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Broadcom Inc.

AVGO Technology Semiconductors

Broadcom Inc.’s revenue for fiscal 2025 (year ended October 2025) was $63.9 billion, up 23.9% from fiscal 2024.

Revenue
+85.5%
EPS
+212.5%
Free cash flow
+94.6%
Total debt
−7.49%

Quarter to July 2026, against a year earlier · Fiscal Q3 2026 earnings digest →

292.26 0.73 +0.25%
Market cap
$1.39T
P/E
36.7×
Fwd P/E
35.2×
Dividend yield
0.88%
F-score
7/9
Altman Z
12.67
Beneish M
−2.10
Dividend safety
73/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Semiconductor Solutions
  • Infrastructure Software

Every year since 2016 →

Insider Decisions last twelve months

Bought, $m 0.70
Sold, $m 1,153.11
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — 1 — — — — —
Sell 10 2 — 4 5 — 4 3 — 1 — —
Insider Ownership 1.80%

Capital & Financial Ratios $m

Size
Market Cap 1,391,660.00
Revenue ttm 89,104.00
Net income ttm 38,265.00
Free cash flow ttm 39,403.00
Net debt Q 35,444.00
Valuation
P/E 36.74 (above 35: high)
Forward P/E 35.20 (above 35: high)
Price / sales 15.84 (above 10: high)
Forward P/S Powerpack
Price / FCF 35.82
Price / book 14.16 (above 6: high)
Financial health
Current ratio Q 2.50 (at or above 1.5: strong)
Debt / equity Q 0.60
Interest coverage Q 20.51
Growth
Revenue growth Q +85.50% (above 0%: growing)
Operating income growth Q +171.02% (above 0%: growing)
EPS, this year +71.32% (at or above 15%: strong)
EPS, next year A +65.33% (at or above 15%: strong)
Revenue, next year A +65.89% (at or above 10%: strong)
EPS, past 5 yrs +49.77% (at or above 15%: strong)
EPS, next 5 yrs A +65.05% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 16.2×, against a ten-year median of 8.3×; over the ten years it ranged from 5.1× in 2018 to 30.5× in 2025.
P/E against its own 10 years 43.17%
10-year low 10-year high
P/S against its own 10 years 79.98%
10-year low 10-year high
P/B against its own 10 years 78.40%
10-year low 10-year high
EV/Sales against its own 10 years 76.93%
10-year low 10-year high
EV/FCF against its own 10 years 72.28%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.88%
Annual rate
2.60
Payout ratio
33.2%
Growth, 2017–25
+21.8%/yr
  1. 0.50 ’17
  2. 0.79 ’18 +58
  3. 1.12 ’19 +42
  4. 1.34 ’20 +19
  5. 1.49 ’21 +12
  6. 1.69 ’22 +13
  7. 1.91 ’23 +13
  8. 2.17 ’24 +14
  9. 2.42 ’25 +12
  10. 2.60 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 14,189 9,348 16,178 23,975
Receivables 3,154 4,416 7,145 13,707
Inventory 1,898 1,760 2,270 4,523
Other 1,606 4,071 5,980 9,968
20,847 19,595 31,573 52,173
2023 2024 2025 Q'26
Payables 1,210 1,662 1,560 4,000
ST’ Debt 1,608 1,271 3,152 2,252
Other 3,652 11,793 11,673 13,080
7,405 16,697 18,514 20,838

Compound Annual Growth %

10y 5y 3y
Sales 25.07% 21.74% 24.38%
Cash Flow 28.08% 17.95% 18.06%
Earnings 32.72% 54.08% 27.25%
Book Value 32.94% 27.77% 52.97%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.22 Actual 3.32

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.87 1.95 Beat by 0.08
Q1 FY26 2.03 2.05 Beat by 0.02
Q2 FY26 2.40 2.44 Beat by 0.04
Q3 FY26 3.22 3.32 Beat by 0.10
Q4 FY26 3.82 — Reports 10 December 2026

EPS $

Jan Apr Jul Oct Year
’26 1.50 1.91 2.68 — —
’25 1.14 1.03 0.85 1.74 4.77
’24 0.28 0.44 (0.40) 0.90 1.23
’23 0.88 0.82 0.77 0.83 3.30
’22 0.56 0.59 0.72 0.78 2.65
’21 0.31 0.33 0.42 0.45 1.50
’20 0.07 0.12 0.15 0.29 0.63
Fiscal quarters ending in the months shown.

