Qualcomm Inc. (NASDAQ:QCOM)

The financial ratios demonstrate varying dynamics across the observed periods, reflecting changes in valuation metrics relative to earnings, operating profit, sales, and book value.

Price to Earnings (P/E) Ratio

The P/E ratio shows a general downward trend from late 2019 through mid-2022, falling from 22.03 to 9.75, indicating improved earnings relative to share price or potential market reassessment. However, a reversal occurs from mid-2022 onwards, with the ratio increasing to peaks around 23.14 by late 2024 before slightly moderating to 14.82 in mid-2025. This volatility suggests fluctuating investor sentiment or earnings volatility during these periods.

Price to Operating Profit (P/OP) Ratio

A similar pattern is observed in the P/OP ratio, starting from 12.6 in late 2019, with a sharp increase to nearly 30 by September 2019, followed by a decline to 7.95 in mid-2022. This reflects an initial expansion in valuation relative to operating profit, succeeded by a contraction. The ratio then trends upward again, reaching over 22 in late 2024 before settling around 14.28 by mid-2025, indicating cyclical changes in operating profitability or market valuation multiples.

Price to Sales (P/S) Ratio

The P/S ratio fluctuates moderately, beginning at 3.98 in late 2019, peaking at 6.91 in early 2021, suggesting increased investor willingness to pay for sales. Subsequently, it declines to a low of 2.85 in mid-2022 before recovering to approximately 5.4 in late 2024. The subsequent decrease to slightly below 4 by mid-2025 implies variability in sales valuation multiples influenced potentially by revenue performance or broader market conditions.

Price to Book Value (P/BV) Ratio

The P/BV ratio starts high at 16.79 in late 2018, rising to a peak of 31.75 in mid-2020. Post this peak, a sustained downward movement is evident, dropping to 5.72 by late 2022, which could imply increased book value or a market re-rating of the company’s net asset value. Slight fluctuations are noted afterwards, with ratios steadying around the 7.0-8.0 range through 2024, before decreasing to approximately 6.31 by mid-2025.

Overall, the data reveals significant variability across valuation metrics over the periods. The early peak phases in P/E, P/OP, and P/BV ratios suggest heightened market optimism or inflated valuations which later correct downward, possibly due to fundamental changes or external conditions. The P/S ratio shows less volatility but still indicates shifts in investor valuation relative to revenue. The mid-2022 period marks a notable inflection point where ratios generally bottomed out before starting to recover, implying improved fundamentals or changing market expectations thereafter.

The financial data reveals distinct trends over the analyzed periods for share price, earnings per share (EPS), and price-to-earnings (P/E) ratio. These metrics collectively provide insight into market valuation and company profitability dynamics.

Share Price

The share price exhibits volatility with an overall upward trajectory from the initial recorded value of $50.17 to a peak exceeding $180, reflecting significant market valuation growth. Initial fluctuations include a rapid increase to above $86 early in the series, followed by fluctuations between approximately $73 and $90 through 2019. Notably, the price peaks around late 2021 and again in early 2024, indicating periods of heightened investor confidence or market conditions favorable to the company. Despite some declines, particularly in late 2022 and mid-2023, the share price maintains a generally elevated level compared to the early data points.

Earnings Per Share (EPS)

EPS data, available from mid-2019 onward, shows a general upward trend from an initial level of 3.84 US$ to a high above 11 US$ around early 2022. This rise signifies improving profitability or earnings generation capacity. After peaking, EPS experiences a moderate decline, stabilizing around values between 6.5 and 10.7 in subsequent periods. The gradual decrease post-peak may suggest cyclical earnings adjustments, economic factors, or company-specific events impacting profitability. Nonetheless, the EPS levels remain substantially higher than the initial recorded values, underscoring sustained earnings performance over time.

Price-to-Earnings (P/E) Ratio

The P/E ratio illustrates considerable fluctuation, reflecting changing investor sentiment and valuation relative to earnings. Early values indicate ratios in the low twenties, rising as high as 38.25 in late 2019 before trending downward to single digits and low teens by 2022. This dip suggests that earnings growth may have outpaced share price gains during that time, making the stock relatively less expensive on an earnings basis. Following this trough, the P/E ratio edges upwards again, fluctuating between approximately 14 and 23, indicating a revaluation phase or adjustments in market expectations. The variation in the P/E ratio highlights dynamic interactions between share price movements and earnings performance, influenced by external market factors and company results.

Overall, the data underlines a period of noteworthy earnings growth accompanied by a generally positive but volatile share price trajectory. The interplay between share price and EPS growth manifests in the oscillating P/E ratio, suggesting phases where the market's valuation of the company's earnings changed markedly. This pattern aligns with typical market responses to varying earnings outlooks, sector trends, and wider economic conditions over the time span covered.

The financial indicators reveal several notable trends over the reporting periods. The share price experienced a general upward trajectory from late 2018 through to late 2024, though it exhibited considerable volatility. Starting at approximately $50.17, the share price peaked multiple times, reaching highs beyond $180. This pattern indicates periods of strong investor confidence or favorable market conditions, especially evident around late 2021 and early 2024. However, intermittent declines suggest phases of profit-taking or market corrections.

