Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
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Historical Valuation Ratios (Summary)
Qualcomm Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
The valuation ratios exhibit a cyclical pattern characterized by a significant contraction in multiples from late 2020 through late 2022, followed by a period of recovery through mid-2024 and subsequent volatility through mid-2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- These two metrics followed a closely correlated trajectory for the majority of the observed period. Both ratios declined from highs in December 2020 to cyclical lows in September 2022, with the P/E reaching 9.75 and the P/OP falling to 7.95. A recovery phase ensued, peaking in June 2024 with the P/E at 23.14 and P/OP at 22.65. A significant divergence is observed in September 2025, where the P/E ratio spiked to a period high of 34.74, while the P/OP ratio remained moderate at 15.58, suggesting a temporary disconnect between the stock price and net earnings relative to operating performance.
- Price to Sales (P/S)
- The P/S ratio reflects a similar trend of compression and expansion. From a peak of 6.91 in December 2020, the ratio declined to a low of 2.85 in September 2022. Valuation multiples subsequently recovered, reaching a peak of 5.40 in June 2024 before settling into a range between 3.54 and 4.35 during the 2025 and 2026 periods.
- Price to Book Value (P/BV)
- The P/BV ratio experienced the most substantial relative decline over the analyzed timeframe. Starting at 24.98 in December 2020, the ratio fell consistently to reach a trough of 5.72 in September 2023. Although a recovery occurred through June 2024, reaching 8.17, the ratio entered a downward trend thereafter, concluding at 5.91 in June 2026.
Overall, the data indicates a broad period of valuation compression across all metrics between 2020 and 2022, followed by a moderate expansion of multiples through mid-2024. The final phase of the data is marked by increased volatility, particularly within the P/E ratio, while the P/S and P/BV ratios returned toward their lower historical levels.
Price to Earnings (P/E)
Qualcomm Inc., historical P/E calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 23, 2024 | Mar 24, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Qualcomm Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a period of significant volatility in the price-to-earnings (P/E) ratio, driven by divergent movements between share price and earnings per share (EPS) over the observed timeframe. The valuation trend is characterized by a cycle of contraction, expansion, and a temporary peak resulting from earnings volatility.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio began at 27.40 in late 2020 before undergoing a sustained contraction, reaching a low of 9.75 by September 2022. A subsequent expansion phase occurred throughout 2023 and 2024, with the ratio climbing to 23.14 by June 2024. A significant valuation spike occurred in late 2025, where the ratio reached a maximum of 34.74 in September 2025. This was followed by a normalization period in 2026, with the ratio stabilizing between 16.57 and 17.65.
- Earnings per Share (EPS) Dynamics
- Earnings exhibited a growth trajectory from December 2020 (5.92) to a peak of 11.54 in September 2022. A cyclical decline followed, with EPS hitting a local minimum of 6.50 in September 2023. Following a recovery that peaked at 10.73 in June 2025, a sharp contraction was observed in the second half of 2025, with EPS falling to 5.03 by December 2025. A strong recovery returned the metric to 9.41 by March 2026.
- Share Price Correlation
- The share price demonstrated inconsistent correlation with earnings performance. While the price reached peaks of 188.20 in December 2021 and 180.95 in June 2024, it remained relatively resilient during periods of earnings decline. This divergence was most pronounced in September 2025, where a high share price of 179.72 coincided with a low EPS of 5.17, causing the observed spike in the P/E ratio. The price subsequently moderated to the 155.00 to 156.00 range by mid-2026.
Price to Operating Profit (P/OP)
Qualcomm Inc., historical P/OP calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 23, 2024 | Mar 24, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Qualcomm Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics from December 2020 through June 2026 reveals a cyclical relationship between operating performance and market valuation. The Price to Operating Profit (P/OP) ratio experienced significant volatility, characterized by a period of valuation compression followed by a sharp expansion and subsequent stabilization.
- Operating Profit per Share Trends
- Operating profit per share demonstrated a strong growth phase from December 2020, rising from $6.82 to a peak of $14.15 by September 2022. This growth was followed by a significant contraction, with profit per share falling to a trough of $7.00 in September 2023. A recovery period ensued, bringing the figure back up to $11.54 by September 2025, before a final moderate decline to $9.73 by June 2026.
