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

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 10 years

Total assets $171.1B

Total liabilities $89.8B

Shareholders equity $81.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	9.5%	5.6%	19.5%	17.0%	16.1%	10.0%	7.5%	8.6%	20.6%	—
Accounts Receivable	4.2%	2.7%	4.3%	4.0%	2.7%	3.0%	4.8%	6.6%	4.5%	—
Inventory	1.3%	1.1%	2.6%	2.6%	1.7%	1.3%	1.3%	2.2%	2.7%	—
Prepaid Expenses	3.5%	2.5%	2.2%	1.6%	1.4%	1.3%	1.1%	0.7%	1.3%	—
Other Current Assets	3.5%	—	—	—	—	—	—	—	—	—
Total Current Assets	18.5%	11.8%	28.6%	25.3%	21.9%	15.7%	14.7%	18.2%	29.1%	—
Property,Plant and Equipment	1.5%	1.5%	3.0%	3.0%	3.1%	3.3%	3.8%	5.3%	4.8%	—
Goodwill	57.2%	59.1%	59.9%	59.5%	57.5%	57.2%	54.4%	53.7%	45.4%	—
Intangible Assets	18.9%	24.5%	5.3%	9.7%	15.1%	22.1%	26.0%	21.5%	19.9%	—
Other Noncurrent Assets	4.0%	3.1%	3.2%	2.5%	2.4%	1.7%	1.1%	1.4%	0.8%	—
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—
Liabilities
Accounts Payable	0.9%	1.0%	1.7%	1.4%	1.4%	1.1%	1.3%	1.6%	2.0%	—
Accrued Liabilities	0.4%	0.7%	0.4%	0.6%	0.5%	1.0%	1.3%	0.3%	0.5%	—
Deferred Revenue	5.5%	—	—	—	—	—	—	—	—	—
Current Portion of Long Term Debt	1.8%	0.8%	2.1%	0.6%	0.3%	1.1%	4.1%	0.0%	0.2%	—
Other Current Liabilities	6.8%	—	—	—	—	—	—	—	—	—
Total Current Liabilities	10.8%	10.1%	10.2%	9.6%	8.3%	8.4%	10.2%	4.7%	4.6%	—
Long Term Debt	39.2%	43.6%	58.3%	58.7%	54.6%	53.0%	44.5%	34.9%	32.0%	—
Deferred Revenue Noncurrent	2.1%	—	—	—	—	—	—	—	—	—
Other Noncurrent Liabilities	5.4%	9.0%	5.3%	6.0%	6.4%	7.1%	8.3%	7.3%	20.7%	—
Total Liabilities	52.5%	59.1%	67.1%	69.0%	66.9%	68.5%	63.0%	46.8%	57.4%	—
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.8%	—
Additional Paid In Capital	41.7%	40.7%	29.0%	28.9%	32.2%	31.6%	37.2%	46.5%	1.7%	—
Retained Earnings	5.7%	0.0%	3.7%	2.2%	1.0%	0.0%	0.0%	7.0%	-0.2%	—
Accumulated Other Comprehensive Income	0.1%	0.1%	0.3%	-0.1%	-0.2%	-0.1%	-0.2%	-0.2%	-0.2%	—
Total Stockholders Equity	47.5%	40.9%	32.9%	31.0%	33.0%	31.4%	37.0%	53.2%	37.3%	—
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	94.7%	—

