Broadcom Inc. (AVGO)
Juste valeurFondamental
75
Prix
$347.89
Capitalisation boursière
$1.67T
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Broadcom sells two very different things under one roof: custom and networking chips that go into smartphones, data-centre switches and the custom AI accelerators it co-designs for a few large cloud companies, and enterprise software — largely VMware, acquired in 2023 — that lets companies run their own private data centres. The chip side sells hardware; the software side sells subscriptions to run infrastructure most large companies already depend on.
Comment l'entreprise gagne de l'argent
Semiconductor revenue is booked when chips ship and depends on how much capacity customers are ordering, including multi-year custom AI chip programmes for a handful of cloud companies. Infrastructure Software revenue is increasingly subscription-based since VMware moved its licensing to that model, which makes it steadier and more predictable than the chip business, and it now carries software-like margins that pull up the company's overall profitability.
Chiffre d'affaires par segment
Networking chips, custom AI accelerators and other semiconductors sold to data-centre, networking and smartphone customers.
Enterprise software, dominated by VMware, sold mainly as subscriptions to companies running private data centres.
Avantage concurrentiel
Coûts de changement · LargeVMware's virtualization software sits underneath thousands of companies' data-centre applications, and ripping it out means re-architecting how those applications run — a project few companies choose to undertake. On the chip side, custom AI accelerators are co-designed over years with specific cloud customers, which creates its own multi-year lock-in for as long as that partnership lasts.
Ce qui stimule la demande
Modérément cycliqueInfrastructure Software revenue is fairly steady, renewing on subscription terms tied to systems companies are not going to rip out quickly. Semiconductor revenue is far more cyclical, tracking data-centre and smartphone order cycles that can swing from shortage to oversupply within a year or two, so the combined business is less volatile than a pure chip company but still meaningfully cyclical.
Principaux risques
- Concentration in a few large customers — A meaningful share of semiconductor revenue, including custom AI chips, comes from a small number of very large customers whose order changes move results materially.
- Integration and retention risk after the VMware acquisition — Moving VMware customers to subscription pricing has raised costs for some of them, and Broadcom's post-acquisition pricing and support changes could push customers to evaluate alternatives over time.
- Export controls and geopolitics — Restrictions on selling advanced chips to certain countries, and Broadcom's reliance on manufacturing capacity concentrated in Asia, expose the semiconductor business to rules that can change with little warning.
- Cyclicality of chip demand — Networking and custom AI chip demand can fall quickly if data-centre customers pause spending or shift capacity plans, and Broadcom carries the cost of capacity it commits to well before orders are confirmed.
Les arguments en faveur
Buyers argue that Broadcom pairs a fast-growing, high-margin custom AI chip business with a large, sticky software franchise in VMware, giving it both AI-driven upside and a stable cash-generating base that a pure chip company lacks.
Les arguments contre
Sellers fear that AI chip revenue is concentrated in very few customers who could shift designs elsewhere, that VMware price increases are pushing some customers to look for alternatives, and that the combined business trades at a valuation that assumes both halves keep growing together indefinitely.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23 août 2026 with claude-opus-5 — shared with all users
The closest pure-play rival, bidding against Broadcom for the same hyperscaler contracts in custom AI accelerators (XPUs), Ethernet switching silicon and optical interconnect DSPs.
Competes for the same data-centre AI budget, offering off-the-shelf GPUs and its own Spectrum-X/InfiniBand networking as an alternative to Broadcom's custom accelerators and Tomahawk switch chips.
Rival supplier of RF front-end and Wi-Fi/Bluetooth connectivity chips to the same smartphone makers that account for Broadcom's wireless revenue.
Designs its own Silicon One switching chips for the data-centre and service-provider switches that would otherwise carry Broadcom's Tomahawk or Jericho silicon.
Targets the same enterprise private-cloud budget as VMware Cloud Foundation, actively courting the customers unsettled by Broadcom's subscription-only licensing.
Competes on price and design wins in Wi-Fi connectivity, set-top box and broadband access chips sold to the same consumer-electronics and telecom-operator customers.
Bilan & Liquidités
Chiffre d'affaires
$89.10B
12 derniers mois (au 02/08/2026)
Résultat net
$38.27B
12 derniers mois (au 02/08/2026)
Flux de trésorerie libre
$26.91B
Capitaux propres totaux
$81.29B
Passif total
$89.80B
Ratio de liquidité général
2.50
Couverture des intérêts
13.74
Dette/EBITDA
1.14
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$376.69
Prix actuel
$347.89
Marge de sécurité
+7.6%
Fourchette de juste valeur
$244.85 - $508.53
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
44.79
ROE
28.4%
Ratio P/B
16.82
P/FCF
42.55
Marge brute
68.8%
ROIC
20.2%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
20.2%
WACC
12.4%
ROIC − WACC
+7.8 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (20)
- EPS shows upward trend
- Price CAGR 34.99%
- ROIC 20.2%
- Gross Margin 68.8%
- Debt/Equity ratio
- Operating Margin 48.0%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 43.9%
- Revenue Growth 5Y 21.7%
- Analyst Consensus 91% Buy
- PEG Ratio 0.94
- Earnings Quality (OCF/NI) 1.06
- Share Dilution 1.2%
- Net Margin Trend 42.9% vs 31.6%
- Piotroski F-Score 8/9
Échoué (6)
- P/FCF 42.55
- P/B Ratio 16.82
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg 0.5%
Indisponible (1)
- Dividend Payout NaN%
Score F de Piotroski
Santé financière solide
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Le nombre d'actions est stable
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Hock Eng Tan | President, CEO & Executive Director | 73 |
| Mr. Mark D. Brazeal J.D. | Chief Legal & Corporate Affairs Officer | 57 |
| Dr. Charlie B. Kawwas Ph.D. | President of Semiconductor Solutions | 54 |
| Ms. Kirsten M. Spears | Consultant | 61 |
| Ms. Amie Thuener O'Toole | Chief Financial Officer | 50 |
| Mr. Alan Davidson | Chief Information Officer | - |
| Mr. Ji Yoo | Director of Investor Relations | - |
| Ms. Jill Turner | Vice President of Human Resources | - |
| Mr. Frank Ostojic | Senior VP & GM of ASIC Products Division | - |
| Mr. Rich Nelson | Senior VP & GM of Broadband Video Group | - |
Risque d'audit
3
Risque du conseil
3
Risque de rémunération
10
Risque droits des actionnaires
3
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2025-12-18
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-09-10
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-09-02
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for AVGO, sourced from Markets Gazette.
- 11h agoPOSITIVEPerché Broadcom finanzia Anthropic con 42 mld scommettendo sulle sue future spese
Broadcom has entered into a significant funding arrangement with AI startup Anthropic, committing up to $42 billion for infrastructure spending. This deal positions Broadcom not just as a supplier but as a key financial backer, potentially funding a third of Anthropic's five-year $125.2 billion commitment for TPU compute capacity. The agreement is strategically tied to Anthropic's future revenue ambitions, with the AI firm expected to become Broadcom's largest custom chip client by 2027. This move signals Broadcom's aggressive bet on the burgeoning AI market and its long-term growth prospects in specialized semiconductor solutions.
- 14d agoNEGATIVEBroadcom in calo per il panico sulla sicurezza AI: momento d'oro per comprare?
Broadcom Inc. shares have experienced a significant decline, falling over 31% from their yearly high to $340. This drop has placed the stock in a technical bear market, with its market capitalization shrinking from $2.29 trillion to $1.62 trillion. The sell-off is attributed to growing concerns within the AI sector, amplified by calls from industry leaders to slow down AI model releases due to security worries. Investors are closely monitoring the situation, as the broader AI market sentiment impacts key players like Broadcom.
- 24d agoPOSITIVEAzioni Broadcom: perché la storia di crescita del produttore di chip AI accelera
Broadcom Inc. is emerging as a key player in the AI infrastructure boom, with its AI semiconductor division experiencing robust growth and the company raising its long-term revenue outlook. The semiconductor and infrastructure software firm projects AI revenue to reach $115 billion in fiscal year 2027 and $230 billion in fiscal year 2028, driven by escalating demand for custom AI chips and networking solutions. Broadcom's AI semiconductor revenues surged by 221% year-over-year in the fiscal third quarter ending August 2nd. This significant expansion underscores Broadcom's strategic positioning and its capacity to capitalize on the accelerating AI market, signaling strong future performance for investors.
- 28d agoNEUTRALLe azioni Broadcom scendono: perché gli analisti sono divisi
Broadcom Inc. (AVGO) shares dipped 3% on Thursday despite exceeding Q3 earnings expectations and significantly raising AI revenue forecasts. The mixed market reaction stems from varied analyst price target adjustments. Evercore ISI lowered its target to $578 from $582, while TD Cowen cut theirs to $475 from $500. Conversely, Morgan Stanley raised its target to $505 from $502, and Cantor Fitzgerald increased theirs to $600 from $525. This divergence in analyst sentiment, despite strong company performance, creates uncertainty for investors.
- 28d agoNEGATIVEBroadcom verso un avvio in rosso a Wall Street all'indomani dei conti
Broadcom Inc. is poised for a negative opening on Wall Street, with its stock declining over 3% in pre-market trading following its latest financial results. The tech company's shares are under pressure after the announcement, indicating a potential investor concern or a reassessment of the company's valuation post-earnings. This pre-market dip suggests that the market may be reacting unfavorably to the reported figures or the forward guidance provided by Broadcom.
- 28d agoPOSITIVEBroadcom Sees AI Chip Boom as It Takes On Nvidia | The Pulse 9/3/2026
Broadcom Inc. is poised to capitalize on the burgeoning artificial intelligence chip market, presenting a significant challenge to incumbent Nvidia. The company's strategic positioning in AI hardware development is expected to drive substantial revenue growth, as demand for specialized processors in data centers and AI infrastructure continues to surge. This expansion into a high-growth sector signals a robust future for Broadcom, potentially leading to increased market share and investor confidence. The company's ability to innovate and compete effectively in this dynamic landscape is a key factor for its stock performance.
via Markets Gazette