33 | 3.33 | = | 5,682 | ÷ | 1,704,029,150 | |
| Nov 2, 2011 | 17.45 | = | 52.18 | ÷ | 2.99 | 2.99 | = | 5,026 | ÷ | 1,680,984,426 | |
| Nov 3, 2010 | 22.51 | = | 45.69 | ÷ | 2.03 | 2.03 | = | 3,283 | ÷ | 1,617,713,293 | |
| Nov 5, 2009 | 32.90 | = | 43.85 | ÷ | 1.33 | 1.33 | = | 2,226 | ÷ | 1,670,313,078 | |
| Nov 6, 2008 | 14.67 | = | 33.05 | ÷ | 2.25 | 2.25 | = | 3,730 | ÷ | 1,655,471,748 | |
| Nov 8, 2007 | 22.57 | = | 39.76 | ÷ | 1.76 | 1.76 | = | 2,883 | ÷ | 1,636,486,963 | |
| Nov 2, 2006 | 22.34 | = | 36.36 | ÷ | 1.63 | 1.63 | = | 2,690 | ÷ | 1,652,553,203 | |
| Nov 2, 2005 | 27.83 | = | 40.38 | ÷ | 1.45 | 1.45 | = | 2,386 | ÷ | 1,644,187,545 |
Based on: 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.
- Share Price Trend
- The share price exhibited variability over the analyzed period, starting at $40.38 and experiencing fluctuating movements. After a decline around 2008 reaching approximately $33.05, the price recovered and generally trended upward, with some intermittent dips notable around 2015 and 2017. A significant surge occurred from 2018 onward, culminating in a peak near $179.72 by 2025. This indicates substantial growth in market valuation over the long term despite short-term volatility.
- Operating Profit Per Share Performance
- Operating profit per share showed overall positive growth with some irregularities. It increased steadily from $1.45 in 2005 to $4.54 in 2014, but then declined sharply to $0.61 by 2018. Following this dip, there was a marked recovery, with values reaching a high of $14.15 by 2022 and maintaining elevated levels thereafter. This pattern suggests periods of profitability challenges followed by strong operational performance improvements in recent years.
- Price to Operating Profit Ratio (P/OP) Dynamics
- The P/OP ratio fluctuated considerably, reflecting changes in market valuation relative to operational earnings. Initially, the ratio decreased from 27.83 in 2005 to a low of 14.67 in 2008, indicating improving valuation relative to profits. The ratio then varied with spikes, notably a peak of 103.26 in 2018, corresponding to the operating profit low during the same period. Subsequently, the ratio fell sharply back below 20, stabilizing around the 15-20 range from 2023 onward. This volatility in P/OP underscores shifts in investor expectations and earnings quality over time.
- Overall Insights
- The data reflect a company experiencing cyclical profitability and valuation phases, with a significant turnaround after the 2018 low point in operating profit per share. The sharp recovery in profitability contributed to both higher share prices and a more normalized P/OP ratio in recent years. The long-term trend is positive in terms of market capitalization and operational earnings, although the intermediate periods show exposure to external or operational challenges.
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Comparison to Competitors
Qualcomm Inc., P/OP, long-term trends, comparison to competitors
| Qualcomm Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | Lam Research Corp. | Micron Technology Inc. | NVIDIA Corp. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 5, 2025 | 15.58 | 88.36 | 42.08 | 24.80 | 61.37 | — | 21.88 | 21.58 | 39.33 | 33.37 |
| Nov 6, 2024 | 19.08 | 95.53 | 53.48 | 17.52 | 76.87 | — | 24.29 | 86.94 | 51.16 | 30.49 |
| Nov 1, 2023 | 15.85 | 675.69 | 23.53 | 17.58 | 31.96 | 1,984.43 | 16.79 | — | 136.19 | 19.75 |
| Nov 2, 2022 | 7.95 | 100.42 | 26.16 | 11.35 | 16.33 | 49.91 | 11.79 | 5.93 | 66.12 | 16.29 |
| Nov 3, 2021 | 15.84 | 39.48 | 56.12 | 18.85 | 30.78 | 10.82 | 18.34 | 12.48 | 75.08 | 17.67 |
| Nov 4, 2020 | 23.32 | 75.77 | 33.76 | 18.50 | 44.04 | 9.72 | 20.40 | 19.51 | 66.40 | 26.53 |
| Nov 6, 2019 | 12.60 | 91.66 | 24.74 | 16.36 | 36.85 | 13.29 | 12.13 | 6.83 | 24.79 | 21.46 |
| Nov 7, 2018 | 103.26 | 51.38 | 17.62 | 6.74 | 19.42 | 9.40 | 8.67 | 3.20 | 45.61 | 15.00 |
| Nov 1, 2017 | 30.15 | 59.52 | 30.97 | 14.35 | 44.92 | 11.86 | 13.68 | 7.98 | 31.31 | 16.81 |
| Nov 2, 2016 | 15.26 | — | 21.85 | 16.54 | — | 13.40 | 13.46 | 106.63 | 23.80 | 16.07 |
| Nov 4, 2015 | 15.68 | — | 22.69 | 12.92 | 23.80 | 9.66 | 14.45 | 6.04 | 16.52 | 12.34 |
| Nov 5, 2014 | 17.00 | — | 23.01 | 19.66 | 59.05 | 10.60 | 16.98 | 11.23 | 19.66 | 15.64 |
| Nov 6, 2013 | 16.30 | 26.08 | 20.62 | 46.30 | 23.31 | 10.02 | 64.12 | 74.52 | 12.16 | 17.02 |
| Nov 7, 2012 | 17.43 | — | 14.67 | 31.47 | 13.51 | 7.13 | 26.84 | — | 14.06 | 19.14 |
| Nov 2, 2011 | 17.45 | 14.16 | 9.26 | 6.04 | 12.05 | 7.62 | 5.54 | 7.18 | 40.70 | 12.75 |
| Nov 3, 2010 | 22.51 | 7.42 | 11.93 | 12.82 | 13.69 | 7.79 | 10.92 | 4.84 | — | 9.25 |
| Nov 5, 2009 | 32.90 | 8.03 | 30.48 | — | 81.90 | 20.19 | — | — | — | 15.16 |
| Nov 6, 2008 | 14.67 | — | 7.90 | 10.25 | — | 7.50 | 9.41 | — | 13.27 | 8.01 |
| Nov 8, 2007 | 22.57 | — | 16.49 | 10.36 | — | 14.36 | 6.12 | — | 22.39 | 11.81 |
| Nov 2, 2006 | 22.34 | — | 20.89 | 12.54 | — | 21.27 | 14.39 | 30.18 | 24.63 | 13.27 |
| Nov 2, 2005 | 27.83 | 84.32 | 26.80 | 21.07 | — | 9.99 | 10.23 | 39.55 | 37.70 | 17.12 |
Based on: 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).