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The adopted FY2026 and FY2027 revenue estimates could convert into reported sales while operating profit and cash remain supportive, raising earnings and cash per share.
FY2027 revenue below $114.72 billion.
Hold. The report was prepared at $357.90, close to Fair value of $363.07, so the valuation offers limited near-term upside.3
A market quote dated 2026-09-04 and retrieved on 2026-09-08 sets the report-date price. Potential value is $480.56, but it requires stronger growth-duration evidence.3
The main risk is customer concentration. One customer represented 32% of FY2025 revenue, so lost volume, repricing, or internal substitution could reduce sales, margins, and cash together.
The clearest upside is that adopted FY2026 and FY2027 revenue expectations become reported sales while operating profit and cash remain supportive.15
The constructive cycle depends on FY2026 and FY2027 revenue expectations converting into reported sales across both operating segments. Those estimates are expectations, not proof of completed demand expansion.1
Hold because near-term operating support is largely reflected in the report-date price, while concentration and forecast-duration risks remain material.
The constructive cycle requires adopted FY2026 revenue expectations and the FY2027 revenue estimate to convert into reported sales. These remain expectations rather than proof of completed demand expansion.1
Hold because near-term operating support is largely reflected in the report-date price, while concentration and forecast-duration risks remain material.
Wireless Device Connectivity Solutions. Broadcom Inc. provides leading edge connectivity solutions for the wireless device market. Its products include radio frequency (“RF”) front-end modules and filters, Wi-Fi/Bluetooth combination chips, custom touch controllers and inductive charging devices. Broadcom Inc. has two reportable segments: semiconductor solutions and infrastructure software. Its semiconductor solutions segment includes all of its semiconductor-based product lines and intellectual property (“IP”) licensing.
Its infrastructure software segment includes its private cloud, mainframe software, cybersecurity and enterprise software portfolios, and its FC SAN business.
Persistent customer concentration could amplify a demand shock, while weaker cash generation or operating margins would reduce funds available for debt reduction and shareholders.
A major-customer loss or repricing would cut sales and profit together, while weaker cash generation and dilution would deepen the per-share effect.
Operating cash below $0.80 for each $1.00 of reported profit within 12 months would undermine earnings quality and require a full cash-flow reassessment.
A cost of equity above 12.4872% within 12 months would reduce the present value of long-duration earnings before operating results weaken.
Les cinq évolutions qui affaibliraient notre thèse d’investissement.
Weak conversion would make reported earnings less useful for debt reduction and shareholder returns, requiring a full reassessment of earnings and cash-flow value.
Actuel :FY2025: $1.19 of operating cash for each $1.00 of reported profit.
Alerte siBelow $0.80 for each $1.00 of reported profit over a trailing 12-month period.
No cited structural advantage establishes durable switching costs, software lock-in, distribution control, installed-base power, or scale protection. Strong cash generation is an outcome, not a moat source.
AMD and MRVL represent compute and networking comparisons, MU reflects memory-adjacent economics, and ON covers mature semiconductor markets. Their growth, margins, and valuations differ, while direct product displacement is not established.
FY2025 operating income was $25.48 billion and free cash flow was $26.91 billion. These support present economics but do not prove durable protection from competition.45
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
The highlighted cell is Fair value when every assumption sits at its base level ($363.07). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $28.8B after modeled capex of $623.0M, with terminal value at 72.4% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Semiconductor Solutions and Infrastructure Software provide the starting base, while operating profit and cash generation must remain near reported FY2025 levels.56
A beat matters more when both segment contributions remain material and operating cash continues to exceed reported profit.
Results matching the adopted estimates preserve the near-term thesis but do not validate growth after FY2027.
A miss paired with weaker margins or cash would indicate that expected growth is not converting into owner value.
FY2025 operating cash exceeded reported profit. However, FY2025 stock compensation and the rise in diluted average shares from FY2023 to FY2025 reduced per-share conversion.35
FY2025 cash generation was substantial, but low reported capital spending does not prove that future growth needs no working capital or other reinvestment.45
FY2025 debt of $65.14 billion exceeded cash of $16.18 billion. Continued free cash flow can reduce that gap, while stock compensation remains an economic cost to shareholders.
FY2025 operating income and free cash flow show strong economics, but those measures alone do not establish a comparable return-on-invested-capital trend.
The enterprise cash-flow discount rate was 10.2817% as of and retrieved on 2026-09-08. A comparable cited return series is not established here.
FY2025 operating cash flow was $27.54 billion and free cash flow was $26.91 billion.
Sustained conversion would fund debt reduction and shareholder returns without relying only on reported profit.
