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 revenue.

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	25.3%	18.1%	39.6%	37.4%	44.3%
Accounts Receivable	11.2%	8.6%	8.8%	8.9%	7.5%
Inventory	3.6%	3.4%	5.3%	5.8%	4.7%
Prepaid Expenses	9.4%	7.9%	4.5%	3.6%	3.8%
Other Current Assets	9.4%	—	—	—	—
Total Current Assets	49.4%	38.0%	58.2%	55.7%	60.4%
Property,Plant and Equipment	4.0%	4.9%	6.0%	6.7%	8.6%
Goodwill	153.1%	189.8%	121.9%	131.4%	158.3%
Intangible Assets	50.5%	78.7%	10.8%	21.4%	41.4%
Other Noncurrent Assets	10.8%	9.8%	6.5%	5.4%	6.6%
Total Assets	267.8%	321.2%	203.4%	220.6%	275.3%
Liabilities
Accounts Payable	2.4%	3.2%	3.4%	3.0%	4.0%
Accrued Liabilities	1.0%	2.2%	0.9%	1.2%	1.4%
Deferred Revenue	14.8%	—	—	—	—
Current Portion of Long Term Debt	4.9%	2.4%	4.4%	1.2%	1.0%
Other Current Liabilities	18.3%	—	—	—	—
Total Current Liabilities	29.0%	32.4%	20.7%	21.2%	22.9%
Long Term Debt	105.1%	139.9%	118.5%	129.4%	150.2%
Deferred Revenue Noncurrent	5.6%	—	—	—	—
Other Noncurrent Liabilities	14.6%	29.0%	10.7%	13.3%	17.7%
Total Liabilities	140.6%	190.0%	136.4%	152.2%	184.3%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	111.6%	130.8%	58.9%	63.7%	88.6%
Retained Earnings	15.3%	0.0%	7.5%	4.8%	2.7%
Accumulated Other Comprehensive Income	0.3%	0.4%	0.6%	-0.2%	-0.4%
Total Stockholders Equity	127.2%	131.2%	67.0%	68.4%	90.9%
Total Liabilitiesand Equity	267.8%	321.2%	203.4%	220.6%	275.2%

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	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	32.2%	37.0%	31.1%	33.5%	38.6%
Expenses Research and Development	17.2%	18.1%	14.7%	14.8%	17.7%
Expenses Selling,General and Administrative	6.6%	9.6%	4.4%	4.2%	4.9%
Expenses Depreciation and Amortization	0.9%	1.1%	1.4%	1.6%	2.0%
Expenses Share Based Compensation	11.8%	11.1%	6.1%	4.6%	6.2%
Expenses Restructuring and Asset Impairment	1.0%	—	—	—	—
Expenses Operating Expenses	27.9%	—	—	—	—
Other Income Expense Gross Profit	67.8%	63.0%	68.9%	66.5%	61.4%
Other Income Expense Operating Income	39.9%	26.1%	45.2%	42.8%	31.0%
Other Income Expense Interest Expense	5.0%	7.7%	4.5%	5.2%	6.9%
Other Income Expense Other Income/expense	0.7%	0.8%	1.4%	-0.2%	0.5%
Other Income Expense Income Before Tax	35.6%	19.2%	42.1%	37.4%	24.6%
Income Tax Income Tax Expense	-0.6%	7.3%	2.8%	2.8%	0.1%
net Income net Income	36.2%	11.4%	39.3%	34.6%	24.5%
net Income Comprehensive Income	0.0%	0.0%	0.7%	0.2%	-0.0%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	7.4%	9.0%	11.6%	12.3%	1.5%
Earnings Per Share Weighted Average Shares Diluted	7.6%	9.3%	11.9%	12.7%	1.6%

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	36.2%	11.4%	39.3%	34.6%	24.5%
Operating Activities Depreciation and Amortization	12.6%	1.1%	1.4%	1.6%	2.0%
Operating Activities Stock Based Compensation	11.8%	—	—	—	—
Operating Activities Deferred Income Taxes	-3.2%	3.8%	-1.4%	-0.1%	-3.6%
Operating Activities Changes In Operating Assets and Liabilities	4.9%	-4.6%	1.0%	4.3%	1.2%
Operating Activities net Cash From Operating Activities	43.1%	38.7%	50.5%	50.4%	50.1%
Investing Activities Capital Expenditures	1.0%	1.1%	1.3%	1.3%	1.6%
Investing Activities Business Acquisitions	0.0%	50.4%	0.1%	0.7%	0.0%
Investing Activities Purchases of Investments	0.9%	0.3%	1.0%	0.6%	0.0%
Investing Activities Other Investing Activities	-0.1%	—	—	—	—
Investing Activities net Cash From Investing Activities	-0.9%	-44.7%	-1.9%	-2.0%	-0.9%
Financing Activities Proceeds From Debt	24.5%	77.5%	0.0%	5.8%	36.1%
Financing Activities Repayment of Debt	28.9%	38.0%	1.1%	7.1%	41.9%
Financing Activities Repurchase of Common Stock	3.8%	13.9%	16.3%	21.1%	0.0%
Financing Activities Dividends Paid	17.4%	19.0%	21.3%	21.2%	22.6%
Financing Activities Proceeds From Stock Issuance	0.3%	0.4%	0.3%	0.3%	0.6%
Financing Activities Tax Withholding On Stock Based Compensation	6.0%	10.1%	5.2%	4.4%	4.7%
Financing Activities Other Financing Activities	-0.1%	—	—	—	—
Financing Activities net Cash From Financing Activities	-31.5%	-3.4%	-43.6%	-47.6%	-32.7%
Cash Reconciliation Effect of Exchange Rate On Cash	25.3%	—	—	—	—
Cash Reconciliation net Change In Cash	10.7%	-9.4%	4.9%	0.8%	16.6%
Cash Reconciliation Cash At Beginning of Period	25.3%	18.1%	39.6%	37.4%	44.3%
Cash Reconciliation Cash At End of Period	25.3%	18.1%	39.6%	37.4%	44.3%

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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