--- title: "Strategic and Financial Research Report: Qualcomm Incorporated - The Evolution of a Global Connectivity and Edge-Intelligence Leader" author: "DeepValues Research" publisher: "DeepValues Research (DeepValues / LuLu Ventures LLC)" type: "Research article" date: "2026-02-19" language: "en" section: "Business Notes" answer: "DeepValues Research, “Strategic and Financial Research Report: Qualcomm Incorporated - The Evolution of a Global Connectivity and Edge-Intelligence Leader” (Feb 19, 2026): Qualcomm Incorporated presents a compelling case of a maturing core business funding an ambitious technological leap." canonical_url: "https://research.deepvalues.ai/business/qualcomm-financial-research-request/" markdown_url: "https://research.deepvalues.ai/business/qualcomm-financial-research-request/index.md" license: "CC BY 4.0" license_url: "https://creativecommons.org/licenses/by/4.0/" cite_as: "DeepValues Research, Strategic and Financial Research Report: Qualcomm Incorporated - The Evolution of a Global Connectivity and Edge-Intelligence Leader, https://research.deepvalues.ai/business/qualcomm-financial-research-request/" publisher_url: "https://deepvalues.ai" app: "https://deepvalues.ai" api: "https://app.deepvalues.ai/developers" data_note: "Reports are dated snapshots. Current data via the DeepValues API: https://app.deepvalues.ai/developers" disclaimer: "Educational research, not investment advice." --- # Strategic and Financial Research Report: Qualcomm Incorporated - The Evolution of a Global Connectivity and Edge-Intelligence Leader ## Latest Quarter Earnings: First Quarter Fiscal 2026 The fiscal first quarter of 2026 marked a period of stark contrast for Qualcomm Incorporated, characterized by record-breaking financial results that were met with a defensive market reaction due to shifting macroeconomic headwinds. On February 4, 2026, the company announced total revenues of $12.3 billion, a quarterly record representing a 5% increase compared to the $11.7 billion reported in the first quarter of fiscal 2025. This performance exceeded consensus estimates and was primarily driven by high demand for flagship handset platforms and sustained growth in the company's diversification pillars: automotive and the Internet of Things (IoT). Despite the top-line success, GAAP net income for the quarter fell by 6% year-over-year to $3.0 billion, a decline attributed to margin compression and rising operational expenses as the company invests heavily in its next-generation product roadmap. Non-GAAP earnings per share (EPS) stood at $3.50, beating the Zacks consensus estimate of $3.39 by $0.11 and reaching the upper end of management's own guidance range. This earnings beat reinforced the company's history of execution, as Qualcomm has surpassed consensus EPS estimates in every quarter for the past two years. | Q1 Fiscal 2026 Earnings Highlights | Actual Reported | Consensus Estimate | Surprise (%) | |------------------------------------|------------------------|-------------------------|--------------| | Total Revenue | $12.25 - $12.3 Billion | $12.11 - $12.28 Billion | +1.16% | | Non-GAAP EPS | $3.50 | $3.38 - $3.40 | +2.94% | | GAAP Net Income | $3.0 Billion | N/A | -6.0% (YoY) | | QCT Revenue | $10.61 Billion | $10.75 Billion | -1.3% | | QTL Revenue | $1.59 Billion | $1.50 Billion | +6.0% | ### Segment Performance and Commercial Traction The Qualcomm CDMA Technologies (QCT) segment, the company's product and manufacturing arm, achieved record revenues of $10.6 billion. This was underpinned by a new high in handset revenue, which reached $7.8 billion. The growth was fueled by the launch of premium-tier Android devices powered by the Snapdragon 8 Elite platform, which saw robust sell-through in the high-tier segment. Management highlighted that Bytedance launched the industry's first "agentic AI" smartphone powered by the Snapdragon 8 Elite during this period, signaling a precursor to a broader transition toward AI-native mobile experiences. The automotive sub-segment continued its rapid trajectory, delivering record quarterly revenues of $1.1 billion, a 15% increase year-over-year. This marked the second consecutive quarter exceeding the $1 billion threshold, as automakers increasingly deploy the Snapdragon Digital Chassis for digital cockpit and Advanced Driver Assistance Systems (ADAS). A significant milestone was the launch of Snapdragon Ride Pilot (Level 2+ automated driving) in the BMW iX3, with validation ongoing in 60 countries and a target of 100 by the end of 2026. IoT revenues rose 9% to $1.7 billion, supported by demand for consumer and networking products. This growth included the contribution from AI smart glasses, where Qualcomm's leadership is