Qualcomm key statistics and ratios

In fiscal 2025, Qualcomm had return on equity of 23.3%, an operating margin of 27.9%, debt equal to 69.8% of equity and a current ratio of 2.82. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Qualcomm: financial ratios, annual
Fiscal year	2009Sept 2009	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
Gross margin	70.9%	69.9%	67.4%	62.9%	60.5%	59.7%	58.9%	58.6%	56.0%	54.7%	64.6%	60.7%	57.5%	57.8%	55.7%	56.2%	55.4%	54.2%
Operating margin	24.5%	33.9%	33.6%	29.7%	29.1%	28.5%	22.8%	27.6%	11.6%	2.7%	31.6%	26.6%	29.2%	35.9%	21.7%	25.8%	27.9%	23.2%
Net margin	15.3%	29.6%	28.5%	31.9%	27.6%	30.1%	20.8%	24.2%	11.0%	−22.0%	18.1%	22.1%	26.9%	29.3%	20.2%	26.0%	12.5%	21.0%
Free-cash-flow margin	61.7%	33.2%	28.8%	24.7%	31.1%	29.1%	17.8%	30.1%	19.4%	13.8%	26.4%	18.7%	25.8%	15.5%	27.5%	28.6%	28.9%	23.6%
Return on equity	7.8%	15.8%	17.8%	20.2%	19.7%	21.2%	14.9%	18.1%	7.8%	−31.5%	153.5%	94.6%	112.8%	92.5%	36.5%	42.4%	23.3%	37.9%
Return on assets	5.8%	11.2%	12.7%	15.4%	15.5%	16.9%	10.6%	11.1%	4.1%	−10.1%	13.4%	15.2%	23.5%	28.7%	14.5%	19.1%	10.5%	17.2%
Asset turnover	0.38	0.38	0.45	0.48	0.56	0.56	0.51	0.46	0.38	0.46	0.74	0.69	0.87	0.98	0.72	0.73	0.84	0.82
Current ratio	4.47	2.22	2.70	2.95	3.75	3.73	3.62	3.14	3.98	1.53	1.88	2.14	1.68	1.75	2.33	2.40	2.82	2.02
Debt to equity	0.0%	0.0%	3.7%	0.0%	0.0%	0.0%	34.9%	37.0%	68.0%	>999%	324.6%	258.8%	158.2%	85.9%	71.3%	55.7%	69.8%	48.0%
Interest cover (operating income ÷ interest)	—	86.7x	44.1x	63.1x	—	—	55.5x	21.9x	5.2x	0.8x	12.2x	10.4x	17.5x	32.4x	11.2x	14.4x	18.6x	14.8x
Effective tax rate	25.4%	21.7%	19.9%	19.5%	16.5%	14.2%	18.8%	16.6%	18.2%	—	41.4%	9.1%	12.0%	13.4%	1.4%	2.2%	56.2%	17.4%
R&D as % of revenue	22.6%	22.3%	20.0%	20.5%	20.0%	20.7%	21.7%	21.9%	24.6%	24.9%	22.2%	25.4%	21.4%	18.5%	24.6%	22.8%	20.4%	22.4%
SG&A as % of revenue	14.1%	13.7%	13.0%	11.9%	10.1%	8.6%	9.3%	10.1%	11.9%	13.2%	9.0%	8.8%	7.0%	5.8%	6.9%	7.1%	7.0%	8.3%
Capital spending as % of revenue	7.3%	3.9%	4.0%	6.7%	4.2%	4.5%	3.9%	2.3%	3.1%	3.5%	3.7%	6.0%	5.6%	5.1%	4.0%	2.7%	2.7%	4.5%
Free cash flow ÷ net income	402.7%	112.4%	101.1%	77.2%	112.8%	96.7%	85.6%	124.3%	176.3%	—	145.9%	84.8%	95.6%	52.8%	136.2%	110.0%	231.4%	112.5%
Dividends ÷ net income	68.7%	36.2%	31.6%	25.9%	30.0%	32.5%	54.6%	52.4%	133.0%	—	67.7%	55.4%	33.3%	24.8%	47.9%	36.4%	68.7%	41.3%
Dividends and buybacks ÷ free cash flow	21.5%	114.9%	34.5%	61.4%	86.2%	92.6%	313.1%	97.5%	106.6%	833.7%	74.4%	121.0%	73.7%	92.8%	65.3%	70.0%	98.3%	125.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Qualcomm: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Gross margin	56.4%	55.8%	55.0%	55.6%	55.3%	54.6%	53.8%	53.1%
Operating margin	25.2%	30.5%	28.4%	26.6%	25.9%	27.5%	21.8%	16.3%
Net margin	28.5%	27.3%	25.6%	25.7%	−27.7%	24.5%	69.5%	20.1%
Free-cash-flow margin	23.3%	36.9%	21.3%	24.9%	31.8%	36.0%	18.1%	5.0%
Current ratio	2.40	2.62	2.73	3.19	2.82	2.51	2.37	2.02
Debt to equity	55.7%	54.2%	52.7%	54.3%	69.8%	64.2%	56.0%	55.2%
R&D as % of revenue	22.5%	19.1%	20.2%	21.5%	21.0%	20.0%	23.2%	26.2%
SG&A as % of revenue	7.4%	6.2%	6.4%	7.4%	8.1%	7.1%	8.5%	9.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · June 28, 2026

What it owns · $57.4bn

Short-term assets $23.0bnLonger-term assets $34.4bn

What it owes, and who funded it · $57.4bn

Short-term liabilities $11.4bnLonger-term liabilities $18.3bnShareholders' equity $27.7bn

Short-term assets cover short-term liabilities $23.0bn of assets due within a year against $11.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities $23.0bn short-term assets against $18.3bn of longer-dated liabilities.
More cash than debt $4.5bn of cash against $15.3bn of debt.
Debt below 40% of shareholders' equity Debt is 55% of equity.
Debt burden no higher than five years ago Debt to equity moved from 121% to 55% over five years.
A year's operating cash flow covers at least 20% of debt $12.4bn of operating cash flow against $15.3bn of debt.
Operating profit covers interest at least five times over Operating income of $10.2bn against $689m of interest.

From Qualcomm's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

85 /100

Strong moat

How hard Qualcomm's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 22.7% of total assets over 8 years.
Pricing power 19 / 20

Gross margin has been a median 56.6%, moving by 2.4 percentage points (standard deviation) across 10 years.
Durability 12 / 20

Operating margin has been a median 24.4%; its worst year was 7.1%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 21.6% of revenue.
Discipline 15 / 20

The diluted share count fell 6.4% over five years; stock-based pay has been a median 5.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Qualcomm's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Qualcomm.