FY2025 stock-based compensation was $7.57 billion, while diluted average shares increased from 4.272 billion in FY2023 to 4.853 billion in FY2025.
| Chiffre d'affaires | 63 887 000 000 $US |
|---|---|
| Coût des ventes | 20 593 000 000 $US |
| Marge brute | 43 294 000 000 $US |
| Charges d’exploitation | 17 810 000 000 $US |
| Résultat d'exploitation | 25 484 000 000 $US |
| Éléments hors exploitation et impôts | -2 358 000 000 $US |
| Résultat net | 23 126 000 000 $US |
| Total de l’actif | 171 092 000 000 $US |
|---|---|
| Trésorerie | 16 178 000 000 $US |
| Actifs courants | 31 573 000 000 $US |
| Total du passif | 89 800 000 000 $US |
| Passifs courants | 18 514 000 000 $US |
| Capitaux propres | 81 292 000 000 $US |
| Résultat net | 23 126 000 000 $US |
|---|---|
| Entrées d’exploitation | 39 469 000 000 $US |
| Dotations aux amortissements | 8 775 000 000 $US |
| Rémunération en actions | 7 568 000 000 $US |
| Flux de trésorerie d'exploitation | 27 537 000 000 $US |
| Sorties d’exploitation | 11 932 000 000 $US |
| Trésorerie disponible | 36 885 000 000 $US |
| Trésorerie d’ouverture | 9 348 000 000 $US |
| Sorties d’investissement | 580 000 000 $US |
| Sorties de financement | 20 127 000 000 $US |
| Rachats d’actions | 2 450 000 000 $US |
| Dividendes versés | 11 142 000 000 $US |
| Remboursement net de dette | 2 812 000 000 $US |
| Autres activités de financement | 3 723 000 000 $US |
| Trésorerie de clôture | 16 178 000 000 $US |
| Flux d’investissement | -580 000 000 $US |
| Flux de financement | -20 127 000 000 $US |
Source: SEC EDGAR · Déposé le 2025-12-18 · SEC EDGAR
| Chiffre d’affaires par secteur opérationnel | Chiffre d'affaires | Part | sur un an |
|---|---|---|---|
| Semiconductor Solutions | 36,9 Md $US | 57,7 % | 22,5 % |
| Infrastructure Software | 27 Md $US | 42,3 % | 25,8 % |
Source: SEC EDGAR · Déposé le 2025-12-18 · SEC EDGAR
| Chiffre d’affaires par zone géographique | Chiffre d'affaires | Part | sur un an |
|---|---|---|---|
| All Other Geographies Member | 19 Md $US | 29,7 % | 1,8 % |
| United States | 16,5 Md $US | 25,8 % | — |
| Chinaincluding Hong Kong | 11,2 Md $US | 17,5 % | — |
| Singapore | 10,8 Md $US | 16,9 % | 12,9 % |
| Taiwan | 6,5 Md $US | 10,1 % | — |
Données financières ponctuelles utilisées dans l’analyse du 2026-09-08.
| Période | Chiffre d'affaires | EBITDA | Résultat net | Flux de trésorerie d'exploitation | Flux de trésorerie disponible | Capex | Dotations aux amortissements | Rémunération en actions | Rachats d’actions | Dividendes versés | Émission nette de dette | Flux d’investissement | Flux de financement | Trésorerie d’ouverture | Trésorerie de clôture | Trésorerie et placements | Dette totale | Marge opérationnelle | ROIC | WACC | Écart ROIC−WACC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-10-30 | 13,2 Md $US | 2,5 Md $US | -1,7 Md $US | 3,4 Md $US | 2,7 Md $US | 723 M $US | 3 Md $US | 679 M $US | 0 $US | 716 M $US | — | -9,8 Md $US | 7,7 Md $US | — | 3,1 Md $US | 3,1 Md $US | 13,6 Md $US | -3,1 % | — | — | — |
| 2017-10-29 | 17,6 Md $US | 7 Md $US | 1,7 Md $US | 6,6 Md $US | 5,5 Md $US | 1,1 Md $US | 4,7 Md $US | 921 M $US | 0 $US | 1,7 Md $US | — | -674 M $US | 2,2 Md $US | 3,1 Md $US | 11,2 Md $US | 11,2 Md $US | 17,5 Md $US | 13,4 % | — | 6,2 % | — |