- Share Price Movements
- The share price exhibited substantial fluctuations over the analyzed period. A peak of $188.20 was reached in December 2021, followed by a downward trend that culminated in a low of $110.89 in September 2023. The price recovered strongly through 2024, reaching $180.95 in June of that year, before stabilizing in the $148 to $179 range throughout 2025 and 2026.
- P/OP Ratio Dynamics
- The P/OP ratio indicates a notable divergence between market sentiment and operating results during 2021 and 2022. While operating profits were climbing to their peak, the P/OP ratio compressed from 23.79 in December 2020 to a minimum of 7.95 in September 2022, suggesting the market undervalued the profit surge or anticipated a downturn. Following the profit trough in September 2023, the ratio expanded rapidly, peaking at 22.65 in June 2024. From March 2025 through June 2026, the ratio entered a period of relative stability, oscillating between 13.06 and 16.00.
Price to Sales (P/S)
Qualcomm Inc., historical P/S calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 23, 2024 | Mar 24, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenues (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Qualcomm Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of the company as measured by the Price-to-Sales (P/S) ratio exhibits significant volatility between December 2020 and June 2026, characterized by an initial period of contraction, a subsequent recovery, and a final phase of stabilization.
- Valuation Compression Phase
- From December 2020 to September 2022, a marked downward trend in the P/S ratio is observed, falling from a peak of 6.91 to a low of 2.85. This compression occurred despite a steady increase in sales per share, which grew from 23.49 to 39.43 during the same period. This divergence indicates that the market valuation of the stock declined more rapidly than the growth in revenue per share.
- Valuation Expansion and Recovery
- A reversal in the trend began in late 2022, with the P/S ratio ascending from 3.53 in December 2022 to a peak of 5.40 by June 2024. This expansion was primarily driven by a significant increase in the share price, which rose from 135.85 to 180.95, effectively outpacing the revenue growth during this specific timeframe.
- Sales per Share Trajectory
- A consistent long-term upward trajectory is evident in sales per share, which rose from 23.49 in December 2020 to 41.97 by June 2026. The most rapid acceleration in revenue per share occurred between December 2020 and September 2022, after which the growth rate transitioned to a more moderate, steady increase.
- Stabilization Period
- Between March 2025 and June 2026, the P/S ratio entered a phase of relative stabilization, fluctuating between 3.54 and 4.35. This movement suggests a normalization of the valuation multiple as the share price adjusted to align with the continuing growth in sales per share.
Price to Book Value (P/BV)
Qualcomm Inc., historical P/BV calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 23, 2024 | Mar 24, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Qualcomm Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
A significant long-term compression in the Price to Book Value (P/BV) ratio is evident from December 2020 through June 2026. The ratio peaked at 24.98 in late 2020 and experienced a sustained decline, ultimately stabilizing within the 5.91 to 6.03 range by the end of the observed period.
- Price to Book Value (P/BV) Trend
- The P/BV ratio exhibits a clear downward trajectory, falling from a high of 24.98 in December 2020 to a low of 5.72 in September 2023. While there was a temporary resurgence in the ratio reaching 9.08 in September 2025, the overall trend reflects a substantial reduction in the premium the market is willing to pay relative to the company's book value.
- Book Value Per Share (BVPS) Expansion
- A consistent and strong upward trend in Book Value Per Share is observed. BVPS grew from 6.50 USD in December 2020 to 26.34 USD by June 2026. This represents a more than fourfold increase in the underlying equity value per share over the period, indicating steady accumulation of net assets.
- Share Price Volatility
- The share price demonstrated significant volatility, fluctuating between a low of 110.89 USD in September 2023 and a high of 188.20 USD in December 2021. Despite these fluctuations, the steady growth of the BVPS acted as a stabilizing factor for the valuation floor, contributing to the general decline of the P/BV multiple.
- Valuation Correlation
- The divergence between the steadily increasing BVPS and the volatile share price resulted in a valuation shift. In the early stages of the period, the valuation was driven by high market premiums. In the latter stages, the valuation became more closely aligned with the tangible book value, as evidenced by the ratio dropping from double digits to a range between 5.88 and 8.17 from March 2023 onward.