Enterprise Value to EBITDA (EV/EBITDA)
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Qualcomm Inc., EBITDA calculation
US$ in millions
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).
- Net Income Trend
- Net income exhibited a strong upward trajectory from 2020 to 2022, increasing from $5,198 million to a peak of $12,936 million. However, a significant decline occurred in 2023, bringing net income down to $7,232 million. This fluctuation was followed by a recovery in 2024, reaching $10,142 million, before dropping again to $5,541 million in 2025.
- Earnings Before Tax (EBT) Trend
- EBT mirrored the net income pattern with steady growth from $5,719 million in 2020 to $14,998 million in 2022. It then decreased substantially in 2023 to $7,443 million. In 2024, EBT rebounded to $10,336 million and further increased to $12,663 million in 2025, indicating improved profitability before tax despite net income volatility in the final year.
- Earnings Before Interest and Tax (EBIT) Trend
- EBIT consistently increased from $6,321 million in 2020 to $15,488 million in 2022. A notable decline occurred in 2023 with earnings dropping to $8,137 million. There was a recovery in 2024, with EBIT rising to $11,033 million, and continued growth in 2025 to $13,327 million. This suggests operational profitability showed resilience after the 2023 dip.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Trend
- EBITDA demonstrated pronounced growth from $7,714 million in 2020 peaking at $17,250 million in 2022. Similar to other metrics, EBITDA decreased to $9,946 million in 2023, before recovering to $12,739 million in 2024 and further rising to $14,929 million in 2025. The EBITDA pattern indicates strong cash-generating capability with some volatility in the mid-period.
- Overall Financial Performance Insights
- The financial data reveals notable growth across all key profitability metrics through 2022, followed by a considerable downturn in 2023. Recovery phases in 2024 and 2025 demonstrate resilience and operational improvements, especially visible in EBT, EBIT, and EBITDA, while net income showed additional volatility. Differences between net income and earnings before tax in the latest period suggest changes in tax, interest expenses, or other non-operating factors affecting bottom-line results.
Enterprise Value to EBITDA Ratio, Current
Qualcomm Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Advanced Micro Devices Inc. | |
| Analog Devices Inc. | |
| Applied Materials Inc. | |
| Broadcom Inc. | |
| Intel Corp. | |
| KLA Corp. | |
| Lam Research Corp. | |
| Micron Technology Inc. | |
| NVIDIA Corp. | |
| Texas Instruments Inc. | |
| EV/EBITDA, Sector | |
| Semiconductors & Semiconductor Equipment | |
| EV/EBITDA, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2025-09-28).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Qualcomm Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Sep 28, 2025 | Sep 29, 2024 | Sep 24, 2023 | Sep 25, 2022 | Sep 26, 2021 | Sep 27, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | |||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||||
| Valuation Ratio | |||||||
| EV/EBITDA3 | |||||||
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Advanced Micro Devices Inc. | |||||||
| Analog Devices Inc. | |||||||
| Applied Materials Inc. | |||||||
| Broadcom Inc. | |||||||
| Intel Corp. | |||||||
| KLA Corp. | |||||||
| Lam Research Corp. | |||||||
| Micron Technology Inc. | |||||||
| NVIDIA Corp. | |||||||
| Texas Instruments Inc. | |||||||
| EV/EBITDA, Sector | |||||||
| Semiconductors & Semiconductor Equipment | |||||||
| EV/EBITDA, Industry | |||||||
| Information Technology | |||||||
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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value demonstrates fluctuating trends over the observed periods. It initially decreases from 150,377 million USD in 2020 to 127,495 million USD in 2023, indicating a contraction in overall market valuation during this timeframe. However, a significant increase occurs in the subsequent years, peaking at 194,813 million USD in 2025. This recovery and subsequent growth suggest renewed investor confidence or changes in market conditions favoring a higher valuation.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA shows a generally upward trajectory with some volatility. From 7,714 million USD in 2020, it rises substantially to a peak of 17,250 million USD in 2022. This peak is followed by a sharp decline to 9,946 million USD in 2023, indicating operational challenges or one-time factors affecting earnings. Following this dip, EBITDA recovers again, reaching 14,929 million USD in 2025, which reflects improving operational performance or successful cost management.
- EV/EBITDA Ratio
- The EV/EBITDA ratio starts at a relatively high level of 19.49 in 2020, suggesting the enterprise value was considerable compared to earnings. It declines steadily to 7.84 in 2022, reflecting either an increase in EBITDA outpacing changes in EV or a reduction in EV itself. The ratio then rises again to 15.19 in 2024 before slightly declining to 13.05 in 2025. This pattern indicates fluctuating market perceptions of value relative to earnings, with periods of both undervaluation and potential overvaluation relative to EBITDA.
- Summary of Trends
- Overall, the data reveal cyclical behavior in both enterprise value and EBITDA, with peaks and troughs indicating sensitivity to market or operational factors. The significant drop in EBITDA in 2023 followed by recovery suggests transient challenges rather than a long-term decline. Meanwhile, the EV/EBITDA ratio's variability highlights changing investor sentiment and valuation multiples over time. The growth in enterprise value from 2023 onward, together with the EBITDA rebound, points to an improving financial outlook in the latest periods.