| 2018-11-04 | 20,8 Md $US | 9,2 Md $US | 12,3 Md $US | 8,9 Md $US | 8,2 Md $US | 635 M $US | 4,1 Md $US | 1,2 Md $US | 7,3 Md $US | 2,9 Md $US | — | -4,7 Md $US | -11,1 Md $US | 11,2 Md $US | 4,3 Md $US | 4,3 Md $US | 17,5 Md $US | 24,6 % | — | 7,4 % | — |
| 2019-11-03 | 22,6 Md $US | 9,5 Md $US | 2,7 Md $US | 9,7 Md $US | 9,3 Md $US | 432 M $US | 5,8 Md $US | 2,2 Md $US | 5,4 Md $US | 4,2 Md $US | — | -15,4 Md $US | 6,5 Md $US | 4,3 Md $US | 5,1 Md $US | 5,1 Md $US | 32,8 Md $US | 15,2 % | — | 6,3 % | — |
| 2020-11-01 | 23,9 Md $US | 11,1 Md $US | 3 Md $US | 12,1 Md $US | 11,6 Md $US | 463 M $US | 6,9 Md $US | 2 Md $US | 0 $US | 5,2 Md $US | — | -11,1 Md $US | 1,6 Md $US | 5,1 Md $US | 7,6 Md $US | 7,6 Md $US | 41 Md $US | 16,8 % | — | 5,0 % | — |
| 2021-10-31 | 27,5 Md $US | 14,7 Md $US | 6,7 Md $US | 13,8 Md $US | 13,3 Md $US | 443 M $US | 6 Md $US | 1,7 Md $US | 0 $US | 5,9 Md $US | — | -245 M $US | -9 Md $US | 7,6 Md $US | 12,2 Md $US | 12,2 Md $US | 39,7 Md $US | 31,0 % | — | 5,7 % | — |
| 2022-10-30 | 33,2 Md $US | 19,2 Md $US | 11,5 Md $US | 16,7 Md $US | 16,3 Md $US | 424 M $US | 5 Md $US | 1,5 Md $US | 7 Md $US | 6,7 Md $US | -426 M $US | -667 M $US | -15,8 Md $US | 12,2 Md $US | 12,4 Md $US | 12,4 Md $US | 39,5 Md $US | 42,8 % | — | 8,3 % | — |
| 2023-10-29 | 35,8 Md $US | 20,6 Md $US | 14,1 Md $US | 18,1 Md $US | 17,6 Md $US | 452 M $US | 3,8 Md $US | 2,2 Md $US | 5,8 Md $US | 7,6 Md $US | -403 M $US | -689 M $US | -15,6 Md $US | 12,4 Md $US | 14,2 Md $US | 14,2 Md $US | 39,2 Md $US | 45,2 % | — | 9,6 % | — |
| 2024-11-03 | 51,6 Md $US | 23,9 Md $US | 5,9 Md $US | 20 Md $US | 19,4 Md $US | 548 M $US | 10 Md $US | 5,7 Md $US | 7,2 Md $US | 9,8 Md $US | 20,3 Md $US | -23,1 Md $US | -1,7 Md $US | 14,2 Md $US | 9,3 Md $US | 9,3 Md $US | 67,6 Md $US | 26,1 % | — | 9,1 % | — |
| 2025-11-02 | 63,9 Md $US | 34,7 Md $US | 23,1 Md $US | 27,5 Md $US | 26,9 Md $US | 623 M $US | 8,8 Md $US | 7,6 Md $US | 2,5 Md $US | 11,1 Md $US | -2,8 Md $US | -580 M $US | -20,1 Md $US | 9,3 Md $US | 16,2 Md $US | 16,2 Md $US | 65,1 Md $US | 39,9 % | — | 10,7 % | — |
Broadcom Inc. (AVGO) trades at 19.1x forward earnings against a peer median of 23.6x. Its EV/EBITDA of 33.4x compares with a peer median of 42.9x. The comparison uses 4 peers: Micron Technology Inc., Advanced Micro Devices Inc., Marvell Technology Inc. and ON Semiconductor Corporation, as of 2026-09-07 to 2026-09-08.
The semiconductor industry benchmark shows capital spending at 4.4% of revenue and 1.27 times depreciation, as of and retrieved on 2026-09-01.
The constructive cycle requires adopted FY2026 revenue expectations and the FY2027 revenue estimate to convert into reported sales. These remain expectations rather than proof of completed demand expansion.
A move toward the FY2027 estimate range’s low end would indicate weaker demand duration. Pricing or mix pressure would make that revenue shortfall more damaging to operating profit.
Broadcom enters this expansion with Semiconductor Solutions and Infrastructure Software as material revenue contributors. The FY2027 estimate range shows that demand duration remains uncertain.16
No change to an existing allocation. The report-date price sits close to Fair value, while concentration and FY2027 dispersion limit the case for greater exposure.1
Keep exposure unchanged unless operating evidence improves. Review customer concentration, FY2025 debt and cash, stock compensation, and operating cash separately because each affects sales resilience or per-share value.
