Qualcomm
QCOM · Semiconductors
$175.91
1.8%Texas Instruments
TXN · Semiconductors
$284.69
1.9%The short version
- Qualcomm is the larger business, with $44.3B of revenue in fiscal 2025 against $17.7B for Texas Instruments, about 2.5 times as much.
- Qualcomm grew revenue faster (13.7%, against 13.1%).
- Texas Instruments kept more of each dollar of sales as operating profit (34.1% operating margin, against 27.9% operating margin).
- Qualcomm turned more of its sales into free cash flow (29.0% FCF margin, against 14.7% FCF margin).
- Qualcomm earned a higher return on the capital invested in it (23.7%, against 21.8%).
- Investors pay more for each dollar of Texas Instruments’s earnings: a P/E of 36.9x against 20.1x for Qualcomm.
| Latest fiscal year | QCOM · FY25 | TXN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $188.0B | $262.2B |
| Revenue | $44.3B | $17.7B |
| Free cash flow | $12.8B | $2.6B |
| Net income | $5.5B | $5.0B |
| Growth | ||
| Revenue growth | 13.7% | 13.1% |
| 5-year growth | 13.5% | 4.1% |
| Share count change | −2.2% | −0.7% |
| Profitability | ||
| Gross margin | 55.4% | 57.0% |
| Operating margin | 27.9% | 34.1% |
| Net margin | 12.5% | 28.3% |
| FCF margin | 29.0% | 14.7% |
| Return on capital | 23.7% | 21.8% |
| Return on equity | 23.3% | 30.2% |
| Balance sheet | ||
| Net debt | $4.7B | $9.2B |
| Net debt / EBITDA | 0.3x | 1.2x |
| Dividends and buybacks | $12.6B | $6.5B |
| Valuation & quality | ||
| P/E | 20.1x | 36.9x |
| Piotroski F-score | 6 | 6 |
FY16
QCOM $23.6B
TXN $13.4B
FY17
QCOM $22.3B
TXN $15.0B
FY18
QCOM $22.6B
TXN $15.8B
FY19
QCOM $24.3B
TXN $14.4B
FY20
QCOM $23.5B
TXN $14.5B
FY21
QCOM $33.6B
TXN $18.3B
FY22
QCOM $44.2B
TXN $20.0B
FY23
QCOM $35.8B
TXN $17.5B
FY24
QCOM $39.0B
TXN $15.6B
FY25
QCOM $44.3B
TXN $17.7B
QCOM
TXN
FY16
QCOM 27.6%
TXN 36.3%
FY17
QCOM 11.6%
TXN 40.7%
FY18
QCOM 2.8%
TXN 42.5%
FY19
QCOM 31.6%
TXN 39.8%
FY20
QCOM 26.6%
TXN 40.8%
FY21
QCOM 29.2%
TXN 48.8%
FY22
QCOM 35.9%
TXN 50.6%
FY23
QCOM 21.7%
TXN 41.9%
FY24
QCOM 25.9%
TXN 34.9%
FY25
QCOM 27.9%
TXN 34.1%
QCOM
TXN
FY16
QCOM $7.1B
TXN $4.1B
FY17
QCOM $4.3B
TXN $4.7B
FY18
QCOM $3.1B
TXN $6.1B
FY19
QCOM $6.4B
TXN $5.8B
FY20
QCOM $4.4B
TXN $5.5B
FY21
QCOM $8.6B
TXN $6.3B
FY22
QCOM $6.8B
TXN $5.9B
FY23
QCOM $9.8B
TXN $1.3B
FY24
QCOM $11.2B
TXN $1.5B
FY25
QCOM $12.8B
TXN $2.6B
QCOM
TXN
FY16
QCOM 21.7%
TXN 33.0%
FY17
QCOM —
TXN 35.9%
FY18
QCOM —
TXN 56.7%
FY19
QCOM 88.4%
TXN 52.4%
FY20
QCOM 70.3%
TXN 58.5%
FY21
QCOM 80.8%
TXN 75.2%
FY22
QCOM 75.4%
TXN 69.1%
FY23
QCOM 30.8%
TXN 38.1%
FY24
QCOM 38.6%
TXN 22.7%
FY25
QCOM 23.7%
TXN 21.8%
QCOM
TXN
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