Broadcom

Information Technology Semiconductors Palo Alto, California Last filing Dec 18, 2025 · FY2025

                    Revenue
                    FY2025
                
$63.9B
                    3y CAGR +24.4%
                    
                    P90
                    
                    +23.9%
                    
                    Net income
                    FY2025
                
$23.1B
                    Net margin +36.2%
                    
                    P92
                    
                    +292.3%
                    
                    Total assets
                    FY2025
                
$171.1B
                    ROA +13.5%
                    
                    P76
                    
                    +3.3%
                    
                    Operating cash flow
                    FY2025
                
$27.5B
                    FCF margin +42.1%
                    
                    P97
                    
                    +37.9%

10 yrs · FY2016–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

28 accounts · 5 years

Total assets $171.1B

Total liabilities $89.8B

Shareholders equity $81.3B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$16.2B 73.1%	$9.3B -34.1%	$14.2B 14.3%	$12.4B 2.1%	$12.2B
Accounts Receivable	$7.1B 61.8%	$4.4B 40.0%	$3.2B 6.6%	$3.0B 42.8%	$2.1B
Inventory	$2.3B 29.0%	$1.8B -7.3%	$1.9B -1.4%	$1.9B 48.4%	$1.3B
Prepaid Expenses	$6.0B 46.9%	$4.1B 153.5%	$1.6B 33.3%	$1.2B 14.2%	$1.1B
Other Current Assets	$6.0B	—	—	—	—
Total Current Assets	$31.6B 61.1%	$19.6B -6.0%	$20.8B 12.7%	$18.5B 11.6%	$16.6B
Property,Plant and Equipment	$2.5B 0.4%	$2.5B 17.0%	$2.2B -3.1%	$2.2B -5.3%	$2.3B
Goodwill	$97.8B -0.1%	$97.9B 124.2%	$43.7B 0.1%	$43.6B 0.4%	$43.5B
Intangible Assets	$32.3B -20.5%	$40.6B 949.5%	$3.9B -45.6%	$7.1B -37.5%	$11.4B
Other Noncurrent Assets	$6.9B 36.3%	$5.1B 116.8%	$2.3B 30.2%	$1.8B -0.8%	$1.8B
Total Assets	$171.1B 3.3%	$165.6B 127.3%	$72.9B -0.5%	$73.2B -3.1%	$75.6B
Liabilities
Accounts Payable	$1.6B -6.1%	$1.7B 37.4%	$1.2B 21.2%	$998.0M -8.1%	$1.1B
Accrued Liabilities	$663.0M -42.0%	$1.1B 266.3%	$312.0M -23.5%	$408.0M 2.8%	$397.0M
Deferred Revenue	$9.5B	—	—	—	—
Current Portion of Long Term Debt	$3.2B 153.2%	$1.2B -20.3%	$1.6B 287.8%	$403.0M 52.7%	$264.0M
Other Current Liabilities	$11.7B	—	—	—	—
Total Current Liabilities	$18.5B 10.9%	$16.7B 125.5%	$7.4B 5.0%	$7.1B 12.3%	$6.3B
Long Term Debt	$67.1B -7.0%	$72.2B 70.0%	$42.5B -1.2%	$43.0B 4.2%	$41.2B
Deferred Revenue Noncurrent	$3.5B	—	—	—	—
Other Noncurrent Liabilities	$9.3B -37.9%	$15.0B 289.3%	$3.8B -12.8%	$4.4B -9.2%	$4.9B
Total Liabilities	$89.8B -8.3%	$98.0B 100.5%	$48.9B -3.3%	$50.5B -0.1%	$50.6B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$5.0M 0.0%	$5.0M 25.0%	$4.0M	$0	$0
Additional Paid In Capital	$71.3B 5.7%	$67.5B 219.8%	$21.1B -0.3%	$21.2B -13.0%	$24.3B
Retained Earnings	$9.8B	$0 -100.0%	$2.7B 67.2%	$1.6B 114.4%	$748.0M
Accumulated Other Comprehensive Income	$218.0M 5.3%	$207.0M 0.0%	$207.0M 483.3%	$-54.0M 53.4%	$-116.0M
Total Stockholders Equity	$81.3B 20.1%	$67.7B 182.1%	$24.0B 5.6%	$22.7B -9.0%	$25.0B
Total Liabilitiesand Equity	$171.1B 3.3%	$165.6B 127.3%	$72.9B -0.5%	$73.2B -3.0%	$75.5B

