Tearsheet

Broadcom (AVGO)


Market Price (10/18/2025): $349.98 | Market Cap: $1.6 Tril
Sector: Information Technology | Industry: Semiconductors

Broadcom (AVGO)


Market Price (10/18/2025): $349.98
Market Cap: $1.6 Tril
Sector: Information Technology
Industry: Semiconductors

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28%
  Expensive valuation multiples
P/SPrice/Sales ratio is 27x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 65x, P/EPrice/Earnings or Price/(Net Income) is 87x
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 39%
  Stock price has recently run up significantly
6M Rtn6 month market price return is 105%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42%, CFO LTM is 25 Bil, FCF LTM is 25 Bil
  Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 39%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42%, CFO LTM is 25 Bil, FCF LTM is 25 Bil
3 Expensive valuation multiples
P/SPrice/Sales ratio is 27x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 65x, P/EPrice/Earnings or Price/(Net Income) is 87x
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 105%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2%

Market Valuation & Key Metrics

AVGO Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
AVGO Return45%56%-13%104%110%52%1182%
Peers Return19%17%-28%35%8%34%95%
S&P 500 Return16%27%-19%24%23%13%106%

Monthly Win Rates [3]
AVGO Win Rate67%75%58%83%75%67% 
Peers Win Rate60%58%37%58%57%51% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
AVGO Max Drawdown-47%-4%-34%-1%-6%-37% 
Peers Max Drawdown-29%-8%-37%-9%-20%-11% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: CSCO, IBM, QCOM, INTC, ERIC. See AVGO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/17/2025 (YTD)

Downturns Compared

Unique KeyEventAVGOS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-36.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven57.9%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven216 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-48.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven93.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven139 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-28.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven40.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven245 days120 days


How Low Can It Go?

Broadcom's stock fell -36.7% during the 2022 Inflation Shock from a high on 12/27/2021. A -36.7% loss requires a 57.9% gain to breakeven.

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Better Bets than Broadcom (AVGO)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to AVGO. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-5.5%-5.5%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
2.6%2.6%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
9.1%9.1%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
13.6%13.6%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.2%1.2%-0.3%
AVGO_9302022_Dip_Buyer_FCFYield09302022AVGOBroadcomDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
46.7%92.0%-3.8%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-5.5%-5.5%-6.7%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
2.6%2.6%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
9.1%9.1%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
13.6%13.6%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.2%1.2%-0.3%
AVGO_9302022_Dip_Buyer_FCFYield09302022AVGOBroadcomDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
46.7%92.0%-3.8%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Broadcom

Financials

AVGOCSCOIBMQCOMINTCERICMedian
NameBroadcom Cisco Sy.Internat.Qualcomm Intel Telefona. 
Mkt Price349.9870.15281.22163.7037.149.54116.92
Mkt Cap1,649.8277.9261.8178.8162.331.8220.3
Rev LTM59,92656,65464,03843,25753,070240,30958,290
Op Inc LTM23,36612,50410,92912,019-4,39737,01212,262
FCF LTM24,93013,28811,64611,622-10,94330,40312,467
FCF 3Y Avg20,31914,17811,34610,351-13,35725,29512,762
CFO LTM25,43814,19313,28212,66310,08233,96013,738
CFO 3Y Avg20,82114,98613,10411,65410,45229,92714,045

Growth & Margins

AVGOCSCOIBMQCOMINTCERICMedian
NameBroadcom Cisco Sy.Internat.Qualcomm Intel Telefona. 
Rev Chg LTM28.0%5.3%2.7%15.8%-3.7%-2.6%4.0%
Rev Chg 3Y Avg24.0%3.4%2.4%1.4%-9.4%-1.9%1.9%
Rev Chg Q22.0%7.6%7.7%10.3%0.2%-9.0%7.6%
QoQ Delta Rev Chg LTM5.0%1.9%1.9%2.3%0.0%-2.3%1.9%
Op Mgn LTM39.0%22.1%17.1%27.8%-8.3%15.4%19.6%
Op Mgn 3Y Avg38.4%24.5%15.9%26.5%-3.9%8.0%20.2%
QoQ Delta Op Mgn LTM1.5%0.3%0.7%0.6%-0.5%4.2%0.7%
CFO/Rev LTM42.4%25.1%20.7%29.3%19.0%14.1%22.9%
CFO/Rev 3Y Avg44.6%26.7%21.0%29.4%19.3%12.1%23.9%
FCF/Rev LTM41.6%23.5%18.2%26.9%-20.6%12.7%20.8%
FCF/Rev 3Y Avg43.5%25.3%18.2%26.1%-24.7%10.3%21.7%

