Broadcom Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business unquestionably works: high margins, real cash generation, an order book of $164.6 billion and a balance sheet that carries $66.7 billion of debt against $87.7 billion of equity with interest covered roughly twelve times over. What stays open is an operating question, and it is a big one: a single direct customer brings 42 percent of revenue, the top five end customers roughly 45 percent, and since June 8, 2026 Broadcom also stands behind up to $29 billion of one AI customer's lease payments — outside the balance sheet. Broadcom itself writes that the AI-driven upturn "may not be sustainable". Where two ratings are arguable we take the more cautious one; the stock is expensive in any case, but that is a price argument, not a question of quality. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Broadcom is one of the most profitable semiconductor companies in the world: an operating margin of 46.6 percent for the six months ended May 3, 2026, $18.3 billion of free cash flow in six months and firmly committed remaining performance obligations of roughly $164.6 billion. The price of that sits in the same filings: 42 percent of revenue through one direct customer, 70 percent of total assets in goodwill and intangibles, $16.5 billion of unallocated expenses in fiscal 2025, and a backstop of up to $29 billion that appears nowhere on the balance sheet. Not investment advice.
Growth and demand
Revenue rose 48 percent to $22,187 million in the quarter ended May 3, 2026, with the semiconductor segment alone up 79 percent to $15,009 million. Firmly committed remaining performance obligations stood at roughly $164.6 billion (10-Q as of May 3, 2026); for the following quarter Broadcom guided on June 3, 2026 to roughly $29.4 billion of revenue.
Earning power
An operating margin of 46.6 percent for the six months ended May 3, 2026 (prior-year period 40.4 percent), a gross margin of 68.9 percent and a return on equity of roughly 37 percent (data as of July 28, 2026). Operating cash flow of $18,753 million for the six months exceeded net income of $16,659 million.
Customer concentration
A single direct customer — a distributor — accounted for 42 percent of revenue in both the quarter and the six months ended May 3, 2026, against 29 percent in the prior-year period. The top five end customers together came to roughly 45 percent. Broadcom itself names the loss of one of them as a possible material adverse effect (10-Q as of May 3, 2026, Item 2).
Balance sheet structure
As of May 3, 2026, $126,134 million of the $179,158 million of total assets consisted of goodwill ($97,801 million) and intangible assets ($28,333 million) — 70 percent. Tangible equity is therefore negative. Goodwill was not impaired in any of the annual assessments for fiscal 2023 through 2025 (10-K 2025, Note 7).
Off-balance-sheet commitment
On June 8, 2026 Broadcom entered into a backstop for one AI customer's five-year lease obligations with a maximum exposure of $29 billion — 33 percent of stockholders' equity, invisible on the balance sheet (10-Q as of May 3, 2026, Note 11 "Subsequent Events").
Quality of earnings and taxes
Net income of $23,126 million in fiscal 2025 exceeded pre-tax income of $22,729 million because the tax line was a benefit of $397 million. Tax incentives cut the fiscal 2025 provision by roughly $2,709 million. Broadcom expects a material impact from the global minimum tax in Singapore in fiscal 2026 (10-K 2025, Item 7).
Worth Noting
Origin: ranking of the 100 largest U.S. stocks by market value (as of July 28, 2026); Broadcom ranked seventh and had no analysis yet.
Data cut-offs: annual figures from the Form 10-K for fiscal 2025 (filed December 18, 2025), quarterly and six-month figures from the Form 10-Q as of May 3, 2026 (filed June 9, 2026), valuation metrics as of July 28, 2026. Every filing dated on or after June 3, 2026 was reviewed; the annual report for the fiscal year ending November 1, 2026 had not been filed as of July 29, 2026.
Risk of confusion: today's Broadcom Inc. is a Delaware corporation and is not identical to the former Broadcom Corporation (until 2016) or to the interim Singapore entity "Broadcom Ltd". The fiscal year ends in early November, not at the turn of the calendar year.
Break in the time series: fiscal 2024 ran 53 weeks instead of 52 and included VMware from November 22, 2023. Growth rates between fiscal 2023 and 2024 therefore cannot be read as organic.
Analyses are evergreen; a daily price is not a reason to buy.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AVGO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 293.40 $ to 481.60 $ · Last price: 347.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Semiconductors
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Broadcom Inc AVGO | 1,652.3 | 55.2 | 33.7 | 75.5 | 49.0 | 23.9 | 1.1 |
| NVIDIA Corporation NVDA | 5,540.3 | 30.4 | 22.4 | 74.7 | 65.6 | 65.5 | 29.1 |
| Micron Technology Inc MU | 1,269.8 | 20.7 | 15.8 | 72.6 | 80.4 | 48.9 | 512.0 |
| Advanced Micro Devices Inc AMD | 943.2 | 177.7 | 77.8 | 55.7 | 14.4 | 34.3 | 242.5 |
| Intel Corporation INTC | 546.8 | – | 145.4 | 38.9 | 6.9 | -0.5 | 337.0 |
| Arm Holdings plc ARM | 282.9 | 267.6 | 221.2 | 97.5 | 7.6 | 22.8 | 58.6 |
| Texas Instruments Incorporated TXN | 234.9 | 39.7 | 26.1 | 58.3 | 37.8 | 13.1 | 46.9 |
| Marvell Technology Group Ltd MRVL | 232.5 | 79.7 | 45.0 | 52.2 | 14.5 | 42.1 | 239.9 |
| Qualcomm Incorporated QCOM | 216.2 | 18.6 | 14.9 | 54.2 | 22.1 | 13.7 | 16.6 |
| Median of companies shown | 546.8 | 47.4 | 33.7 | 58.3 | 22.1 | 23.9 | 58.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 13,240 | -409 | -1,739 | -0.45 | 3,411 | 21,876 | 49,966 |
| 2017 | 17,636 | 2,371 | 1,692 | 0.40 | 6,551 | 23,186 | 54,418 |
| 2018 | 20,848 | 5,135 | 12,259 | 2.84 | 8,880 | 26,657 | 50,124 |
| 2019 | 22,597 | 3,444 | 2,724 | 0.65 | 9,697 | 24,970 | 67,493 |
| 2020 | 23,888 | 4,014 | 2,960 | 0.70 | 12,061 | 23,901 | 75,933 |
| 2021 | 27,450 | 8,519 | 6,736 | 1.57 | 13,764 | 24,989 | 75,570 |
| 2022 | 33,203 | 14,225 | 11,495 | 2.72 | 16,736 | 22,709 | 73,249 |
| 2023 | 35,819 | 16,207 | 14,082 | 3.30 | 18,085 | 23,988 | 72,861 |
| 2024 | 51,574 | 13,463 | 5,895 | 1.23 | 19,962 | 67,678 | 165,645 |
| 2025 | 63,887 | 25,484 | 23,126 | 4.77 | 27,537 | 81,292 | 171,092 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 1.14 | 301.10 | 14,916 | 24.70 | 36.90 | 6,113 | 6,013 |
| 2025: Q2 | 1.03 | 132.80 | 15,004 | 20.20 | 33.10 | 6,555 | 6,411 |
| 2025: Q3 | 0.85 | – | 15,952 | 22.00 | 26.00 | 7,166 | 7,024 |
| 2025: Q4 | 1.74 | 94.50 | 18,015 | 28.20 | 47.30 | 7,703 | 7,466 |
| 2026: Q1 | 1.50 | 32.10 | 19,311 | 29.50 | 38.10 | 8,260 | 8,010 |
| 2026: Q2 | 1.91 | 85.60 | 22,187 | 47.90 | 42.00 | 10,493 | 10,262 |
| 2026: Q3 | 2.68 | 215.30 | 29,591 | 85.50 | 44.20 | 14,197 | 13,665 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Quality & Balance Sheet
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 10/31/2026 | 11.66 | 11.35 – 12.38 | 105,964 | 70.9% | 46 |
| 10/31/2027 | 19.38 | 17.47 – 22.44 | 173,450 | 66.3% | 47 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 17.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $39.40B |
|---|---|
| Market cap | $1.65T |
| Free cash flow in year ten | $202.54B |
| Terminal value as a share of market value | 64.6% |
For comparison: over the past five years free cash flow grew by 18.3% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Broadcom verkauft KI als eigene Produktlinie: Der Geschäftsbericht führt kundenspezifische KI-Beschleuniger (XPUs), Ethernet-Switching-Silizium, NICs, PHYs, Optik sowie ganze Racks und Systeme als „AI semiconductor solutions“ auf, und sowohl der Jahres- als auch der jüngste Quartalsbericht führen den Umsatzanstieg des Halbleitersegments ausdrücklich auf die Nachfrage nach genau diesen KI-Produkten zurück.