Income Statement

Revenue, expense, and profitability

20 accounts · 10 years

Revenue $63.9B

Operating income $25.5B

Net income $23.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	37.3%	31.1%	49.2%	45.3%	36.3%	31.5%	33.5%	41.6%	32.4%	—
Expenses Cost of Revenue	12.0%	11.5%	15.3%	15.2%	14.0%	13.7%	15.0%	20.2%	16.8%	—
Expenses Research and Development	6.4%	5.6%	7.2%	6.7%	6.4%	6.5%	7.0%	7.5%	6.1%	—
Expenses Selling,General and Administrative	2.5%	3.0%	2.2%	1.9%	1.8%	2.5%	2.5%	2.1%	1.4%	—
Expenses Depreciation and Amortization	0.3%	0.4%	0.7%	0.7%	0.7%	0.8%	0.8%	1.0%	0.8%	—
Expenses Share Based Compensation	4.4%	3.5%	3.0%	2.1%	2.3%	2.6%	3.2%	2.4%	1.7%	—
Expenses Restructuring and Asset Impairment	0.4%	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	10.4%	—	—	—	—	—	—	—	—	—
Other Income Expense Gross Profit	25.3%	19.6%	33.9%	30.2%	22.3%	17.8%	18.5%	21.4%	15.6%	—
Other Income Expense Operating Income	14.9%	8.1%	22.2%	19.4%	11.3%	5.3%	5.1%	10.2%	4.4%	—
Other Income Expense Interest Expense	1.9%	2.4%	2.2%	2.4%	2.5%	2.3%	2.1%	1.3%	0.8%	—
Other Income Expense Other Income/expense	0.3%	0.2%	0.7%	-0.1%	0.2%	0.3%	0.3%	0.3%	0.1%	—
Other Income Expense Income Before Tax	13.3%	6.0%	20.7%	17.0%	9.0%	3.2%	3.3%	9.1%	3.4%	—
Income Tax Income Tax Expense	-0.2%	2.3%	1.4%	1.3%	0.0%	-0.7%	-0.8%	-16.1%	0.1%	—
net Income net Income	13.5%	3.6%	19.3%	15.7%	8.9%	3.9%	4.0%	24.5%	3.1%	—
net Income Comprehensive Income	0.0%	0.0%	0.4%	0.1%	-0.0%	3.9%	4.0%	24.4%	3.2%	—
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Earnings Per Share Weighted Average Shares Basic	2.8%	2.8%	5.7%	5.6%	0.5%	0.5%	0.6%	0.8%	0.7%	—
Earnings Per Share Weighted Average Shares Diluted	2.8%	2.9%	5.9%	5.8%	0.6%	0.6%	0.6%	0.9%	0.8%	—

