Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Qualcomm Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
The overall solvency profile exhibits a consistent trend of deleveraging and risk reduction over the analyzed period. There is a clear trajectory toward a more conservative capital structure, characterized by a significant reduction in debt reliance relative to equity, capital, and total assets.
- Debt-to-Equity and Debt-to-Capital Ratios
- A substantial downward trend is observed in both ratios. Debt to equity decreased from 2.13 in December 2020 to a low of 0.53 by March 2025, while debt to capital fell from 0.68 to 0.35 over the same interval. A temporary increase occurred in September 2025, where debt to equity rose to 0.70 and debt to capital to 0.41, before both metrics resumed their decline toward the end of the period.
- Debt-to-Assets Ratio
- The proportion of assets financed by debt showed a steady decline from 0.42 in December 2020 to 0.26 by March 2025. This indicates a progressive shift toward asset funding through internal accruals or equity. Similar to other leverage metrics, a brief spike to 0.30 was noted in September 2025, followed by a return to 0.27 by March 2026.
- Financial Leverage
- Financial leverage experienced a sharp contraction, dropping from 5.08 in December 2020 to 2.00 in March 2025. This reduction suggests a significantly lower dependence on borrowed funds to amplify returns. Following a peak of 2.36 in September 2025, the ratio stabilized at 2.09 by March 2026.
- Interest Coverage Ratio
- The capacity to service interest payments remained robust throughout the period, though it exhibited more volatility than the leverage ratios. The ratio peaked at 31.61 in September 2022, indicating an exceptional margin of safety. A subsequent decline reached a trough of 11.72 in September 2023, before recovering to 18.26 by March 2026, maintaining a strong cushion for interest obligations.
In summary, the financial position has transitioned from a highly leveraged state in 2020 to a more stable and solvent posture by 2026. The synchronization of falling leverage ratios and high interest coverage indicates a strengthened balance sheet and a reduced risk of insolvency.
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Debt Ratios
Coverage Ratios
Debt to Equity
Qualcomm Inc., debt to equity calculation (quarterly data)
| Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 23, 2024 | Mar 24, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 498) | —) | —) | —) | 1,365) | 1,365) | 1,364) | 1,364) | 914) | 914) | 914) | 914) | 499) | 1,446) | 1,945) | 1,945) | 3,485) | 2,042) | 2,044) | 2,045) | 500) | 500) | |||||||
| Long-term debt | 14,772) | 14,817) | 14,811) | 14,788) | 13,258) | 13,212) | 13,270) | 13,190) | 14,543) | 14,566) | 14,484) | 14,530) | 15,486) | 15,431) | 13,537) | 13,600) | 12,195) | 13,708) | 13,701) | 13,695) | 15,235) | 15,231) | |||||||
| Total debt | 15,270) | 14,817) | 14,811) | 14,788) | 14,623) | 14,577) | 14,634) | 14,554) | 15,457) | 15,480) | 15,398) | 15,444) | 15,985) | 16,877) | 15,482) | 15,545) | 15,680) | 15,750) | 15,745) | 15,740) | 15,735) | 15,731) | |||||||