The operating profit per share shows an overall increasing trend from the first available values in 2019 through mid-2025, rising from 6.71 US$ to above 11 US$ towards the end of the dataset. The trajectory is mostly upward with some fluctuations, which may reflect changes in operational efficiency, cost structure, or revenue variations. Notably, there is a dip around late 2019 to early 2020, followed by recovery and growth, indicating possible business challenges or market disruptions during that interval.

The price-to-operating profit ratio (P/OP) presents a more variable pattern. Early on, the ratio hovers around 12 to 13, spikes significantly during late 2019 to 2020 reaching values near 30, and then gradually declines and stabilizes between 14 and 22 in recent periods. Elevated P/OP ratios may denote market overvaluation or anticipation of future growth, while lower ratios imply a more balanced relationship between share price and operating profit. The peak ratio around 2020 aligns with a sharp decline in operating profit per share, indicating share price remained relatively high despite reduced earnings performance.

In summary, the data depicts a company with improving profitability over time, coupled with periods of share price volatility and adjustments in valuation multiples. The relationship between share price and operating profit suggests investor expectation fluctuations and possible market sensitivities to earnings changes. Continuous growth in operating profit per share toward the later periods indicates strengthening operational performance, which may underpin the sustained elevated share prices observed.

Share Price

Rising trend from $50.17 to peaks above $180 with notable volatility and multiple high points around late 2021 and early 2024.

Operating Profit Per Share

General upward movement from 6.71 US$ in 2019 to beyond 11 US$ by mid-2025, with minor fluctuations and a noticeable dip in early 2020.

Price-to-Operating Profit Ratio (P/OP)

Variable trend with a significant spike around 2020 reaching nearly 30, followed by stabilization between 14 and 22, reflecting changing investor sentiment and valuation levels over time.

Share Price

The share price displays considerable volatility over the examined period. It begins at $50.17 at the end of 2018, peaks periodically with notable highs such as $188.20 in December 2021, and experiences troughs like $110.89 in September 2023. The general pattern suggests cyclical fluctuations with sharp increases and decreases rather than a steadily upward or downward trend. Recent values in 2024 show a decline from a peak of $180.95 in June 2024 to approximately $159.06 by June 2025, indicating recent downward pressure or correction in the market valuation.

Sales per Share

Sales per share data begins in late 2019 with an initial value around $21.26. From that point, sales per share exhibit a consistent upward trend, rising steadily from $21.26 to $40.09 by June 2025. This steady growth demonstrates strong and ongoing revenue generation per share despite fluctuations in the share price. This upward trajectory highlights a positive sales performance over the periods analyzed.

Price-to-Sales (P/S) Ratio

The P/S ratio presents a more variable pattern reflecting the combined effects of share price changes and sales per share trends. Initial reported values around late 2019 show a P/S ratio of roughly 3.98. This ratio exhibits sharp fluctuations, including peaks above 6 such as 6.91 in March 2021 and 6.2 in December 2020, followed by declines to values near or below 3 around mid-2022. Towards the most recent periods, the P/S ratio stabilizes mostly between 3.5 and 5.4, with slight downward movements from 5.40 in June 2024 to 3.97 in June 2025. These fluctuations indicate varying market expectations of valuation relative to sales, with occasional periods where the market price far outpaced sales growth and other periods where sales strength moderated valuation multiples.

Summary

Overall, the data indicates a strong underlying improvement in sales per share over time, which suggests effective revenue growth. Meanwhile, share price volatility and corresponding changes in the P/S ratio suggest that market sentiment and valuation multiples have been influenced by factors beyond sales growth alone. The recent trend includes a potential cooling in share price valuation multiples despite continued sales growth, possibly reflecting changing investor expectations or broader market influences.

The financial data reveals several notable trends in the company's share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed quarters.

Share Price

The share price exhibits considerable volatility throughout the periods, with an overall increasing trend from the end of 2018 through mid-2024. Initially priced at approximately $50.17, it rises sharply to peak around $162.30 in late 2020. Subsequently, the price fluctuates with periodic declines and recoveries, reaching up to $180.95 by mid-2024. Despite these oscillations, the share price approximately triples over the observed timeframe, reflecting periods of strong market performance intermixed with corrections.

Book Value Per Share (BVPS)

BVPS shows a consistent upward trajectory, indicating growth in the company's net asset value on a per-share basis. Starting from $2.99 at the end of 2018, BVPS steadily increases almost every quarter, reaching $25.22 by late 2024. This steady increase suggests continuous accumulation of equity and retained earnings, pointing to strengthening underlying financial health over time.

Price-to-Book Value (P/BV) Ratio

The P/BV ratio demonstrates significant fluctuations and a general downward trend over the periods, implying variations in market valuation relative to the company's book value. Initially very high at 16.79, this ratio spikes further to over 30 around mid-2020, likely influenced by rapid share price increases or temporary market enthusiasm. Following this peak, the ratio declines notably to single-digit levels approaching 6 by late 2024. The decreasing ratio, coupled with rising BVPS, indicates that the market price has become relatively more aligned with the company’s growing book value, perhaps reflecting a maturation in investor perception or more conservative market sentiment.

In summary, the data portrays a company with expanding intrinsic value as evidenced by rising book value per share, combined with a share price that, despite volatility, trends upward in the medium term. The declining P/BV ratio over the course suggests a relative stabilization of market valuation compared to book value, indicating increased market efficiency or changing investor expectations regarding future growth prospects.