| Intrinsic Valuation of: QCOM | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 10 | Market Cap | $175B | |||||
| 2021 | - | - (-) | P/E Ratio | 16 | Total Asset | $55B | |||||
| 2022 | $9B | - (-) | Net Income | $10B | Total Debt | $13B | |||||
| 2023 | $7B | -21.0% (-40.0%) | EBITDA | $13B | Total Liab | $29B | |||||
| 2024 | $10B | 44.1% (77.8%) | Opr Margin | 0.26 | Debt/Equity | 0.51 | |||||
| 2025 | $11B | 13.3% (4.2%) | PreTax Margin | 24.06 | BV/Share | 13 | |||||
| 5Y Average FCF | $9B | 12.2% (14.0%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (12.2%) | ||||||||||
| 2026 | $13B | MBG Intrinsic Value | $88 | ||||||||
| 2027 | $14B | ||||||||||
| 2028 | $16B | ||||||||||
| 2029 | $18B | ||||||||||
| 2030 | $20B | ||||||||||
| 2031 | $22B | ||||||||||
| Terminal Value | $462B | Net Worth/Share | $24 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $378B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $8B | $340 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $13B | WACC | 7.3% | 297 | 320 | 347 | 381 | 424 | |||
| Equity Value | $373B | 7.4% | 294 | 316 | 343 | 377 | 418 | ||||
| Shares Outstanding | 1,098,000,000 | 7.4% | 291 | 313 | 340 | 372 | 413 | ||||
| 7.9% | 267 | 285 | 307 | 332 | 364 | ||||||
| DCF Intrinsic Value | $340 | 8.4% | 246 | 261 | 279 | 300 | 325 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||