Stock Analysis on Net
Stock Analysis on Net

Qualcomm Inc. (NASDAQ:QCOM)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Qualcomm Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 29, 2024 39.27% = 18.99% × 2.07
Sep 29, 2024 38.60% = 18.39% × 2.10
Jun 23, 2024 35.31% = 16.52% × 2.14
Mar 24, 2024 34.27% = 15.77% × 2.17
Dec 24, 2023 33.67% = 14.89% × 2.26
Sep 24, 2023 33.51% = 14.17% × 2.37
Jun 25, 2023 41.68% = 17.58% × 2.37
Mar 26, 2023 53.52% = 21.80% × 2.46
Dec 25, 2022 62.58% = 23.54% × 2.66
Sep 25, 2022 71.81% = 26.39% × 2.72
Jun 26, 2022 80.15% = 27.35% × 2.93
Mar 27, 2022 83.73% = 25.19% × 3.32
Dec 26, 2021 88.12% = 23.32% × 3.78
Sep 26, 2021 90.88% = 21.93% × 4.14
Jun 27, 2021 112.56% = 23.74% × 4.74
Mar 28, 2021 108.05% = 21.58% × 5.01
Dec 27, 2020 91.17% = 17.95% × 5.08
Sep 27, 2020 85.54% = 14.60% × 5.86
Jun 28, 2020 83.00% = 8.49% × 9.78
Mar 29, 2020 132.94% = 12.67% × 10.49
Dec 29, 2019 94.02% = 12.81% × 7.34
Sep 29, 2019 89.35% = 13.31% × 6.71
Jun 30, 2019 — = — × 6.25
Mar 31, 2019 — = — × 8.80
Dec 30, 2018 — = — × 9.47

Based on: 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), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2025 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Qualcomm Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 29, 2024 39.27% = 25.94% × 0.73 × 2.07
Sep 29, 2024 38.60% = 26.03% × 0.71 × 2.10
Jun 23, 2024 35.31% = 23.33% × 0.71 × 2.14
Mar 24, 2024 34.27% = 23.03% × 0.68 × 2.17
Dec 24, 2023 33.67% = 21.39% × 0.70 × 2.26
Sep 24, 2023 33.51% = 20.19% × 0.70 × 2.37
Jun 25, 2023 41.68% = 22.33% × 0.79 × 2.37
Mar 26, 2023 53.52% = 25.67% × 0.85 × 2.46
Dec 25, 2022 62.58% = 27.40% × 0.86 × 2.66
Sep 25, 2022 71.81% = 29.27% × 0.90 × 2.72
Jun 26, 2022 80.15% = 30.52% × 0.90 × 2.93
Mar 27, 2022 83.73% = 28.42% × 0.89 × 3.32
Dec 26, 2021 88.12% = 27.71% × 0.84 × 3.78
Sep 26, 2021 90.88% = 26.94% × 0.81 × 4.14
Jun 27, 2021 112.56% = 28.25% × 0.84 × 4.74
Mar 28, 2021 108.05% = 27.28% × 0.79 × 5.01
Dec 27, 2020 91.17% = 25.21% × 0.71 × 5.08
Sep 27, 2020 85.54% = 22.09% × 0.66 × 5.86
Jun 28, 2020 83.00% = 13.72% × 0.62 × 9.78
Mar 29, 2020 132.94% = 16.36% × 0.77 × 10.49
Dec 29, 2019 94.02% = 17.31% × 0.74 × 7.34
Sep 29, 2019 89.35% = 18.07% × 0.74 × 6.71
Jun 30, 2019 — = — × — × 6.25
Mar 31, 2019 — = — × — × 8.80
Dec 30, 2018 — = — × — × 9.47

Based on: 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), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2025 is the increase in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

