Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Qualcomm Inc., current price multiples

	Qualcomm Inc.	Apple Inc.	Applied Materials Inc.	Broadcom Inc.	Cisco Systems Inc.	HP Inc.	Intel Corp.	NVIDIA Corp.	Texas Instruments Inc.	Technology Hardware & Equipment	Technology
Selected Financial Data
Current share price (P)	$
No. shares of common stock outstanding

Earnings per share (EPS)	$
Operating profit per share	$
Sales per share	$
Book value per share (BVPS)	$
Ratios (Price Multiples)
Price to operating profit (P/OP)
Price to sales (P/S)
Price to book value (P/BV)

Based on: 10-K (filing date: 2018-11-07).

If company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.

Otherwise, if company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.

Qualcomm Inc., historical price multiples

		Sep 30, 2018	Sep 24, 2017	Sep 25, 2016	Sep 27, 2015	Sep 28, 2014	Sep 29, 2013
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

Based on: 10-K (filing date: 2018-11-07), 10-K (filing date: 2017-11-01), 10-K (filing date: 2016-11-02), 10-K (filing date: 2015-11-04), 10-K (filing date: 2014-11-05), 10-K (filing date: 2013-11-06).

Ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Qualcomm Inc.’s P/E ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Qualcomm Inc.’s P/OP ratio increased from 2016 to 2017 and from 2017 to 2018.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Qualcomm Inc.’s P/S ratio declined from 2016 to 2017 and from 2017 to 2018.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Qualcomm Inc.’s P/BV ratio declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

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

		Sep 30, 2018	Sep 24, 2017	Sep 25, 2016	Sep 27, 2015	Sep 28, 2014	Sep 29, 2013
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Net income (loss) attributable to Qualcomm (in millions)
	Earnings per share (EPS)³
	Share price^1, 2
	Ratio
	P/E ratio⁴
	Benchmarks
	P/E Ratio, Competitors
	Apple Inc.
	Applied Materials Inc.
	Broadcom Inc.
	Cisco Systems Inc.
	HP Inc.
	Intel Corp.
	NVIDIA Corp.
	Texas Instruments Inc.
	P/E Ratio, Sector
	Technology Hardware & Equipment
	P/E Ratio, Industry
	Technology

Based on: 10-K (filing date: 2018-11-07), 10-K (filing date: 2017-11-01), 10-K (filing date: 2016-11-02), 10-K (filing date: 2015-11-04), 10-K (filing date: 2014-11-05), 10-K (filing date: 2013-11-06).

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of Qualcomm Inc.’s Annual Report.

2018 Calculations

³ EPS = Net income (loss) attributable to Qualcomm ÷ No. shares of common stock outstanding
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⁴ P/E ratio = Share price ÷ EPS
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Ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Qualcomm Inc.’s P/E ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.

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

		Sep 30, 2018	Sep 24, 2017	Sep 25, 2016	Sep 27, 2015	Sep 28, 2014	Sep 29, 2013
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Operating income (in millions)
	Operating profit per share³
	Share price^1, 2
	Ratio
	P/OP ratio⁴
	Benchmarks
	P/OP Ratio, Competitors
	Apple Inc.
	Applied Materials Inc.
	Broadcom Inc.
	Cisco Systems Inc.
	HP Inc.
	Intel Corp.
	NVIDIA Corp.
	Texas Instruments Inc.
	P/OP Ratio, Sector
	Technology Hardware & Equipment
	P/OP Ratio, Industry
	Technology

Based on: 10-K (filing date: 2018-11-07), 10-K (filing date: 2017-11-01), 10-K (filing date: 2016-11-02), 10-K (filing date: 2015-11-04), 10-K (filing date: 2014-11-05), 10-K (filing date: 2013-11-06).

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of Qualcomm Inc.’s Annual Report.

2018 Calculations

³ Operating profit per share = Operating income ÷ No. shares of common stock outstanding
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⁴ P/OP ratio = Share price ÷ Operating profit per share
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Ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Qualcomm Inc.’s P/OP ratio increased from 2016 to 2017 and from 2017 to 2018.

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

		Sep 30, 2018	Sep 24, 2017	Sep 25, 2016	Sep 27, 2015	Sep 28, 2014	Sep 29, 2013
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Revenues (in millions)
	Sales per share³
	Share price^1, 2
	Ratio
	P/S ratio⁴
	Benchmarks
	P/S Ratio, Competitors
	Apple Inc.
	Applied Materials Inc.
	Broadcom Inc.
	Cisco Systems Inc.
	HP Inc.
	Intel Corp.
	NVIDIA Corp.
	Texas Instruments Inc.
	P/S Ratio, Sector
	Technology Hardware & Equipment
	P/S Ratio, Industry
	Technology

Based on: 10-K (filing date: 2018-11-07), 10-K (filing date: 2017-11-01), 10-K (filing date: 2016-11-02), 10-K (filing date: 2015-11-04), 10-K (filing date: 2014-11-05), 10-K (filing date: 2013-11-06).

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of Qualcomm Inc.’s Annual Report.

2018 Calculations

³ Sales per share = Revenues ÷ No. shares of common stock outstanding
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⁴ P/S ratio = Share price ÷ Sales per share
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Ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Qualcomm Inc.’s P/S ratio declined from 2016 to 2017 and from 2017 to 2018.

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

		Sep 30, 2018	Sep 24, 2017	Sep 25, 2016	Sep 27, 2015	Sep 28, 2014	Sep 29, 2013
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Total Qualcomm stockholders’ equity (in millions)
	Book value per share (BVPS)³
	Share price^1, 2
	Ratio
	P/BV ratio⁴
	Benchmarks
	P/BV Ratio, Competitors
	Apple Inc.
	Applied Materials Inc.
	Broadcom Inc.
	Cisco Systems Inc.
	HP Inc.
	Intel Corp.
	NVIDIA Corp.
	Texas Instruments Inc.
	P/BV Ratio, Sector
	Technology Hardware & Equipment
	P/BV Ratio, Industry
	Technology

Based on: 10-K (filing date: 2018-11-07), 10-K (filing date: 2017-11-01), 10-K (filing date: 2016-11-02), 10-K (filing date: 2015-11-04), 10-K (filing date: 2014-11-05), 10-K (filing date: 2013-11-06).

¹ Data adjusted for splits and stock dividends.

² Close price on the filing date of Qualcomm Inc.’s Annual Report.

2018 Calculations

³ BVPS = Total Qualcomm stockholders’ equity ÷ No. shares of common stock outstanding
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⁴ P/BV ratio = Share price ÷ BVPS
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Ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Qualcomm Inc.’s P/BV ratio declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

	Qualcomm Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Qualcomm Inc. (QCOM)

Common Stock Valuation Ratios (Price Multiples)

Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)