# Broadcom Inc. (AVGO)

> Source: Nexqual · https://nexqual.com/AVGO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Broadcom Inc. (AVGO), nexqual.com/AVGO" · informational, not investment advice.

**Price:** USD 323.24 (-4.31% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 337.8 · day 321.02–330.82 · 52w 289.96–495 · market cap $1.54T · NMS

## Key facts
- Last four reported quarters (through Aug 2, 2026): revenue $89.1B, net income $38.3B (42.9% margin), free cash flow $39.4B (SEC filings).
- Valuation: P/E 40.3x (avg 80.5x at the last 3 fiscal year-ends), EV/EBITDA 36.3x, net debt $35.4B.
- 13 of 80 tracked superinvestors hold AVGO (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 2 new, 3 added, 6 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $552M; 11 not under a Rule 10b5-1 plan ($51.8M); 4 by opportunistic insiders (4 outside 10b5-1 plans), 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $374K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.90 on a 1–5 scale) (51 analysts), mean target USD 529.1 (range 215.88–660).
- Total return with dividends: 1Y -5.4% vs S&P 500 +14.9%; 5Y +585.1% vs S&P 500 +80.3%.
- Next earnings: 2026-12-09, EPS estimate USD 3.83, revenue estimate $34.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $27.4B | $33.2B | $35.8B | $51.6B | $63.9B | $89.1B |
| Gross profit | $16.8B | $22.1B | $24.7B | $32.5B | $43.3B | — |
| Operating income | $8.52B | $14.2B | $16.2B | $13.5B | $25.5B | $42.8B |
| Net income | $6.74B | $11.5B | $14.1B | $5.89B | $23.1B | $38.3B |
| EPS (diluted) | $1.50 | $2.65 | $3.30 | $1.23 | $4.77 | — |
| Free cash flow | $13.3B | $16.3B | $17.6B | $19.4B | $26.9B | $39.4B |
| Gross margin | 61.4% | 66.5% | 68.9% | 63.0% | 67.8% | — |
| Operating margin | 31.0% | 42.8% | 45.2% | 26.1% | 39.9% | 48.0% |
| Net margin | 24.5% | 34.6% | 39.3% | 11.4% | 36.2% | 42.9% |
| Revenue growth | +14.9% | +21.0% | +7.9% | +44.0% | +23.9% | — |
| Cash + short-term investments | $12.2B | $12.4B | $14.2B | $9.35B | $16.2B | — |
| Total debt | $41.5B | $39.5B | $39.2B | $69.8B | $65.1B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 2, 2026)
P/E 40.3x · P/S 17.3x · EV/EBITDA 36.3x · EV/Sales 17.7x · P/FCF 39.2x · P/B 15.5x · FCF yield 2.55% · Earnings yield 2.48% · Dividend yield (paid, TTM) 0.78% · Buyback yield (TTM) 0.55% · Net debt $35.4B · EV $1.58T
P/E at fiscal year-ends: Nov 2025 84.6x, Nov 2024 131.4x, Oct 2023 25.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
13 of 80 tracked investors hold AVGO (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| William Von Mueffling | Cantillon Capital Management | 10.61% | $70.5M | Reduced -95.4% | Q2 2026 |
| Polen Capital | Polen Capital Management | 6.38% | $740M | Reduced -27.3% | Q2 2026 |
| Torray Funds |  | 5.17% | $38.3M | Added +2.0% | Q2 2026 |
| Jensen Investment Management |  | 3.59% | $148M | Reduced -12.0% | Q2 2026 |
| Chase Coleman | Tiger Global Management | 2.76% | $663M | Reduced -51.1% | Q2 2026 |
| David Tepper | Appaloosa Management | 0.76% | $56.7M | New position | Q2 2026 |
| First Pacific Advisors |  | 0.30% | $23.9M | Added +1.1% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.03% | $393K | Unchanged | Q3 2026 |
| Lee Ainslie | Maverick Capital | 0.02% | $2.2M | New position | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.4M | Added +3.7% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $7.3M | Unchanged | Q2 2026 |
| Sarah Ketterer | Causeway Capital Management | <0.01% | $303K | Reduced -4.9% | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $672K | Reduced -1.9% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-23 | Samueli Henry | Director | 702,190 | $250M | 1.9% | Yes (adopted December 16, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-10 | Brazeal Mark David | Chief Legal & Corp Affairs Ofc | 25,000 | $10.0M | 11.4% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-08 | Delly Gayla J | Director | 1,890 | $728K | 5.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-08 | Brazeal Mark David | Chief Legal & Corp Affairs Ofc | 25,000 | $9.5M | 10.2% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-29 | Page Justine | Director | 1,602 | $599K | 8.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-25 | Brazeal Mark David | Chief Legal & Corp Affairs Ofc | 25,000 | $9.7M | 9.3% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-24 | Samueli Henry | Director | 654,241 | $250M | 2.1% | Yes (adopted December 16, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-16…2026-06-17 | Brazeal Mark David | Chief Legal & Corp Affairs Ofc | 8,152 | $3.2M | 2.9% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-04-10 | Velaga S. Ram | President, ISG | 8,000 | $3.0M | 12.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-09 | Delly Gayla J | Director | 1,000 | $358K | 3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-08…2026-04-09 | Velaga S. Ram | President, ISG | 30,215 | $10.6M | 31.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-08 | Page Justine | Director | 2,018 | $712K | 10% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-08 | Kawwas Charlie B | President, SSG | 10,000 | $3.5M | 1.1% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $374K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-11 | You Harry L. | Director | 1,000 | $374K | 373.57 | Opportunistic (traded every year 2023–2025, no repeating month) |