Qualcomm Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 29, 2024 39.27% = 0.95 × 0.94 × 28.91% × 0.73 × 2.07
Sep 29, 2024 38.60% = 0.98 × 0.94 × 28.40% × 0.71 × 2.10
Jun 23, 2024 35.31% = 0.96 × 0.93 × 26.08% × 0.71 × 2.14
Mar 24, 2024 34.27% = 0.98 × 0.93 × 25.46% × 0.68 × 2.17
Dec 24, 2023 33.67% = 0.98 × 0.92 × 23.76% × 0.70 × 2.26
Sep 24, 2023 33.51% = 0.99 × 0.91 × 22.42% × 0.70 × 2.37
Jun 25, 2023 41.68% = 0.91 × 0.93 × 26.28% × 0.79 × 2.37
Mar 26, 2023 53.52% = 0.89 × 0.95 × 30.32% × 0.85 × 2.46
Dec 25, 2022 62.58% = 0.88 × 0.96 × 32.44% × 0.86 × 2.66
Sep 25, 2022 71.81% = 0.87 × 0.97 × 34.93% × 0.90 × 2.72
Jun 26, 2022 80.15% = 0.87 × 0.97 × 36.30% × 0.90 × 2.93
Mar 27, 2022 83.73% = 0.87 × 0.96 × 34.08% × 0.89 × 3.32
Dec 26, 2021 88.12% = 0.87 × 0.95 × 33.56% × 0.84 × 3.78
Sep 26, 2021 90.88% = 0.88 × 0.95 × 32.27% × 0.81 × 4.14
Jun 27, 2021 112.56% = 0.89 × 0.95 × 33.40% × 0.84 × 4.74
Mar 28, 2021 108.05% = 0.90 × 0.94 × 32.29% × 0.79 × 5.01
Dec 27, 2020 91.17% = 0.91 × 0.93 × 29.87% × 0.71 × 5.08
Sep 27, 2020 85.54% = 0.91 × 0.90 × 26.86% × 0.66 × 5.86
Jun 28, 2020 83.00% = 0.91 × 0.84 × 18.07% × 0.62 × 9.78
Mar 29, 2020 132.94% = 0.53 × 0.93 × 33.40% × 0.77 × 10.49
Dec 29, 2019 94.02% = 0.54 × 0.93 × 34.63% × 0.74 × 7.34
Sep 29, 2019 89.35% = 0.59 × 0.92 × 33.40% × 0.74 × 6.71
Jun 30, 2019 — = — × — × — × — × 6.25
Mar 31, 2019 — = — × — × — × — × 8.80
Dec 30, 2018 — = — × — × — × — × 9.47

Based on: 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), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2025 is the increase in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

Qualcomm Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 29, 2024 18.99% = 25.94% × 0.73
Sep 29, 2024 18.39% = 26.03% × 0.71
Jun 23, 2024 16.52% = 23.33% × 0.71
Mar 24, 2024 15.77% = 23.03% × 0.68
Dec 24, 2023 14.89% = 21.39% × 0.70
Sep 24, 2023 14.17% = 20.19% × 0.70
Jun 25, 2023 17.58% = 22.33% × 0.79
Mar 26, 2023 21.80% = 25.67% × 0.85
Dec 25, 2022 23.54% = 27.40% × 0.86
Sep 25, 2022 26.39% = 29.27% × 0.90
Jun 26, 2022 27.35% = 30.52% × 0.90
Mar 27, 2022 25.19% = 28.42% × 0.89
Dec 26, 2021 23.32% = 27.71% × 0.84
Sep 26, 2021 21.93% = 26.94% × 0.81
Jun 27, 2021 23.74% = 28.25% × 0.84
Mar 28, 2021 21.58% = 27.28% × 0.79
Dec 27, 2020 17.95% = 25.21% × 0.71
Sep 27, 2020 14.60% = 22.09% × 0.66
Jun 28, 2020 8.49% = 13.72% × 0.62
Mar 29, 2020 12.67% = 16.36% × 0.77
Dec 29, 2019 12.81% = 17.31% × 0.74
Sep 29, 2019 13.31% = 18.07% × 0.74
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —
Dec 30, 2018 — = — × —

Based on: 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), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2025 is the increase in asset turnover ratio.

