Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)
Interest Paid, Net of Tax
EV to FCFF Ratio, Current
EV to FCFF Ratio, Historical

Free Cash Flow to The Firm (FCFF)

Qualcomm Inc., FCFF calculation

US$ in millions

12 months ended:	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Sep 24, 2017
Net income (loss) attributable to Qualcomm	12,936)	9,043)	5,198)	4,386)	(4,864)	2,466)
Net loss attributable to noncontrolling interests	—)	—)	—)	—)	—)	(1)
Net noncash charges	4,130)	1,954)	2,223)	4,124)	7,299)	1,804)
Changes in assets and liabilities	(7,800)	(461)	(1,607)	(1,224)	1,460)	424)
Net cash provided by operating activities	9,266)	10,536)	5,814)	7,286)	3,895)	4,693)
Cash interest paid related to commercial paper program and long-term debt, net of cash received from the related interest rate swaps, net of tax¹	427)	420)	461)	330)	480)	255)
Capital expenditures	(2,262)	(1,888)	(1,407)	(887)	(784)	(690)
Free cash flow to the firm (FCFF)	7,431)	9,068)	4,868)	6,729)	3,591)	4,258)

Based on: 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), 10-K (reporting date: 2017-09-24).

¹ See details »

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 increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Interest Paid, Net of Tax

Qualcomm Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Sep 24, 2017
Effective Income Tax Rate (EITR)
EITR¹	13.00%	12.00%	9.00%	41.37%	27.49%	18.38%
Interest Paid, Net of Tax
Cash interest paid related to commercial paper program and long-term debt, net of cash received from the related interest rate swaps, before tax	491)	477)	507)	563)	662)	313)
Less: Cash interest paid related to commercial paper program and long-term debt, net of cash received from the related interest rate swaps, tax²	64)	57)	46)	233)	182)	58)
Cash interest paid related to commercial paper program and long-term debt, net of cash received from the related interest rate swaps, net of tax	427)	420)	461)	330)	480)	255)

¹ See details »

² 2022 Calculation
Cash interest paid related to commercial paper program and long-term debt, net of cash received from the related interest rate swaps, tax = Cash interest paid related to commercial paper program and long-term debt, net of cash received from the related interest rate swaps × EITR
= 491 × 13.00% = 64

Enterprise Value to FCFF Ratio, Current

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	151,352)
Free cash flow to the firm (FCFF)	7,431)
Valuation Ratio
EV/FCFF	20.37
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	48.57
Analog Devices Inc.	26.68
Applied Materials Inc.	22.28
Broadcom Inc.	16.74
First Solar Inc.	—
Intel Corp.	—
KLA Corp.	18.79
Lam Research Corp.	27.04
Micron Technology Inc.	21.10
NVIDIA Corp.	170.57
ON Semiconductor Corp.	21.16
Texas Instruments Inc.	27.60
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	38.35
EV/FCFF, Industry
Information Technology	28.35

Based on: 10-K (reporting date: 2022-09-25).

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.

Enterprise Value to FCFF Ratio, Historical

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

	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018	Sep 24, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	135,213)	158,429)	150,377)	100,307)	80,903)	63,394)
Free cash flow to the firm (FCFF)²	7,431)	9,068)	4,868)	6,729)	3,591)	4,258)
Valuation Ratio
EV/FCFF³	18.20	17.47	30.89	14.91	22.53	14.89
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	38.82	43.41	126.98	169.58	—	—
Analog Devices Inc.	23.12	39.16	27.12	21.68	16.04	36.93
Applied Materials Inc.	19.06	26.22	22.52	18.91	9.96	15.58
Broadcom Inc.	14.74	19.47	16.54	15.04	13.02	20.10
First Solar Inc.	—	—	—	—	—	—
Intel Corp.	—	16.94	11.08	17.39	15.50	—
KLA Corp.	19.05	26.29	18.70	20.92	14.15	12.19
Lam Research Corp.	24.03	24.02	25.91	9.83	10.36	11.51
Micron Technology Inc.	18.28	33.81	292.39	14.33	5.37	17.38
NVIDIA Corp.	78.07	69.47	41.65	27.92	47.71	—
ON Semiconductor Corp.	20.67	19.86	33.03	46.88	12.66	—
Texas Instruments Inc.	27.05	24.23	27.67	20.75	16.49	—
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	35.05	26.37	22.31	18.50	15.89	—
EV/FCFF, Industry
Information Technology	26.63	28.03	26.16	21.64	18.26	—

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 135,213 ÷ 7,431 = 18.20

⁴ Click competitor name to see calculations.

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 decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

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