| Stockholders’ equity | 27,278) | 23,073) | 21,206) | 27,209) | 27,728) | 26,880) | 26,274) | 24,670) | 24,469) | 23,058) | 21,581) | 20,670) | 19,698) | 18,810) | 18,013) | 16,048) | 13,328) | 11,333) | 9,950) | 8,177) | 7,424) | 7,380) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | 0.56 | 0.64 | 0.70 | 0.54 | 0.53 | 0.54 | 0.56 | 0.59 | 0.63 | 0.67 | 0.71 | 0.75 | 0.81 | 0.90 | 0.86 | 0.97 | 1.18 | 1.39 | 1.58 | 1.92 | 2.12 | 2.13 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 0.05 | 0.05 | 0.05 | 0.07 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 0.26 | 0.25 | 0.25 | 0.21 | 0.22 | 0.22 | 0.23 | 0.23 | 0.20 | 0.20 | 0.19 | 0.19 | 0.18 | 0.18 | 0.17 | 0.17 | 0.17 | 0.18 | 0.42 | 0.42 | 0.43 | |||||||
| Applied Materials Inc. | — | 0.30 | 0.32 | 0.32 | 0.33 | 0.34 | 0.33 | 0.33 | 0.31 | 0.32 | 0.34 | 0.37 | 0.40 | 0.42 | 0.45 | 0.45 | 0.47 | 0.46 | 0.45 | 0.45 | 0.45 | 0.47 | |||||||
| Broadcom Inc. | — | 0.83 | 0.80 | 0.88 | 0.97 | 0.95 | 1.00 | 1.07 | 1.06 | 1.08 | 1.64 | 1.78 | 1.79 | 1.69 | 1.74 | 1.89 | 1.88 | 1.72 | 1.59 | 1.66 | 1.69 | 1.75 | |||||||
| Intel Corp. | — | 0.40 | 0.41 | 0.44 | 0.52 | 0.50 | 0.50 | 0.50 | 0.46 | 0.49 | 0.47 | 0.48 | 0.49 | 0.51 | 0.41 | 0.40 | 0.35 | 0.36 | — | — | — | — | |||||||
| KLA Corp. | 1.08 | 1.18 | 1.25 | 1.47 | 1.64 | 1.86 | 1.97 | 2.14 | 1.94 | 1.97 | 2.02 | 2.20 | 2.35 | 3.00 | 4.75 | 0.91 | 0.85 | 0.89 | 1.02 | 1.11 | 1.18 | 1.25 | |||||||
| Lam Research Corp. | 0.44 | 0.44 | 0.45 | 0.47 | 0.57 | 0.59 | 0.58 | 0.62 | 0.61 | 0.62 | 0.61 | 0.60 | 0.60 | 0.67 | 0.80 | 0.83 | 0.77 | 0.86 | 0.83 | 1.08 | 1.06 | 1.08 | |||||||
| Micron Technology Inc. | 0.14 | 0.20 | 0.27 | 0.31 | 0.30 | 0.29 | 0.30 | 0.30 | 0.31 | 0.31 | 0.30 | 0.29 | 0.26 | 0.21 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.16 | 0.16 | 0.17 | |||||||
| NVIDIA Corp. | 0.08 | 0.10 | 0.11 | 0.13 | 0.15 | 0.20 | 0.23 | 0.29 | 0.35 | 0.45 | 0.50 | 0.51 | 0.46 | 0.42 | 0.41 | 0.46 | 0.56 | 0.37 | — | — | — | — | |||||||
| Texas Instruments Inc. | — | 0.84 | 0.86 | 0.84 | 0.86 | 0.78 | 0.80 | 0.80 | 0.81 | 0.84 | 0.66 | 0.67 | 0.70 | 0.66 | 0.60 | 0.55 | 0.51 | 0.55 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q2 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 15,270 ÷ 27,278 = 0.56
2 Click competitor name to see calculations.
The solvency profile demonstrates a significant and consistent improvement in financial leverage from December 2020 through March 2026. The primary driver of this trend is a substantial increase in stockholders' equity, which has outpaced the relatively stable levels of total debt, resulting in a marked decline in the debt-to-equity ratio.
- Total Debt Stability
- Total debt remained relatively range-bound for the majority of the period, fluctuating between approximately 14.5 billion and 16.9 billion US dollars. A peak in debt occurred in December 2022 at 16,877 million US dollars, followed by a gradual decline and stabilization around 15 billion US dollars toward the end of the analyzed timeframe.
- Stockholders' Equity Expansion
- A strong upward trajectory is observed in stockholders' equity, which grew from 7,380 million US dollars in December 2020 to 27,278 million US dollars by March 2026. This represents a nearly fourfold increase in equity, indicating significant retained earnings or capital infusions that have strengthened the company's net worth.
- Debt to Equity Ratio Compression
- The debt-to-equity ratio experienced a continuous downward trend, falling from a high of 2.13 in December 2020 to 0.56 by March 2026. This transition indicates a strategic shift from a highly leveraged capital structure to one dominated by equity. A temporary increase in the ratio to 0.70 was noted in September 2025, coinciding with a sharp, short-term contraction in stockholders' equity to 21,206 million US dollars, before the ratio resumed its descent.
