As of Q1'26 (2025-12-28), QCOM's P/S Ratio stands at 3.541, reflecting a decrease from the previous quarter's value of 4.346. This latest figure suggests a continued downward adjustment in valuation relative to sales after a period of elevated ratios. Over the period from Q2'23 to Q1'26, the P/S Ratio exhibited significant volatility, initially rising from 3.061 in Q2'23 to a peak of 5.397 in Q3'24. Following this peak, the ratio trended downward, with intermittent rebounds, indicating shifting investor sentiment and possible changes in revenue expectations or market conditions. Overall, the trend suggests that while QCOM experienced a period of heightened valuation, recent quarters have seen a normalization toward earlier levels.