Fabless mobile SoC and modems (Snapdragon)

Qualcomm

The largest mobile-SoC/modem fabless firm; designs ARM-based Snapdragon and outsources to TSMC and Samsung foundries (most leading-edge volume moved to TSMC, with 2nm talks at Samsung). Supplies modems to Apple and others; depends on EDA (Synopsys, Cadence) and Arm IP.

QCOM Updated Jul 12, 2026 5 AI consumers· 4 recurring

Per the valuechain.wiki graph, Qualcomm is directly linked to 18 companies (13 supply, 5 revenue relationships) and reaches 87 companies within two hops; the links are backed by 26 dated sources, 5 of them primary filings (as of 2026-07-12).

Annual return · 2026-07-10'21+22.3%'22-38.6%'23+35.1%'24+8.3%'25+13.8%YTD+11.7%
Money in ▸LG Electronics VS (automotive chips)●Amount ₩414.6BApple●Revenue ~$39BSmartphone OEMs (Samsung · Xiaomi etc.)●Revenue $27.8BXiaomi●Revenue share 10%Kyocera●General Motors◐Revenue $4B
QualcommFY2025
▸ Money outJCET (Jiangsu Changjiang Electronics)●Arm Holdings●TSMC●King Yuan Electronics (KYEC)◐United Microelectronics (UMC)◐Leeno Industrial◐Siemens EDA◐Cadence Design Systems◐Samsung Electronics◐Synopsys◐Soitec◐RF · package components (undisclosed)○Nepes○SMIC○

Financials & Segments

  • Total revenue · FY2025 (ended Sep 2025) revenue $44.28B (+13.7%), operating income $12.36B. Apple, Samsung and Xiaomi each 10%+ of revenue
  • Customer concentration · Foundry TSMC (+Samsung); depends on Arm IP and EDA (Synopsys, Cadence, Siemens). Apple, Samsung, Xiaomi each 10%+ of revenue; Apple's shift to its own modem is a QCT revenue risk.
  • Segments · QCT (chipsets) · QTL (licensing)

Revenue from

  • LG Electronics VS (automotive chips) High confidence· Amount ₩414.6B · FY2025 LG전자 VS Chip
    Supplies chips for LG Electronics' VS telematics/infotainment (with NXP and others) — part of the KRW 414.6bn FY2025 VS chip line.
    Confirms KO DART (FSS) Published Mar 13, 2026: LG Electronics business report (24th term, FY2025)
  • Apple High confidence· Revenue ~$39B · FY2024 · annual revenue
    Supplies 5G modem chips to Apple.
    Confirms KO Korea Economic Daily Published Jan 7, 2026: Samsung Foundry wins Qualcomm orders, chases TSMC
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN TrendForce Published Mar 26, 2025: Qualcomm taps TSMC 4nm for Snapdragon 8s Gen 4
    Confirms EN SEC EDGAR Published Nov 6, 2024: Qualcomm Form 10-K
  • Smartphone OEMs (Samsung · Xiaomi etc.) High confidence· Revenue $27.8B · FY2025 · QCT Handsets FY2025 revenue (Samsung >=10%)
    Supplies Snapdragon SoCs/modems to smartphone OEMs.
    Confirms KO Korea Economic Daily Published Jan 7, 2026: Samsung Foundry wins Qualcomm orders, chases TSMC
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
  • Xiaomi High confidence· Revenue share 10% · FY2025 10-K customer concentration
    Flagship Snapdragon APs to the world's No.3 smartphone maker.
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Mentions EN CNBC Published May 19, 2025: Xiaomi commits $6.9 billion to in-house chips
  • Kyocera High confidence
    Supplies Snapdragon chipsets for Kyocera's rugged DuraForce smartphones — one of many handset OEMs for Qualcomm, but the supply relationship that defines the performance of Kyocera's devices.
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN Qualcomm Published Jun 1, 2025: Qualcomm device finder — Kyocera DuraForce Ultra 5G (Snapdragon)
  • General Motors Medium confidence· Revenue $4B · FY2025 · QCT Automotive FY2025 revenue (+36%, diversification)
    Cockpit, telematics and ADAS chips for GM vehicles.
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN Green Car Congress Published Jan 27, 2021: GM and Qualcomm extend digital cockpit and ADAS relationship