Cash Flow Statement

Operating, investing, and financing flows

23 accounts · 10 years

Operating cash flow $27.5B

Investing cash flow $-580.0M

Financing cash flow $-20.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	13.5%	3.6%	19.3%	15.7%	8.9%	3.9%	4.0%	24.5%	3.1%	—
Operating Activities Depreciation and Amortization	4.7%	0.4%	0.7%	0.7%	0.7%	0.8%	7.8%	7.1%	7.9%	—
Operating Activities Stock Based Compensation	4.4%	—	—	—	—	—	—	—	—	—
Operating Activities Deferred Income Taxes	-1.2%	1.2%	-0.7%	-0.1%	-1.3%	-1.4%	-1.2%	-17.1%	-0.4%	—
Operating Activities Changes In Operating Assets and Liabilities	1.8%	-1.4%	0.5%	1.9%	0.4%	-1.3%	-1.2%	-0.2%	0.4%	—
Operating Activities net Cash From Operating Activities	16.1%	12.1%	24.8%	22.8%	18.2%	15.9%	14.4%	17.7%	12.0%	—
Investing Activities Capital Expenditures	0.4%	0.3%	0.6%	0.6%	0.6%	0.6%	0.6%	1.3%	2.0%	—
Investing Activities Business Acquisitions	0.0%	15.7%	0.1%	0.3%	0.0%	14.3%	23.8%	9.6%	0.1%	—
Investing Activities Purchases of Investments	0.3%	0.1%	0.5%	0.3%	0.0%	0.0%	0.0%	0.5%	0.4%	—
Investing Activities Other Investing Activities	-0.1%	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-0.3%	-13.9%	-0.9%	-0.9%	-0.3%	-14.6%	-22.8%	-9.3%	-1.2%	—
Financing Activities Proceeds From Debt	9.2%	24.1%	0.0%	2.6%	13.1%	36.6%	42.7%	0.0%	32.0%	—
Financing Activities Repayment of Debt	10.8%	11.8%	0.6%	3.2%	15.2%	24.8%	24.9%	1.9%	25.1%	—
Financing Activities Repurchase of Common Stock	1.4%	4.3%	8.0%	9.6%	0.0%	0.0%	8.1%	14.5%	0.0%	—
Financing Activities Dividends Paid	6.5%	5.9%	10.5%	9.6%	8.2%	7.3%	6.3%	6.0%	3.2%	—
Financing Activities Proceeds From Stock Issuance	0.1%	0.1%	0.2%	0.2%	0.2%	0.4%	0.4%	0.4%	0.5%	—
Financing Activities Tax Withholding On Stock Based Compensation	2.3%	3.1%	2.6%	2.0%	1.7%	1.0%	1.4%	0.1%	0.0%	—
Financing Activities Other Financing Activities	-0.0%	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	-11.8%	-1.0%	-21.4%	-21.6%	-11.9%	2.1%	9.6%	-22.2%	4.1%	—
Cash Reconciliation Effect of Exchange Rate On Cash	9.5%	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	4.0%	-2.9%	2.4%	0.3%	6.0%	3.4%	1.1%	-13.8%	14.9%	—
Cash Reconciliation Cash At Beginning of Period	9.5%	5.6%	19.5%	17.0%	16.1%	10.0%	7.5%	8.6%	20.6%	—
Cash Reconciliation Cash At End of Period	9.5%	5.6%	19.5%	17.0%	16.1%	10.0%	7.5%	8.6%	20.6%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+67.8%	+63.0%	+68.9%	+66.5%	+61.4%	+56.6%	+55.2%	+51.5%	+48.2%	+44.9%
Operating margin	+39.9%	+26.1%	+45.2%	+42.8%	+31.0%	+16.8%	+15.2%	+24.6%	+13.4%	-3.1%
Net margin	+36.2%	+11.4%	+39.3%	+34.6%	+24.5%	+12.4%	+12.1%	+58.8%	+9.6%	-13.1%
FCF margin	+42.1%	+37.6%	+49.2%	+49.1%	+48.5%	+48.6%	+41.0%	+39.5%	+31.1%	+20.3%
Growth
Revenue CAGR (3y)	+24.4%	+23.4%	+14.5%	+13.7%	+9.6%	+10.6%	+19.5%	—	—	—
Returns
ROE	+28.4%	+8.7%	+58.7%	+50.6%	+27.0%	+12.4%	+10.9%	+46.0%	+8.3%	-7.9%
ROA	+13.5%	+3.6%	+19.3%	+15.7%	+8.9%	+3.9%	+4.0%	+24.5%	+3.1%	—
ROIC	+18.8%	+6.4%	+28.1%	+24.5%	+15.6%	+7.0%	+6.5%	+12.9%	+8.7%	—
Liquidity
Current ratio	1.71x	1.17x	2.82x	2.62x	2.64x	1.87x	1.44x	3.90x	6.26x	—
Quick ratio	1.26x	0.82x	2.34x	2.18x	2.27x	1.56x	1.21x	3.26x	5.40x	—
Leverage
D/E	1.10x	1.45x	2.04x	2.23x	2.03x	2.18x	1.70x	0.88x	1.54x	—
Interest coverage	7.94x	3.41x	9.99x	8.19x	4.52x	2.26x	2.39x	8.18x	5.22x	-0.70x
Efficiency
Asset turnover	0.37x	0.31x	0.49x	0.45x	0.36x	0.31x	0.33x	0.42x	0.32x	—
Cash conversion cycle	+53d	+33d	+55d	+63d	+35d	+41d	+53d	+70d	+64d	—

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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