# Qualcomm (QCOM.US)

Canonical: https://gigainvestors.com/s/QCOM

Analysis as of: 2026-10-16T07:31:24.885Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $178.40 per share; close as of 2026-10-15.

Estimated value: low $128.48 per share, central $145.23 per share, high $167.54 per share. Buy at or below the central value $145.23 per share. Valuation as of 2026-10-16T07:31:24.885Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.28×

- FY2017: 0.12×

- FY2018: 0.03×

- FY2019: 0.32×

- FY2020: 0.27×

- FY2021: 0.29×

- FY2022: 0.36×

- FY2023: 0.22×

- FY2024: 0.26×

- FY2025: 0.28×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 57.2%

- ROIC, second-lowest year: 24.2%

- Typical minus recent gross margin: 1.4 pp

- Typical gross margin (annual median): 56.9%

- Recent gross margin (lower of latest and 3-year median): 55.4%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 32.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 28.2%

- FY2017: 24.2%

- FY2018: 2.3%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: 79.5%

- FY2023: 49.0%

- FY2024: 55.9%

- FY2025: 58.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $46B

- Net income, five-year total: $45B

- Return on incremental invested capital: 87.2%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 8.7 pp

- Working capital / revenue, final three-year average: 21.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.05×

- FY2024: 1.07×

- FY2025: 1.07×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 24.2% vs 55.9%

- Per-share earnings: 3.22 to 6.42 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.9%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: $102B

- Cumulative retained earnings: -$9.4B

- Diluted shares, 10-year annual growth: -3.9%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.0%

- Per-share value change: $3.21

- Per-share value, starting three-year median: $3.22

- Per-share value, ending three-year median: $6.42

- Buybacks concentrated in cheaper years (correlation): -0.08

- Average buyback yield: 5.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $6.1B

- Cumulative net income, 10 years: $58B

- ROIC, first three-year median: 24.2%

- ROIC, last three-year median: 55.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.81

- FY2017: $1.66

- FY2018: -$3.39

- FY2019: $3.60

- FY2020: $4.52

- FY2021: $7.87

- FY2022: $11.38

- FY2023: $6.42

- FY2024: $8.98

- FY2025: $5.01

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -16.9%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 19.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.53×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.59×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: -3.4%

- FY2018: -27.1%

- FY2019: -8.8%

- FY2020: -1.7%

- FY2021: -3.6%

- FY2022: 7.8%

- FY2023: -8.0%

- FY2024: -3.7%

- FY2025: -16.9%

## Holders

- [David Tepper](https://gigainvestors.com/AM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 29% since May 2026 · "Qualcomm Faces Margin Pressure From Rising Costs: Can it Recover?" (finance.yahoo.com, Sep 2026) · sales +13.7%

Story as of 2026-10-16T09:59:27.759Z; price observation 2026-10-15.

Price needs cash profits to grow 3.6% a year for ten years

- 2026-01-15: Qualcomm Facing Smartphone Growth Pressure, Limited Data Center Progress, RBC Says ([finance.yahoo.com](https://finance.yahoo.com/news/qualcomm-facing-smartphone-growth-pressure-160518841.html))

- 2026-04-30: Qualcomm Surpasses Q2 Earnings Estimates on Solid Auto, IoT Demand ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/qualcomm-surpasses-q2-earnings-estimates-133100982.html))

- 2026-05-26: Qualcomm strikes AI chip deal with TikTok owner ByteDance, Bloomberg News reports ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/qualcomm-strikes-ai-chip-deal-145541849.html))

- 2026-06-03: Qualcomm Plagued by Margin Woes, Demand Softness: Time to Rethink? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/qualcomm-plagued-margin-woes-demand-153300564.html))

- 2026-07-30: Qualcomm shares slide as higher costs, Apple-related weakness cloud profit forecast ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/qualcomm-shares-slide-higher-costs-110415585.html))

- 2026-08-20: QCOM Falls 30.6% in 3 Months as Handset Risks Challenge Auto Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/qcom-falls-30-6-3-143500229.html))

### Sales · FY2024–2025

sales +13.7%; source https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm; observed 2025-11-05.