Revenue $m

Jan Apr Jul Oct Year
’26 19,311 22,187 29,591 — —
’25 14,916 15,004 15,952 18,015 63,887
’24 11,961 12,487 13,072 14,054 51,574
’23 8,915 8,733 8,876 9,295 35,819
’22 7,706 8,103 8,464 8,930 33,203
’21 6,655 6,610 6,778 7,407 27,450
’20 5,858 5,742 5,821 6,467 23,888
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jan Apr Jul Oct Year
’26 8,260 10,493 14,197 — —
’25 6,113 6,555 7,166 7,703 27,537
’24 4,815 4,580 4,963 5,604 19,962
’23 4,036 4,502 4,719 4,828 18,085
’22 3,486 4,243 4,424 4,583 16,736
’21 3,113 3,569 3,541 3,541 13,764
’20 2,322 3,213 3,178 3,348 12,061
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jan Apr Jul Oct Year
’26 8,010 10,262 13,665 — —
’25 6,013 6,411 7,024 7,466 26,914
’24 4,693 4,448 4,791 5,482 19,414
’23 3,933 4,380 4,597 4,723 17,633
’22 3,385 4,158 4,308 4,461 16,312
’21 2,999 3,443 3,426 3,453 13,321
’20 2,214 3,065 3,083 3,236 11,598
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 17.2% a year for ten years. It grew 27.8% a year over the last ten.

