Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

Qualcomm Inc., FCFE 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)
Capital expenditures	(1,450)	(2,262)	(1,888)	(1,407)	(887)	(784)
Proceeds from sales of property, plant and equipment	127)	5)	3)	—)	—)	—)
Proceeds from short-term debt	5,068)	7,000)	2,886)	2,848)	5,989)	11,131)
Repayment of short-term debt	(5,566)	(7,003)	(2,885)	(2,846)	(6,492)	(11,127)
Repayment of debt of acquired company	—)	(349)	—)	—)	—)	—)
Proceeds from long-term debt	1,880)	1,477)	—)	1,988)	—)	—)
Repayment of long-term debt	(1,446)	(1,540)	—)	(2,219)	—)	(5,500)
Free cash flow to equity (FCFE)	10,311)	6,594)	8,652)	4,178)	5,896)	(2,385)

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
FCFE	Free cash flow to equity is the cash flow available to Qualcomm Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Qualcomm Inc. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Price to FCFE Ratio, Current

Qualcomm Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,116,000,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	10,311)
FCFE per share	9.24
Current share price (P)	161.44
Valuation Ratio
P/FCFE	17.47
Benchmarks
P/FCFE, Competitors¹
Advanced Micro Devices Inc.	223.53
Analog Devices Inc.	23.04
Applied Materials Inc.	21.03
Broadcom Inc.	33.86
Intel Corp.	—
KLA Corp.	34.37
Lam Research Corp.	25.04
Micron Technology Inc.	—
NVIDIA Corp.	82.14
ON Semiconductor Corp.	212.08
Texas Instruments Inc.	38.67
P/FCFE, Sector
Semiconductors & Semiconductor Equipment	84.22
P/FCFE, Industry
Information Technology	40.91

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

¹ Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Qualcomm Inc., historical P/FCFE calculation, comparison to benchmarks

	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
No. shares of common stock outstanding¹	1,113,000,000	1,121,000,000	1,120,000,000	1,131,000,000	1,141,844,863	1,212,162,586
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	10,311)	6,594)	8,652)	4,178)	5,896)	(2,385)
FCFE per share³	9.26	5.88	7.73	3.69	5.16	-1.97
Share price^1, 4	110.89	112.50	138.48	128.97	84.63	63.21
Valuation Ratio
P/FCFE⁵	11.97	19.13	17.93	34.91	16.39	—
Benchmarks
P/FCFE, Competitors⁶
Advanced Micro Devices Inc.	241.70	33.46	44.72	133.51	—	—
Analog Devices Inc.	22.28	24.14	34.67	33.98	37.52	50.53
Applied Materials Inc.	17.53	19.17	27.20	23.21	19.53	10.21
Broadcom Inc.	30.06	14.62	22.35	9.16	5.64	13.72
Intel Corp.	—	—	14.25	8.57	16.55	—
KLA Corp.	26.78	9.01	28.05	19.15	9.84	39.74
Lam Research Corp.	18.67	24.95	34.58	16.89	6.14	14.02
Micron Technology Inc.	—	18.66	37.24	81.71	13.92	—
NVIDIA Corp.	151.04	54.83	35.20	44.23	30.19	—
ON Semiconductor Corp.	261.49	21.51	38.47	50.56	9.02	—
Texas Instruments Inc.	37.61	23.88	21.87	24.10	18.77	—
P/FCFE, Sector
Semiconductors & Semiconductor Equipment	48.11	28.83	25.00	17.80	14.04	—
P/FCFE, Industry
Information Technology	33.34	26.56	27.30	23.29	18.92	—

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 10,311,000,000 ÷ 1,113,000,000 = 9.26

⁴ Closing price as at the filing date of Qualcomm Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 110.89 ÷ 9.26 = 11.97

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Qualcomm Inc. P/FCFE ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Qualcomm Inc. (NASDAQ:QCOM)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical