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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

292.36 0.83 +0.28%
Market cap
$1.39T
P/E
36.3×
Fwd P/E
35.2×
Dividend yield
0.89%
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

Broadcom Inc. (AVGO) valuation and DCF model

What the price implies · reverse DCF

At $292.36 the price implies free cash flow after share-based pay growing 17.0% a year for ten years.

Free cash flow after share-based pay grew 27.9% a year over the last ten years, 11.7% over the last five. The price asks for less than its ten-year rate. The industry’s median company is priced for 25.1%.

In October 2017 the price assumed 11.0% a year; Broadcom Inc. went on to grow free cash flow after share-based pay 18.4% a year to FY2025.

Price implies
17.0%
Last 5 years, reported
11.7%
Last 10 years, reported
27.9%
Industry median implies
25.1%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
17.0% a year for ten years
$292.36
today’s price
Its base case
25.0% a year for five years, then 15.0%
$374.81
28.2% above today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Broadcom Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to July 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 17.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Broadcom Inc.’s own cost of capital: risk-free 4.3% + beta 1.51 × equity premium 4.5% = 11.1% cost of equity; weighted, 11.1%.

Use 11.1%
Equity value $1.83t ▲ above market cap $1.43t
Base case value per share $374.81 equity value ÷ 4.88b shares
Current price $292.36 market price per share
Above today’s price 28.2% upside at the base case’s assumptions

How we got there$598.73b 10 years of cash to equity+$1.26t terminal value−$35.44b net debt=$1.83t equity value÷4.88b shares=$374.81 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Semiconductors).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 36.27× 57.48× 48.46× 25% below 36.98× 2% below
P/FCF 35.36× 34.42× 24.20× 46% above 43.80× 19% below
P/B 13.98× 14.00× 9.74× 44% above 3.87× 261% above
EV/EBITDA 27.70× 29.20× 22.18× 25% above 20.84× 33% above
EV/Sales 16.04× 15.49× 11.16× 44% above 5.07× 216% above
P/E P/FCF P/B EV/EBITDA EV/Sales
14.60×29.85×45.09×60.33×10Y avg 24.20×2017201820192020202120222023202420252026

AVGO trades at 35.36× P/FCF, against a 10-year average of 24.20× (range 11.01×–64.71×). That is dearer than 78% of the last 9 year-end readings; re-rating to the average implies $200.11 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.