Pays to

  • JCET (Jiangsu Changjiang Electronics) High confidence
    Uses assembly and test from JCET.
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN TrendForce Published May 13, 2025: Top 10 OSAT 2024 (PTI No.5)
    Confirms EN JCET Published May 1, 2025: JCET IR
  • Arm Holdings High confidence
    Uses/buys CPU-architecture IP from Arm Holdings.
    Confirms KO Economy6 Published Jan 15, 2026: Arm Holdings results and the NVIDIA relationship
    Confirms KO Korea Economic Daily Published Jan 7, 2026: Samsung Foundry wins Qualcomm orders, chases TSMC
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN TrendForce Published Mar 26, 2025: Qualcomm taps TSMC 4nm for Snapdragon 8s Gen 4
    Confirms EN SEC EDGAR Published Nov 6, 2024: Qualcomm Form 10-K
    Confirms EN Arm IR Published Jul 1, 2024: Arm Annual Report FY2024
    Confirms EN SEC EDGAR Published May 22, 2024: Arm Holdings Form 20-F
  • TSMC High confidence
    Uses/buys leading-edge foundry from TSMC.
    Confirms KO Korea Economic Daily Published Jan 7, 2026: Samsung Foundry wins Qualcomm orders, chases TSMC
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN TrendForce Published Mar 26, 2025: Qualcomm taps TSMC 4nm for Snapdragon 8s Gen 4
    Confirms EN SEC EDGAR Published Nov 6, 2024: Qualcomm Form 10-K
  • King Yuan Electronics (KYEC) Medium confidence
    Uses semiconductor test from KYEC.
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN KYEC Published May 1, 2025: KYEC IR
    Confirms EN Mordor Published Jan 1, 2025: KYEC, a pure-play test OSAT
  • United Microelectronics (UMC) Medium confidence
    Pays UMC for mature-node foundry.
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN Tom's Hardware Published Jun 15, 2025: UMC mature-node roadmap and major customers (TI, MediaTek, Qualcomm)
  • Leeno Industrial Medium confidence
    Purchases test sockets and pins from Leeno Industrial.
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN Leeno Published May 1, 2025: Leeno IR
    Confirms KO Komachine Published Jan 1, 2025: Leeno profile
  • Siemens EDA Medium confidence
    Pays for Siemens EDA (Calibre etc.) licenses.
    Confirms KO Wikipedia Published Jan 1, 2026: Mentor Graphics (Siemens EDA)
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN SemiWiki Published Jun 1, 2025: Siemens EDA (Mentor Graphics) wiki
  • Cadence Design Systems Medium confidence
    Uses/buys EDA design tools from Cadence Design Systems.
    Confirms KO Korea Economic Daily Published Jan 7, 2026: Samsung Foundry wins Qualcomm orders, chases TSMC
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN TrendForce Published Mar 26, 2025: Qualcomm taps TSMC 4nm for Snapdragon 8s Gen 4
    Confirms EN SEC EDGAR Published Nov 6, 2024: Qualcomm Form 10-K
  • Samsung Electronics Medium confidence
    Uses/buys foundry (partial, 2nm talks) from Samsung Electronics.
    Confirms KO Korea Economic Daily Published Jan 7, 2026: Samsung Foundry wins Qualcomm orders, chases TSMC
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN TrendForce Published Mar 26, 2025: Qualcomm taps TSMC 4nm for Snapdragon 8s Gen 4
    Confirms EN SEC EDGAR Published Nov 6, 2024: Qualcomm Form 10-K
  • Synopsys Medium confidence
    Uses/buys EDA design tools from Synopsys.
    Confirms KO Korea Economic Daily Published Jan 7, 2026: Samsung Foundry wins Qualcomm orders, chases TSMC
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN TrendForce Published Mar 26, 2025: Qualcomm taps TSMC 4nm for Snapdragon 8s Gen 4
    Confirms EN SEC EDGAR Published Nov 6, 2024: Qualcomm Form 10-K
  • Soitec Medium confidence
    Uses RF-SOI substrates for RF front-ends.
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)
    Confirms EN Soitec/GlobeNewswire Published May 27, 2025: Soitec FY2025 full-year results
  • RF · package components (undisclosed) Low confidence
    RF front-end and package parts (undisclosed).
    Mentions EN SEC EDGAR Published Nov 6, 2024: Qualcomm Form 10-K
  • Nepes Low confidence
    A supply history in wafer-level/fan-out packaging (FO-WLP, panel-level) for RF/power-management parts — Nepes provides 8/12-inch flip-chip bumping and fan-out packaging and is cited as a Qualcomm RF-packaging partner (as_of 2023). The FY2025 10-K names no individual packaging supplier, so value/currency are undisclosed.
    Confirms EN THE ELEC Published Apr 7, 2023: Qualcomm cancels FO-PLP deal with Nepes Laweh
    Confirms KO THE ELEC Published Apr 6, 2023: Qualcomm cancels part of nepes Laweh PLP contract
  • SMIC Low confidence
    A legacy relationship from historical outsourcing of 28nm Snapdragon and power-management (PMIC) chips to SMIC — advanced flagships (e.g., Snapdragon 8 Elite 2) are built on TSMC N3P, and US export controls limit advanced-node SMIC. Current relevance is confined to mature-node/low-mid volume; the FY2025 10-K names no specific supplier.
    Confirms EN SMIC Published May 1, 2025: SMIC IR
    Confirms EN Statista Published Jan 1, 2025: Foundry market share
    Mentions EN Asian Legal Business Published Jan 1, 2019: Qualcomm turned to SMIC for 28nm Snapdragon/PMIC (legacy)

