Stock Analysis on Net
Stock Analysis on Net

Qualcomm Inc. (NASDAQ:QCOM)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Qualcomm Inc., adjusted financial ratios

Microsoft Excel
Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
Activity Ratio
Total Asset Turnover
Reported 0.70 0.90 0.81 0.66 0.74 0.70
Adjusted 0.75 0.93 0.84 0.68 0.74 0.69
Liquidity Ratio
Current Ratio
Reported 2.33 1.75 1.68 2.14 1.88 1.55
Adjusted 2.41 1.80 1.77 2.29 2.00 1.62
Solvency Ratios
Debt to Equity
Reported 0.71 0.86 1.58 2.59 3.25 17.64
Adjusted 0.86 0.96 1.73 2.66 2.94 6.88
Debt to Capital
Reported 0.42 0.46 0.61 0.72 0.76 0.95
Adjusted 0.46 0.49 0.63 0.73 0.75 0.87
Financial Leverage
Reported 2.37 2.72 4.14 5.86 6.71 35.22
Adjusted 2.54 2.80 4.22 5.60 5.80 13.21
Profitability Ratios
Net Profit Margin
Reported 20.19% 29.27% 26.94% 22.09% 18.07% -21.40%
Adjusted 16.73% 28.27% 25.21% 20.29% 24.35% -14.88%
Return on Equity (ROE)
Reported 33.51% 71.81% 90.88% 85.54% 89.35% -524.14%
Adjusted 31.81% 73.20% 89.09% 76.80% 104.93% -136.59%
Return on Assets (ROA)
Reported 14.17% 26.39% 21.93% 14.60% 13.31% -14.88%
Adjusted 12.51% 26.19% 21.12% 13.70% 18.10% -10.34%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Qualcomm Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Qualcomm Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Qualcomm Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Qualcomm Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Qualcomm Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Qualcomm Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Qualcomm Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Qualcomm Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Qualcomm Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
Reported
Selected Financial Data (US$ in millions)
Revenues 35,820 44,200 33,566 23,531 24,273 22,732
Total assets 51,040 49,014 41,240 35,594 32,957 32,686
Activity Ratio
Total asset turnover1 0.70 0.90 0.81 0.66 0.74 0.70
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenues2 35,699 43,737 33,213 23,135 23,878 22,347
Adjusted total assets3 47,730 47,211 39,649 34,243 32,115 32,157
Activity Ratio
Adjusted total asset turnover4 0.75 0.93 0.84 0.68 0.74 0.69

Based on: 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).

1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 35,820 ÷ 51,040 = 0.70

2 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 35,699 ÷ 47,730 = 0.75

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Qualcomm Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 22,464 20,724 20,075 18,519 16,765 17,384
Current liabilities 9,628 11,866 11,951 8,672 8,935 11,236
Liquidity Ratio
Current ratio1 2.33 1.75 1.68 2.14 1.88 1.55
Adjusted
Selected Financial Data (US$ in millions)
Current assets 22,464 20,724 20,075 18,519 16,765 17,384
Adjusted current liabilities2 9,335 11,497 11,339 8,104 8,370 10,736
Liquidity Ratio
Adjusted current ratio3 2.41 1.80 1.77 2.29 2.00 1.62

Based on: 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).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 22,464 ÷ 9,628 = 2.33

2 Adjusted current liabilities. See details »

3 2023 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 22,464 ÷ 9,335 = 2.41

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Qualcomm Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 15,398 15,482 15,745 15,726 15,933 16,370
Stockholders’ equity 21,581 18,013 9,950 6,077 4,909 928
Solvency Ratio
Debt to equity1 0.71 0.86 1.58 2.59 3.25 17.64
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 16,067 16,159 16,299 16,231 16,287 16,745
Adjusted stockholders’ equity3 18,774 16,890 9,399 6,111 5,541 2,435
Solvency Ratio
Adjusted debt to equity4 0.86 0.96 1.73 2.66 2.94 6.88

Based on: 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).