reflected in 30 active designs with global partners such as Meta and Samsung. In the PC category, 18 new Snapdragon-powered laptops were debuted at CES 2026 by partners including Microsoft, HP, and Lenovo, keeping the company on track to commercialize approximately 150 Snapdragon X-powered PC designs throughout the year. The Qualcomm Technology Licensing (QTL) segment, managing the company's patent portfolio, generated $1.6 billion in revenue with an exceptional EBT margin of 77%. The results were at the high end of internal guidance, benefiting from a combination of slightly higher handset unit volumes and lower operating costs within the segment. ### The Memory Shortage and Revised Guidance Despite the record quarterly results, Qualcomm's stock experienced significant downward pressure following the release, falling as much as 10% in extended trading. This market volatility was directly tied to soft guidance for the second fiscal quarter of 2026. Management projected Q2 revenues in the range of $10.2 billion to $11.0 billion, with non-GAAP EPS expected between $2.45 and $2.65-figures that fell approximately 5% below analyst expectations. The conservative outlook is a direct result of industry-wide memory supply constraints. The surging demand for memory in AI data centers has created a global shortage, driving up prices and forcing handset OEMs, particularly in China, to adopt a more cautious stance on inventory management and build plans. Management explicitly noted that these "memory industry dynamics" are expected to lead to a temporary sequential decline in handset chipset orders. While fundamental consumer demand for Snapdragon products remains high, the logistical inability of OEMs to source affordable memory has created a macro overhang on Qualcomm's core business for the first half of 2026. | Q2 Fiscal 2026 Guidance (Metric) | Management Range | Midpoint Impact | |----------------------------------|------------------|------------------------| | Total Revenue | $10.2B - $11.0B | 4.9% Below Estimates | | Non-GAAP EPS | $2.45 - $2.65 | 25% Sequential Decline | | QCT Revenue | $8.8B - $9.4B | Sequential Compression | | QCT EBT Margin | 26% - 28% | Down from 31% in Q1 | | QTL Revenue | $1.2B - $1.4B | Normal Seasonal Trends | ### Strategic Developments: Data Center and M&A In a pivotal move to diversify away from consumer electronics, Qualcomm completed the $2.3 billion acquisition of Alphawave Semi during the quarter. This acquisition is central to the company's expansion into the data center inference market, providing the high-speed connectivity and design capabilities required for rack-scale AI deployments. The company also revealed its AI200 and AI250 Systems-on-a-Chip (SoCs), which are dedicated architectures for inference tasks beyond traditional GPU capabilities. HUMAIN has been announced as the first major customer for these data center solutions, with an initial target deployment of 200 megawatts beginning in 2026. Management remains in advanced discussions with other large hyperscalers, expecting a material revenue ramp for the data center business to begin as early as fiscal 2027. This expansion addresses the secondary and tertiary implications of rising power costs and the need for high-performance, energy-efficient inference alternatives to standard data center GPUs. ## Background Research: Evolution, Business Model, and Competitive Landscape Qualcomm Incorporated has transitioned from a specialized wireless research firm into one of the world's largest fabless semiconductor and licensing giants. Understanding its business model requires analyzing its dual-engine structure, its standard-essential intellectual property, and its aggressive pivot toward the "Intelligent Edge." ### Foundation and Historical Context Qualcomm was founded in July 1985 by Irwin Jacobs and six other former Linkabit employees with the mission of providing "Quality Communications". The company's early success was built on the development of Code Division Multiple Access (CDMA) technology for cellular networks. While initially operating at a loss in the 1990s as it invested heavily in R&D, Qualcomm achieved a major breakthrough when US-based networks announced the adoption of CDMA as a standard. The company's strategic trajectory was significantly altered in 1998 when it spun off its phone manufacturing and base station operations to focus on high-margin chipset designs and patent licensing-a move that saw its stock price grow by over 2,600% in a single year. This set the stage for the current corporate structure, where Qualcomm Incorporated (the parent) manages the licensing business and patent portfolio, while its subsidiary, Qualcomm Technologies, Inc. (QTI), handles