Valuation

AVGOCSCOIBMQCOMINTCERICMedian
NameBroadcom Cisco Sy.Internat.Qualcomm Intel Telefona. 
Mkt Cap1,649.8277.9261.8178.8162.331.8220.3
P/S27.54.94.14.13.10.14.1
P/EBIT71.821.932.413.8-15.00.817.8
P/E87.127.344.915.4-7.91.321.4
P/CFO64.919.619.714.116.10.917.8
Total Yield1.1%6.0%4.6%8.6%-12.3%77.5%5.3%
Dividend Yield0.0%2.3%2.4%2.1%0.3%0.0%1.2%
FCF Yield 3Y Avg3.1%6.4%6.8%5.8%-10.8%101.3%6.1%
D/E0.00.10.30.10.31.40.2
Net D/E0.00.00.20.00.2-0.30.0

Returns

AVGOCSCOIBMQCOMINTCERICMedian
NameBroadcom Cisco Sy.Internat.Qualcomm Intel Telefona. 
1M Rtn1.2%2.7%6.1%-2.8%21.1%20.4%4.4%
3M Rtn23.5%3.7%-0.9%6.2%60.2%30.2%14.8%
6M Rtn105.1%27.3%19.4%21.0%95.5%18.9%24.1%
12M Rtn96.1%26.7%24.6%-2.2%62.5%16.3%25.7%
3Y Rtn744.7%82.8%157.8%55.2%49.6%68.8%75.8%
1M Excs Rtn0.7%2.2%5.7%-3.3%20.6%19.9%4.0%
3M Excs Rtn15.7%-2.4%-6.2%-2.3%53.4%24.4%6.7%
6M Excs Rtn79.0%1.1%-6.8%-5.1%69.4%-7.2%-2.0%
12M Excs Rtn85.9%18.4%9.6%-18.6%48.7%1.3%14.0%
3Y Excs Rtn667.7%8.7%82.3%-25.0%-32.7%-6.5%1.1%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Semiconductor solutions28,18225,81820,38317,26717,441
Infrastructure software7,6377,3857,0676,6215,156
Total35,81933,20327,45023,88822,597


Operating Income by Segment
$ Mil20242023202220212020
Semiconductor solutions16,48615,07510,9768,5768,538
Infrastructure software5,6395,2194,9364,3633,391
Unallocated expenses-5,918-6,069-7,393-8,925-8,485
Total16,20714,2258,5194,0143,444


Price Behavior

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity54,295,565
Short Interest: % Change Since 91520259.2%
Average Daily Volume25,368,882
Days-to-Cover Short Interest2.14
Basic Shares Quantity4,714,000,000
Short % of Basic Shares1.2%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/4/20259.4%17.5%10.7%
6/5/2025-5.0%-1.5%7.2%
3/6/20258.6%6.6%-18.2%
12/12/202424.4%20.8%26.5%
9/5/2024-10.4%7.7%16.0%
6/12/202412.3%16.0%15.0%
3/7/2024-7.0%-10.3%-4.6%
12/7/20232.4%20.0%17.9%
...
SUMMARY STATS   
# Positive181817
# Negative778
Median Positive3.0%5.6%10.5%
Median Negative-5.0%-4.9%-5.4%
Max Positive24.4%20.8%26.5%
Max Negative-10.4%-11.1%-18.2%

SEC Filings

Expand for More

Report DateFiling DateFiling
7312025910202510-Q 8/3/2025
4302025611202510-Q 5/4/2025
1312025312202510-Q 2/2/2025
103120241220202410-K 11/3/2024
7312024911202410-Q 8/4/2024
4302024613202410-Q 5/5/2024
1312024314202410-Q 2/4/2024
103120231214202310-K 10/29/2023
7312023906202310-Q 7/30/2023
4302023607202310-Q 4/30/2023
1312023308202310-Q 1/29/2023
103120221216202210-K 10/30/2022
7312022908202210-Q 7/31/2022
4302022609202210-Q 5/1/2022
1312022310202210-Q 1/30/2022
103120211217202110-K 10/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0TAN HOCK EPresident and CEO9252025Sell339.2265,01622,054,597258,016,674Form
1You Harry L. 9102025Buy344.782,050706,79811,757,667Form
2PAGE JUSTINE 8152025Sell307.46800245,9687,312,014Form
3PAGE JUSTINE 7162025Sell274.30800219,4406,742,843Form
4SAMUELI HENRY6272025Sell264.16153,81240,630,97810,172,447,890Form