1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 15,398 ÷ 21,581 = 0.71

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 16,067 ÷ 18,774 = 0.86

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Qualcomm Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 15,398 15,482 15,745 15,726 15,933 16,370
Total capital 36,979 33,495 25,695 21,803 20,842 17,298
Solvency Ratio
Debt to capital1 0.42 0.46 0.61 0.72 0.76 0.95
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 16,067 16,159 16,299 16,231 16,287 16,745
Adjusted total capital3 34,841 33,049 25,698 22,342 21,828 19,180
Solvency Ratio
Adjusted debt to capital4 0.46 0.49 0.63 0.73 0.75 0.87

Based on: 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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 15,398 ÷ 36,979 = 0.42

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 16,067 ÷ 34,841 = 0.46

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Qualcomm Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 51,040 49,014 41,240 35,594 32,957 32,686
Stockholders’ equity 21,581 18,013 9,950 6,077 4,909 928
Solvency Ratio
Financial leverage1 2.37 2.72 4.14 5.86 6.71 35.22
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 47,730 47,211 39,649 34,243 32,115 32,157
Adjusted stockholders’ equity3 18,774 16,890 9,399 6,111 5,541 2,435
Solvency Ratio
Adjusted financial leverage4 2.54 2.80 4.22 5.60 5.80 13.21

Based on: 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).

1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 51,040 ÷ 21,581 = 2.37

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 47,730 ÷ 18,774 = 2.54

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Qualcomm Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 7,232 12,936 9,043 5,198 4,386 (4,864)
Revenues 35,820 44,200 33,566 23,531 24,273 22,732
Profitability Ratio
Net profit margin1 20.19% 29.27% 26.94% 22.09% 18.07% -21.40%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 5,972 12,364 8,374 4,693 5,814 (3,326)
Adjusted revenues3 35,699 43,737 33,213 23,135 23,878 22,347
Profitability Ratio
Adjusted net profit margin4 16.73% 28.27% 25.21% 20.29% 24.35% -14.88%

Based on: 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).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) ÷ Revenues
= 100 × 7,232 ÷ 35,820 = 20.19%

2 Adjusted net income (loss). See details »

3 Adjusted revenues. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted revenues
= 100 × 5,972 ÷ 35,699 = 16.73%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Qualcomm Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 7,232 12,936 9,043 5,198 4,386 (4,864)
Stockholders’ equity 21,581 18,013 9,950 6,077 4,909 928
Profitability Ratio
ROE1 33.51% 71.81% 90.88% 85.54% 89.35% -524.14%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 5,972 12,364 8,374 4,693 5,814 (3,326)
Adjusted stockholders’ equity3 18,774 16,890 9,399 6,111 5,541 2,435
Profitability Ratio
Adjusted ROE4 31.81% 73.20% 89.09% 76.80% 104.93% -136.59%

Based on: 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).

1 2023 Calculation
ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 7,232 ÷ 21,581 = 33.51%

2 Adjusted net income (loss). See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 5,972 ÷ 18,774 = 31.81%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Qualcomm Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020 Sep 29, 2019 Sep 30, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 7,232 12,936 9,043 5,198 4,386 (4,864)
Total assets 51,040 49,014 41,240 35,594 32,957 32,686
Profitability Ratio
ROA1 14.17% 26.39% 21.93% 14.60% 13.31% -14.88%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 5,972 12,364 8,374 4,693 5,814 (3,326)
Adjusted total assets3 47,730 47,211 39,649 34,243 32,115 32,157
Profitability Ratio
Adjusted ROA4 12.51% 26.19% 21.12% 13.70% 18.10% -10.34%

Based on: 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).

1 2023 Calculation
ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 7,232 ÷ 51,040 = 14.17%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 5,972 ÷ 47,730 = 12.51%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Qualcomm Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.