Qualcomm Inc., FCFF 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)
Net noncash charges	3,318)	4,130)	1,954)	2,223)	4,124)	7,299)
Changes in assets and liabilities	1,148)	(7,800)	(461)	(1,607)	(1,224)	1,460)
Net cash provided by operating activities	11,698)	9,266)	10,536)	5,814)	7,286)	3,895)
Cash interest paid related to commercial paper program and long-term debt, net of tax¹	608)	427)	420)	461)	330)	480)
Capital expenditures	(1,450)	(2,262)	(1,888)	(1,407)	(887)	(784)
Proceeds from sales of property, plant and equipment	127)	5)	3)	—)	—)	—)
Free cash flow to the firm (FCFF)	10,983)	7,436)	9,071)	4,868)	6,729)	3,591)

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 See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Qualcomm Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Qualcomm Inc. FCFF decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Qualcomm Inc., interest paid, net of tax 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
Effective Income Tax Rate (EITR)
EITR¹	1.00%	13.00%	12.00%	9.00%	41.37%	27.49%
Interest Paid, Net of Tax
Cash interest paid related to commercial paper program and long-term debt, before tax	614)	491)	477)	507)	563)	662)
Less: Cash interest paid related to commercial paper program and long-term debt, tax²	6)	64)	57)	46)	233)	182)
Cash interest paid related to commercial paper program and long-term debt, net of tax	608)	427)	420)	461)	330)	480)

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 See details »

² 2023 Calculation
Cash interest paid related to commercial paper program and long-term debt, tax = Cash interest paid related to commercial paper program and long-term debt × EITR
= 614 × 1.00% = 6

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	187,455)
Free cash flow to the firm (FCFF)	10,983)
Valuation Ratio
EV/FCFF	17.07
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	206.81
Analog Devices Inc.	26.68
Applied Materials Inc.	21.50
Broadcom Inc.	32.54
Intel Corp.	—
KLA Corp.	26.01
Lam Research Corp.	24.78
Micron Technology Inc.	—
NVIDIA Corp.	76.52
ON Semiconductor Corp.	56.27
Texas Instruments Inc.	94.01
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	106.30
EV/FCFF, Industry
Information Technology	42.27

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

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Qualcomm Inc., historical EV/FCFF 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)
Free cash flow to the firm (FCFF)²	10,983)	7,436)	9,071)	4,868)	6,729)	3,591)
Valuation Ratio
EV/FCFF³	11.61	18.18	17.47	30.89	14.91	22.53
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	225.41	38.82	43.41	126.98	169.58	—
Analog Devices Inc.	25.61	23.12	39.16	27.12	21.68	16.04
Applied Materials Inc.	17.40	19.06	26.22	22.52	18.91	9.96
Broadcom Inc.	28.53	14.74	19.47	16.54	15.04	13.02
Intel Corp.	—	—	16.94	11.08	17.39	—
KLA Corp.	19.99	19.05	26.29	18.70	20.92	14.15
Lam Research Corp.	17.99	24.03	24.02	25.91	9.83	10.36
Micron Technology Inc.	—	18.28	33.81	292.39	14.33	5.37
NVIDIA Corp.	142.90	78.07	69.47	41.65	27.92	—
ON Semiconductor Corp.	67.36	20.67	19.86	33.03	46.88	—
Texas Instruments Inc.	90.39	27.05	24.23	27.67	20.75	—
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	61.21	34.74	26.16	22.06	18.29	—
EV/FCFF, Industry
Information Technology	34.25	27.01	27.93	24.12	19.69	—

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 See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 127,495 ÷ 10,983 = 11.61

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Qualcomm Inc. EV/FCFF ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Qualcomm Inc. (NASDAQ:QCOM)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical