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Broadcom Inc. AVGO

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At $368.45, 25.6% below its high, Broadcom trades at 61.4x trailing GAAP earnings and 18.8x FY2027 consensus, and both numbers are correct.

Everything between those two numbers gets tested on September 2, when consensus asks for $29.2B of revenue, up 31.8% in a single quarter.

Key data

ItemValue
Price, 2026-08-21 close$368.45, 25.6% below the $495.00 high
Market capitalization$1.75T
FY2025 revenue$63.9B, up 24%
FY2025 free cash flow$26.9B, 42% of revenue
April quarter margins67.2% gross, 49.0% operating
Net debt$45.3B, about 1.1x EBITDA, 11x interest coverage
Tangible book value per sharenegative $8.10
Dividend$2.54 per share, 0.69% yield

AVGO · price with moving averages

Daily · 6MWeekly · 3Y
$44$152$260$368$477 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

Broadcom sells two things. Semiconductors: networking switches and custom AI accelerators that the largest cloud companies use to build training clusters, plus wireless chips inside Apple phones and a long tail of storage and broadband silicon. And infrastructure software, mostly VMware, mainframe tooling and security, sold to large enterprises on multi-year subscriptions. Chips are paid per program and per unit; software is billed as a recurring subscription, which is why $14.2B sits in deferred revenue.

The engine is the custom accelerator business, which turns a hyperscaler's decision to build its own AI chip rather than buy Nvidia's into actual silicon, and it is what moves the stock. Revenue has stepped up every quarter, $15.95B, $18.02B, $19.31B, $22.19B, with April gross margin of 67.2% and operating margin of 49.0%. What changed is VMware, bought with $126.1B of goodwill and intangibles and repriced onto subscription.

Inside the complete One Pager

  1. 01The business
  2. 02Things you might not know
  3. 03Fundamentals
  4. 04Valuation
  5. 05Management
  6. 06Compensation
  7. 07The linchpins
  8. 08Last word

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