NASDAQ: QCOM · Semiconductors
QUALCOMM (QCOM) fair value: undervalued or overvalued?
As of 26 Sep 2026, Faircurve's model values QUALCOMM (QCOM) at $254.02 a share. The stock last closed at $184.87, which puts the model's fair value 37.4% above the price. On the model's bands that reads as Undervalued.
Revalued . Price is the close of 2 Oct 2026. QUALCOMM Incorporated.
Faircurve Insights · 26 Sep 2026
QUALCOMM Incorporated develops and brings to market fundamental technologies crucial for the global wireless communication industry.
Faircurve's model found a fair value of $254.02 a share on 26 Sep 2026. This is the midpoint of 2,000 simulations. The fair value moved +13.5% since the previous run on 19 Sep 2026, which gave $223.82. The calibrated range over 63 trading days is $162.21 to $232.36. Ranges built this way held the price 60% of the time at this horizon. The evidence grade is Medium.
The company's overall quality score is 66 out of 100 against comparable companies. The model compares it with Analog Devices, Inc. (ADI), KLA Corporation (KLAC), Texas Instruments Incorporated (TXN), Applied Materials, Inc. (AMAT), Lam Research Corporation (LRCX), and Intel Corp. (INTC). Moves around the last 8 earnings reports had a median size, ignoring direction, of 7.2%.
Written from the figures on this page for the 26 Sep 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
What price range does the model give QCOM?
The calibrated range for QCOM over 63 trading days is $162.21 to $232.36. It sits around the last close, and its width comes from the volatility that QCOM's own options imply (51% a year), calibrated weekly against realised prices (n = 3,330 past valuations, refreshed 26 Sep 2026). Ranges built this way held the price 60% of the time at this horizon. The fair value is the model's opinion and rides beside the range. It is not the centre of it.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $197.08 to $320.52. In 77% of the simulations the fair value came out above the price the model ran on.
How does QCOM score on business quality?
QUALCOMM's overall quality score is 66 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 85 | 22.0%ROIC | 11.8% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 75 | 1.12xFCF / net income | 1.08x |
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analyst estimate revisions. | 34 | 13.7%Revenue growth, trailing | 34.3% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 67 | 4.4%Net buybacks / market value | 0.4% |
| Balance sheetNet debt to EBITDA and interest coverage. | 46 | 0.80xNet debt / EBITDA | 0.01x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 75 | 2.9 ptsEBITDA margin downside volatility, 5y | 6.6 pts |
How does QCOM compare with similar companies?
The companies in semiconductors closest to QUALCOMM in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| MRVL Marvell Technology, Inc. | $272.29 | $235.42 | -13.5% | Low evidence grade |
| ADI Analog Devices, Inc. | $417.15 | $425.30 | +2.0% | Fairly valued |
| KLAC KLA Corporation | $206.89 | $190.87 | -7.7% | Fairly valued |
| TXN Texas Instruments Incorporated | $293.80 | $286.42 | -2.5% | Fairly valued |
| ARM Arm Holdings plc American Depositary Shares | $307.49 | $270.80 | -11.9% | Data under review |
| AMAT Applied Materials, Inc. | $540.04 | $591.13 | +9.5% | Fairly valued |
| LRCX Lam Research Corporation | $347.49 | $339.37 | -2.3% | Fairly valued |
| INTC Intel Corp. | $119.33 | $112.53 | -5.7% | Fairly valued |
When does QCOM report earnings, and how has the stock reacted?
QUALCOMM's next earnings report is scheduled for 4 Nov 2026. Companies can move their dates.
Options prices on 2 Oct 2026 imply a move of about 6.4% in either direction through the nearest expiry, about 13 days out. That is the size the market is pricing, not a direction. QCOM's 30 day implied volatility works out to about 14.6% over one month.
On 28 Sep 2026 QCOM moved 7.2% in one session, against the 3.1% a day that options had priced: 2.3 times the implied size.
How QCOM moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 7.2%.
| Report date | Two session move |
|---|---|
| 29 Jul 2026 | -6.9% |
| 29 Apr 2026 | +19.7% |
| 4 Feb 2026 | -7.4% |
| 5 Nov 2025 | +0.2% |
| 30 Jul 2025 | -9.5% |
| 30 Apr 2025 | -7.9% |
| 5 Feb 2025 | -2.1% |
| 6 Nov 2024 | +4.2% |
QUALCOMM at a glance
QUALCOMM Incorporated is a company dedicated to developing and bringing to market fundamental technologies crucial for the global wireless communication industry.
- Market value
- $212.1B
- Sector
- Technology
- Industry
- Semiconductors
- Revenue expected, next twelve months
- $45.0B
- Consensus revenue growth, next fiscal year
- -2.9%
- Analysts with estimates
- 18
- Beta to the US market
- 2.05
- First valued by Faircurve
- 1 May 2026
How the fair value is worked out: the model prices QUALCOMM on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 19 Sep 2026 the model's fair value for QCOM was $223.82. As of 26 Sep 2026 it is $254.02, a change of +13.5%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about QUALCOMM's valuation
Is QUALCOMM stock undervalued or overvalued?
On Faircurve's model, QCOM reads as Undervalued as of 26 Sep 2026. The model's fair value is $254.02 a share against a last close of $184.87, a gap of +37.4%.
What is QCOM's fair value?
$254.02 a share as of 26 Sep 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $197.08 to $320.52.
What price range does the model give QCOM?
$162.21 to $232.36 over 63 trading days. Ranges built this way held the price 60% of the time across 3,330 past valuations, refreshed 26 Sep 2026.
When does QUALCOMM report earnings next?
The next report is scheduled for 4 Nov 2026. Companies can move their dates.
How much has QCOM moved on past earnings reports?
Across its last 8 reports the median two session move was 7.2%, ignoring direction. The largest was +19.7% around the report of 29 Apr 2026.
How confident is the model in this valuation?
The model's evidence grade for QCOM is medium. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.