AVGOBroadcom Inc.

Semiconductors & Related Devices

Revenue: $63.9B; 24% YoY
Operating margin: 39.9%; 53% YoY
EBITDA: $26.1B; 85% YoY
Market cap: $1.6T
Employees: 33,000; $2M revenue each
Net debt / EBITDA: 1.4×; $37.1B net debt
AI in 10-K: 14.1; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
467% of net income
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
49% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
52% of assets
Over 40% of assets
Shareholder dissentYes
66% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 92nd pct
Bottom quartile of its SIC industry
Quiet on AINo
14.1 per 10K words · 96th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$1.6T market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$1.2B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$27.4B	$33.2B	$35.8B	$51.6B	$63.9B	24%
Operating income	$8.5B	$14.2B	$16.2B	$13.5B	$25.5B	89%
Net income	—	$11.5B	$14.1B	$5.9B	—
Operating cash flow	$13.8B	$16.7B	$18.1B	$20.0B	$27.5B	38%
Capex	$443M	$424M	$452M	$548M	$623M	14%
Stock-based comp	$1.7B	$1.5B	$2.2B	$5.7B	$7.6B	32%
Buybacks	$0	$7.0B	$5.8B	$7.2B	$2.5B	66%
Dividends	$5.9B	$6.7B	$7.6B	$9.8B	$11.1B	14%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $699K · 2
Open-market sells, 12 mo: $1.2B · 280
Net: −$1.2B

Pay vs performance

No pay-versus-performance disclosure yet.