# Broadcom Inc. Common Stock (AVGO) — Stock CV

Broadcom Inc. is a $1.73T technology company. Revenue grew 48.7% over the last year, it keeps 43¢ of every dollar of sales as profit, and its net debt equals ~1.2 years of free cash flow. It trades at 45.1× earnings — around the middle of its own history.

> Broadcom is one of the largest semiconductor companies in the world and has also expanded into infrastructure software. Its semiconductors primarily serve computing and networking, with custom AI accelerators now accounting for the bulk of the business.

## Identity

- **Ticker**: AVGO
- **Sector**: Technology
- **Industry**: Semiconductors
- **Headquarters**: PALO ALTO, CA
- **Employees**: 33 000
- **Website**: https://www.broadcom.com
- **Market cap**: $1.73T
- **Last price**: $362.40
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $89.1B
- **Net income**: $38.3B
- **Free cash flow**: $39.4B
- **Net debt**: $49.0B
- **P/E**: 45.1
- **Revenue growth (YoY)**: 48.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 27 |
| Growth | 100 |
| Profitability | 95 |
| Health | 55 |
| Quality | 74 |
| Moat | 74 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +48.7% YoY
- [x] Profitable — $38.3B TTM
- [x] Profit growing — +20.6% YoY
- [x] Generates cash — $39.4B TTM
- [x] Debt under control — ~1.2y of cash flow to repay
- [x] Established company — $1.73T market cap
- [ ] Not printing shares — +15.3% shares over ~5y
- [x] Proven track record — 9/9 profitable years
- [ ] Financially stable — health score 50/100
- [x] Pays a dividend — yield 0.70%
- [x] Valuation not extreme — P/E 45.1

## Experience (career milestones)

- **FY2025** — Best year on record: $23.1B net income
- **FY2024** — Revenue crossed $50B: $51.6B for the year
- **2024** — Became the AI networking play: custom AI chips + networking took the market cap past $1T
- **Nov 22, 2023** — Acquired VMware: $69B — one of the largest tech deals ever
- **2019** — Acquired Symantec's enterprise arm: $10.7B deeper into infrastructure software
- **FY2017** — Profitable every year on record: 9 consecutive profitable years in our data
- **FY2017** — Revenue already above $10B: $17.6B in first reported year
- **FY2017** — Positive free cash flow every year since: 9-year streak
- **Feb 1, 2016** — Acquired Broadcom Corp: $37B — took the name, doubled the size
- **2013** — More specifically, Broadcom would provide Bluetooth connectivity for Wii's controller
- **2011** — Broadcom bought NetLogic Microsystems for a deal of $3.7 billion in cash, excluding around $450…
- **Aug 6, 2009** — IPO as Avago: listed on Nasdaq at $15 per share
- **2009** — Broadcom first landed on the Fortune 500 in 2009, and climbed to spot #327 in 2013
- **2002** — Broadcom authored its own VoIP codecs in 2002, and released them as open source with the LGPL license in 2009
- **2001** — Broadcom Corporation acquired ServerWorks Corporation, a maker of chipsets for IA-32-based servers, in 2001 for $957…
- **1998** — Broadcom became a public company on the NASDAQ exchange (ticker symbol: BRCM) and employs about 11,750…
- **1991** — Roots in HP's components division: spun out via Agilent as Avago Technologies in 2005

## Strengths

- High gross margin (68.8%)
- Strongly profitable — 42.9% net margin
- Revenue growing 48.7% year over year
- Strong cash conversion — FCF is 44.2% of revenue
- Interest covered 8.9× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $27.4B | $6.44B | $13.3B |
| FY2022 | $33.2B | $11.2B | $16.3B |
| FY2023 | $35.8B | $14.1B | $17.6B |
| FY2024 | $51.6B | $5.89B | $19.4B |
| FY2025 | $63.9B | $23.1B | $26.9B |

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Source: https://stockcv.com/AVGO — derived from company filings; may be delayed or incomplete. Information, not investment advice.