- FY2016: $24B 

- FY2017: $22B 

- FY2018: $23B 

- FY2019: $24B 

- FY2020: $24B 

- FY2021: $34B 

- FY2022: $44B 

- FY2023: $36B 

- FY2024: $39B 

- FY2025: $44B 

### Gross margin · FY2025

gross margin 55.4%; source https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm; observed 2025-11-05.

- FY2016: 58.6% 

- FY2017: 56.1% 

- FY2018: 54.9% 

- FY2019: 64.6% 

- FY2020: 60.7% 

- FY2021: 57.5% 

- FY2022: 57.8% 

- FY2023: 55.7% 

- FY2024: 56.2% 

- FY2025: 55.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are USD 44.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm (filed 2025-11-05); FY2025: revenue 44284000000; grossProfit 24546000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QCOM.US: QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software with connectivity and computing technologies for use in mobile devices; automotive systems for connectivity, digital cockpit, and ADAS/AD; and IoT, including consumer electronic devices, industrial devices, and edge networking products. The QTL segment grants licenses or provides rights to use portions of its intellectual property portfolio, which include various patent rights useful in the manufacture and sale of wireless products comprising products implementing LTE, and/or OFDMA-based 5G products and derivatives; to use cellular standard-essential patents, including 3G, 4G and 5G for cellular devices. The QSI segment invests in early-stage companies in various industries, including 5G, artificial intelligence, automotive, consumer, enterprise, cloud, IoT, and extended reality, and investments, including non-marketable equity securities and, to a lesser extent, marketable equity securities, and convertible debt instruments. It also provides development, and other services and sells related products to the United States government agencies and their contractors. In addition, the company is also involved in Qualcomm government technologies and data center businesses. Further, it provides security and intelligence services for unmanaged networks through software-based network security solutions. The company is in collaboration with Amazon to enable customized silicon at scale for large-scale AI data centers. QUALCOMM Incorporated was incorporated in 1985 and is headquartered in San Diego, California.

### Why customers stay

Margins ranged from 55.4% to 56.2% during 2023–25; it earns 57.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); FY2023: grossProfit / revenue = 55.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); FY2024: grossProfit / revenue = 56.2%.

- Source: https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm (filed 2025-11-05); FY2025: grossProfit / revenue = 55.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); 10-year return on capital observations [[2016,0.28217127504254075],[2017,0.24192433995382187],[2018,0.023499446934854746],[2019,2.166760869565217],[2020,1.3326700619668097],[2021,1.307650819806242],[2022,0.7946048864841895],[2023,0.48968112250733425],[2024,0.559227607785723],[2025,0.5843520337626428]]; median 0.5717898207741829. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 8.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); FY2016: growth capex 0; upkeep 539000000; owner earnings 6594000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); FY2017: growth capex 0; upkeep 690000000; owner earnings 3237000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); FY2019: growth capex 0; upkeep 887000000; owner earnings 4900000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); FY2020: growth capex 0; upkeep 1407000000; owner earnings 5184000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); FY2021: growth capex 306000000; upkeep 1582000000; owner earnings 9043000000. Growth capex / owner earnings = 0.033838327988499395.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); FY2022: growth capex 500000000; upkeep 1762000000; owner earnings 12936000000. Growth capex / owner earnings = 0.03865182436611008.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); FY2023: growth capex 0; upkeep 1450000000; owner earnings 7591000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); FY2024: growth capex 0; upkeep 1041000000; owner earnings 10807000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm (filed 2025-11-05); FY2025: growth capex 0; upkeep 1192000000; owner earnings 5951000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); Dividend observations: [[2016,2990000000],[2017,3252000000],[2018,3466000000],[2019,2968000000],[2020,2882000000],[2021,3008000000],[2022,3212000000],[2023,3462000000],[2024,3687000000],[2025,3805000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm (filed 2025-11-05); FY2025: cash repurchases 8791000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QCOM.US SharesStats.PercentInsiders = 0.122 percentage points; cache date 2026-10-16.

