Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Qualcomm (QCOM): Handset Resilience Intact—But Can Automotive and IoT Scale Fast Enough to Offset Licensing Stagnation?
Qualcomm posted a strong fiscal Q1, with revenue rising 17% YoY to $11.7B, surpassing guidance as handset (+13% YoY), automotive (+61% YoY), and IoT (+36% YoY) chip sales outperformed. The QCT segment delivered a record $10.1B in revenue, reinforcing Qualcomm’s strategy of expanding beyond mobile into high-growth verticals like automotive and computing. Snapdragon 8 Elite’s design win in Samsung’s Galaxy S25 and Qualcomm’s growing share in China’s premium smartphone market highlight continued handset strength, while Snapdragon X’s 10% share in U.S. premium Windows laptops signals early traction in PCs. Management guided Q2 revenue at $10.6B (-9% QoQ, +13% YoY), reflecting seasonal Apple modem shipment declines but steady growth in handsets (+10%), automotive (+50%), and IoT (+15%). Despite strong chip momentum, licensing (QTL) remains a concern, with FY25 revenue projected to be flat, though management downplayed risks from ARM discontinuing Qualcomm’s architecture license. Wafer cost increases remain a factor, but premium-tier ASP tailwinds should provide a cushion. With auto and IoT growing rapidly, the key question remains: Can Qualcomm scale these segments fast enough to offset stagnation in licensing, or will QTL’s flatlining become a structural drag on long-term earnings growth?