Implied
17.2%
10 years, reported
27.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jul ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13,240 17,636 20,848 22,597 23,888 27,450 33,203 35,819 51,574 63,887 89,104 +19.1% 105,985 174,227 272,365 +62.1%
Gross margin, % 44.86 48.25 51.48 55.24 56.58 61.36 66.55 68.93 63.03 67.77 68.77 +22.9 pt
EBT (1,107) 1,825 4,545 2,226 2,443 6,765 12,434 15,097 9,916 22,729 40,469 n/m
EBT margin, % (8.36) 10.35 21.80 9.85 10.23 24.64 37.45 42.15 19.23 35.58 45.42 +43.9 pt
Net income (1,861) 1,784 12,610 2,724 2,960 6,736 11,495 14,082 5,895 23,126 38,265 n/m
Per share, $
Per share, $ Revenue 3.62 4.35 4.99 5.68 5.94 6.70 8.12 8.63 11.15 13.56 18.70 +15.8%
Earnings (0.47) 0.44 2.93 0.68 0.66 1.57 2.74 3.39 1.27 4.91 8.06 n/m
Cash flow 0.93 1.62 2.12 2.44 3.00 3.36 4.09 4.36 4.32 5.84 8.53 +22.6%
Capex (0.20) (0.16) (0.09) (0.09) (0.12) (0.11) (0.10) (0.11) (0.12) (0.13) (0.26) (4.3%)
Free cash flow 0.74 1.46 2.03 2.35 2.89 3.25 3.99 4.25 4.20 5.71 8.27 +25.6%
Book value 5.98 5.72 6.38 6.27 5.94 6.09 5.55 5.78 14.64 17.25 20.92 +12.5%
Shares, m 3,660 4,050 4,180 3,980 4,020 4,100 4,089 4,149 4,624 4,712 4,742 +2.8%
Valuation, ×
Valuation, × P/E 0.00 59.57 7.57 43.26 53.15 33.66 17.13 24.78 133.78 75.43 36.74 44.8
P/S 4.71 6.06 4.48 5.16 5.91 7.89 5.79 9.75 15.22 27.26 15.84 9.2
P/B 2.85 4.61 3.50 4.67 5.92 8.67 8.46 14.55 11.60 21.43 14.16 8.6
EV/Sales 5.50 6.42 5.12 6.39 7.31 8.89 6.61 10.45 16.35 28.03 16.24 10.1
EV/FCF 27.06 19.12 12.58 15.43 15.06 18.32 13.45 21.22 43.43 66.53 36.72 25.2
Cash, $m
Cash, $m Operating cash flow 3,411 6,551 8,880 9,697 12,061 13,764 16,736 18,085 19,962 27,537 40,653 +26.1%
Capex (718) (628) (396) (344) (463) (443) (424) (452) (548) (623) (1,250) (1.6%)
Free cash flow 2,693 5,923 8,484 9,353 11,598 13,321 16,312 17,633 19,414 26,914 39,403 +29.1%
Balance, $m
Balance, $m Working capital 4,047 13,294 6,769 3,018 5,524 10,305 11,452 13,442 2,898 13,059 31,335 +13.9%
Net debt 10,545 6,344 13,201 27,743 33,444 27,567 27,099 25,040 58,218 48,958 35,444 +18.6%
Shareholders’ equity 21,876 23,186 26,657 24,941 23,874 24,962 22,709 23,988 67,678 81,292 99,690 +15.7%
Returns, %
Returns, % ROA (5.75) 3.24 23.45 4.58 3.71 8.50 15.08 19.28 4.94 13.74 21.63 +19.5 pt
ROIC (0.79) 5.02 8.05 4.09 4.38 10.14 17.85 20.66 6.68 12.23 19.80 +13.0 pt
ROE (13.08) 7.51 49.19 10.45 10.91 26.36 47.09 60.31 12.86 31.05 44.25 +44.1 pt
People
People Employees 15,700 14,000 15,000 19,000 21,000 20,000 20,000 20,000 37,000 33,000 — +8.6%
Revenue/emp, $m 0.84 1.26 1.39 1.19 1.14 1.37 1.66 1.79 1.39 1.94 — +9.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Business profile

Updated

Broadcom is a global technology company that designs semiconductor products and infrastructure software for business, government and technology customers. Hock E. Tan is President, Chief Executive Officer and Director.

Its semiconductor business supplies the electronic components and systems that move, process, store and connect data. These include custom AI accelerators, Ethernet switching and routing chips, network-interface controllers, optical components, wireless-connectivity chips, storage controllers, broadband chips and industrial components. In plain terms, these products sit inside data-center servers and networks, smartphones and other wireless devices, storage equipment, telecom systems, home-connectivity equipment, factory systems and vehicles.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Semiconductor Solutions 36,858 57.69%
Infrastructure Software 27,029 42.31%
Gross margin 67.77%
Operating margin 39.89%
Pre-tax margin 35.58%

