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Designs networking, wireless and custom AI chips, and sells enterprise virtualization software (VMware).
Designs networking, wireless and custom AI chips, and sells enterprise virtualization software (VMware).
Grew largely by acquisition, adding CA and Symantec's enterprise business before buying VMware in 2023, whose software is now sold as subscriptions. Chip sales split between networking silicon sold broadly and custom AI processors designed jointly with a few cloud giants, so its fortunes lean on those few.
Moat: wide (scale, switching costs, customer qualification). Deep custom-ASIC co-design relationships with hyperscalers and VMware's enterprise lock-in are hard to displace.
Headquarters: Palo Alto, California, US · Employees: 33,000
Size Broadcom (AVGO) is a United States Information Technology company (Semiconductors) with a market value of $1.40T, the 10th largest of 3,117 United States companies the cockpit tracks. Shares closed at $293.69 on 6 Nov 2026.
Performance Over six months the shares fell 31.6%, against -7.6% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 8 in its peer set.
Growth Revenue grew 48.7% over the last twelve months (peer median +85.9%); the operating margin is 48.6% (peer median 52.0%).
Valuation It trades at 16.9× forward earnings against a peer median of 15.0× (3rd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 13.2 points above its cost of capital (12.1% WACC).
Backlog Backlog (remaining performance obligations) was $179B at 2 Aug 2026, up 552% on a year earlier — 2.0 years of trailing revenue. Backlog detail →
Credit Broadcom has 33 bonds outstanding ($53.2B), rated A- by the agencies and trading like BBB- at a weighted spread of 132 bp.
Short interest Short interest is 1.1% of the free float (15 Oct 2026).
Next results Next results expected around 10 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $89.1B | $63.9B | $51.6B | $35.8B | $33.2B |
| Revenue growth | — | +24% | +44% | +8% | — |
| Gross profit | $59.3B | $41.3B | $29.5B | $23.3B | $20.6B |
| EBITDA | $52.0B | $34.9B | $25.3B | $20.3B | $19.3B |
| Net income | $38.3B | $23.1B | $5.89B | $14.1B | $11.5B |
| Free cash flow | $39.4B | $26.9B | $19.4B | $17.6B | $16.3B |
| Capital expenditure | $1.25B | $623M | $548M | $452M | $424M |
| Total debt | $59.4B | $66.5B | $68.9B | $39.6B | $40.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Broadcom AVGO | $1.40T | -32% | +49% | 49% | 16.9× | 26.6% |
| Marvell Technology MRVL | $124B | -17% | +31% | 17% | 25.0× | 54.4% |
| Nvidia NVDA | $4.50T | -13% | +83% | 65% | 15.5× | 26.3% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
| Qualcomm QCOM | $177B | -24% | +2% | 24% | 17.0× | 15.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AVGO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.4% | -24.5% | 2nd highest of 9 |
| 6-month return | -31.6% | -7.6% | lowest of 8 |
| Distance from 52-week high | -40.6% | -33.2% | 4th lowest of 9 |
| Revenue growth (TTM) | +48.7% | +85.9% | 4th lowest of 9 |
| Operating margin | 48.6% | 52.0% | 5th highest of 9 |
| Forward P/E | 16.9× | 15.0× | 3rd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 26.6% | 10.1% | 3rd most demanding of 8 |
| Growth delivered (Del g) | +21.7% | +24.9% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | +4.9 pp | -14.3 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | +13.2 pp | +55.1 pp | 3rd lowest of 9 |
| EV / EBITDA | 27.6× | 25.8× | 4th cheapest of 7 |
| Net debt / EBITDA | 0.7× | -0.6× | most indebted of 7 |
| Bond spread | 132 bp | 76 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Broadcom AVGO | United States | $1.40T | -32% | +49% | 49% | 16.9× | 26.6% | +21.7% |
| Taiwan Semiconductor Manufactur 2330.TW | Taiwan | $1.67T | -5% | +36% | 58% | 15.0× | 10.1% | +23.3% |
| SamsungElec 005930.KS | South Korea | $886B | -14% | +88% | 46% | 4.0× | -7.2% | +7.1% |
| Micron Technology MU | United States | $781B | -8% | +256% | 75% | 3.9× | 7.1% | +36.9% |
| Advanced Micro Devices AMD | United States | $733B | -1% | +42% | 18% | 30.0× | 60.9% | +28.8% |
| SK hynix 000660.KS | South Korea | $608B | -12% | +220% | 74% | 3.1× | -3.1% | +24.9% |
| ASML ASML.AS | Netherlands | $550B | -6% | +23% | 39% | 31.1× | 28.9% | +18.5% |
| Nvidia NVDA | United States | $4.50T | -13% | +83% | 65% | 15.5× | 26.3% | +66.9% |
| CXMT 688825.SS | China | $411B | n/a | +156% | 13% | n/a | n/a | n/a |
Broadcom has 33 bonds outstanding with $53.2B face value. The agencies rate it A-; its bonds trade like BBB-. Weighted yield 6.05%, a spread of 132 bp over government bonds.
Broadcom reported $179B of remaining performance obligations at 2 Aug 2026, up 552% from a year earlier and up 9% from the previous quarter. That is 2.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.49.