### What could break it

"Failures in our products, or in the products of our customers or licensees" (SEC filing, Nov 2025)

- Source: https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm (filed 2025-11-05); Failures in our products, or in the products of our customers or licensees

### What the price says

The price assumes cash profits grow 3.6% yearly over ten years; actual growth was 4.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-05); Ten-year compound average after fade. Initial solved rate 0.03839865206233484. Price 178.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.3502135448444172 → FY2025 5.385520361990951. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $68.72 per share

- 2016-11: $68.13 per share

- 2016-12: $65.20 per share

- 2017-01: $53.43 per share

- 2017-02: $56.48 per share

- 2017-03: $57.34 per share

- 2017-04: $53.74 per share

- 2017-05: $57.27 per share

- 2017-06: $55.22 per share

- 2017-07: $53.19 per share

- 2017-08: $52.27 per share

- 2017-09: $51.84 per share

- 2017-10: $51.01 per share

- 2017-11: $66.34 per share

- 2017-12: $64.02 per share

- 2018-01: $68.25 per share

- 2018-02: $65.00 per share

- 2018-03: $55.41 per share

- 2018-04: $51.01 per share

- 2018-05: $58.12 per share

- 2018-06: $56.12 per share

- 2018-07: $64.09 per share

- 2018-08: $68.71 per share

- 2018-09: $72.03 per share

- 2018-10: $62.89 per share

- 2018-11: $58.26 per share

- 2018-12: $56.91 per share

- 2019-01: $49.52 per share

- 2019-02: $53.39 per share

- 2019-03: $57.03 per share

- 2019-04: $86.13 per share

- 2019-05: $66.82 per share

- 2019-06: $76.07 per share

- 2019-07: $73.16 per share

- 2019-08: $77.77 per share

- 2019-09: $76.28 per share

- 2019-10: $80.44 per share

- 2019-11: $83.55 per share

- 2019-12: $88.23 per share

- 2020-01: $85.31 per share

- 2020-02: $78.30 per share

- 2020-03: $67.65 per share

- 2020-04: $78.67 per share

- 2020-05: $80.88 per share

- 2020-06: $91.21 per share

- 2020-07: $105.61 per share

- 2020-08: $119.10 per share

- 2020-09: $117.68 per share

- 2020-10: $123.36 per share

- 2020-11: $147.17 per share

- 2020-12: $152.34 per share

- 2021-01: $156.28 per share

- 2021-02: $136.19 per share

- 2021-03: $132.59 per share

- 2021-04: $138.80 per share

- 2021-05: $134.54 per share

- 2021-06: $142.93 per share

- 2021-07: $149.80 per share

- 2021-08: $146.69 per share

- 2021-09: $128.98 per share

- 2021-10: $133.04 per share

- 2021-11: $180.56 per share

- 2021-12: $182.87 per share

- 2022-01: $175.76 per share

- 2022-02: $171.99 per share

- 2022-03: $152.82 per share

- 2022-04: $139.69 per share

- 2022-05: $143.22 per share

- 2022-06: $127.74 per share

- 2022-07: $145.06 per share

- 2022-08: $132.27 per share

- 2022-09: $112.98 per share

- 2022-10: $117.66 per share

- 2022-11: $126.49 per share

- 2022-12: $109.94 per share

- 2023-01: $133.21 per share

- 2023-02: $123.53 per share

- 2023-03: $127.58 per share

- 2023-04: $116.80 per share

- 2023-05: $113.41 per share

- 2023-06: $119.04 per share

- 2023-07: $132.17 per share

- 2023-08: $114.53 per share

- 2023-09: $111.06 per share

- 2023-10: $108.99 per share

- 2023-11: $129.05 per share

- 2023-12: $144.63 per share

- 2024-01: $148.51 per share