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Debt to Capital
Qualcomm Inc., debt to capital calculation (quarterly data)
| Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 23, 2024 | Mar 24, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 498) | —) | —) | —) | 1,365) | 1,365) | 1,364) | 1,364) | 914) | 914) | 914) | 914) | 499) | 1,446) | 1,945) | 1,945) | 3,485) | 2,042) | 2,044) | 2,045) | 500) | 500) | |||||||
| Long-term debt | 14,772) | 14,817) | 14,811) | 14,788) | 13,258) | 13,212) | 13,270) | 13,190) | 14,543) | 14,566) | 14,484) | 14,530) | 15,486) | 15,431) | 13,537) | 13,600) | 12,195) | 13,708) | 13,701) | 13,695) | 15,235) | 15,231) | |||||||
| Total debt | 15,270) | 14,817) | 14,811) | 14,788) | 14,623) | 14,577) | 14,634) | 14,554) | 15,457) | 15,480) | 15,398) | 15,444) | 15,985) | 16,877) | 15,482) | 15,545) | 15,680) | 15,750) | 15,745) | 15,740) | 15,735) | 15,731) | |||||||
| Stockholders’ equity | 27,278) | 23,073) | 21,206) | 27,209) | 27,728) | 26,880) | 26,274) | 24,670) | 24,469) | 23,058) | 21,581) | 20,670) | 19,698) | 18,810) | 18,013) | 16,048) | 13,328) | 11,333) | 9,950) | 8,177) | 7,424) | 7,380) | |||||||
| Total capital | 42,548) | 37,890) | 36,017) | 41,997) | 42,351) | 41,457) | 40,908) | 39,224) | 39,926) | 38,538) | 36,979) | 36,114) | 35,683) | 35,687) | 33,495) | 31,593) | 29,008) | 27,083) | 25,695) | 23,917) | 23,159) | 23,111) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | 0.36 | 0.39 | 0.41 | 0.35 | 0.35 | 0.35 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | 0.43 | 0.45 | 0.47 | 0.46 | 0.49 | 0.54 | 0.58 | 0.61 | 0.66 | 0.68 | 0.68 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 0.05 | 0.05 | 0.05 | 0.07 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 0.20 | 0.20 | 0.20 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.16 | 0.16 | 0.16 | 0.16 | 0.15 | 0.15 | 0.15 | 0.14 | 0.14 | 0.15 | 0.30 | 0.30 | 0.30 | |||||||
| Applied Materials Inc. | — | 0.23 | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | 0.23 | 0.24 | 0.25 | 0.27 | 0.29 | 0.30 | 0.31 | 0.31 | 0.32 | 0.31 | 0.31 | 0.31 | 0.31 | 0.32 | |||||||
| Broadcom Inc. | — | 0.45 | 0.44 | 0.47 | 0.49 | 0.49 | 0.50 | 0.52 | 0.51 | 0.52 | 0.62 | 0.64 | 0.64 | 0.63 | 0.64 | 0.65 | 0.65 | 0.63 | 0.61 | 0.62 | 0.63 | 0.64 | |||||||
| Intel Corp. | — | 0.29 | 0.29 | 0.30 | 0.34 | 0.33 | 0.34 | 0.34 | 0.32 | 0.33 | 0.32 | 0.32 | 0.33 | 0.34 | 0.29 | 0.28 | 0.26 | 0.27 | — | — | — | — | |||||||
| KLA Corp. | 0.52 | 0.54 | 0.56 | 0.59 | 0.62 | 0.65 | 0.66 | 0.68 | 0.66 | 0.66 | 0.67 | 0.69 | 0.70 | 0.75 | 0.83 | 0.48 | 0.46 | 0.47 | 0.50 | 0.52 | 0.54 | 0.55 | |||||||
| Lam Research Corp. | 0.31 | 0.31 | 0.31 | 0.32 | 0.36 | 0.37 | 0.37 | 0.38 | 0.38 | 0.38 | 0.38 | 0.37 | 0.38 | 0.40 | 0.44 | 0.45 | 0.44 | 0.46 | 0.45 | 0.52 | 0.51 | 0.52 | |||||||
| Micron Technology Inc. | 0.12 | 0.17 | 0.21 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.24 | 0.23 | 0.23 | 0.21 | 0.17 | 0.12 | 0.12 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | |||||||
| NVIDIA Corp. | 0.08 | 0.09 | 0.10 | 0.11 | 0.13 | 0.16 | 0.18 | 0.23 | 0.26 | 0.31 | 0.33 | 0.34 | 0.31 | 0.29 | 0.29 | 0.32 | 0.36 | 0.27 | — | — | — | — | |||||||
| Texas Instruments Inc. | — | 0.46 | 0.46 | 0.46 | 0.46 | 0.44 | 0.45 | 0.45 | 0.45 | 0.46 | 0.40 | 0.40 | 0.41 | 0.40 | 0.37 | 0.35 | 0.34 | 0.36 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 15,270 ÷ 42,548 = 0.36
