Broadcom Inc.
AVGOdata completeness 100%10 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'
Broadcom Inc. earns about 63% on invested capital, far above its ~9% cost of capital, but has diluted owners by 1031% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $24.32 and $145.73 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $27.5B1 | $33.2B2 | $35.8B3 | $51.6B3 | $63.9B3 |
| Net income | $6.74B4 | $11.5B5 | $14.1B5 | $5.9B5 | $23.1B6 |
| Operating cash flow | $13.8B7 | $16.7B8 | $18.1B9 | $20B9 | $27.5B9 |
| Capital expenditure | $443M10 | $424M11 | $452M12 | $548M12 | $623M12 |
| Free cash flow (derived) | $13.3B7 | $16.3B8 | $17.6B9 | $19.4B9 | $26.9B9 |
| Total debt | $79.4B13 | $403M14 | $1.56B15 | $1.25B16 | $3.15B16 |
| Cash & equivalents | $12.2B17 | $12.4B18 | $14.2B19 | $9.35B20 | $16.2B20 |
| Diluted shares | 429.0M | 4.23B | 4.27B | 4.78B | 4.85B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $167.51 of net worth that earned you $47.65 and generated $55.46 of cash last year, against $6.49 of debt.
It earned about 63% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 1031% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 96% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $24.32 and $145.73 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth13.4%
- fcfBase$19.4B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth13.4%
- fcfBase$19.4B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$11.5B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $59.09 |
| Base | 13.4% | $101.74 |
| Bull | 18.4% | $123.42 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 13.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-10-31 · accession 0001730168-23-000096 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-10-30 · accession 0001730168-24-000139 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-10-29 · accession 0001730168-25-000121 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-10-31 · accession 0001730168-23-000096 (ProfitLoss)
- 10-K · period ending 2022-10-30 · accession 0001730168-24-000139 (NetIncomeLoss)
- 10-K · period ending 2025-11-02 · accession 0001730168-25-000121 (ProfitLoss)
- 10-K · period ending 2021-10-31 · accession 0001730168-23-000096 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-10-30 · accession 0001730168-24-000139 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-10-29 · accession 0001730168-25-000121 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-10-31 · accession 0001730168-23-000096 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-10-30 · accession 0001730168-24-000139 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-10-29 · accession 0001730168-25-000121 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-10-31 · accession 0001730168-21-000153 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-10-30 · accession 0001730168-23-000096 (LongTermDebtCurrent)
- 10-K · period ending 2023-10-29 · accession 0001730168-24-000139 (LongTermDebtCurrent)
- 10-K · period ending 2024-11-03 · accession 0001730168-25-000121 (LongTermDebtCurrent)
- 10-K · period ending 2021-10-31 · accession 0001730168-22-000118 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-10-30 · accession 0001730168-23-000096 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-10-29 · accession 0001730168-24-000139 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-11-03 · accession 0001730168-25-000121 (CashAndCashEquivalentsAtCarryingValue)