AVGO
SP100NasdaqGSBroadcom Inc.
Technology · Semiconductors · United States
Broadcom Inc. designs, develops, and supplies various semiconductor devices and infrastructure software solutions internationally. The company operates in two segments: Semiconductor Solutions and Infrastructure Software. The company offers networking connectivity, such as custom silicon solutions, ethernet switching & routing, ethernet NIC controllers, physical layer devices, and fiber optic components; wireless device connectivity, including RF semiconductor devices, connectivity solutions, custom touch controllers, and inductive charging ASICS; servers and storage system solutions, such as PCIE switches, SAS & raid products, fibre channel products, and HDD & SSD solutions; broadband solutions, includes set-top box, and broadband access; and industrial. The company also offers a private cloud software portfolio, including the VMware Cloud Foundation, Edge, vSphere foundation, telco cloud platform, private AI, live recovery, application networking and security, application development and data services; mainframe software, such as AIOPS & automation, database & data management, DEVX & DEVOPS, cybersecurity & compliance management, beyond code programs, foundational & open mainframe solutions; cybersecurity, such as endpoint, network, information, application security, and identity & access management; enterprise software; and fc san management. Its products are used in various applications in enterprise and data center networking, including artificial intelligence networking and connectivity, home connectivity, set-top boxes, broadband access, telecommunication equipment, wireless device and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays. Broadcom Inc. was founded in 1961 and is headquartered in Palo Alto, California.
www.broadcom.com ↗Shares trade at a premium 59.9× trailing earnings, easing to 18.6× on forward estimates. Profitability shows a net margin of 38.8% and return on equity of 37.3%. Leverage is modest at 1.1× net debt/EBITDA. Revenue grew 47.9% year-on-year. It yields 0.7% in dividends. The mean analyst target of USD523.73 sits 45.3% above the current price (Strong Buy, 45 analysts).
business model
Broadcom is a semiconductor and infrastructure software company. It designs and sells a broad range of semiconductor components and, increasingly, sells enterprise infrastructure software (notably VMware), generating revenue from chip sales to OEMs/hyperscalers and from software licenses and subscriptions.
revenue segments
Two segments: Semiconductor Solutions (networking/AI accelerators and custom silicon, broadband, wireless including Apple-related components, and storage) and Infrastructure Software (mainframe, cybersecurity, and VMware virtualization). AI-related networking and custom ASICs for hyperscalers are the key growth driver; revenue is global with heavy Asia manufacturing exposure.
key dependencies
Depends on foundries (primarily TSMC) for manufacturing, on a few very large customers including Apple and hyperscalers designing custom AI chips, on data-center AI capex, and on successful integration and monetization of acquired software. Export controls to China are a factor.
competitors
Competes with Marvell, Nvidia, Qualcomm, Cisco, and Nvidia/Mellanox in networking, plus enterprise software rivals for VMware; in custom silicon it competes with Marvell and merchant AI-chip vendors.
moat
Moat comes from leadership in high-value networking and custom-silicon niches, deep customer integration on multi-year designs, an acquisition-and-optimize strategy that builds sticky franchises, VMware's entrenched enterprise base, and high switching costs.
risks
Risks include customer concentration (Apple and a few hyperscalers), dependence on TSMC, integration and pricing backlash from the VMware acquisition, high debt from serial M&A, cyclical chip demand, and export-control exposure to China.
Financials & metrics
as of 26 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $63.89B | $51.57B | $35.82B | $33.20B | — |
| Cost of revenue | $20.59B | $19.07B | $11.13B | $11.11B | — |
| Gross profit | $43.29B | $32.51B | $24.69B | $22.09B | — |
| Operating expense | $17.22B | $17.51B | $8.24B | $7.81B | — |
| R&D | $10.98B | $9.31B | $5.25B | $4.92B | — |
| Operating income | $26.07B | $15.00B | $16.45B | $14.28B | — |
| Interest expense | $3.21B | $3.95B | $1.62B | $1.74B | — |
| Pretax income | $22.73B | $9.92B | $15.10B | $12.43B | — |
| Tax provision | -$397.00M | $3.75B | $1.01B | $939.00M | — |
| Net income | $23.13B | $5.89B | $14.08B | $11.49B | — |
| EBITDA | $34.71B | $23.88B | $20.55B | $19.16B | — |
| Diluted EPS | $4.77 | $1.23 | $3.30 | $2.65 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $171.09B | $165.65B | $72.86B | $73.25B | — |
| Current assets | $31.57B | $19.59B | $20.85B | $18.50B | — |
| Cash & equivalents | $16.18B | $9.35B | $14.19B | $12.42B | — |
| Inventory | $2.27B | $1.76B | $1.90B | $1.93B | — |
| Total liabilities | $89.80B | $97.97B | $48.87B | $50.54B | — |
| Current liabilities | $18.51B | $16.70B | $7.41B | $7.05B | — |
| Total debt | $65.14B | $67.57B | $39.23B | $39.52B | — |
| Long-term debt | $61.98B | $66.28B | $37.62B | $39.05B | — |
| Shareholders' equity | $81.29B | $67.68B | $23.99B | $22.71B | — |
| Retained earnings | $9.76B | $0.00 | $2.68B | $1.60B | — |
| Working capital | $13.06B | $2.90B | $13.44B | $11.45B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $27.54B | $19.96B | $18.09B | $16.74B | — |
| Investing cash flow | -$580.00M | -$23.07B | -$689.00M | -$667.00M | — |
| Financing cash flow | -$20.13B | -$1.73B | -$15.62B | -$15.82B | — |
| Capital expenditure | -$623.00M | -$548.00M | -$452.00M | -$424.00M | — |
| Free cash flow | $26.91B | $19.41B | $17.63B | $16.31B | — |
| Dividends paid | -$11.14B | -$9.81B | -$7.64B | -$7.03B | — |
| Share buybacks | -$6.31B | -$12.39B | -$7.68B | -$8.46B | — |
| End cash position | $16.18B | $9.35B | $14.19B | $12.42B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
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