2 Click competitor name to see calculations.
The financial data indicates a significant strengthening of the solvency position over the period from December 2020 to March 2026. A consistent downward trend in the debt-to-capital ratio reflects a strategic shift toward a more conservative capital structure, characterized by a reduction in leverage relative to the total capital base.
- Total Debt Trends
- Total debt remained relatively stable throughout the analyzed period, fluctuating within a narrow range. Starting at 15,731 million US dollars in December 2020, the balance peaked at 16,877 million US dollars in December 2022 before entering a gradual decline. By March 2026, the total debt stood at 15,270 million US dollars, representing a slight overall decrease from the initial period.
- Total Capital Expansion
- There was substantial growth in total capital, which increased from 23,111 million US dollars in December 2020 to 42,548 million US dollars by March 2026. This expansion was nearly linear for the majority of the period, suggesting a significant increase in equity or retained earnings, which served as the primary driver for the improvement in solvency ratios.
- Debt to Capital Ratio Analysis
- The debt-to-capital ratio experienced a steady decline from 0.68 in late 2020 to a low of 0.35 between December 2024 and March 2025. Despite a temporary increase to 0.41 in September 2025—corresponding with a contraction in total capital during that specific quarter—the ratio normalized to 0.36 by March 2026. The overall reduction of approximately 32 percentage points indicates a marked decrease in financial risk and a higher reliance on equity financing over the long term.
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Debt to Assets
Qualcomm Inc., debt to assets calculation (quarterly data)
| Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 23, 2024 | Mar 24, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 498) | —) | —) | —) | 1,365) | 1,365) | 1,364) | 1,364) | 914) | 914) | 914) | 914) | 499) | 1,446) | 1,945) | 1,945) | 3,485) | 2,042) | 2,044) | 2,045) | 500) | 500) | |||||||
| Long-term debt | 14,772) | 14,817) | 14,811) | 14,788) | 13,258) | 13,212) | 13,270) | 13,190) | 14,543) | 14,566) | 14,484) | 14,530) | 15,486) | 15,431) | 13,537) | 13,600) | 12,195) | 13,708) | 13,701) | 13,695) | 15,235) | 15,231) | |||||||
| Total debt | 15,270) | 14,817) | 14,811) | 14,788) | 14,623) | 14,577) | 14,634) | 14,554) | 15,457) | 15,480) | 15,398) | 15,444) | 15,985) | 16,877) | 15,482) | 15,545) | 15,680) | 15,750) | 15,745) | 15,740) | 15,735) | 15,731) | |||||||
| Total assets | 57,136) | 53,034) | 50,143) | 54,862) | 55,372) | 55,575) | 55,154) | 52,741) | 53,167) | 52,135) | 51,040) | 49,002) | 48,362) | 50,014) | 49,014) | 47,020) | 44,302) | 42,820) | 41,240) | 38,769) | 37,168) | 37,479) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | 0.27 | 0.28 | 0.30 | 0.27 | 0.26 | 0.26 | 0.27 | 0.28 | 0.29 | 0.30 | 0.30 | 0.32 | 0.33 | 0.34 | 0.32 | 0.33 | 0.35 | 0.37 | 0.38 | 0.41 | 0.42 | 0.42 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 0.04 | 0.04 | 0.04 | 0.06 | 0.02 | 0.02 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 0.18 | 0.18 | 0.18 | 0.15 | 0.16 | 0.16 | 0.17 | 0.16 | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.12 | 0.12 | 0.12 | 0.13 | 0.24 | 0.24 | 0.24 | |||||||
