Qualcomm Inc. (NASDAQ:QCOM)

Net Fixed Asset Turnover

The net fixed asset turnover ratio demonstrates an overall upward trend over the period analyzed. Initially, the ratio experienced some fluctuations, dipping notably around mid-2020 but subsequently recovering and maintaining a generally increasing trajectory from late 2020 through to mid-2025. This suggests improved efficiency in utilizing fixed assets to generate sales, particularly evident in the steady growth after 2021, reaching its highest values toward the end of the observation period.

Total Asset Turnover

Total asset turnover exhibits moderate volatility but generally reflects a slight increase through the middle of the timeline, peaking around early 2022. After this peak, a gradual decline occurs, stabilizing at a lower level through 2023 and into mid-2024. Toward the latter periods, a mild recovery is indicated. This pattern suggests that the company's effectiveness in deploying total assets to generate revenue improved initially, faced challenges afterward, and then showed signs of modest recuperation.

Equity Turnover

Equity turnover reveals a pronounced decreasing trend throughout the entire timeframe. Early periods show relatively high turnover ratios, with a noticeable and continuous decline over successive quarters. This steady reduction implies a diminishing efficiency in using shareholders' equity to generate sales, which could be indicative of increased equity base or reduced sales volume relative to equity. The decline is most pronounced after 2019, with the lowest points reached around 2023, followed by minor fluctuations but no significant rebound toward the most recent periods.

The analysis of the financial data indicates several notable trends in revenues, property, plant and equipment (PP&E), and net fixed asset turnover over the observed periods.

Revenues (US$ in millions)

Revenues show some fluctuations across the quarters with an overall upward trend from the beginning to near the end of the observation period. Early quarters saw revenues around the 5,000 US$ million mark, followed by a significant spike in the quarter ending September 27, 2020, reaching 8,345 US$ million. After a period of stability and growth with revenues peaking above 11,000 US$ million between late 2021 and early 2022, there was a moderate decline starting in late 2022, with values dropping to around 8,451 US$ million by mid-2023. Subsequently, revenues began to recover gradually, surpassing 10,000 US$ million again in late 2024 and early 2025 but with some variability remaining.

Property, Plant and Equipment, Net (US$ in millions)

The net value of property, plant and equipment demonstrates a consistent and steady increase over the entire period. Starting from approximately 3,171 US$ million, the PP&E base grew steadily quarter over quarter, reaching a peak of around 5,281 US$ million in early 2023. However, after this peak, there is a gradual tapering and slight decline to roughly 4,410 US$ million by mid-2025. This pattern suggests ongoing investments and asset accumulation through much of the timeline followed by a period of asset disposal or devaluation in the final quarters.

Net Fixed Asset Turnover (ratio)

The net fixed asset turnover ratio, which measures revenue generated per unit of net fixed assets, fluctuated considerably but exhibited a general improving trend over time. Early quarters recorded relatively high turnover ratios near 7.7, followed by a dip to a low of 5.74 around mid-2020 during which revenues and asset values were changing rapidly. From late 2020 onwards, the ratio improved steadily, indicating better utilization of fixed assets, rising to over 9.6 by the last quarters recorded. This suggests enhanced operational efficiency or higher revenue generation relative to the net fixed asset base in the later years.

In summary, revenues and net fixed asset turnover both show improvement after mid-2020 despite some volatility, while property, plant and equipment increased consistently until early 2023 before experiencing a moderate decline. The improved turnover ratio alongside rising revenues indicates more effective use of the asset base in generating sales, even as the asset base itself stabilizes or contracts slightly in the last observed periods.

The analysis of the quarterly financial data reveals several key trends regarding revenues, total assets, and total asset turnover over the presented periods.

Revenues

Revenues exhibit a fluctuating yet generally upward trajectory from the beginning through the middle of the timeline, with a notable spike in the third quarter of 2020 reaching 8,345 million US dollars, and then again in the fourth quarter of 2021 at 10,705 million US dollars. After peaking in early 2022 at 11,164 million US dollars, revenues show some volatility but maintain relatively high levels around the 9,000 to 11,000 million US dollars range. The data indicates some dips in revenue after peaks, particularly in late 2022 and mid-2023, but the overall trend toward the end of the timeline shows recovery and robust quarterly revenues approaching 11,000 million US dollars once more.

Total Assets

Total assets have displayed a consistent upward trend from roughly 33,111 million US dollars at the start to over 55,000 million US dollars by the end of the period. This steady accumulation of assets suggests ongoing investment or asset growth strategies. There are no sharp declines apparent in the asset base, indicating stability in the asset management over time.

Total Asset Turnover Ratio

The total asset turnover ratio, which measures revenue generated per unit of asset, initially fluctuated between 0.62 and 0.84, indicating variable efficiency in utilizing assets to generate revenue. It peaked around 0.9 in late 2021 and early 2022 quarters, reflecting improved efficiency during these periods. However, after this high point, the ratio declines to around 0.7 to 0.79 by the end of the dataset, denoting a slight decrease in asset utilization efficiency amidst the asset base growth. This pattern may highlight challenges in sustaining revenue growth proportional to asset expansion in the later periods.

Overall, the data suggests that while revenues have shown some volatility, there is a general upward momentum in both revenues and asset accumulation. The efficiency of asset use has improved strongly at certain points but has tapered off afterward, indicating a possible area for operational focus. Continuous growth in total assets coupled with stable though slightly diminished asset turnover ratios points to strategic asset expansion that may prioritize long-term positioning over short-term turnover gains.

The financial data reveals important trends in revenues, stockholders’ equity, and equity turnover ratios over multiple quarterly periods.

Revenues

Revenues exhibit a generally cyclical pattern with notable fluctuations across the quarters. There is a sharp increase observed from the quarter ending June 28, 2020 (4,893 million USD) to September 27, 2020 (8,345 million USD), indicating a significant recovery or growth during that period. Following this peak, revenues show variability but maintain relatively high levels, peaking further at December 26, 2021 with 10,705 million USD. Afterward, revenues fluctuate moderately but show a slight decreasing trend toward the end of the dataset, reaching 10,365 million USD by June 29, 2025. Overall, revenues appear to be influenced by seasonal or operational factors with an upward trend in the middle periods followed by stabilization.

Stockholders’ Equity

Stockholders’ equity demonstrates a consistent and strong upward trend throughout the periods. Starting from 4,513 million USD at the end of 2019, the equity increases steadily, even accelerating after the mid-2020 period. Significant growth is observed from March 27, 2022 (13,328 million USD) onward, peaking at 27,728 million USD by June 29, 2025. This continuous increase suggests successful accumulation of retained earnings, equity financing, or asset revaluation over time, reflecting enhanced financial stability and capital base expansion.

Equity Turnover

The equity turnover ratio shows a clear downward trend over the considered periods. Initially high at 5.43 in December 2019 and peaking at 8.13 in March 2020, this ratio steadily declines quarter by quarter, reaching a low of around 1.48 to 1.53 in the latest quarters. This decline suggests that despite the increasing equity base, revenue generation relative to equity has diminished, potentially indicating increased capital intensity or more conservative revenue generation strategies. The ratio stabilizes near the end, implying a new equilibrium in asset utilization efficiency relative to equity.

In summary, the data point toward robust growth in equity, moderate to fluctuating revenues with significant peaks, and a consistent decrease in equity turnover ratio, highlighting changes in the company’s capital structure and operational efficiency over time.