- 2024-02: $157.79 per share

- 2024-03: $169.30 per share

- 2024-04: $165.85 per share

- 2024-05: $204.05 per share

- 2024-06: $199.18 per share

- 2024-07: $180.95 per share

- 2024-08: $175.30 per share

- 2024-09: $170.05 per share

- 2024-10: $162.77 per share

- 2024-11: $158.53 per share

- 2024-12: $153.62 per share

- 2025-01: $172.93 per share

- 2025-02: $157.17 per share

- 2025-03: $153.61 per share

- 2025-04: $148.46 per share

- 2025-05: $145.20 per share

- 2025-06: $159.26 per share

- 2025-07: $146.76 per share

- 2025-08: $160.73 per share

- 2025-09: $166.36 per share

- 2025-10: $180.90 per share

- 2025-11: $168.09 per share

- 2025-12: $171.05 per share

- 2026-01: $151.59 per share

- 2026-02: $142.36 per share

- 2026-03: $128.78 per share

- 2026-04: $179.58 per share

- 2026-05: $251.02 per share

- 2026-06: $184.79 per share

- 2026-07: $147.61 per share

- 2026-08: $170.48 per share

- 2026-09: $184.04 per share

- 2026-10: $176.86 per share

## Annual estimated value (USD per share)

- FY2016: low $60.25 per share, central $66.88 per share, high $75.71 per share

- FY2017: low $69.81 per share, central $76.02 per share, high $84.29 per share

- FY2018: low $44.84 per share, central $49.93 per share, high $56.70 per share

- FY2019: low $53.55 per share, central $59.60 per share, high $67.66 per share

- FY2020: low $63.83 per share, central $84.71 per share, high $97.74 per share

- FY2021: low $90.39 per share, central $124.75 per share, high $144.76 per share

- FY2022: low $121.27 per share, central $171.16 per share, high $200.21 per share

- FY2023: low $91.98 per share, central $111.06 per share, high $127.96 per share

- FY2024: low $128.53 per share, central $166.76 per share, high $193.31 per share

- FY2025: low $145.25 per share, central $186.73 per share, high $216.65 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm); period 2025-09-28, filed 2025-11-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Tepper](https://gigainvestors.com/AM): 250,000 QCOM shares; USD 46,198,000 reported position value; 0.62% of portfolio; reduce; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 260,589 QCOM shares; USD 47,959,000 reported position value; 3.95% of portfolio; add; quarter 2026 Q3.
- [Andrew Adams](https://gigainvestors.com/MPF): 179,832 QCOM shares; USD 33,231,000 reported position value; 0.3% of portfolio; reduce; quarter 2026 Q2.
- [Harry Burn](https://gigainvestors.com/SSHFX): 547,812 QCOM shares; USD 101,230,000 reported position value; 3.12% of portfolio; add; quarter 2026 Q2.
- [Arnold Van Den Berg](https://gigainvestors.com/VAN): 62,213 QCOM shares; USD 11,496,000 reported position value; 2.43% of portfolio; add; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 5,542 QCOM shares; USD 1,024,000 reported position value; 0.01% of portfolio; new; quarter 2026 Q2.
- [Andreas Halvorsen](https://gigainvestors.com/vg): 1,514,185 QCOM shares; USD 279,806,000 reported position value; 0.8% of portfolio; new; quarter 2026 Q2.

# QCOM — QUALCOMM Inc.

Held by 1 investor · USD 47,959,000 total · 2026 Q3 · reported price USD 184.04 (split-adjusted).
Page: https://gigainvestors.com/s/QCOM

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 47,959,000 | 4.0% | add +6.85% |