| Applied Materials Inc. | — | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.18 | 0.19 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 | 0.22 | 0.23 | 0.23 | |||||||
| Broadcom Inc. | — | 0.39 | 0.38 | 0.39 | 0.41 | 0.40 | 0.41 | 0.42 | 0.42 | 0.43 | 0.54 | 0.55 | 0.55 | 0.54 | 0.54 | 0.55 | 0.55 | 0.54 | 0.53 | 0.53 | 0.54 | 0.54 | |||||||
| Intel Corp. | — | 0.22 | 0.22 | 0.23 | 0.26 | 0.26 | 0.25 | 0.26 | 0.26 | 0.27 | 0.26 | 0.26 | 0.26 | 0.27 | 0.23 | 0.23 | 0.21 | 0.21 | — | — | — | — | |||||||
| KLA Corp. | 0.35 | 0.36 | 0.37 | 0.39 | 0.39 | 0.42 | 0.43 | 0.44 | 0.41 | 0.42 | 0.42 | 0.43 | 0.45 | 0.48 | 0.53 | 0.31 | 0.29 | 0.31 | 0.34 | 0.35 | 0.35 | 0.37 | |||||||
| Lam Research Corp. | 0.21 | 0.20 | 0.21 | 0.22 | 0.25 | 0.26 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.26 | 0.26 | 0.27 | 0.29 | 0.30 | 0.30 | 0.32 | 0.31 | 0.38 | 0.38 | 0.39 | |||||||
| Micron Technology Inc. | 0.10 | 0.14 | 0.18 | 0.20 | 0.20 | 0.19 | 0.19 | 0.20 | 0.21 | 0.21 | 0.21 | 0.20 | 0.18 | 0.15 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | |||||||
| NVIDIA Corp. | 0.06 | 0.07 | 0.08 | 0.09 | 0.10 | 0.13 | 0.15 | 0.18 | 0.20 | 0.25 | 0.27 | 0.27 | 0.25 | 0.24 | 0.25 | 0.27 | 0.31 | 0.23 | — | — | — | — | |||||||
| Texas Instruments Inc. | — | 0.41 | 0.41 | 0.40 | 0.40 | 0.38 | 0.38 | 0.39 | 0.40 | 0.41 | 0.35 | 0.35 | 0.36 | 0.35 | 0.32 | 0.30 | 0.29 | 0.31 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 15,270 ÷ 57,136 = 0.27
2 Click competitor name to see calculations.
An analysis of the solvency metrics reveals a consistent improvement in the financial leverage position from December 2020 through March 2026. The primary observation is a sustained decline in the debt-to-assets ratio, which transitioned from 0.42 to 0.27 over the analyzed period.
- Total Debt Dynamics
- Total debt remained relatively stable, exhibiting minimal volatility. A temporary increase peaked in December 2022 at 16,877 million US$, followed by a period of gradual reduction that reached a low of 14,554 million US$ in June 2024. The period concluded with debt levels at 15,270 million US$, indicating that the company maintained a consistent level of borrowing without significant long-term expansion of its debt obligations.
- Total Asset Expansion
- Assets demonstrated a strong and consistent growth trajectory, increasing from 37,479 million US$ in December 2020 to 57,136 million US$ by March 2026. This expansion provides a significantly larger capital base, which effectively dilutes the impact of the existing debt on the overall balance sheet.
- Debt to Assets Ratio Trend
- The debt-to-assets ratio shows a clear downward trend, reflecting an improved solvency profile. The ratio decreased from 0.42 in late 2020 to a minimum of 0.26 by December 2024. A brief upward fluctuation to 0.30 occurred in September 2025, coinciding with a temporary contraction in total assets, before stabilizing at 0.27 in March 2026. This pattern indicates that the improvement in solvency was driven primarily by aggressive asset growth rather than a significant reduction in total debt.
