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Broadcom Inc. (AVGO)

合理估值
TechnologySemiconductorsUnited States

基本面

75

价格

$347.89

市值

$1.67T

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

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.

护城河

转换成本 · 宽阔

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.

需求驱动因素

中度周期性

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.

主要风险

  • 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.

看多理由

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.

看空理由

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: 87.5Score: 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: 28.9Score: 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: 21.0Score: 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: 32.3Score: 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: 13.6Score: 66Market 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.

资产负债表与流动性

营收

$89.10B

最近12个月(截至2026/8/2)

净利润

$38.27B

最近12个月(截至2026/8/2)

自由现金流

$26.91B

股东权益合计

$81.29B

负债合计

$89.80B

流动比率

2.50

利息覆盖率

13.74

债务/EBITDA

1.14

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形合理估值

公允价值

$376.69

当前价格

$347.89

安全边际

+7.6%

公允价值区间

$244.85 - $508.53

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$531.85
现金流折现法(DCF):$289.62
市盈率法(P/E):$149.19
格雷厄姆成长公式:$404.12
盈利能力价值(EPV):$54.52
合理市净率(P/B):$78.91
股息折现模型(戈登模型):$28.35
P/FFO(运营资金):数据不足,无法计算
周期中段收益:$115.91
市销率法(P/S):$93.06
分析师共识:强力买入 (52B / 5H / 0S)
最近财报超预期:+0.57%

估值指标

市盈率(P/E)

44.79

ROE

28.4%

市净率(P/B)

16.82

P/FCF

42.55

毛利率

68.8%

ROIC

20.2%

盈利能力雷达图

价值创造(经济护城河)

ROIC

20.2%

WACC

12.4%

ROIC − WACC

+7.8 pp

ROIC 超过资本成本:公司正在为股东创造价值。

基本面分析标准

通过(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

未通过(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%

不可用(1)

  • Dividend Payout NaN%

Piotroski F-评分

8/9

财务状况强健

score
criteria

盈利质量

1.06

高质量:盈利有现金流支撑

股权稀释

1.2%

股份数量稳定

机构持股

公司治理

管理团队

姓名职位年龄
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-

审计风险

3

董事会风险

3

薪酬风险

10

股东权利风险

3

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2025-12-18

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-09-10

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-09-02

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for AVGO, sourced from Markets Gazette.

  • 12h 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.

  • 14d 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.

  • 24d 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.

  • 28d 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.

  • 28d 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