the semiconductor and product development businesses. ### The Dual-Engine Model: QCT and QTL The company's operational efficiency is derived from the symbiotic relationship between its two primary segments. The QCT (Qualcomm CDMA Technologies) segment is the company's volume engine. It develops integrated circuits and system software for mobile phones, laptops, automobiles, and industrial devices. QCT generated $38.4 billion in annual revenue in fiscal 2025, accounting for approximately 87% of the company's total revenue. This segment is currently leading the company's "Diversification Roadmap," which aims to generate $22 billion in combined automotive and IoT revenue by fiscal 2029. The QTL (Qualcomm Technology Licensing) segment is the company's profit engine. It grants licenses to use Qualcomm's vast IP portfolio, which is essential to the manufacturing of any device that connects to 3G, 4G, or 5G standards. Manufacturers pay royalties based on the selling price of the devices, allowing QTL to maintain EBIT margins of 70% to 75% with minimal capital requirements. These high-margin cash flows provide the R&D funding necessary to design the next generation of QCT chips, creating a "virtuous cycle" of innovation and monetization. | Revenue Distribution by Segment (FY 2025) | Revenue ($B) | Share of Total (%) | |-------------------------------------------|-----------------------|--------------------| | QCT (Semiconductors) | $38.37 Billion | 87.3% | | QTL (Licensing) | $5.58 Billion | 12.7% | | Other / QSI (Strategic) | $0.00 - $0.14 Billion | 0.0% - 0.4% | | **Total Consolidated** | **$44.28 Billion** | **100%** | ### Competitive Moats and Technical Moats Qualcomm's competitive advantage is multi-layered, protecting it from both direct chip competitors and the vertical integration efforts of its customers. The first layer is the "IP Moat". As a primary architect of global wireless standards, Qualcomm holds patents that are literally "essential" to cellular connectivity. Even when customers like Apple attempt to design their own modems, they still find it difficult to circumvent the thousands of foundational patents held by QTL. The second layer is "Performance-per-Watt" leadership. In the era of on-device generative AI, the bottleneck is not just processing speed, but thermal management and battery life. Qualcomm's architectures, particularly the custom-designed Oryon CPU, are engineered to deliver higher throughput at lower power consumption than traditional x86 or off-the-shelf ARM cores. This technical edge is critical for AI PCs and ultra-portable wearables like the AR1-powered Meta Ray-Bans. The third layer is the "Ecosystem Advantage". Qualcomm does not just sell a processor; it sells a "Digital Chassis" for cars or a "Mobile Platform" for phones. This includes everything from the modem and RF front-end to the CPU, GPU, and NPU, all pre-integrated to work seamlessly together. This reduces time-to-market for OEMs and makes it difficult for a single-component competitor to displace the entire platform. ### Geopolitical Risks: The China Nexus The most significant risk to Qualcomm's long-term stability is its revenue concentration in China. China accounts for approximately 62% of the company's total revenue, totaling over $22 billion annually. This exposure creates several distinct vulnerabilities: The ongoing U.S.-China trade war and national security restrictions could limit Qualcomm's ability to sell its most advanced chips to Chinese OEMs. Conversely, the Chinese government could implement reciprocal restrictions that favor domestic chipmakers. Furthermore, Chinese policies regarding the repatriation of funds have previously impacted, and may continue to impact, the company's ability to receive royalty payments in a timely manner. Qualcomm is also subject to intense regional competition. MediaTek has emerged as a formidable challenger in the mid-tier and increasingly in the high-tier Android market, while Chinese OEMs often face pressure to vertically integrate their own silicon to achieve supply chain independence. | Geographic Revenue Breakdown (FY 2025 Data) | Revenue ($B) | Share (%) | |---------------------------------------------|----------------|-----------| | China | $22.38 Billion | 62.5% | | Vietnam | $4.55 Billion | 12.7% | | Republic of Korea | $3.27 Billion | 9.1% | | United States | $1.26 Billion | 3.5% | | Other Foreign Regions | $4.36 Billion | 12.2% | ### Customer Concentration and the Apple Transition A pervasive concern for investors is the status of the Apple relationship. Apple contributed an estimated $8.8 billion to revenues in fiscal 2025. While Qualcomm currently supplies the modem for the iPhone 16 and has secured extensions