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Financial Leverage
Qualcomm Inc., financial leverage calculation (quarterly data)
| Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 23, 2024 | Mar 24, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Total assets | 57,136) | 53,034) | 50,143) | 54,862) | 55,372) | 55,575) | 55,154) | 52,741) | 53,167) | 52,135) | 51,040) | 49,002) | 48,362) | 50,014) | 49,014) | 47,020) | 44,302) | 42,820) | 41,240) | 38,769) | 37,168) | 37,479) | |||||||
| Stockholders’ equity | 27,278) | 23,073) | 21,206) | 27,209) | 27,728) | 26,880) | 26,274) | 24,670) | 24,469) | 23,058) | 21,581) | 20,670) | 19,698) | 18,810) | 18,013) | 16,048) | 13,328) | 11,333) | 9,950) | 8,177) | 7,424) | 7,380) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | 2.09 | 2.30 | 2.36 | 2.02 | 2.00 | 2.07 | 2.10 | 2.14 | 2.17 | 2.26 | 2.37 | 2.37 | 2.46 | 2.66 | 2.72 | 2.93 | 3.32 | 3.78 | 4.14 | 4.74 | 5.01 | 5.08 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 1.22 | 1.26 | 1.25 | 1.24 | 1.20 | 1.22 | 1.20 | 1.21 | 1.21 | 1.23 | 1.23 | 1.24 | 1.23 | 1.24 | 1.22 | 1.21 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 1.42 | 1.42 | 1.41 | 1.35 | 1.37 | 1.37 | 1.38 | 1.39 | 1.36 | 1.37 | 1.37 | 1.38 | 1.38 | 1.38 | 1.37 | 1.37 | 1.37 | 1.38 | 1.76 | 1.77 | 1.77 | |||||||
| Applied Materials Inc. | — | 1.73 | 1.78 | 1.75 | 1.77 | 1.79 | 1.81 | 1.79 | 1.76 | 1.81 | 1.88 | 2.01 | 2.06 | 2.08 | 2.19 | 2.17 | 2.20 | 2.14 | 2.11 | 2.03 | 2.01 | 2.03 | |||||||
| Broadcom Inc. | — | 2.13 | 2.10 | 2.26 | 2.37 | 2.37 | 2.45 | 2.56 | 2.50 | 2.53 | 3.04 | 3.24 | 3.26 | 3.13 | 3.23 | 3.42 | 3.42 | 3.19 | 3.03 | 3.12 | 3.15 | 3.21 | |||||||
| Intel Corp. | — | 1.84 | 1.85 | 1.92 | 1.97 | 1.93 | 1.98 | 1.94 | 1.79 | 1.82 | 1.81 | 1.85 | 1.84 | 1.89 | 1.80 | 1.75 | 1.68 | 1.71 | — | — | — | — | |||||||
| KLA Corp. | 3.06 | 3.27 | 3.42 | 3.79 | 4.19 | 4.41 | 4.58 | 4.83 | 4.69 | 4.73 | 4.82 | 5.10 | 5.27 | 6.24 | 8.99 | 2.95 | 2.89 | 2.89 | 3.04 | 3.19 | 3.34 | 3.39 | |||||||
| Lam Research Corp. | 2.11 | 2.15 | 2.16 | 2.10 | 2.25 | 2.31 | 2.20 | 2.28 | 2.28 | 2.30 | 2.29 | 2.29 | 2.31 | 2.53 | 2.74 | 2.75 | 2.58 | 2.67 | 2.64 | 2.85 | 2.79 | 2.78 | |||||||
| Micron Technology Inc. | 1.40 | 1.46 | 1.53 | 1.54 | 1.50 | 1.53 | 1.54 | 1.50 | 1.50 | 1.49 | 1.46 | 1.45 | 1.41 | 1.38 | 1.33 | 1.32 | 1.33 | 1.33 | 1.34 | 1.32 | 1.33 | 1.35 | |||||||
| NVIDIA Corp. | 1.41 | 1.49 | 1.41 | 1.46 | 1.47 | 1.57 | 1.53 | 1.63 | 1.80 | 1.81 | 1.86 | 1.90 | 1.82 | 1.72 | 1.66 | 1.71 | 1.83 | 1.64 | — | — | — | — | |||||||
| Texas Instruments Inc. | — | 2.05 | 2.13 | 2.11 | 2.13 | 2.06 | 2.10 | 2.05 | 2.04 | 2.05 | 1.91 | 1.90 | 1.94 | 1.92 | 1.87 | 1.80 | 1.75 | 1.80 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q2 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 57,136 ÷ 27,278 = 2.09
2 Click competitor name to see calculations.
A comprehensive review of the solvency metrics reveals a consistent and significant deleveraging trend over the analyzed period. The company has fundamentally shifted its capital structure, moving from a high-leverage position in late 2020 to a more conservative financial posture by early 2026.
