🐂 QCOM — Company Profile (Educational)¶
Educational site, not investment advice. Market cap / stock price / quarterly numbers change quickly, so we don't write them. Use SEC + Yahoo Finance links below to check current data.
📌 Basic Info¶
| Field | Value | Source |
|---|---|---|
| Primary business | Mobile SoC (Snapdragon) + modems + wireless IP licensing (QCT chip business + QTL licensing business — dual engine) | 10-K FY25 |
| Founded / HQ | 1985 / San Diego, California, USA | wiki |
| CEO | Cristiano Amon (joined 2021/06) | company announcement |
| Primary listing | NASDAQ: QCOM | — |
| Fiscal year | Ends late September (FY26 = 2025/10 - 2026/09) | SEC EDGAR |
💡 Real-time market cap / share price / segment revenue / licensing vs chip mix: see SEC primary + IR links below
🏭 Industry Chain Coordinates (Part 1-C6 framework)¶
Upstream (Who QCOM depends on)¶
| Supplier | What flows | Key dependency |
|---|---|---|
TSM |
Flagship Snapdragon N4/N3 foundry | core dependency |
SSNLF (Samsung Foundry) |
Some Snapdragon 8-series fab (dual-source) | secondary supplier |
SNPS + CDNS |
EDA software | duopoly |
ARM |
CPU IP license (Snapdragon uses ARM ISA) | long-term agreement; QCOM's in-house Oryon core is reducing dependence |
Downstream (Who depends on QCOM)¶
| Customer | What flows | Concentration |
|---|---|---|
AAPL |
5G modem (Apple developing in-house; Qualcomm 2023/09/11 announced Snapdragon 5G Modem-RF supply agreement covers Apple 2024/2025/2026 launches) | major single customer — see 10-K risk factors |
Samsung Mobile (SSNLF) |
Snapdragon in flagship Galaxy | key customer |
| Xiaomi / OPPO / VIVO (Chinese Android OEMs) | Snapdragon SoC | large China exposure |
META |
Quest XR headset silicon | early XR market |
Auto OEMs (GM / Ford / BMW etc.) |
Digital cockpit / ADAS chips | auto business is a growth engine |
Competitors¶
- Mobile SoC: MediaTek (
2454.TW, Tier-B peer) · Apple A-series (AAPLinternal) · Huawei HiSilicon (HUAWEI, China internal) - PC SoC (new battleground):
INTC·AMD·AAPLM-series ·NVDA(rumored PC chip) - Modems:
AAPL(in-house) · MediaTek · HiSilicon - Licensing:
ARM(architecture IP, some overlap) - Auto digital cockpit:
NVDA(Drive) ·INTCMobileye
💼 Business Model + Value Capture (Part 1-C7 lens)¶
- Revenue mix: QCT (chips, incl. handset + auto + IoT) ~85% / QTL (licensing) ~15%, but QTL's profit contribution far exceeds its revenue share (very high margin)
- Gross margin: QTL licensing ~70%+ (intangibles, ultra-high margin); QCT chips ~30%; consolidated GAAP ~55%
- Pricing power: QTL collects a per-5G-handset royalty (fixed rate + cap), validated multiple times in court — very strong; QCT faces pricing pressure from MediaTek / Apple
- Replacement difficulty: QTL high (wireless standards are mandatory); QCT medium (AAPL in-house modem threat)
(For segment QCT vs QTL revenue / growth / GM, see latest SEC 10-Q)
🏰 Moat Assessment (Part 3-C2 Buffett 5-step lens)¶
| Type | Strength (0-1) | Reasoning |
|---|---|---|
| Brand | 0.6 | Snapdragon brand has Android OEM + consumer recognition |
| Switching cost | 0.5 | OEMs take 1-2 years to switch SoC; long qualification relationships |
| Network effect | 0.3 | QTL licensing is based on 3GPP standards (scaled IP), not a classic network effect |
| Scale + cost | 0.8 | QTL licensing = near-zero marginal cost (intangibles); QCT benefits from R&D amortization |
Total: 2.2 / 4 → medium-strong moat (QTL alone is 0.9+ moat; QCT is cyclical commodity middle)
⚠️ Key Invalidation Triggers (Part 3-C5 anti-thesis lens)¶
Monitor; if triggered, re-evaluate thesis:
- Trigger 1 (event): Apple replaces QCOM with in-house 5G modem in iPhone (agreement expires 2027; progress is the central catalyst)
- Trigger 2 (annual): QTL royalty rates re-adjudicated in court (history of litigation; key counterparties: Huawei / Samsung / Apple)
- Trigger 3 (quarterly): Chinese Android OEM shipments YoY decline > 10% (QCOM has large China exposure)
- Trigger 4 (technology): PC / Mac on ARM in-house SoC (Apple Silicon model) spreads → QCT loses PC market share
- Trigger 5 (low probability): QTL antitrust split / major royalty rate reduction ruling
🔗 Cross-Chapter Teaching Links¶
- Part 1-C6 · Supply Chain 5 Roles — Semiconductor design layer / fabless model
- Part 1-C7 · Value Capture — QTL dual-engine model (IP + chip)
- Part 1-C9 · US-China Geopolitics — China OEM exposure
- Patterns — #2 incumbent moat · #4 dual engine · #11 customer concentration
📚 SEC Primary Public Filings (DYOR)¶
- SEC EDGAR QCOM all filings — complete filing history (10-K / 10-Q / 8-K / DEF 14A)
- Investor Relations — earnings calendar + historical filings + Investor Day
Live quote: Yahoo Finance QCOM
Educational · Numbers change, the method does not · Make investment decisions based on your own research + risk tolerance