Revenue by segment since 2016

Broadcom Inc. vs peers in Semiconductors (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NVDA NVIDIA Corporation $4.38T 23.1× 20.5× +105.85% (above 0%: growing) +128.70% (above 0%: growing) +58.87% (above 0%: growing) 74.98% 66.24% Compare
TSM Taiwan Semiconductor Manufacturing Company Ltd. $1.83T 25.7× — +32.70% (above 0%: growing) +74.49% (above 0%: growing) +24.55% (above 0%: growing) 67.72% 60.34% Compare
AVGO Broadcom Inc. $1.39T 36.7× 35.2× +85.50% (above 0%: growing) +212.50% (above 0%: growing) +94.55% (above 0%: growing) 69.13% 53.92%
SKHY SK Hynix, Inc. - Sponsored ADR $903.1B — — — — — 83.20% 76.33% Compare
MU Micron Technology, Inc. $742.7B 8.9× 5.1× +379.27% (above 0%: growing) +1,066.43% (above 0%: growing) +45,543.06% (above 0%: growing) 86.76% 80.68% Compare
AMD Advanced Micro Devices, Inc. $660.2B 88.5× 35.9× +44.68% (above 0%: growing) +95.28% (above 0%: growing) −70.73% (below 0%: shrinking) 53.90% 21.17% Compare
INTC Intel Corporation $277.7B — (loss-making) — (loss-making) +20.95% (above 0%: growing) −30.00% (below 0%: shrinking) +774.38% (above 0%: growing) 42.97% 15.27% Compare
TXN Texas Instruments Incorporated $254.2B 36.2× 33.2× +27.69% (above 0%: growing) +76.67% (above 0%: growing) +197.38% (above 0%: growing) 64.19% 47.46% Compare
ARM ARM Holdings PLC Sponsored ADR $178.1B 175× 164× +22.41% (above 0%: growing) +108.33% (above 0%: growing) +305.85% (above 0%: growing) 97.21% 7.06% Compare
Median of peers $701.4B 31.0× 33.2× +32.70% +95.28% +197.38% 71.35% 53.90%

All 68 Semiconductors stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Rosenblatt Securities Oct 28, 2026 Reiterated Buy 600.00
DA Davidson Oct 27, 2026 Upgrade Buy 400.00
D.A. Davidson Oct 27, 2026 Upgrade Hold → Buy 350.00 → 400.00
UBS Oct 22, 2026 Reiterated Buy 470.00
Tigress Financial Oct 22, 2026 Initiated Buy 600.00
JPMorgan Oct 20, 2026 Target raised — 580.00
KeyBanc Oct 12, 2026 Reiterated Outperform 575.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 77.86%
Held by the ten largest 41.96%
Holder Shares Stake Change
Vanguard 485.73m 10.21% +640.05k
BlackRock 398.21m 8.37% +12.27m
Capital Group 320.71m 6.74% +510.88k
State Street 196.90m 4.14% +5.52m
Fidelity (FMR) 144.36m 3.03% +20.25m
Geode Capital Management 116.39m 2.45% +2.11m
JPMorgan Chase 95.02m 2.00% +3.23m
T. Rowe Price 90.68m 1.91% −154.11k
Morgan Stanley 79.04m 1.66% +3.10m
Invesco 69.18m 1.45% −169.03k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 205.28m 2.27b 1,182.35
2024 2.63m 1.15b 535.10
2023 161.83m 768.00m 261.58
2022 60.61m 50.00m 143.70
2021 60.70m 84.00m 156.83

Ownership

Directors and executive officers, together 1.90%
The Vanguard Group 9.90%
BlackRock, Inc. 7.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Broadcom Inc. (AVGO) Latest News

6 Nov

Impact 3 · · The Motley Fool

5 Nov

Impact 3 · · 24/7 Wall St.

4 Nov

Impact 3 · · The Motley Fool
Impact 3 · · GuruFocus.com
Impact 3 · · 24/7 Wall St.
Impact 3 · · The Motley Fool
Impact 3 · · Motley Fool
Impact 3 · · Fortune
Impact 3 · · Trefis

3 Nov

Impact 3 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.

2 Nov

Impact 4 · · The Daily Upside
Impact 3 · · 24/7 Wall St.

31 Oct

Impact 3 · · TIKR

30 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · TIKR
Impact 3 · · TIKR
Impact 3 · · Simply Wall St.
Impact 3 · · The Motley Fool
Impact 3 · · Trefis
Impact 3 · · Barchart

29 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool
Impact 4 · · Insider Monkey
Impact 4 · · 24/7 Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · 24/7 Wall St.
Impact 4 · · 24/7 Wall St.
Impact 3 · · Barchart
Impact 3 · · Insider Monkey

AVGO metrics, ten years each

stockrow.com/AVGO · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com