## Analysts
Consensus Buy (mean 1.90 on a 1–5 scale), 51 analysts; mean target USD 529.1 (low 215.88, high 660).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Tigress Financial | Initiated | Buy | $600 |
| 2026-09-10 | Piper Sandler | Initiated | Overweight | $460 |
| 2026-09-04 | Citigroup | Target raised | Buy | $500 → $515 |
| 2026-09-04 | DA Davidson | Target lowered | Neutral | $400 → $350 |
| 2026-09-03 | Macquarie | Upgrade | Neutral → Outperform | $490 |
| 2026-09-03 | Raymond James | Target raised | Outperform | $450 → $475 |
| 2026-09-03 | Evercore ISI Group | Target lowered | Outperform | $582 → $578 |
| 2026-09-03 | TD Cowen | Target lowered | Buy | $500 → $475 |
| 2026-09-03 | Truist Securities | Target lowered | Buy | $550 → $520 |
| 2026-09-03 | StoneX | Reiterated | Buy | $545 |
| 2026-09-03 | Morgan Stanley | Target raised | Overweight | $502 → $505 |
| 2026-09-03 | RBC Capital | Reiterated | Sector Perform | $400 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.4% | +585.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.4% | +46.8% |
| Volatility (annualized) | 46.3% | 43.7% |
| Max drawdown | -32.6% (Jun 2026→Oct 2026) | -40.0% (Jan 2025→Mar 2025) |

## Peers (Semiconductors)
TSM (Taiwan Semiconductor Manufactur) USD 412.35 -4.52% · SKHY (SK hynix Inc.) USD 131.69 -8.07% · MU (Micron Technology, Inc.) USD 856.49 -6.26% · AMD (Advanced Micro Devices, Inc.) USD 507.93 -8.10% · INTC (Intel Corporation) USD 85.49 -8.04% · NVDA (NVIDIA Corporation) USD 212.21 -4.40%

## More
Full page: https://nexqual.com/AVGO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AVGO's own 10-K filed 2025-12-18 (https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TSMC (TSM) | "The majority of our front-end wafer manufacturing operations is outsourced to external foundries, including Taiwan Semiconductor Manufacturing Company Limited ("TSMC")." |
| Customer | VMware | "Our customers may select additional advanced services, such as VMware vDefend, VMware Avi Load Balancer, VMware Tanzu Platform, VMware Private AI and VMware Live Recovery, as well as business process workload automation …" |

