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Broadcom Inc. (AVGO)

適正価値
TechnologySemiconductorsUnited States

ファンダメンタル

75

株価

$355.14

時価総額

$1.67T

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

セグメント別売上高

Semiconductor Solutions57.7%

Networking chips, custom AI accelerators and other semiconductors sold to data-centre, networking and smartphone customers.

Infrastructure Software42.3%

Enterprise software, dominated by VMware, sold mainly as subscriptions to companies running private data centres.

競争優位性(moat)

スイッチングコスト · 広い

VMware'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.

需要を左右する要因

中程度の景気循環性

Infrastructure 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.

主なリスク

  • 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.

強気材料

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.

弱気材料

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年8月23日 with claude-opus-5 — shared with all users

P/E: 88.8Score: 70Market cap: $227.07B

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.

P/E: 29.2Score: 77Market cap: $5.41T

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.

P/E: 20.8Score: 66Market cap: $203.97B

Rival supplier of RF front-end and Wi-Fi/Bluetooth connectivity chips to the same smartphone makers that account for Broadcom's wireless revenue.

P/E: 32.7Score: 71Market cap: $421.74B

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.

P/E: 13.8Score: 69Market cap: $18.56B

Targets the same enterprise private-cloud budget as VMware Cloud Foundation, actively courting the customers unsettled by Broadcom's subscription-only licensing.

MediaTek Inc. (聯發科技股份有限公司)2454

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.

貸借対照表と流動性

売上高

$89.10B

直近12か月(2026/8/2まで)

純利益

$38.27B

直近12か月(2026/8/2まで)

フリーキャッシュフロー

$26.91B

自己資本合計

$81.29B

負債合計

$89.80B

流動比率

2.50

利払い倍率

13.74

負債/EBITDA

1.14

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$376.69

現在株価

$355.14

安全マージン

+5.7%

適正価値レンジ

$244.85 - $508.53

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$531.85
ディスカウンテッド・キャッシュフロー(DCF):$289.62
利益倍率(P/E):$149.19
グレアムの成長公式:$404.12
収益力価値(EPV):$54.52
正当化されたP/B:$78.91
配当割引モデル(ゴードン):$28.35
P/FFO(運用から生まれる資金):算出に必要なデータが不足しています
中間サイクル利益:$115.74
売上高倍率:$89.72
アナリスト・コンセンサス:強い買い (52B / 5H / 0S)
直近の決算サプライズ:+0.57%

バリュエーション指標

P/E レシオ

43.83

ROE

28.4%

P/B レシオ

16.46

P/FCF

41.63

粗利益率

68.8%

ROIC

20.2%

収益性レーダー

価値創造(経済的モート)

ROIC

20.2%

WACC

12.4%

ROIC − WACC

+7.8 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(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

不合格(6)

  • P/FCF 41.63
  • P/B Ratio 16.46
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Earnings Surprise avg 0.5%

データなし(1)

  • Dividend Payout NaN%

Piotroski F-スコア

8/9

財務健全性が高い

score
criteria

利益の質

1.06

高品質:利益はキャッシュに裏付けられている

株式希薄化

1.2%

株式数は安定している

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Hock Eng TanPresident, CEO & Executive Director73
Mr. Mark D. Brazeal J.D.Chief Legal & Corporate Affairs Officer57
Dr. Charlie B. Kawwas Ph.D.President of Semiconductor Solutions54
Ms. Kirsten M. SpearsConsultant61
Ms. Amie Thuener O'TooleChief Financial Officer50
Mr. Alan DavidsonChief Information Officer-
Mr. Ji YooDirector of Investor Relations-
Ms. Jill TurnerVice President of Human Resources-
Mr. Frank OstojicSenior VP & GM of ASIC Products Division-
Mr. Rich NelsonSenior VP & GM of Broadband Video Group-

監査リスク

3

取締役会リスク

3

報酬リスク

10

株主権利リスク

3

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2025-12-18

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-09-10

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-02

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for AVGO, sourced from Markets Gazette.

  • 50m agoPOSITIVE
    Perché le azioni Broadcom guadagnano oggi?

    Broadcom Inc. shares surged over 2.7% on Friday as Wall Street banks prepared a substantial $60 billion financing package for AI chip infrastructure. The syndicate banks are reportedly set to place $42 billion in senior secured debt, with Blackstone leading an additional $18 billion tranche of junior debt. This significant funding initiative, which has been in development for weeks, signals strong financial backing for Broadcom's AI ambitions. Investors are closely watching the market's appetite for financing such large-scale projects, but the immediate reaction suggests confidence in Broadcom's strategic direction and its role in the burgeoning AI sector.

  • 1d agoPOSITIVE
    Perché 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.

  • 15d agoNEGATIVE
    Broadcom 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.

  • 25d agoPOSITIVE
    Azioni 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.

  • 29d agoNEUTRAL
    Le 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.

  • 29d agoNEGATIVE
    Broadcom 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.

  • 29d agoPOSITIVE
    Broadcom 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