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As of Q1'26 (2025-12-28), QCOM's EV/EBITDA ratio stands at 11.245, marking a decrease from the previous quarter's 13.36. This latest figure reflects a continued downward adjustment from the recent peak observed in Q2'24. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio for QCOM exhibited significant volatility. The metric climbed sharply from 9.698 in Q2'23 to a high of 18.169 in Q3'24, before reversing course and trending downward over the subsequent quarters. This pattern suggests a period of elevated valuation relative to EBITDA in mid-2024, followed by normalization toward historical levels by the end of 2025.