Income Statement

Revenue, expense, and profitability

20 accounts · 5 years

Revenue $63.9B

Operating income $25.5B

Net income $23.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$63.9B 23.9%	$51.6B 44.0%	$35.8B 7.9%	$33.2B 21.0%	$27.4B
Expenses Cost of Revenue	$20.6B 8.0%	$19.1B 71.3%	$11.1B 0.2%	$11.1B 4.7%	$10.6B
Expenses Research and Development	$11.0B 17.9%	$9.3B 77.2%	$5.3B 6.8%	$4.9B 1.3%	$4.9B
Expenses Selling,General and Administrative	$4.2B -15.1%	$5.0B 211.5%	$1.6B 15.2%	$1.4B 2.6%	$1.3B
Expenses Depreciation and Amortization	$574.0M -3.2%	$593.0M 18.1%	$502.0M -5.1%	$529.0M -1.9%	$539.0M
Expenses Share Based Compensation	$7.6B 31.8%	$5.7B 164.4%	$2.2B 41.6%	$1.5B -10.0%	$1.7B
Expenses Restructuring and Asset Impairment	$667.0M	—	—	—	—
Expenses Operating Expenses	$17.8B	—	—	—	—
Other Income Expense Gross Profit	$43.3B 33.2%	$32.5B 31.7%	$24.7B 11.7%	$22.1B 31.2%	$16.8B
Other Income Expense Operating Income	$25.5B 89.3%	$13.5B -16.9%	$16.2B 13.9%	$14.2B 67.0%	$8.5B
Other Income Expense Interest Expense	$3.2B -18.8%	$4.0B 143.7%	$1.6B -6.6%	$1.7B -7.9%	$1.9B
Other Income Expense Other Income/expense	$455.0M 12.1%	$406.0M -20.7%	$512.0M 1048.1%	$-54.0M -141.2%	$131.0M
Other Income Expense Income Before Tax	$22.7B 129.2%	$9.9B -34.3%	$15.1B 21.4%	$12.4B 83.8%	$6.8B
Income Tax Income Tax Expense	$-397.0M -110.6%	$3.7B 269.3%	$1.0B 8.1%	$939.0M 3137.9%	$29.0M
net Income net Income	$23.1B 292.3%	$5.9B -58.1%	$14.1B 22.5%	$11.5B 70.7%	$6.7B
net Income Comprehensive Income	$11.0M	$0 -100.0%	$261.0M 321.0%	$62.0M 875.0%	$-8.0M
Earnings Per Share Basic Eps	$5 286.6%	$1 -62.5%	$3 23.7%	$3 -82.5%	$16
Earnings Per Share Diluted Eps	$5 287.8%	$1 -62.7%	$3 24.5%	$3 -82.3%	$15
Earnings Per Share Weighted Average Shares Basic	$4.7B 1.9%	$4.6B 11.4%	$4.1B 1.5%	$4.1B 897.3%	$410.0M
Earnings Per Share Weighted Average Shares Diluted	$4.9B 1.6%	$4.8B 11.8%	$4.3B 0.9%	$4.2B 886.5%	$429.0M