## Total held by quarter

- 2009 Q4: USD 53,000,082 · 1 holder · USD 46.26
- 2010 Q1: USD 60,494,993 · 1 holder · USD 41.99
- 2010 Q2: USD 9,740,344 · 1 holder · USD 32.84
- 2010 Q3: USD 0 · 0 holders
- 2010 Q4: USD 0 · 0 holders
- 2011 Q1: USD 0 · 0 holders
- 2011 Q2: USD 0 · 0 holders
- 2011 Q3: USD 0 · 0 holders
- 2011 Q4: USD 46,268,761 · 1 holder · USD 54.70
- 2012 Q1: USD 177,460,495 · 2 holders · USD 68.06
- 2012 Q2: USD 209,127,454 · 2 holders · USD 55.68
- 2012 Q3: USD 247,329,468 · 2 holders · USD 62.49
- 2012 Q4: USD 305,837,227 · 2 holders · USD 62.02
- 2013 Q1: USD 399,089,954 · 2 holders · USD 66.95
- 2013 Q2: USD 444,387,794 · 3 holders · USD 61.08
- 2013 Q3: USD 492,447,602 · 4 holders · USD 67.36
- 2013 Q4: USD 474,503,059 · 4 holders · USD 74.25
- 2014 Q1: USD 669,860,309 · 5 holders · USD 78.86
- 2014 Q2: USD 482,210,244 · 4 holders · USD 79.20
- 2014 Q3: USD 573,694,096 · 3 holders · USD 74.77
- 2014 Q4: USD 652,267,752 · 3 holders · USD 74.33
- 2015 Q1: USD 723,531,512 · 3 holders · USD 69.34
- 2015 Q2: USD 681,308,493 · 3 holders · USD 62.63
- 2015 Q3: USD 515,150,588 · 2 holders · USD 53.74
- 2015 Q4: USD 424,076,152 · 2 holders · USD 49.98
- 2016 Q1: USD 306,186,089 · 2 holders · USD 51.15
- 2016 Q2: USD 216,942,628 · 2 holders · USD 53.58
- 2016 Q3: USD 304,542,034 · 4 holders · USD 68.50
- 2016 Q4: USD 287,002,841 · 4 holders · USD 65.20
- 2017 Q1: USD 535,037,604 · 3 holders · USD 57.34
- 2017 Q2: USD 681,144,941 · 4 holders · USD 55.22
- 2017 Q3: USD 388,808,812 · 3 holders · USD 51.84
- 2017 Q4: USD 142,466,533 · 2 holders · USD 64.02
- 2018 Q1: USD 109,628,020 · 2 holders · USD 55.41
- 2018 Q2: USD 101,561,991 · 2 holders · USD 56.12
- 2018 Q3: USD 124,728,979 · 4 holders · USD 72.03
- 2018 Q4: USD 90,241,413 · 4 holders · USD 56.91
- 2019 Q1: USD 8,083,896 · 3 holders · USD 57.02
- 2019 Q2: USD 13,845,748 · 4 holders · USD 76.09
- 2019 Q3: USD 12,145,046 · 4 holders · USD 76.28
- 2019 Q4: USD 8,673,095 · 4 holders · USD 88.24
- 2020 Q1: USD 50,461,539 · 5 holders · USD 67.65
- 2020 Q2: USD 67,220,368 · 5 holders · USD 91.21
- 2020 Q3: USD 18,283,329 · 3 holders · USD 117.68
- 2020 Q4: USD 114,093,570 · 4 holders · USD 152.34
- 2021 Q1: USD 122,176,965 · 5 holders · USD 132.59
- 2021 Q2: USD 100,418,856 · 5 holders · USD 142.93
- 2021 Q3: USD 91,152,930 · 5 holders · USD 128.98
- 2021 Q4: USD 32,711,190 · 2 holders · USD 182.89
- 2022 Q1: USD 30,259,751 · 2 holders · USD 152.83
- 2022 Q2: USD 27,975,935 · 2 holders · USD 127.75
- 2022 Q3: USD 31,535,769 · 2 holders · USD 112.98
- 2022 Q4: USD 31,656,564 · 2 holders · USD 109.94
- 2023 Q1: USD 37,281,557 · 3 holders · USD 127.58
- 2023 Q2: USD 257,759,159 · 4 holders · USD 119.04
- 2023 Q3: USD 179,604,344 · 3 holders · USD 111.06
- 2023 Q4: USD 190,516,622 · 4 holders · USD 144.63
- 2024 Q1: USD 440,097,883 · 5 holders · USD 169.30
- 2024 Q2: USD 852,481,719 · 7 holders · USD 199.18
- 2024 Q3: USD 726,385,750 · 6 holders · USD 170.05
- 2024 Q4: USD 705,579,732 · 7 holders · USD 153.62
- 2025 Q1: USD 457,975,064 · 6 holders · USD 153.61
- 2025 Q2: USD 749,009,655 · 5 holders · USD 159.26
- 2025 Q3: USD 456,499,551 · 6 holders · USD 166.36
- 2025 Q4: USD 437,813,187 · 5 holders · USD 171.05
- 2026 Q1: USD 225,471,349 · 5 holders · USD 128.78
- 2026 Q2: USD 518,053,803 · 7 holders · USD 184.79
- 2026 Q3: USD 47,959,000 · 1 holder · USD 184.04