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Broadcom

AVGO on Nasdaq. Broadcom sells semiconductors and infrastructure software to businesses and governments. Market value $1.7tn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to October 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Technology stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to July 2026
2.2%low

For every $100 of what the whole company costs, it produced $2.20 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to July 2026
42.8×full

You pay 42.8 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to October 2025
15.2%five-year median

Each dollar kept in the business earns 15 cents a year. Above 10 is good.

Quality score: 100 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.

$375.81 a share, 30% above its 1-year low

Over the past year the price has ranged from $289.96 to $495.00.

Dividend: 0.6% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

13.3
16.3
17.6
19.4
26.9
39.4
2021202220232024202512 monthsto Jul '26

Spare cash swings from quarter to quarter here: $39.4 billion in the past 12 months, $26.9 billion in the year to October 2025.

Revenue
$27.4bn$33.2bn$35.8bn$51.6bn$63.9bn
Operating margin
31.0%42.8%45.2%26.1%39.9%
Debt to equity
1.591.741.631.030.83
Shares outstanding
0.41bn0.41bn4.67bn4.72bn4.77bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Watch
  • Financial strength (Piotroski)8 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.83× equity
  • Revenue growth, five yearsStrong, 21.7% a year
  • Buying back its own sharesNo, 1079% more shares since 2021

The quarter to July 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $29.6 billion last quarter, up 86% on a year ago.
  • Profit: $13.1 billion, up 216% on a year ago.
  • It keeps 48 cents of each $1 of sales as operating profit, up from 38 cents a year earlier.
  • Spare cash over the past 12 months: $39.4 billion, up from $24.9 billion.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $37.1 billion more than cash, down from $55.5 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
October 2024$14.1bn
January 2025$14.9bn
April 2025$15.0bn
July 2025$16.0bn
October 2025$18.0bn
January 2026$19.3bn
April 2026$22.2bn
July 2026$29.6bn
Profit by quarter
Profit by quarter
Quarter toAmount
October 2024$4.3bn
January 2025$5.5bn
April 2025$5.0bn
July 2025$4.1bn
October 2025$8.5bn
January 2026$7.3bn
April 2026$9.3bn
July 2026$13.1bn

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
9 December 2026
Last annual report (10-K)
18 December 2025
Next quarterly (estimated, 10-Q)
10 December 2026

Who owns it

25 long-term investors we follow own it, up from 24 last quarter. 4,826 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $698,700 of shares on the open market. 8 sold $1.2bn, $879m of it under preset trading plans.

  • SAMUELI HENRY
    Director
    Sold
    under a preset trading plan
    Date
    23 September 2026
    Shares
    702,190
    Price
    $356.04
    Value
    $250m
  • Brazeal Mark David
    Chief Legal & Corp Affairs Ofc
    Sold
    Date
    10 July 2026
    Shares
    25,000
    Price
    $401.33
    Value
    $10m
  • DELLY GAYLA J
    Director
    Sold
    Date
    8 July 2026
    Shares
    1,890
    Price
    $385.38
    Value
    $728,368
  • Brazeal Mark David
    Chief Legal & Corp Affairs Ofc
    Sold
    Date
    8 July 2026
    Shares
    25,000
    Price
    $379.19
    Value
    $9m
  • PAGE JUSTINE
    Director
    Sold
    Date
    29 June 2026
    Shares
    1,602
    Price
    $373.86
    Value
    $598,916
  • Brazeal Mark David
    Chief Legal & Corp Affairs Ofc
    Sold
    Date
    25 June 2026
    Shares
    25,000
    Price
    $387.00
    Value
    $10m
  • SAMUELI HENRY
    Director
    Sold
    under a preset trading plan
    Date
    24 June 2026
    Shares
    654,241
    Price
    $382.13
    Value
    $250m
  • Brazeal Mark David
    Chief Legal & Corp Affairs Ofc
    Sold
    Date
    17 June 2026
    Shares
    4,825
    Price
    $394.91
    Value
    $2m
  • Brazeal Mark David
    Chief Legal & Corp Affairs Ofc
    Sold
    Date
    16 June 2026
    Shares
    3,327
    Price
    $381.87
    Value
    $1m
  • You Harry L.
    Director
    Bought
    Date
    11 June 2026
    Shares
    1,000
    Price
    $373.57
    Value
    $373,570

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Dec 2025, plus the 10-Q filed 10 Sep 2026 and 11 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 32% last year. Losing that customer would hurt.

    “Direct sales to one semiconductor solutions customer, which is a distributor, accounted for 32% and 28% of our net revenue for fiscal years 2025 and 2024, respectively.”

    From the 10-K filed 18 December 2025, Item 7. Management's Discussion and Analysis. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 42.8× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.