through 2026, the market anticipates a steady loss of this revenue stream as Apple scales its internal modem development efforts. However, the second-order insight suggests this loss may be less catastrophic than feared. Qualcomm will likely continue to receive a base royalty (estimated at \~$12 per device) for its patents even if the physical chip is no longer purchased, and the margins on these royalties are significantly higher than on the hardware itself. Furthermore, the company's record 18% growth in "non-Apple QCT revenue" during 2025 demonstrates that the diversification strategy is successfully backfilling the potential revenue gap. ## Management and Corporate Governance Qualcomm's governance is characterized by a leadership team with deep technical roots and a board structure that has been refined to oversee a complex global enterprise. ### Executive Leadership Team Cristiano R. Amon (Age 55) serves as President, CEO, and Director. Joining the company as an engineer in 1995, Amon rose through the ranks to lead the QCT business during the 4G-to-5G transition. He is widely credited with the company's current expansion strategy into automotive and data centers. Akash J. Palkhiwala (Age 50) is the Executive Vice President, CFO, and COO. His expanded role as COO since January 2024 gives him oversight of the global go-to-market organization and IT, emphasizing management's focus on operational leverage as the company scales into new industries. Alexander H. Rogers (Age 68) serves as Executive Vice President and President of QTL. With a tenure of nearly 19 years, Rogers has been the lead architect of the company's global licensing agreements and has successfully navigated major legal disputes, including the complete victory over Arm in 2025 challenging licensing terms. | Key Management Alignment (Metric) | CEO (Cristiano Amon) | Team Average | |-----------------------------------|-------------------------|---------------------------| | Tenure | 8.1 Years (as Exec/CEO) | 4.7 Years | | Total 2025 Compensation | $29.7 Million | $71.0 Million (Key Total) | | Direct Stock Ownership | 0.02% (\~149k Shares) | Insider Total < 2.52% | | Ownership Value | \~$33.0 Million | High Institutional Level | ### Board Structure and Independence Mark D. McLaughlin serves as the independent Chairman of the Board. McLaughlin is the former Chairman and CEO of Palo Alto Networks, bringing expertise in cybersecurity-a critical component as Qualcomm expands its presence in the automotive and industrial IoT sectors. The board currently consists of 11 members following a declassification process, meaning all directors are elected annually. The board features strong diversity across skills and demographics, with a Matrix (as of Dec 2024) showing 5 female and 8 male directors, including representation from Hispanic, Black, and Asian backgrounds. Key committee leadership includes Jeffrey Henderson (Audit Chair), Ann Livermore (Governance Chair), and Irene Rosenfeld (HR and Compensation Chair). Management alignment is enforced through strict stock ownership guidelines; the CEO is required to hold stock worth 10 times his base salary. All Named Executive Officers (NEOs) met these guidelines as of late 2024. ### Governance Challenges and Voting Results In January 2026, the company filed a proxy statement urging shareholders to vote against several proposals that would have lowered the ownership threshold for calling special meetings and required more detailed reporting on China risks. These proposals were viewed by management as potentially disruptive to the long-term strategic execution of the company. Historical voting results demonstrate high confidence in the current board. At the 2024 meeting, all director nominees were elected with affirmative votes from more than a majority of shares cast. Furthermore, the stockholder advisory vote on executive compensation (Say-on-Pay) received 78% to 92% support, reflecting broad alignment with the company's pay-for-performance incentives. ## Financial Research: A Decade of Performance and Ratios A quantitative analysis of Qualcomm's financial performance over the last ten years (2016-2025) reveals a company with high profitability and strong cash generation, balanced against the inevitable cycles of the global semiconductor market. ### Historical Income Statement Analysis Annual revenue has seen a significant step-change over the last five years. From 2016 to 2020, revenues largely stagnated in the mid-$20 billion range. However, the transition to 5G and the push into diversification sectors propelled revenue to $33.5 billion in 2021 and a then-record $44.2 billion in 2022. Fiscal 2025 concluded with an all-time record revenue of $44.28 