Fair value is near the report-date price, while strong cash generation offsets—but does not remove—customer and duration risk.5
Wait for narrower FY2027 estimate dispersion, lower concentration, or better dilution evidence before committing fresh capital.16
Maintain only an existing allocation while the largest customer remains material and debt exceeds cash.36
Hold at the report-date valuation because Fair value is close to the share price.3
Near-term segment growth and cash generation support the position, but customer concentration and uncertain growth duration limit the case for greater exposure.
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
A GAAP operating margin below 34.13% within 24 months would indicate adverse pricing or mix and lower profit, cash generation, and value per share.5
A higher required return means investors pay less for each dollar of distant earnings, even before revenue or profit expectations decline.
Actuel :10.4872% as of and retrieved on 2026-09-08 at 05:09:27 UTC.
Alerte siAbove 12.4872% within 12 months.
A sustained margin break could reflect weaker pricing, adverse product mix, higher costs, or execution problems. Each would reduce operating profit and cash from every sales dollar.
Actuel :FY2025: 39.89%, supported by $25.48 billion of operating income on $63.89 billion of revenue.
Alerte siBelow 34.13% within 24 months.
Persistent concentration leaves sales, pricing, profit, and cash exposed to one counterparty’s demand, sourcing, or internal-substitution decisions.
Actuel :FY2025: 32% of revenue.
Alerte siAt or above 32% in the next annual filing.
A miss below the published range would invalidate the second annual growth anchor and force a shorter growth period after FY2027.
Actuel :Analyst consensus mean of $173.43 billion as of and retrieved on 2026-09-08 at 05:08:28 UTC.
Alerte siBelow $114.72 billion for FY2027.
| medium |
| Medium term |
| Geographic attribution alone does not establish demand, billing, supply, or trade exposure. If such a link emerges, disrupted regional sales could reduce revenue, margins, and cash.5 |
Under the moderate discount rate, 149 $US comes from forecast-period earnings and 165 $US from the long-term value, totaling 314 $US.
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Limitation: Terminal value is 70.6% of this model's value, above the 60% level at which the methodology flags concentration; the value leans on the years beyond the explicit forecast.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at WACC, then adjust for signed net debt per current share.
Limitation: Terminal value is 60.6% of this model's value, above the 60% level at which the methodology flags concentration; the value leans on the years beyond the explicit forecast.
Multiply the peer median PEG by this stock's forecast growth to derive an implied forward P/E, then apply it to forward EPS.
Solve for the growth rate that makes the model value equal the report-date share price.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Upside can persist if both segments turn sales into profit and cash without greater customer dependence or per-share dilution.36
Weakening cash generation would reduce debt capacity and make reported earnings less valuable to shareholders.5
A decline would show that pricing or product mix is weakening profit from each sales dollar.5
| FY2035 |
|---|
| Revenue | $105.96B | $173.43B | $234.20B | $295.86B | $353.35B | $406.74B | $454.37B | $496.40B | $533.68B | $563.14B |
| Operating income | $42.52B | $70.26B | $95.18B | $120.24B | $143.50B | $164.85B | $183.79B | $200.20B | $214.97B | $226.89B |
| NOPAT | $34.34B | $56.73B | $76.86B | $97.09B | $115.87B | $133.12B | $148.41B | $161.66B | $173.59B | $183.21B |
| Residual cash after reinvestment policy | $34.34B | $56.73B | $76.86B | $97.09B | $115.87B | $133.12B | $148.41B | $161.66B | $173.59B | $183.21B |
| Revenue growth | 65.9% | 63.7% | 35.0% | 26.3% | 19.4% | 15.1% | 11.7% | 9.3% | 7.5% | 5.5% |
| Operating margin | 40.1% | 40.5% | 40.6% | 40.6% | 40.6% | 40.5% | 40.5% | 40.3% | 40.3% | 40.3% |
| Tax rate | 19.3% | 19.3% | 19.3% | 19.3% | 19.3% | 19.3% | 19.3% | 19.3% | 19.3% | 19.3% |
| Reinvestment rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Terminal growth | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| Marge |
|---|
| AVGO | Broadcom Inc. | $1.70T | 19.1x | 19.1x | 33.4x | 44.2% | — |
| MU | Micron Technology Inc. | 6.6x | 12.7x | 16.5x | 66.6% | 80.4% | |
| AMD | Advanced Micro Devices Inc. | 30.8x | 18.9x | 80.6x | 10.2% | 17.2% | |
| MRVL | Marvell Technology Inc. | 33.3x | 21.3x | 69.3x | 16.5% | 16.7% | |
| ON | ON Semiconductor Corporation | 16.4x | 4.7x | 14.3x | 8.3% | 19.5% |
| FY2027 revenue | Below $114.72 billion | Reassess the Hold and shorten the assumed growth duration.1 |
