Qualcomm Inc., FCFF calculation

US$ in millions

12 months ended:	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
Net income	10,142)	7,232)	12,936)	9,043)	5,198)	4,386)
Net noncash charges	928)	3,318)	4,130)	1,954)	2,223)	4,124)
Changes in assets and liabilities	1,223)	1,148)	(7,800)	(461)	(1,607)	(1,224)
Net cash provided by operating activities	12,293)	11,698)	9,266)	10,536)	5,814)	7,286)
Cash interest paid related to commercial paper program and long-term debt, net of tax¹	643)	608)	427)	420)	461)	330)
Capital expenditures	(1,041)	(1,450)	(2,262)	(1,888)	(1,407)	(887)
Proceeds from sales of property, plant and equipment	10)	127)	5)	3)	—)	—)
Free cash flow to the firm (FCFF)	11,905)	10,983)	7,436)	9,071)	4,868)	6,729)

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

¹ See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Qualcomm Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Qualcomm Inc. FCFF increased from 2022 to 2023 and from 2023 to 2024.

Qualcomm Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
Effective Income Tax Rate (EITR)
EITR¹	2.00%	1.00%	13.00%	12.00%	9.00%	41.37%
Interest Paid, Net of Tax
Cash interest paid related to commercial paper program and long-term debt, before tax	656)	614)	491)	477)	507)	563)
Less: Cash interest paid related to commercial paper program and long-term debt, tax²	13)	6)	64)	57)	46)	233)
Cash interest paid related to commercial paper program and long-term debt, net of tax	643)	608)	427)	420)	461)	330)

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

¹ See details »

² 2024 Calculation
Cash interest paid related to commercial paper program and long-term debt, tax = Cash interest paid related to commercial paper program and long-term debt × EITR
= 656 × 2.00% = 13

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Qualcomm Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	184,327)
Free cash flow to the firm (FCFF)	11,905)
Valuation Ratio
EV/FCFF	15.48
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	187.73
Analog Devices Inc.	29.49
Applied Materials Inc.	18.05
Broadcom Inc.	41.89
First Solar Inc.	—
Intel Corp.	—
KLA Corp.	25.83
Lam Research Corp.	21.39
Micron Technology Inc.	194.60
NVIDIA Corp.	131.56
Texas Instruments Inc.	114.09
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	149.39
EV/FCFF, Industry
Information Technology	52.79

Based on: 10-K (reporting date: 2024-09-29).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Qualcomm Inc., historical EV/FCFF calculation, comparison to benchmarks

	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	193,526)	127,495)	135,213)	158,429)	150,377)	100,307)
Free cash flow to the firm (FCFF)²	11,905)	10,983)	7,436)	9,071)	4,868)	6,729)
Valuation Ratio
EV/FCFF³	16.26	11.61	18.18	17.47	30.89	14.91
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	—	225.41	38.82	43.41	126.98	169.58
Analog Devices Inc.	—	25.61	23.12	39.16	27.12	21.68
Applied Materials Inc.	—	17.40	19.06	26.22	22.52	18.91
Broadcom Inc.	—	28.53	14.74	19.47	16.54	15.04
First Solar Inc.	—	—	—	—	—	—
Intel Corp.	—	—	—	16.94	11.08	17.39
KLA Corp.	29.56	19.99	19.05	26.29	18.70	20.92
Lam Research Corp.	24.56	17.99	24.08	24.40	26.78	10.44
Micron Technology Inc.	203.18	—	16.58	28.79	188.88	13.85
NVIDIA Corp.	61.32	142.92	78.06	69.50	41.66	27.89
Texas Instruments Inc.	—	90.39	27.05	24.23	27.67	20.75
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	—	61.89	35.30	26.37	22.20	18.38
EV/FCFF, Industry
Information Technology	—	34.32	27.25	28.19	24.28	19.87

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 193,526 ÷ 11,905 = 16.26

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Qualcomm Inc. EV/FCFF ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Qualcomm Inc. (NASDAQ:QCOM)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical