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AVGO — Fundamentals, Valuation & Ownership | QW Research

Broadcom Inc. (AVGO)

Highly Crowded

Held by 4,645 of 6,047 reporting institutions (100th percentile) — extremely crowded.

Data as of Q2 2026

FY2025 basis

$346.25▼ 3.10%

EOD close · as of 2026-10-14

Market Cap

$1.65T

Enterprise Value

$1.70T

P/E

72.6×

EV/EBITDA

65.3×

P/S

25.9×

Revenue (FY)

$63.89B

Rev. growth

19.1%/yr

Gross margin

68%

Net margin

36%

ROIC

16%

Net debt / EBITDA

1.9×

Revenue· FY2025$63.89B

Net Income· FY2025$23.13B

Free Cash Flow· FY2025$26.91B

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Financials

$346.25▼ 3.10%

EOD close · as of 2026-10-14

Market Cap

$1.65T

Enterprise Value

$1.70T

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$63.89B 100.0%	$51.57B 100.0%	$35.82B 100.0%	$33.20B 100.0%	$27.45B 100.0%	$23.89B 100.0%	$22.60B 100.0%	$20.85B 100.0%	$17.64B 100.0%	$13.24B 100.0%
Cost of Revenue	$20.59B 32.2%	$19.07B 37.0%	$11.13B 31.1%	$11.11B 33.5%	$10.61B 38.6%	$10.37B 43.4%	$10.11B 44.8%	$10.12B 48.5%	$9.13B 51.8%	$7.30B 55.1%
Gross Profit	$43.29B 67.8%	$32.51B 63.0%	$24.69B 68.9%	$22.09B 66.5%	$16.84B 61.4%	$13.52B 56.6%	$12.48B 55.2%	$10.73B 51.5%	$8.51B 48.2%	$5.94B 44.9%
Research & Development	$10.98B 17.2%	$9.31B 18.1%	$5.25B 14.7%	$4.92B 14.8%	$4.85B 17.7%	$4.97B 20.8%	$4.70B 20.8%	$3.77B 18.1%	$3.30B 18.7%	$2.67B 20.2%
Selling, General & Admin	$4.21B 6.6%	$4.96B 9.6%	$1.59B 4.4%	$1.38B 4.2%	$1.35B 4.9%	$1.94B 8.1%	$1.71B 7.6%	$1.06B 5.1%	$789.0M 4.5%	$806.0M 6.1%
Total Operating Expenses	$17.81B 27.9%	$19.05B 36.9%	$8.48B 23.7%	$7.87B 23.7%	$8.32B 30.3%	$9.50B 39.8%	$9.04B 40.0%	$5.60B 26.9%	$6.14B 34.8%	$6.35B 48.0%
Operating Income	$25.48B 39.9%	$13.46B 26.1%	$16.21B 45.2%	$14.22B 42.8%	$8.52B 31.0%	$4.01B 16.8%	$3.44B 15.2%	$5.13B 24.6%	$2.37B 13.4%	-$409.0M -3.1%
Interest Expense	$3.21B 5.0%	$3.95B 7.7%	$1.62B 4.5%	$1.74B 5.2%	$1.89B 6.9%	$1.78B 7.4%	$1.44B 6.4%	$628.0M 3.0%	$454.0M 2.6%	$585.0M 4.4%
Interest & Investment Income	$347.0M 0.5%	$461.0M 0.9%	$535.0M 1.5%	$100.0M 0.3%	$16.0M 0.1%	$53.0M 0.2%	$98.0M 0.4%	$114.0M 0.5%	$44.0M 0.2%	$10.0M 0.1%
Other Income (Expense), net	$455.0M 0.7%	$406.0M 0.8%	$512.0M 1.4%	-$54.0M -0.2%	$131.0M 0.5%	$206.0M 0.9%	$226.0M 1.0%	$144.0M 0.7%	$74.0M 0.4%	$10.0M 0.1%
Pretax Income	$22.73B 35.6%	$9.92B 19.2%	$15.10B 42.1%	$12.43B 37.4%	$6.76B 24.6%	$2.44B 10.2%	$2.23B 9.9%	$4.54B 21.8%	$1.82B 10.3%	-$1.11B -8.4%
Income Tax Expense	-$397.0M -0.6%	$3.75B 7.3%	$1.01B 2.8%	$939.0M 2.8%	$29.0M 0.1%	-$518.0M -2.2%	-$510.0M -2.3%	-$8.08B -38.8%	$35.0M 0.2%	$642.0M 4.8%
Net Income	$23.13B 36.2%	$5.89B 11.4%	$14.08B 39.3%	$11.49B 34.6%	$6.74B 24.5%	$2.96B 12.4%	$2.72B 12.1%	$12.26B 58.8%	$1.69B 9.6%	-$1.74B -13.1%
Per Share
EPS (Basic)	$4.91	$1.27	$3.39	$2.74	$15.70	$6.62	$6.77	$29.33	$4.18	-$4.75
EPS (Diluted)	$4.77	$1.23	$3.30	$2.65	$15.00	$6.33	$6.43	$28.44	$4.02	-$4.86
Weighted Avg Shares (Basic)	4.71B	4.62B	4.15B	4.09B	410.0M	402.0M	398.0M	418.0M	405.0M	366.0M
Weighted Avg Shares (Diluted)	4.85B	4.78B	4.27B	4.23B	429.0M	421.0M	419.0M	431.0M	421.0M	383.0M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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Reverse DCF — what growth does the price assume?

Solve the discounted cash flow backwards, then stress-test the assumptions.

Free-cash-flow basis

The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.

Market-implied FCF growth · 10 yr

40.0%/yr

To be worth $346.25 today, the market must believe free cash flow compounds 40.0%/yr for a decade (off $16.16B on the SBC-adjusted basis).

On the basis ($21.32B) the requirement is 35.7%/yr. The difference is what charging stock compensation costs.

Actual historical growth · after stock comp

FCF 28.6%/yr (9yr)FCF 15.0%/yr (5yr)Revenue 19.1%/yr

The market's 40.0% is more optimistic than its 9-yr track record.

▼ your estimate implies 49% downside

Fair value at your growth$175.07

price $346.25

Your assumptions — drag to stress-test

Normalized FCF · SBC-adjusted$16.16B

10-yr FCF growth30.0%

Discount rate (WACC)14.1%

Default is 14.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.

Terminal growth2.50%

2-stage DCF · 4.77B shares (market data) · net debt $48.96B

Fair value across growth and discount rate

Hover any cell. The dark line is every pair of assumptions that reproduces today's price exactly.

Track record

Has this growth actually happened?

Hover a bar for that year's FCF and growth.

Year-over-year FCF growth · each dot is one year

mean 33.4% · volatility σ 41% · implied rate exceeded in 3/9 yrs

Forward projection

The implied path vs. realistic uncertainty

Central path = implied 40.0%/yr growth; shaded band = ±1σ (41%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.

Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.

Loading valuation...

Is the business good?

Adequate

Earns 2.37pts above its cost of capital, without much margin of safety.

ROIC − WACC spread

2.4pts↘ narrowing

robust to a ±2pt WACC move

Net margin vs 3yr ago

1.6pts

3462.04% → 3619.83%

ROIC

16.4%

invested capital: average of quarter-ends

WACC

14.1%

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	44.9%	-3.1%	-13.1%
FY2017	48.2%	13.4%	9.6%
FY2018	51.5%	24.6%	58.8%
FY2019	55.2%	15.2%	12.1%
FY2020	56.6%	16.8%	12.4%
FY2021	61.4%	31.0%	24.5%
FY2022	66.5%	42.8%	34.6%
FY2023	68.9%	45.2%	39.3%
FY2024	63.0%	26.1%	11.4%
FY2025	67.8%	39.9%	36.2%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

The other side

ROIC ex-goodwill is 62.21% against 16.44% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.

Basis: FY2025Source: SEC EDGAR XBRL

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AVGO vs. Semiconductors & Related Devices peers

Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

AVGO 74.9× · med 102.6× · p25–p75 53.2×–265.6×

72nd pct

P / S

AVGO 26.7× · med 18.2× · p25–p75 8.5×–28.5×

35th pct

EV / EBITDA

AVGO 67.3× · med 46.4× · p25–p75 35.5×–73.2×

29th pct

P / B

AVGO 20.8× · med 15.9× · p25–p75 5.7×–18.2×

20th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

AVGO 23.9% · med 16.9% · p25–p75 4.4%–42.1%

60th pct

ProfitabilityMargins vs the sector

Gross margin

AVGO 67.8% · med 54.7% · p25–p75 39.8%–61.5%

80th pct

Operating margin

AVGO 39.9% · med 20.0% · p25–p75 10.7%–26.6%

100th pct

Net margin

AVGO 36.2% · med 18.4% · p25–p75 4.9%–25.7%

95th pct

FCF margin

AVGO 42.1% · med 19.9% · p25–p75 17.0%–23.9%

100th pct

Returns on capitalHow hard the capital works

Return on equity

AVGO 28.4% · med 10.9% · p25–p75 3.6%–20.1%

85th pct

Return on invested capital

AVGO 15.8% · med 9.1% · p25–p75 1.9%–16.5%

70th pct

LeverageLess debt scores higher

Net debt / EBITDA

AVGO 1.9× · med 0.6× · p25–p75 -0.4×–2.1×

32nd pct

13F convictionInstitutional breadth & ownership

13F holders

AVGO 4,645 · med 1,254 · p25–p75 957–3,408

100th pct

Institutional ownership

AVGO 77.2% · med 85.0% · p25–p75 75.4%–92.7%

41st pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
NVDANVIDIA CORP	$5.52T	46.6×	41.4×	25.6×	65.5%	71.1%	55.6%	76.3%	72.4%	-0.0×	5,775
AVGOBroadcom Inc.	$1.71T	74.9×	67.3×	26.7×	23.9%	67.8%	36.2%	28.4%	15.8%	1.9×	4,645
MUMICRON TECHNOLOGY INC	$1.08T	125.6×	59.6×	28.9×	48.9%	39.8%	22.8%	15.8%	12.9%	0.1×	3,808
AMDADVANCED MICRO DEVICES…	$988.5B	228.5×	—	28.5×	34.3%	49.5%	12.5%	6.9%	6.5%	-0.6×	3,909
INTCINTEL CORP	$540.2B	—	67.0×	10.2×	-0.5%	34.8%	-0.5%	-0.2%	-0.2%	3.8×	3,481
AMATAPPLIED MATERIALS INC …	$368.4B	53.6×	42.4×	13.0×	4.4%	48.7%	24.7%	34.3%	25.9%	-0.1×	3,408
ARMARM HOLDINGS PLC /UK	$272.8B	300.5×	—	55.4×	22.8%	97.5%	18.4%	10.9%	10.9%	-2.4×	957
TXNTEXAS INSTRUMENTS INC	$262.9B	52.8×	34.5×	14.9×	13.0%	57.0%	28.3%	30.7%	16.5%	1.4×	2,767
MRVLMarvell Technology, In…	$241.5B	87.5×	157.5×	29.5×	42.1%	51.0%	32.6%	18.7%	14.2%	1.2×	2,168
ADIANALOG DEVICES INC	$200.9B	90.9×	62.0×	18.2×	16.9%	61.5%	20.6%	6.7%	5.3%	1.8×	2,212
MPWRMONOLITHIC POWER SYSTE…	$64.8B	102.6×	81.6×	23.2×	26.4%	55.2%	22.3%	17.6%	17.6%	-1.4×	1,194
NXPINXP Semiconductors N.V…	$57.1B	28.5×	17.0×	4.7×	-2.7%	54.7%	16.5%	20.1%	9.1%	2.3×	1,210
ALABAstera Labs, Inc.	$56.5B	266.7×	—	66.2×	115%	75.7%	25.7%	16.1%	16.1%	—	965
STMSTMicroelectronics N.V…	$44.4B	275.4×	22.7×	3.8×	-11.1%	33.9%	1.4%	0.9%	0.8%	-0.4×	594
MCHPMICROCHIP TECHNOLOGY I…	$40.3B	337.1×	38.6×	8.5×	7.1%	57.7%	4.9%	3.6%	1.9%	4.5×	1,254
CRDOCredo Technology Group…	$37.3B	79.0×	75.3×	27.9×	206%	68.0%	35.4%	22.9%	22.9%	-2.4×	945
ONON SEMICONDUCTOR CORP	$29.9B	264.4×	39.9×	5.0×	-15.3%	33.1%	2.0%	1.6%	1.1%	1.1×	969
QQnity Electronics, Inc…	$25.7B	37.2×	21.8×	5.4×	9.7%	46.2%	15.3%	10.3%	6.5%	2.4×	1,273
TSEMTOWER SEMICONDUCTOR LT…	$25.1B	114.5×	50.4×	16.0×	9.1%	23.2%	14.1%	7.6%	7.2%	-0.1×	424
MTSIMACOM Technology Solut…	$23.6B	—	124.2×	24.4×	32.6%	54.7%	-5.6%	-4.1%	-3.0%	2.0×	620

Peers = companies sharing AVGO's sector (Semiconductors & Related Devices) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Deep analysis

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 1.2× net income

1.19×

✓

Capital intensity

Reinvests 2% of operating cash flow

light

Balance-sheet strength

1.88× net debt / EBITDA

moderate

✓

Returns on capital

ROIC 16%

16%

✓

Pricing power

Gross margin 68%

68%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 28.4%

DuPont — the three levers

Net margin

36.2%

profit / rev

Asset turns

0.37×

rev / assets

Leverage

2.10×

assets / year-end equity

ROE

28.4%

on year-end equity

ROE 28% against ROIC 16% — 13% of the return on equity comes from leverage and buybacks rather than from the operating business.

Equity is the year-end figure. On average equity over the two year-ends, ROE is 31.0% — the two diverge when buybacks or issuance move equity during the year.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$65.14B

Cash & Equivalents

$16.18B

Net Debt

$48.96B

Net debt / EBITDA1.9×

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+23.9%

Op. income Δ

+89.3%

Op. leverage

3.7×

High operating leverage: profit moved 3.7× as fast as sales — great in an upturn, painful in a downturn.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of Revenue	48.5	44.8	43.4	38.6	33.5	31.1	37.0	32.2
Gross Profit	51.5	55.2	56.6	61.4	66.5	68.9	63.0	67.8
R&D	18.1	20.8	20.8	17.7	14.8	14.7	18.1	17.2
SG&A	5.1	7.6	8.1	4.9	4.2	4.4	9.6	6.6
Operating Income	24.6	15.2	16.8	31.0	42.8	45.2	26.1	39.9
Income Tax	-38.8	-2.3	-2.2	0.1	2.8	2.8	7.3	-0.6
Net Income	58.8	12.1	12.4	24.5	34.6	39.3	11.4	36.2

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

28%

FY2025 · latest

Net margin

36%

FY2025 · latest

ROIC

16%

FY2025 · latest

Gross margin

68%

FY2025 · latest

Net debt / EBITDA

1.9×

FY2025 · latest

Current ratio

1.7×

FY2025 · latest

FCF margin

42%

FY2025 · latest

Free cash flow

$26.91B

FY2025 · latest

Return on invested capital against that year's cost of capital, by fiscal year
Period	ROIC	Cost of capital	Spread
FY2019	5.6%	14.1% (today's — no rate published for this year)	-8.5pts
FY2020	5.9%	14.1% (today's — no rate published for this year)	-8.2pts
FY2021	13.2%	6.8%	6.4pts
FY2022	24.0%	9.4%	14.6pts
FY2023	27.7%	10.5%	17.3pts
FY2024	9.0%	12.4%	-3.4pts
FY2025	16.4%	13.4%	3.0pts
Now	15.8%	14.1%	1.7pts

— ROIC (filled dot = audited fiscal year)○ current basis-- cost of capital, at each year's risk-free rate and beta (weights held at today's)○ on the dashed line = no rate published for that year end; today's WACC used

Are the earnings real?

Strong

Converts 1.82x of reported profit into free cash flow over 5 years, with accruals negative.

Cash conversion bridge from net income to free cash flow
Step	Amount	Running total
Net income	$23.13B	$23.13B
Share-based comp	$7.57B	$30.69B
Other non-cash & working capital	−$3.16B	$27.54B
Operating cash flow	$27.54B	$27.54B
Capex	−$623M	$26.91B
Free cash flow	$26.91B	$26.91B
FCF after SBC	$19.35B	$19.35B

Share-based compensation is drawn as its own bar because it is added back in operating cash flow — it inflates every figure to its right. The final bar is the free cash flow left after it.

FCF / net income

1.82×↘ narrowing

5-year average; latest 1.16x

Sloan accruals

-2.6%

(net income − OCF) / assets · negative is better

Share count since FY2019

1091.2%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

11.8%

material

Cash conversion cycle

53.4→ flat

DSO 41d; DIO 40d; DPO 28d; -10d over 3 years

Revenue growth against receivables growth by fiscal year
Fiscal year	Revenue growth	Receivables growth	Gap
FY2020	5.7%	-29.5%	-35.2 points
FY2021	14.9%	-9.8%	-24.8 points
FY2022	21.0%	42.8%	21.9 points
FY2023	7.9%	6.6%	-1.3 points
FY2024	44.0%	40.0%	-4.0 points
FY2025	23.9%	61.8%	37.9 points

▮ revenue growth▮ receivables growth▮ shaded: receivables outran revenue by more than 10pts

Working capital day counts by fiscal year
Fiscal year	DSO	DIO	DPO	Cash conversion cycle
FY2019	52.6 days	31.5 days	30.9 days	53.3 days
FY2020	35.1 days	35.3 days	29.4 days	41 days
FY2021	27.5 days	44.6 days	37.4 days	34.8 days
FY2022	32.5 days	63.3 days	32.8 days	63 days
FY2023	32.1 days	62.2 days	39.7 days	54.7 days
FY2024	31.3 days	33.7 days	31.8 days	33.1 days
FY2025	40.8 days	40.2 days	27.7 days	53.4 days