- Asset and Equity Growth
- Total assets expanded steadily from 37,479 million USD in December 2020 to 57,136 million USD by March 2026. During this same interval, stockholders' equity experienced more aggressive growth, increasing from 7,380 million USD to 27,278 million USD. This disproportionate growth in equity relative to assets indicates a systematic reduction in the reliance on external liabilities to fund asset acquisition.
- Financial Leverage Trajectory
- The financial leverage ratio exhibited a sustained downward trend for the majority of the period. Starting at a peak of 5.08 in December 2020, the ratio declined consistently to a low of 2.00 by March 2025. This represents a substantial improvement in solvency and a reduction in financial risk, as the multiplier effect of debt on the balance sheet was diminished by more than half.
- Short-term Volatility and Recovery
- A notable deviation in the deleveraging trend occurred between June 2025 and December 2025. The financial leverage ratio spiked from 2.02 to 2.36 in September 2025, coinciding with a sharp contraction in stockholders' equity from 27,209 million USD to 21,206 million USD. This suggests a significant capital event, such as a substantial share repurchase program or dividend distribution. However, the ratio began to stabilize and trend downward again, reaching 2.09 by March 2026 as equity recovered to 27,278 million USD.
Overall, the data indicates a strategic transition toward a stronger equity base. The long-term trend shows a marked improvement in the company's solvency profile, characterized by a transition from a highly leveraged state to one with significantly lower financial risk.
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Interest Coverage
Qualcomm Inc., interest coverage calculation (quarterly data)
| Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 23, 2024 | Mar 24, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income | 7,370) | 3,004) | (3,117) | 2,666) | 2,812) | 3,180) | 2,920) | 2,129) | 2,326) | 2,767) | 1,490) | 1,803) | 1,704) | 2,235) | 2,873) | 3,730) | 2,934) | 3,399) | 2,799) | 2,027) | 1,762) | 2,455) | |||||||
| Less: Discontinued operations, net of income taxes | —) | —) | —) | —) | —) | —) | 4) | 21) | 51) | (44) | (139) | 68) | 2) | (38) | (50) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Add: Income tax expense | (5,138) | 543) | 6,088) | 286) | 293) | 455) | (319) | 171) | 223) | 151) | (209) | 22) | 193) | 98) | 548) | 509) | 489) | 466) | 485) | 230) | 367) | 149) | |||||||
| Add: Interest expense | 171) | 169) | 170) | 168) | 163) | 163) | 179) | 168) | 172) | 178) | 173) | 172) | 179) | 170) | 144) | 70) | 137) | 139) | 139) | 138) | 141) | 141) | |||||||
| Earnings before interest and tax (EBIT) | 2,403) | 3,716) | 3,141) | 3,120) | 3,268) | 3,798) | 2,776) | 2,447) | 2,670) | 3,140) | 1,593) | 1,929) | 2,074) | 2,541) | 3,615) | 4,309) | 3,560) | 4,004) | 3,423) | 2,395) | 2,270) | 2,745) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Interest coverage1 | 18.26 | 19.77 | 20.07 | 19.26 | 18.26 | 17.14 | 15.83 | 14.25 | 13.43 | 12.44 | 11.72 | 15.28 | 22.27 | 26.92 | 31.61 | 31.54 | 24.20 | 21.71 | 19.38 | 18.60 | 16.10 | 13.40 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 32.80 | 27.25 | 25.11 | 32.99 | 22.98 | 15.91 | 10.78 | 7.65 | 5.79 | 1.05 | -2.15 | 2.73 | 14.61 | 33.91 | 69.08 | 104.42 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 10.80 | 9.54 | 8.50 | 7.29 | 6.31 | 6.52 | 6.89 | 8.74 | 11.83 | 14.63 | 17.96 | 19.23 | 19.42 | 16.46 | 10.14 | 9.06 | 7.26 | 8.19 | 11.64 | 10.46 | 9.14 | |||||||