billion, marking a 14% increase over 2024. Operating margins have been robust, consistently staying above 20% since fiscal 2020, peaking at 35.9% in 2022. This stability in margins, even during revenue contractions like in 2023, is a testament to the high-margin contribution of the QTL licensing segment. | Historical Financial Results (Millions USD) | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2018 | |---------------------------------------------|---------|---------|---------|---------|---------|----------| | **Total Revenue** | $44,284 | $38,962 | $35,820 | $44,200 | $33,566 | $22,611 | | **Gross Profit** | $24,546 | $21,902 | $19,951 | $25,565 | $19,304 | $12,367 | | **Operating Income** | $12,355 | $10,071 | $7,788 | $15,860 | $9,789 | $621 | | **GAAP Net Income** | $5,541 | $10,142 | $7,232 | $12,936 | $9,043 | ($4,964) | | **Gross Margin (%)** | 55.4% | 56.2% | 55.7% | 57.8% | 57.5% | 54.7% | | **Operating Margin (%)** | 27.9% | 25.9% | 21.7% | 35.9% | 29.2% | 2.8% | | **Net Margin (%)** | 12.5% | 26.0% | 20.2% | 29.3% | 26.9% | (21.9%) | ### Free Cash Flow and Capital Allocation Strategy Qualcomm is one of the most prolific cash-generators in the technology sector. It has a stated commitment to return 100% of free cash flow to stockholders over the long term. In fiscal 2025, the company generated record free cash flow of $12.8 billion. The capital return program is executed through a balanced approach of dividends and repurchases. Total dividends paid reached $3.8 billion in 2025, while share repurchases totaled $8.8 billion. Over the last ten years, the company has returned a cumulative $87 billion to shareholders, representing 47.7% of its current market capitalization-nearly double the median for S&P 500 companies. While share repurchases are consistent, they have largely served to offset dilution from employee stock-based compensation programs rather than significantly reducing the total share count. The number of shares outstanding has hovered between 1.10 billion and 1.13 billion for the past four years. | Capital Return Profile (Annual) | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | |---------------------------------|---------|---------|---------|---------|---------| | **Cash from Ops ($B)** | $14.01 | $12.20 | $11.30 | $9.10 | $10.54 | | **Total CapEx ($B)** | $1.19 | $1.04 | $1.45 | $2.26 | $1.89 | | **Free Cash Flow ($B)** | $12.82 | $11.16 | $9.85 | $6.84 | $8.65 | | **Dividends per Share** | $3.48 | $3.30 | $3.10 | $2.86 | $2.66 | | **Total Return to S/H ($B)** | $12.60 | $12.10 | $7.20 | $5.75 | $5.78 | ### Liquidity and Balance Sheet Management Qualcomm maintains a highly liquid balance sheet, which is essential for surviving the periodic contractions in semiconductor demand. Total assets stood at $50.14 billion as of September 2025, a slight decrease from $55.15 billion in 2024. Total cash and marketable securities were approximately $10.15 billion to $11.8 billion. The company's debt profile is manageable, with total debt of approximately $14.81 billion to $15.64 billion. The debt-to-equity ratio has decreased from 2.51 in 2020 to a satisfactory 0.70 in 2025. The current ratio of 2.82 provides a significant safety margin for short-term obligations. ### Owner's Earnings and Valuation Modeling For long-term value assessment, traditional free cash flow can be refined into "Owner's Earnings." Buffett's definition involves subtracting only *maintenance* capital expenditures from the sum of net income and non-cash charges. Maintenance capital expenditures represent the cost of sustaining the company's current revenue-generating capability. A standard proxy for this is the annual depreciation and amortization (D&A) charge. For Qualcomm, total CapEx ($1.19B) is significantly lower than D&A ($1.7B+), suggesting that the company is in a phase where its asset base is highly efficient, or that true maintenance costs are lower than historical accounting depreciation. **Owner's Earnings Formula:** Using Fiscal 2025 Non-GAAP figures: $$$13.3B (Net Income) + $1.71B (D&A) - $1.2B (CapEx) \\approx $13.81 Billion$$ At a recent market capitalization of approximately $162 billion, the current "Owner's Yield" is approximately 8.5%. This yield is highly attractive relative to the broader semiconductor sector, which is trading at much lower earnings yields due to AI-driven hype. ### Valuation Ratios and Peer Comparisons The market continues to apply a "fear discount" to Qualcomm due to its handset dependency. As of February 2026, the company's forward non-GAAP P/E ratio is approximately 13.4x to 14.1x. This is a sharp contrast to the broader semiconductor industry average forward P/E of 39.8x. Qualcomm's Price-to-Sales (P/S) ratio of 3.8x is also