Cash Flow Statement

Operating, investing, and financing flows

23 accounts · 5 years

Operating cash flow $27.5B

Investing cash flow $-580.0M

Financing cash flow $-20.1B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$23.1B 292.3%	$5.9B -58.1%	$14.1B 22.5%	$11.5B 70.7%	$6.7B
Operating Activities Depreciation and Amortization	$8.1B 1259.5%	$593.0M 18.1%	$502.0M -5.1%	$529.0M -1.9%	$539.0M
Operating Activities Stock Based Compensation	$7.6B	—	—	—	—
Operating Activities Deferred Income Taxes	$-2.0B -203.5%	$2.0B 492.2%	$-501.0M -1013.3%	$-45.0M 95.5%	$-997.0M
Operating Activities Changes In Operating Assets and Liabilities	$3.1B 232.0%	$-2.4B -738.5%	$369.0M -74.0%	$1.4B 333.6%	$327.0M
Operating Activities net Cash From Operating Activities	$27.5B 37.9%	$20.0B 10.4%	$18.1B 8.1%	$16.7B 21.6%	$13.8B
Investing Activities Capital Expenditures	$623.0M 13.7%	$548.0M 21.2%	$452.0M 6.6%	$424.0M -4.3%	$443.0M
Investing Activities Business Acquisitions	$0 -100.0%	$26.0B 48915.1%	$53.0M -78.5%	$246.0M 2975.0%	$8.0M
Investing Activities Purchases of Investments	$597.0M 241.1%	$175.0M -49.4%	$346.0M 73.0%	$200.0M	$0
Investing Activities Other Investing Activities	$-92.0M	—	—	—	—
Investing Activities net Cash From Investing Activities	$-580.0M 97.5%	$-23.1B -3248.3%	$-689.0M -3.3%	$-667.0M -172.2%	$-245.0M
Financing Activities Proceeds From Debt	$15.7B -60.8%	$40.0B	$0 -100.0%	$1.9B -80.5%	$9.9B
Financing Activities Repayment of Debt	$18.5B -5.8%	$19.6B 4765.5%	$403.0M -82.9%	$2.4B -79.5%	$11.5B
Financing Activities Repurchase of Common Stock	$2.5B -65.9%	$7.2B 23.2%	$5.8B -16.8%	$7.0B	$0
Financing Activities Dividends Paid	$11.1B 13.5%	$9.8B 28.4%	$7.6B 8.7%	$7.0B 13.2%	$6.2B
Financing Activities Proceeds From Stock Issuance	$221.0M 16.3%	$190.0M 55.7%	$122.0M 7.0%	$114.0M -32.9%	$170.0M
Financing Activities Tax Withholding On Stock Based Compensation	$3.9B -26.0%	$5.2B 180.3%	$1.9B 27.9%	$1.5B 12.0%	$1.3B
Financing Activities Other Financing Activities	$-84.0M	—	—	—	—
Financing Activities net Cash From Financing Activities	$-20.1B -1061.4%	$-1.7B 88.9%	$-15.6B 1.2%	$-15.8B -76.2%	$-9.0B
Cash Reconciliation Effect of Exchange Rate On Cash	$16.2B	—	—	—	—
Cash Reconciliation net Change In Cash	$6.8B 241.1%	$-4.8B -373.0%	$1.8B 600.8%	$253.0M -94.4%	$4.5B
Cash Reconciliation Cash At Beginning of Period	$16.2B 73.1%	$9.3B -34.1%	$14.2B 14.3%	$12.4B 2.1%	$12.2B
Cash Reconciliation Cash At End of Period	$16.2B 73.1%	$9.3B -34.1%	$14.2B 14.3%	$12.4B 2.1%	$12.2B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+67.8%	+63.0%	+68.9%	+66.5%	+61.4%
Operating margin	+39.9%	+26.1%	+45.2%	+42.8%	+31.0%
Net margin	+36.2%	+11.4%	+39.3%	+34.6%	+24.5%
FCF margin	+42.1%	+37.6%	+49.2%	+49.1%	+48.5%
Growth
Revenue CAGR (3y)	+24.4%	+23.4%	+14.5%	+13.7%	+9.6%
Returns
ROE	+28.4%	+8.7%	+58.7%	+50.6%	+27.0%
ROA	+13.5%	+3.6%	+19.3%	+15.7%	+8.9%
ROIC	+18.8%	+6.4%	+28.1%	+24.5%	+15.6%
Liquidity
Current ratio	1.71x	1.17x	2.82x	2.62x	2.64x
Quick ratio	1.26x	0.82x	2.34x	2.18x	2.27x
Leverage
D/E	1.10x	1.45x	2.04x	2.23x	2.03x
Interest coverage	7.94x	3.41x	9.99x	8.19x	4.52x
Efficiency
Asset turnover	0.37x	0.31x	0.49x	0.45x	0.36x
Cash conversion cycle	+53d	+33d	+55d	+63d	+35d

Valuation

Price against fundamentals

AVGO $328 · 2025-09-29 · 351d old · FY2025

Market cap $1.6T

P/E 68.81x

P/S 24.91x

P/B 19.58x

EV $1.6T

EV/EBITDA 63.14x

FCF yield +1.7%

Dividend yield +0.7%

Notes

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