Core Insights - Qualcomm has returned $87 billion to shareholders over the past decade through dividends and buybacks, showcasing its strong cash generation capabilities [1] - The company ranks as the 22nd highest in total capital returned to shareholders in history, indicating management's confidence in its financial stability [3] - Qualcomm's dual business model, consisting of technology licensing and mobile chipsets, underpins its ability to generate sustainable cash flows [1] Financial Performance - Qualcomm's revenue growth stands at 15.8% for the last twelve months (LTM) and an average of 1.4% over the last three years [9] - The company boasts a free cash flow margin of nearly 26.9% and an operating margin of 27.8% LTM, reflecting strong profitability [9] - Qualcomm's current P/E ratio is 15.7, suggesting a lower valuation compared to the S&P 500 [9] Market Position - The total capital returned to shareholders as a percentage of market capitalization appears inversely related to growth prospects, with companies like META and MSFT showing rapid growth but returning less capital [4] - Qualcomm's significant capital returns raise questions about potential compromises in growth and fundamentals [5] - Despite strong fundamentals, Qualcomm has experienced substantial declines in past market downturns, including a nearly 79% drop during the Dot-Com crash [6]