— DSO— DIO-- DPO▨ cash conversion cycleDSO + DIO − DPO · period-end balances

Accruals as a percent of assets, by fiscal year
Fiscal year	Accruals / assets
FY2019	-10.3 percent
FY2020	-12.0 percent
FY2021	-9.3 percent
FY2022	-7.2 percent
FY2023	-5.5 percent
FY2024	-8.5 percent
FY2025	-2.6 percent

●— the company● a top-decile year▬ cohort p25–p75 · -- its median▎its own range

Below zero is better — accruals are profit that has not arrived as cash. Cohort is 266 filers sharing SIC 36xx (latest fiscal year of every filer sharing the 2-digit SIC prefix, excluding |accruals| over 100% of assets, then winsorized at p5/p95). Sloan's result is about rank within a cohort, not about a level. The scale shows the cohort's middle half so this company's own history stays readable — its p10–p90 is wider.

What the stock compensation costsFY2025

SBC / revenue

11.8%

material (5%–15%)

SBC / operating cash flow

27.5%

share of reported operating cash that exists because the charge was added back

FCF after SBC

$19.35B

$26.91B reported, less the $7.57B charge

FCF per diluted share

$5.55

reported free cash flow, on the fully diluted count

Buyback offset

0.32×

$2.45B repurchased against $7.57B issued — does not cover it

SBC as a share of revenue

The other side

Reported free cash flow is $26.91B; after share-based compensation it is $19.35B. The difference is a real cost that the cash flow statement adds back. Buybacks of $2.45B covered 32% of the $7.57B charge, so the repurchase is absorbing dilution rather than returning capital.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Strong

Covers interest 5.6x even after a 30% EBITDA decline.

Interest coverage at each level of EBITDA decline
EBITDA decline	Interest coverage
0%	7.94x
5%	7.54x
10%	7.15x
15%	6.75x
20%	6.35x
25%	5.95x
30%	5.56x
35%	5.16x
40%	4.76x
45%	4.37x
50%	3.97x
55%	3.57x
60%	3.18x

Stress

At 0% EBITDA, coverage is 7.94×

Interest stays covered across the whole range tested (to −60%). Interest expense is held constant; only EBIT declines.

Interest coverage, stressed

5.56×

EBIT after a 30% decline

Net debt / EBITDA

1.93×

includes $1,325,000,000 of lease liabilities

Interest coverage, today

7.94×

Can the maturities be paid?

cumulative principal duecash + free cash flow held flat at $26.9B/yr

Ladder as of 2026-08-02 (10-Q); cash from the 2025-11-02 balance sheet; FCF from FY2025.

What is on hand

Cash & equivalents

$16.2B

excludes restricted cash

Net debt

$49.0B

total debt less cash

Current ratio

1.71×

current assets / current liabilities

Quick ratio

1.58×

excludes inventory

Balance sheet at 2025-11-02. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Demanding

At $357.31, free cash flow must compound 40.51%/yr for 10 years. It has done 18.24%/yr over 6 years after stock compensation.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	35.9%	40.5%
FY2021	20.7%	40.5%
FY2022	27.2%	40.5%
FY2023	4.6%	40.5%
FY2024	−11.6%	40.5%
FY2025	41.5%	40.5%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 1 of 6 years. Shaded band is ±1σ of its own free-cash-flow growth.

Implied FCF growth

40.5%

for 10 years, discounted at 14.1% (computed WACC)

Achieved FCF growth

18.2%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

2.22×

above 1 means the price asks for more than the record

P / E

74.9× · med 102.6× · 53.2×–265.6×

P / S

26.7× · med 18.2× · 8.5×–28.5×

EV / EBITDA

67.3× · med 46.4× · 35.5×–73.2×

P / B

20.8× · med 15.9× · 5.7×–18.2×

AVGO cohort median p25–p7519 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

This is solved on free cash flow AFTER stock compensation ($16.16B against $21.32B before it). On the unadjusted figure the requirement would be 36.22%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.

Basis: FY2025Source: SEC EDGAR XBRL

Broadcom Inc. (AVGO)

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Is the business good?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $16.19B scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -32%

AVGO vs. Semiconductors & Related Devices peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

AVGO vs. Semiconductors & Related Devices peers

Where it ranks

Peer table

Institutional Trends (8 Quarters)

Ownership Map

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $16.19B scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Is the business good?

Deep analysis

What backs the price

How a revenue dollar becomes profit

Why ROE is 28.4%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Are the earnings real?

Can it survive?

What's priced in?

Financials

Revenue → Profit Flow

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -32%