View the full file — quotes, sources, reviewed filings
„Our AI semiconductor solutions include custom accelerators or XPUs, Ethernet switching and routing silicon, Ethernet NICs, physical layer devices (“PHYs”) and optical components, as well as racks and systems based on our XPUs."
Zu unseren KI-Halbleiterlösungen gehören kundenspezifische Beschleuniger beziehungsweise XPUs, Silizium für Ethernet-Switching und -Routing, Ethernet-Netzwerkkarten, Bauteile der Bitübertragungsschicht („PHYs“) und optische Komponenten sowie Racks und Systeme auf Basis unserer XPUs.
10-K · 2025-12-18 · View SEC filing
„Net revenue from our semiconductor solutions segment increased due to strong demand for our networking solutions, primarily custom AI accelerators and AI networking products."
Der Umsatz unseres Halbleitersegments stieg wegen der starken Nachfrage nach unseren Netzwerklösungen, vor allem nach kundenspezifischen KI-Beschleunigern und KI-Netzwerkprodukten.
10-K · 2025-12-18 · View SEC filing
„Net revenue from our semiconductor solutions segment increased in the fiscal quarter and two fiscal quarters ended May 3, 2026 compared to the prior year fiscal periods due to strong demand for our networking solutions, primarily custom AI accelerators and AI networking products."
Der Umsatz unseres Halbleitersegments stieg im Quartal und im Halbjahr bis zum 3. Mai 2026 gegenüber den Vorjahreszeiträumen wegen der starken Nachfrage nach unseren Netzwerklösungen, vor allem nach kundenspezifischen KI-Beschleunigern und KI-Netzwerkprodukten.
10-Q · 2026-06-09 · View SEC filing
Filings Reviewed: 10-Q 2026-06-09 · 10-Q 2026-03-11 · 10-Q 2025-09-10 · 10-Q 2025-06-11 · 10-K 2025-12-18 · 10-K 2024-12-20
Rated on July 29, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 24.4%
- More than 10% revenue growth is expected for the coming year 62.5%
- Share count grows by less than 3% a year 4.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 66.0%
- Gross margin at 40% or higher and without meaningful erosion 67.8%
- Goodwill from acquisitions does not grow faster than revenue 57.2%
- Net debt below twice EBITDA 1.4 x EBITDA
- Operating cash flow covers the profits of the last three years 22,481 m
- Return on capital at 15% or higher, or up versus two years ago 16.7%
- Insiders hold at least 10% or are net buyers 1.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 19.1%
- Exp. sales growth 3Y > 5% 64.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 101.7%
- Net debt < 4x EBIT 1.9x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 32.9%
- Return on equity > 15% –
- ROCE > 15% 16.7%
- Expected return > 10% 105.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jul 10, 2026 | Delly Gayla J | Director | Other | 500 | 0.00 | – |
| Jul 10, 2026 | Brazeal Mark David | Chief Legal & Corp Affairs Ofc | Sell | 25,000 | 401.33 | 10,033,225 |
The company
About the Company
Broadcom Inc. entwickelt und liefert international diverse Halbleiterbauelemente und Infrastruktursoftware-Lösungen.
- Employees
- 33,000
- Headquarters
- Palo Alto, CA
- Address
- 3421 Hillview Ave, 94304 Palo Alto, United States
- Phone
- 650 427 6000
- Website
- broadcom.com
- IPO Date
- 08/06/2009
- ISIN
- US11135F1012
- Stock Split
- 10:1 on 07/15/2024
Management
| Name | Title | Birth Year |
|---|---|---|
| Hock Eng Tan | President, CEO & Executive Director | 1952 |
| Mark D. Brazeal J.D. | Chief Legal & Corporate Affairs Officer | 1968 |
| Charlie B. Kawwas Ph.D. | President of Semiconductor Solutions | 1971 |
| Kirsten M. Spears | Consultant | 1964 |
| Amie Thuener O'Toole | Chief Financial Officer | 1975 |
| Alan Davidson | Chief Information Officer | – |
| Ji Yoo | Director of Investor Relations | – |
| Jill Turner | Vice President of Human Resources | – |
| Frank Ostojic | Senior VP & GM of ASIC Products Division | – |
| Rich Nelson | Senior VP & GM of Broadband Video Group | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.