significantly lower than the average of 8.7x for its peer group, which includes high-multiple stocks like NVIDIA and Broadcom. While the company's GAAP net margins are currently lower than industry leaders like NVIDIA (83% ROE vs 26% for QCOM), its valuation is priced for an existential decline that has yet to materialize. | Valuation Benchmark (Feb 2026) | Qualcomm (QCOM) | NVIDIA (NVDA) | Texas Inst. (TXN) | Industry Avg | |--------------------------------|-----------------|---------------|-------------------|--------------| | Trailing P/E Ratio | 29x - 31x | 53x | 29x | 32.7x | | Forward P/E Ratio | 12.4x - 14.1x | 44.2x | 40.5x | 39.8x | | Price-to-Sales | 3.8x | 27.3x | 11.3x | 8.6x | | Price-to-Book | 7.7x | 45.1x | 11.8x | 3.6x | | Dividend Yield | 2.3% | 0.02% | 3.4% | 1.85% | ## Nuanced Insights and Future Strategic Outlook The data suggests three primary second-order insights that define the investment case for Qualcomm over the next five years. ### The "Edge AI" vs "Cloud AI" Divergence The market currently values AI through the lens of cloud-based training, a domain dominated by NVIDIA's high-power GPUs. However, a significant trend is the shift toward local inference. As AI models like Google's Gemini Nano are integrated into software-defined vehicles andagentic smartphones, the need for high inference-per-watt becomes paramount. Qualcomm is uniquely positioned as the "Inference Leader" at the edge. Its 30+ design wins in smart glasses and 150 design wins in AI PCs represent a "second act" that will likely decoupling its stock performance from the traditional smartphone cycle as these segments mature toward the 2029 revenue targets. ### The "Apple Modem" Risk as a Managed Transition The eventual loss of the Apple physical chipset business is widely priced in, but the high-margin royalty stream associated with the 4G and 5G patents held by QTL will persist. This implies a structural shift where a lower-margin equipment business (QCT) is replaced by the growth of a pure licensing revenue (QTL) for those same devices. Furthermore, the company's success in Chinese premium Android handsets-where it recently achieved 100% share in the Samsung Galaxy S25 devices-is a powerful hedge against the Apple exit. ### Strategic Capital Rebalancing The acquisition of Alphawave and the entry into the data center market with Oryon CPUs represent a strategic hedge against the geopolitical fragility of the handset market. By targeting hyperscalers and western industrial clients, management is attempting to lower the 60%+ revenue concentration in China. The success of the HUMAIN 200-megawatt deployment in 2026 will be the critical indicator for whether Qualcomm can successfully transform into a diversified enterprise computing firm. ### Conclusion Qualcomm Incorporated presents a compelling case of a maturing core business funding an ambitious technological leap. While the handset market remains cyclical and sensitive to macro bottlenecks like the current memory shortage, the company's technical moats in power efficiency and its structural moats in licensing provide a floor for valuation. The current P/E discount relative to the semiconductor industry reflects market apprehension over the Apple transition and China exposure. However, for investors focused on the long-term migration of intelligence to the edge, Qualcomm remains the primary platform of choice. Its record free cash flow and aggressive capital return programs offer a tangible yield while shareholders wait for the realization of the $22 billion automotive and IoT revenue targets in 2029. Success over the next 24 months will be measured not just by handset unit volumes, but by the momentum of Snapdragon Ride Pilot and the conversion of data center "discussions" into "realized revenues." #### Works cited 1\. 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Putnam Focused Large Cap Value ETF Buys 130,792 Shares of Qualco - GuruFocus, https://www.gurufocus.com/news/8573050/putnam-focused-large-cap-value-etf-buys-130792-shares-of-qualcomm-inc-qcom 87. How Record Revenue Guidance and Buybacks at QUALCOMM (QCOM) Has Changed Its Investment Story - Webull, https://www.webull.com/news/13853953989141504 88. BXM Wealth LLC Buys 37,861 Shares of Qualcomm Inc (QCOM) - GuruFocus, https://www.gurufocus.com/news/8536812/bxm-wealth-llc-buys-37861-shares-of-qualcomm-inc-qcom?mobile=true 89. QUALCOMM (QCOM) - P/B ratio - Companies Market Cap, https://companiesmarketcap.com/qualcomm/pb-ratio/ 90. Qualcomm Price to Sales (QCOM) - Stockcircle, https://stockcircle.com/stocks/qcom/price-to-sales 91. Qualcomm Results Led by Automotive and IoT - Converge Digest, https://convergedigest.com/qualcomm-results-led-by-automotive-and-iot/