Investments

  • Qualcomm Strategic Investments (startups, capital allocation) High confidence
    Beyond QCT and QTL, Qualcomm deploys strategic equity investments in promising technology startups and companies through QSI (Qualcomm Strategic Investments) — a capital-allocation structure that seeds ecosystems in growth areas (automotive, IoT, AI) and future chip demand, aligned with diversification against Apple's modem exit.
    Confirms EN Qualcomm (SEC EDGAR) Published Nov 5, 2025: Qualcomm Form 10-K (FY2025, ended Sep 28 2025)

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
General Motorslead2+40.8-42.4+7.9+49.8+54.2-3.8
LG Electronicslead1-16.2-20.9-5.8-9.5+19.2+85.5
Kyoceralead1+7.5-2.1+33.8-24+46.7+63
Applelead1+34.6-26.4+49+30.7+9.1+16.2
Xiaomilead1-43.9-21.1-4.6+209.7-6.9-27.2
Qualcommnode+22.3-38.6+35.1+8.3+13.8+11.7
Soitecbenef1-3.7-13.4-2.3-37.4-68.9+271.9
United Microelectronics (UMC)benef1+43.2-40.3+39.2-19+28.8+215.1
JCET (Jiangsu Changjiang Electronics)benef1-34+0.2-15.2+73.3+28+104.6
Samsung Electronicsbenef1-9-14.2+20.9-26.4+212.9+77.9
SMICbenef1-29.6-7.4-18.3+169.9+98.4+5.6
King Yuan Electronics (KYEC)benef1+26.7-7.7+132.4+38.6+171+4.2
Leeno Industrialbenef1+21-5.3+18.3+9.5+150.1-30.3
Samsung Electro-Mechanicsbenef2-11.8-18.5-1.4-2.5+110+467.7
Jusung Engineeringbenef2+127.9-42.6+173.3-3.1+30.7+364.1
SUMCO Corporationbenef2-4.3-3.9+21.3-48.1+41.7+225.8
PSK Incbenef2+22.7-19.6+14.2-2.6+228.2+208
LG Innotekbenef2+78.2-22-28.8-22.1+66.8+204.6
GlobalWafersbenef2+26.9-29.9+14.3-39+48.9+171.6
ACM Researchbenef2+4.9-72.9+153.4-22.7+161.3+161.1
Kulicke & Soffabenef2+92.4-25.8+25.5-13.2-0.3+150.1
Cohubenef2-0.2-15.9+10.4-24.6-12.8+141.4
Applied Materialsbenef2+83.6-37.5+68+1.1+59.6+135
MediaTekbenef2+27.8-26.6+52.9+58.3+24.9+124.3
Arterisbenef2·-79.6+37+73+52.1+124.3
FormFactorbenef2+6.3-51.4+87.6+5.5+26.8+110.7
KC Techbenef2-24.2-6.1+57.9+5.9+56.7+108.1
Lam Researchbenef2+53.7-40.7+88.6-6.8+139.2+105
Onto Innovationbenef2+112.9-32.7+124.6+9-5.3+103.6
Simmtechbenef2+119.6-34.6+12.4-63.3+392.9+94.9
Daeduck Electronicsbenef2+64.2-0.3+13.3-22.7+250.2+92.1
KLAbenef2+68-11.2+56+9.4+94.5+91
SCREEN Holdingsbenef2+40.7-13.2+220.1-24.1+84.9+86.3
AMECbenef2-22.7-11.6+8.9+58.3+93.5+86.3
Teradynebenef2+36.8-46.3+24.8+16.5+54.4+85.9
ASMPTbenef2-29-12.4+21.8-4.8+47.6+82
Resonacbenef2-2.6-4+37.5+30.3+137.9+80.4
Tokyo Electron (TEL)benef2+40.4-14.5+89.8-4.4+61.6+78.2
Qnity Electronicsbenef2·····+76.3
Entegrisbenef2+44.6-52.5+83.5-17.1-14.6+72.8
Kokusai Electricbenef2···-35.4+165.3+70
Naura Technologybenef2+41.3-17.2-2.6+65.9+70.6+68.7
ASMLbenef2+64.1-30.5+39.9-7.7+55.8+68.6
Foosungbenef2+59.9-33.5-34.5-39.1+67.4+62.2
BESIbenef2+33.7-6.1+121.8-9.3+35+56.2
Fujimi Incorporatedbenef2+64.7-1.6+40.4-24.2+28.4+54.6
Eugene Technologybenef2+28.1-45.1+64.1-12.6+202.5+49.5
Montage Technologybenef2-18.2-21.8-18+51.4+169+47.4
Shin-Etsu Chemicalbenef2+6.3+3.1+57.8-15.6+7.6+44
Samsung E&Abenef2+74.5+20-13.7-15.9+76.7+43.2
Tokyo Ohka Kogyo (TOK)benef2-2.7-3+63.8+4.3+111.5+42.9
Camtekbenef2+110.1-52.3+215.9+18.3+31.7+35.2
Ebarabenef2+58.1+2.3+76.1+41+84+32.3
ASM Internationalbenef2+44.2+2.9+68.7+10.3+25.9+28.8
Powertech Technology (PTI)benef2+4.8-7.5+86-16+128.6+26
Lindebenef2+33.4-4.4+27.7+3.2+3.2+25.1
Air Products and Chemicalsbenef2+13.8+3.9-9+8.1-12.7+23.7
Cadence Design Systemsbenef2+36.6-13.8+69.6+10.3+4+22.9
Lasertecbenef2+78.9+2.4+57-60.6+138.9+22.4
Advantestbenef2+17-2.3+155.7+49.5+196+17.1
Sumitomo Chemicalbenef2+19.6-9.1-27.7-2.2+43.9+16
Nepesbenef2-29.5-44+6.7-62.7+179.2+15.1
Merck KGaA (EMD)benef2+42.2-0.4-19.1-2.5-12.7+13.5
Air Liquidebenef2+14.1+7.9+20.9+8.5-4.8+12.5
Disco Corporationbenef2-6.6+27.7+218.5+11.6+49.6+10.2
Wonik IPSbenef2-19.7-19.8-0.2-25.5+408.8+9.3
Hanmi Semiconductorbenef2+98.5-21.7+313.1+93.7+87.9+5.5
Qorvobenef2-5.9-42+24.2-37.9+20.8+1.5
EO Technicsbenef2+7.6-28.2+130.5-16.2+163.2+0.7
ISCbenef2+43.2+14.2+116.5-11.9+126.8+0.3
HPSPbenef2··+216.5-30.4+54.7-4.5
Synopsysbenef2+42.1-13.4+61.3-5.7-3.2-5.2
LG Displaybenef2-6.8-30.9-8.5-20.6+26.2-5.7
Photronicsbenef2+68.9-10.7+86.4-24.9+35.8-6.6
Park Systemsbenef2+25.1+1.6+41.6+37.3+28.9-11.2
Hana Materialsbenef2+106-30.5+26.1-47.4+173.9-15.7
Dongjin Semichembenef2+28.1-13.7+16.1-42.8+160.1-15.8
Uni Testbenef2+23.4-57.8+11.3-1.6+6.8-24.8
ENF Technologybenef2-32.9-23.6+1.3-16.1+204.6-28.4
SFA Semiconbenef2-5.8-34.1+48.7-48.7+139.8-31.8
Soulbrainbenef2-8.2-3.9+16.6-37.6+192.8-35.9
S&S Techbenef2-17.3-5+45.8-31.2+210.8-47.5