Four-Component Disaggregation of ROA

Qualcomm Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 29, 2024 18.99% = 0.95 × 0.94 × 28.91% × 0.73
Sep 29, 2024 18.39% = 0.98 × 0.94 × 28.40% × 0.71
Jun 23, 2024 16.52% = 0.96 × 0.93 × 26.08% × 0.71
Mar 24, 2024 15.77% = 0.98 × 0.93 × 25.46% × 0.68
Dec 24, 2023 14.89% = 0.98 × 0.92 × 23.76% × 0.70
Sep 24, 2023 14.17% = 0.99 × 0.91 × 22.42% × 0.70
Jun 25, 2023 17.58% = 0.91 × 0.93 × 26.28% × 0.79
Mar 26, 2023 21.80% = 0.89 × 0.95 × 30.32% × 0.85
Dec 25, 2022 23.54% = 0.88 × 0.96 × 32.44% × 0.86
Sep 25, 2022 26.39% = 0.87 × 0.97 × 34.93% × 0.90
Jun 26, 2022 27.35% = 0.87 × 0.97 × 36.30% × 0.90
Mar 27, 2022 25.19% = 0.87 × 0.96 × 34.08% × 0.89
Dec 26, 2021 23.32% = 0.87 × 0.95 × 33.56% × 0.84
Sep 26, 2021 21.93% = 0.88 × 0.95 × 32.27% × 0.81
Jun 27, 2021 23.74% = 0.89 × 0.95 × 33.40% × 0.84
Mar 28, 2021 21.58% = 0.90 × 0.94 × 32.29% × 0.79
Dec 27, 2020 17.95% = 0.91 × 0.93 × 29.87% × 0.71
Sep 27, 2020 14.60% = 0.91 × 0.90 × 26.86% × 0.66
Jun 28, 2020 8.49% = 0.91 × 0.84 × 18.07% × 0.62
Mar 29, 2020 12.67% = 0.53 × 0.93 × 33.40% × 0.77
Dec 29, 2019 12.81% = 0.54 × 0.93 × 34.63% × 0.74
Sep 29, 2019 13.31% = 0.59 × 0.92 × 33.40% × 0.74
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —
Dec 30, 2018 — = — × — × — × —

Based on: 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), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2025 is the increase in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

Qualcomm Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 29, 2024 25.94% = 0.95 × 0.94 × 28.91%
Sep 29, 2024 26.03% = 0.98 × 0.94 × 28.40%
Jun 23, 2024 23.33% = 0.96 × 0.93 × 26.08%
Mar 24, 2024 23.03% = 0.98 × 0.93 × 25.46%
Dec 24, 2023 21.39% = 0.98 × 0.92 × 23.76%
Sep 24, 2023 20.19% = 0.99 × 0.91 × 22.42%
Jun 25, 2023 22.33% = 0.91 × 0.93 × 26.28%
Mar 26, 2023 25.67% = 0.89 × 0.95 × 30.32%
Dec 25, 2022 27.40% = 0.88 × 0.96 × 32.44%
Sep 25, 2022 29.27% = 0.87 × 0.97 × 34.93%
Jun 26, 2022 30.52% = 0.87 × 0.97 × 36.30%
Mar 27, 2022 28.42% = 0.87 × 0.96 × 34.08%
Dec 26, 2021 27.71% = 0.87 × 0.95 × 33.56%
Sep 26, 2021 26.94% = 0.88 × 0.95 × 32.27%
Jun 27, 2021 28.25% = 0.89 × 0.95 × 33.40%
Mar 28, 2021 27.28% = 0.90 × 0.94 × 32.29%
Dec 27, 2020 25.21% = 0.91 × 0.93 × 29.87%
Sep 27, 2020 22.09% = 0.91 × 0.90 × 26.86%
Jun 28, 2020 13.72% = 0.91 × 0.84 × 18.07%
Mar 29, 2020 16.36% = 0.53 × 0.93 × 33.40%
Dec 29, 2019 17.31% = 0.54 × 0.93 × 34.63%
Sep 29, 2019 18.07% = 0.59 × 0.92 × 33.40%
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —
Dec 30, 2018 — = — × — × —

Based on: 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), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30).

The primary reason for the decrease in net profit margin ratio over Q1 2025 is the decrease in effect of taxes measured by tax burden ratio.