| Applied Materials Inc. | — | 35.60 | 35.46 | 34.71 | 32.79 | 32.62 | 34.00 | 36.27 | 36.06 | 34.86 | 33.42 | 32.62 | 33.39 | 34.20 | 34.33 | 34.58 | 34.95 | 33.14 | 29.69 | 26.24 | 21.94 | 19.19 | |||||||
| Broadcom Inc. | — | 9.11 | 8.08 | 6.83 | 5.73 | 4.61 | 3.51 | 3.94 | 4.91 | 6.88 | 10.31 | 10.09 | 9.94 | 8.83 | 8.16 | 7.22 | 6.28 | 5.69 | 4.59 | 4.06 | 3.40 | 2.82 | |||||||
| KLA Corp. | 19.31 | 17.75 | 16.37 | 14.66 | 12.56 | 11.71 | 11.25 | 11.00 | 11.51 | 13.03 | 13.76 | 15.81 | 18.22 | 20.31 | 22.76 | 21.81 | 20.60 | 17.91 | 16.00 | 14.05 | 10.71 | 9.97 | |||||||
| Micron Technology Inc. | 80.25 | 32.36 | 21.26 | 16.43 | 12.88 | 9.29 | 3.19 | -2.13 | -7.02 | -13.14 | -13.58 | -7.73 | 10.11 | 36.19 | 51.66 | 58.47 | 51.74 | 45.03 | 35.18 | 24.82 | 19.35 | 17.83 | |||||||
| NVIDIA Corp. | 408.49 | 361.39 | 341.19 | 293.83 | 244.51 | 192.72 | 132.59 | 82.40 | 43.66 | 18.63 | 16.96 | 23.23 | 31.40 | 39.65 | 43.12 | 38.65 | 34.29 | 26.81 | — | — | — | — | |||||||
| Texas Instruments Inc. | — | 12.06 | 11.52 | 11.71 | 11.86 | 11.45 | 11.73 | 12.85 | 14.57 | 17.87 | 22.01 | 26.51 | 33.49 | 42.10 | 47.88 | 51.88 | 52.00 | 51.03 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q2 2026 Calculation
Interest coverage
= (EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025)
÷ (Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025)
= (2,403 + 3,716 + 3,141 + 3,120)
÷ (171 + 169 + 170 + 168)
= 18.26
2 Click competitor name to see calculations.
The solvency analysis indicates a fluctuating but consistently strong capacity to service interest obligations. The interest coverage ratio remained well above the critical threshold of 1.0 throughout the entire period, suggesting a low risk of default on interest payments despite significant variations in operational earnings.
- Interest Coverage Trajectory
- A pronounced upward trend is observed from December 2020, where the ratio stood at 13.40, peaking at 31.61 in September 2022. This period of expansion was driven by a substantial increase in Earnings before interest and tax (EBIT) alongside a temporary decrease in interest expenses. Following this peak, a sharp decline occurred, reaching a period low of 11.72 by September 2023. A subsequent recovery phase began in late 2023, with the ratio climbing steadily to 20.07 by September 2025, before stabilizing around 18.26 in the final quarter.
- EBIT Dynamics
- Operational earnings served as the primary driver of solvency volatility. EBIT reached a high of 4,309 million US dollars in June 2022 but experienced a notable contraction, hitting a low of 1,593 million US dollars in September 2023. The subsequent recovery in the ratio is directly correlated with the rebound of EBIT, which climbed back above 3,000 million US dollars in several quarters between December 2024 and December 2025.
- Interest Expense Stability
- Interest expenses remained relatively stable, generally oscillating between 137 million and 179 million US dollars. A significant outlier occurred in June 2022, where expenses dropped to 70 million US dollars, contributing to the spike in the coverage ratio during that quarter. Aside from this anomaly, the interest burden has remained consistent, meaning that changes in the solvency ratio were almost exclusively a function of EBIT performance.
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