Other companies that name AVGO in their own reports (relationship from AVGO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Nutanix, Inc. (NTNX) | 10-K 2026-09-18 | "software providers that offer virtualization, containerization, agentic AI, virtual networking and security, software defined storage, infrastructure and management and control plane products to build…" |
| customer | Ubiquiti Inc. (UI) | 10-K 2026-08-21 | "example, we currently rely upon some chipset suppliers, such as Qualcomm and Broadcom, as single-source suppliers of certain components for some of our products, and a disruption in the supply of thos…" |
| customer | EXTREME NETWORKS INC (EXTR) | 10-K 2026-08-17 | "Our product development efforts also depend upon continued collaboration with our key suppliers, including our merchant silicon vendors such as Broadcom, Inc.." |
| supplier | SYNAPTICS Inc (SYNA) | 10-K 2026-08-10 | "Net revenue from Core IoT was $389.7 million, increasing 43.1% compared to $272.4 million a year ago, and included the contribution from our Broadcom transaction." |
| competitor | Credo Technology Group Holding Ltd (CRDO) | 10-K 2026-06-15 | "Our principal competitors with respect to our products include Broadcom Ltd. (Broadcom)," |
| partner | Kyndryl Holdings, Inc. (KD) | 10-K 2026-05-29 | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and Servi…" |
| partner | EPLUS INC (PLUS) | 10-K 2026-05-28 | "Our solutions are comprised of world class leading technologies from partners such as Amazon Web Services ("AWS"), Arista Networks, Check Point, Cisco Systems, Citrix, CrowdStrike, Dell, Everpure, F5 …" |
| partner | Gen Digital Inc. (GEN) | 10-K 2026-05-21 | "Broadcom has committed to provide these Engine-Related Services substantially to the same extent and in substantially the same manner, as has been historically provided under a license agreement with …" |
| competitor | NETSCOUT SYSTEMS INC (NTCT) | 10-K 2026-05-14 | "In the enterprise market, our competitors include companies who provide network observability, application performance management, infrastructure performance management and other related solutions suc…" |
| competitor | SILICOM LTD. (SILC) | 20-F 2026-04-28 | "respect to Server Adapters, our main competitors are Nvidia, Intel, and Broadcom." |
| competitor | Nano Labs Ltd (NA) | 20-F 2026-04-13 | "In terms of smart-NICs, we expect to face competition from industry giants such as Broadcom and Intel as well as other existing and new" |
| competitor | Netskope Inc (NTSK) | 10-K 2026-03-31 | "Our primary competitors include companies such as Broadcom, Cisco, Fortinet, Palo Alto Networks, and Zscaler." |
| related | POET TECHNOLOGIES INC. (POET) | 20-F 2026-03-31 | "Throughout his career, Mr. Tirva held various management positions at IBM, Broadcom" |
| competitor | SentinelOne, Inc. (S) | 10-K 2026-03-19 | "•endpoint security providers, such as CrowdStrike Holdings, Inc. (CrowdStrike) and Carbon Black (within Broadcom, Inc.);" |
| supplier | ONE STOP SYSTEMS, INC. (OSS) | 10-K 2026-03-18 | "We apply the component technology provided by Intel, AMD, NVIDIA, Micron, Broadcom, Microchip, and others to deliver solutions to provide true value to our customers." |

## Revenue by business segment (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Semiconductor Solutions | $20.84B | 70.4% | +127.4% | $12.77B | 61.3% |
| Infrastructure Software | $8.75B | 29.6% | +29.0% | $7.33B | 83.7% |
| Total revenue | $29.59B | 100% | — | $15.96B | 53.9% |

## Revenue by product line (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $24.28B | 82.0% | +117.3% |
| Subscriptions and services | $5.31B | 18.0% | +11.2% |
| Total revenue | $29.59B | 100% | — |

## Revenue by region (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia Pacific | $20.94B | 70.8% | +133.8% |
| Americas | $5.51B | 18.6% | +16.7% |
| Europe, the Middle East and Africa | $3.13B | 10.6% | +38.2% |
| Total revenue | $29.59B | 100% | — |

## Customer concentration

Period ended 2025-11-02: 32% of revenue from unnamed direct customers (10-K, filed 2025-12-18).

## Company outlook (8-K filed 2026-09-02)

- "Based on current business trends and conditions, the outlook for the fourth quarter of fiscal year 2026, ending November 1, 2026, is expected to be as follows: • Fourth quarter revenue guidance of approximately $34.8 billion; • Fourth quarter non-GAAP operating income guidance of approximately 66 percent of projected revenue."
- "The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law. 2 Quarterly Dividends The Board of Directors of Broadcom has approved a quarterly cash dividend of $0.65 per share."
- "Financial Results Conference Call Broadcom Inc. will host a conference call to review its financial results for the third quarter of fiscal year 2026 and to discuss the business outlook today at 2:00 p.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $3.83 | $3.86 | -0.8% | $34.90B | 41 |
| Next quarter (ends 2027-01-31) | $4.09 | $4.13 | -1.0% | $37.03B | 37 |
| Current fiscal year (ends 2026-10-31) | $11.66 | $11.63 | +0.3% | $105.99B | 49 |
| Next fiscal year (ends 2027-10-31) | $19.43 | $19.58 | -0.8% | $174.14B | 49 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-12-09): ±14.6%; earnings reaction alone ±7.7%; last 8 reports averaged ±9.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-26 | 3 | 38.1% | ±3.2% |
| 2026-10-28 | 5 | 43.3% | ±4.4% |
| 2026-10-30 | 7 | 46.3% | ±5.5% |
| 2026-11-02 | 10 | 42.7% | ±5.9% |
| 2026-11-04 | 12 | 43.9% | ±6.6% |
| 2026-11-06 | 14 | 44.7% | ±7.3% |
| 2026-11-13 | 21 | 43.2% | ±8.5% |
| 2026-11-20 | 28 | 43.0% | ±9.7% |