YTD as of 2026-07-10 · source: Yahoo Finance

Qualcomm operates across Fabless mobile SoC and modems (Snapdragon). It stayed steadily positive in recent years and is +11.7% in 2026. The supply side (avg +154%) has moved harder than the stock (+11.7%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Soitec (+271.9%) and the furthest behind is Apple (+16.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Supplies modems to Apple and others; depends on EDA (Synopsys, Cadence) and Arm IP.

Analysis generated from returns as of 2026-07-10

Analyst ratings

Consensus: Buy 1 · Hold 4 · Sell 0 · Avg. target $241 · Price $189.16 (07-10) · Upside +27%

BrokerRatingTargetPublished
Mizuho · Vijay RakeshNeutral$210Jun 29, 2026Report ↗
UBS · Timothy ArcuriNeutral$235Jun 25, 2026Report ↗
Morgan Stanley · Joseph MooreEqual-Weight$231Jun 25, 2026Report ↗
Benchmark · Cody AcreeBuy$300Jun 25, 2026Report ↗
Wells Fargo · Aaron RakersEqual Weight$230Jun 12, 2026Report ↗

Target $170→$210, Neutral kept; reflects $15B+ FY29 datacenter (Dragonfly), $10B auto, $14B IoT, and $40B non-handset revenue.

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