Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Qualcomm Inc., EBITDA calculation

US$ in millions

12 months ended:	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Net income (loss)	7,232)	12,936)	9,043)	5,198)	4,386)	(4,864)
Less: Discontinued operations, net of income taxes	(107)	(50)	—)	—)	—)	—)
Add: Income tax expense	104)	2,012)	1,231)	521)	3,095)	5,377)
Earnings before tax (EBT)	7,443)	14,998)	10,274)	5,719)	7,481)	513)
Add: Interest expense	694)	490)	559)	602)	627)	768)
Earnings before interest and tax (EBIT)	8,137)	15,488)	10,833)	6,321)	8,108)	1,281)
Add: Depreciation and amortization expense	1,809)	1,762)	1,582)	1,393)	1,401)	1,561)
Earnings before interest, tax, depreciation and amortization (EBITDA)	9,946)	17,250)	12,415)	7,714)	9,509)	2,842)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Qualcomm Inc. EBITDA increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

Qualcomm Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	186,685)
Earnings before interest, tax, depreciation and amortization (EBITDA)	9,946)
Valuation Ratio
EV/EBITDA	18.77
Benchmarks
EV/EBITDA, Competitors¹
Advanced Micro Devices Inc.	59.47
Analog Devices Inc.	16.78
Applied Materials Inc.	19.09
Broadcom Inc.	29.56
Intel Corp.	15.52
KLA Corp.	20.31
Lam Research Corp.	20.51
Micron Technology Inc.	51.25
NVIDIA Corp.	55.52
ON Semiconductor Corp.	8.97
Texas Instruments Inc.	17.96
EV/EBITDA, Sector
Semiconductors & Semiconductor Equipment	43.71
EV/EBITDA, Industry
Information Technology	28.50

Based on: 10-K (reporting date: 2023-09-24).

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 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	127,495)	135,213)	158,429)	150,377)	100,307)	80,903)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	9,946)	17,250)	12,415)	7,714)	9,509)	2,842)
Valuation Ratio
EV/EBITDA³	12.82	7.84	12.76	19.49	10.55	28.47
Benchmarks
EV/EBITDA, Competitors⁴
Advanced Micro Devices Inc.	65.81	22.63	34.19	62.10	82.59	—
Analog Devices Inc.	15.56	16.23	38.55	23.61	18.67	14.37
Applied Materials Inc.	15.75	11.04	17.54	16.82	14.60	6.24
Broadcom Inc.	26.42	13.54	19.72	18.89	16.32	12.21
Intel Corp.	18.96	6.20	6.02	6.40	8.73	—
KLA Corp.	15.67	14.97	19.26	18.10	14.14	10.91
Lam Research Corp.	15.35	11.34	16.67	17.76	10.07	7.08
Micron Technology Inc.	32.38	3.26	6.05	6.46	3.90	2.41
NVIDIA Corp.	95.68	57.59	58.96	52.90	21.10	—
ON Semiconductor Corp.	10.57	11.65	14.40	20.27	11.13	—
Texas Instruments Inc.	16.36	14.69	15.54	21.75	17.73	—
EV/EBITDA, Sector
Semiconductors & Semiconductor Equipment	25.99	14.44	15.49	14.76	11.56	—
EV/EBITDA, Industry
Information Technology	23.37	18.28	20.37	19.53	14.42	—

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 127,495 ÷ 9,946 = 12.82

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Qualcomm Inc. EV/EBITDA ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Qualcomm Inc. (NASDAQ:QCOM)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical