Intel vs Qualcomm
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The short version
- Intel is the larger business, with $52.9B of revenue in fiscal 2025 against $44.3B for Qualcomm.
- Qualcomm grew revenue faster (13.7%, against −0.5%).
- Qualcomm kept more of each dollar of sales as operating profit (27.9% operating margin, against −4.2%).
- Qualcomm turned more of its sales into free cash flow (29.0% FCF margin, against −9.4%).
- Qualcomm earned a higher return on the capital invested in it (23.7%, against −0.8%).
| Latest fiscal year | INTC · FY25 | QCOM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $443.8B | $188.0B |
| Revenue | $52.9B | $44.3B |
| Free cash flow | −$4.9B | $12.8B |
| Net income | −$267M | $5.5B |
| Growth | ||
| Revenue growth | −0.5% | 13.7% |
| 5-year growth | −7.5% | 13.5% |
| Share count change | 5.8% | −2.2% |
| Profitability | ||
| Gross margin | 34.8% | 55.4% |
| Operating margin | −4.2% | 27.9% |
| Net margin | −0.5% | 12.5% |
| FCF margin | −9.4% | 29.0% |
| Return on capital | −0.8% | 23.7% |
| Return on equity | −0.3% | 23.3% |
| Balance sheet | ||
| Net debt | $9.2B | $4.7B |
| Net debt / EBITDA | 1.0x | 0.3x |
| Dividends and buybacks | $0.0M | $12.6B |
| Valuation & quality | ||
| P/E | — | 20.1x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
INTC $59.4B
QCOM $23.6B
FY17
INTC $62.8B
QCOM $22.3B
FY18
INTC $70.8B
QCOM $22.6B
FY19
INTC $72.0B
QCOM $24.3B
FY20
INTC $77.9B
QCOM $23.5B
FY21
INTC $79.0B
QCOM $33.6B
FY22
INTC $63.1B
QCOM $44.2B
FY23
INTC $54.2B
QCOM $35.8B
FY24
INTC $53.1B
QCOM $39.0B
FY25
INTC $52.9B
QCOM $44.3B
INTC
QCOM
Operating margin
FY16
INTC 22.1%
QCOM 27.6%
FY17
INTC 28.8%
QCOM 11.6%
FY18
INTC 32.9%
QCOM 2.8%
FY19
INTC 30.6%
QCOM 31.6%
FY20
INTC 30.4%
QCOM 26.6%
FY21
INTC 24.6%
QCOM 29.2%
FY22
INTC 3.7%
QCOM 35.9%
FY23
INTC 0.2%
QCOM 21.7%
FY24
INTC −22.0%
QCOM 25.9%
FY25
INTC −4.2%
QCOM 27.9%
INTC
QCOM
Free cash flow
FY16
INTC $12.2B
QCOM $7.1B
FY17
INTC $10.3B
QCOM $4.3B
FY18
INTC $14.3B
QCOM $3.1B
FY19
INTC $16.9B
QCOM $6.4B
FY20
INTC $21.6B
QCOM $4.4B
FY21
INTC $10.7B
QCOM $8.6B
FY22
INTC −$9.4B
QCOM $6.8B
FY23
INTC −$14.3B
QCOM $9.8B
FY24
INTC −$15.7B
QCOM $11.2B
FY25
INTC −$4.9B
QCOM $12.8B
INTC
QCOM
Return on capital
FY16
INTC 14.1%
QCOM 21.7%
FY17
INTC 10.4%
QCOM —
FY18
INTC 22.7%
QCOM —
FY19
INTC 19.7%
QCOM 88.4%
FY20
INTC 18.8%
QCOM 70.3%
FY21
INTC 16.7%
QCOM 80.8%
FY22
INTC 2.1%
QCOM 75.4%
FY23
INTC 0.1%
QCOM 30.8%
FY24
INTC −6.9%
QCOM 38.6%
FY25
INTC −0.8%
QCOM 23.7%
INTC
QCOM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.