Broadcom Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dots on the line: a member of Congress whose Hunch portfolio holds AVGO filed a disclosure; its hover says what the disclosure reports of AVGO: each trade, bought or sold, with the amount range the member filed (the House asks for a range, not the amount), or in an annual report the range of the holding’s value, the ranges of its entries added up (“in all”) where the report lists AVGO more than once, in several accounts or share classes: a sum that bounds the value as the ranges do but is not a range the form offers. An annual report’s row has no latest trade. Filings: the Clerk of the House. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Oct 2025, Products was 70% and Subscriptions and services was 30% of revenue; Subscriptions and services rose from 19% in the fiscal year to Oct 2023.

Quarters: Broadcom Inc.'s SEC filings, named by the month they end. Fiscal years: Broadcom Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $36.2 ends up as net income. Net margin rose from 34.6% to 36.2% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Broadcom Inc.'s annual reports to the SEC.

Where it is in the chip cycle

Gross margin 69.1%, up 2.0 points from a year earlier; inventory at 40 days, up from 34 a year earlier; capital spending 1.4% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report Broadcom buys from TSMC, ASE Technology, Hon Hai Precision Industry and 1 more; one customer it does not name accounts for 32% of its revenue. Cisco Systems’s Supplier List for fiscal 2025 names Broadcom as a supplier.

Their suppliers

KLA KLACto TSMC

Lam Research LRCXto TSMC, ASE Technology

Onto Innovation ONTOto TSMC

ASMPT 0522.HKto Amkor Technology

BE Semiconductor Industries BESI.ASto Amkor Technology

Henkel HEN3.DEto Amkor Technology

Teradyne TERto ASE Technology

Advantest ATEYYto ASE Technology

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Suppliers

TSMC TSM 95%

Amkor Technology AMKR

ASE Technology ASX

Hon Hai Precision Industry 2317.TW

 

AVGOBroadcom

Customers

Unnamed customer 32%

Arista Networks ANET

Cisco Systems CSCO

Fortinet FTNT

Hewlett-Packard Enterprise HPE

Their customers

Arrow Electronics ARWfrom Fortinet

Ingram Micro INGMfrom Fortinet

TD Synnex SNXfrom Fortinet

Penguin Solutions PENGfrom Hewlett-Packard Enterprise

WhiteFiber WYFIfrom Hewlett-Packard Enterprise

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Broadcom's 10-K for the year to Oct 2025 gives one customer's share of its revenue: Major Customer One (32%).

From Broadcom Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Changes since the previous annual report (10-K filed Dec 20, 2024)

Qualcomm QCOMNo longer named (was a partner)

Largest unnamed customerCustomer, share of revenue28% → 32%

Named in other companies’ filings

Arista Networks ANETco-develops with it · Collaborates on silicon features and product developmentEverpure Pcalls it a partner · Application technology ecosystemUMC UMClicensing deal with it · Patent cross-licensing

Only the companies Broadcom names in its 10-K filed Dec 18, 2025 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Broadcom. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Also from other documents: Cisco Systems’s Supplier List for fiscal 2025, published Apr 18, 2026 (source). Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 46.5x, above the peer median of 15.9x, so it needs earnings to keep growing to hold up.

Priced 193% above the peer median of 15.9x (excludes 1 unprofitable peer).

At 46.5× trailing earnings AVGO is inside the middle of its five-year range; the five-year median is 46.1×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $533, 46% above the current price; 96% of 51 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 49 analysts (96%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $381.74 to $522.92 (+37%), while AVGO went from $339.98 to $364.36 (+7%). In the past three months targets were raised 7 times and cut 4 times. 3 upgrades and 3 downgrades over the year; the latest: DA Davidson moved it to Buy from Neutral on Oct 27, 2026.

The day after each of these reports the stock moved −12.8% (Oct 2025, beat); +6.0% (Jan 2026, beat); −13.0% (Apr 2026, beat); −3.4% (Jul 2026, beat).

For the quarter ending Oct 2026 (Broadcom reports on Dec 9, 2026), analysts expect adjusted earnings of $3.84 a share, 97% more than the $1.95 of a year earlier, and revenue of $34.9B, up 94% on a year earlier. For the fiscal year ending Oct 2027, they expect adjusted earnings of $19.47 a share, 67% more than the year before's estimate of $11.67, and revenue of $175.5B, up 66% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $39.4B in free cash flow over the year, of which $20.5B went back to shareholders (dividends plus buybacks), leaving $18.9B in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 1.7, no pressure to repay short-term debt; debt-to-equity 0.8, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

21 portfolios Hunch tracks hold AVGO: 1 member of Congress and 20 funds. It is 20.2% of Blue Whale Capital's portfolio (6.4% as filed).

• FundBlue Whale CapitalUK growth fundAVGO is 20% of this portfolio6% as filed+78.0%2-year backtest
• FundLight Street Capital ManagementTech-stock hedge fundAVGO is 17% of this portfolio7% as filed+117.6%2-year backtest
• FundPolen Capital ManagementGrowth-stock asset managerAVGO is 15% of this portfolio6% as filed+40.5%2-year backtest
• FundMichael & Susan Dell FoundationPrivate foundation of Dell founder Michael Dell and his wife SusanAVGO is 15% of this portfolio5% as filed+341.2%2-year backtest
• FundTensor Edge CapitalSemiconductor-focused hedge fundAVGO is 15% of this portfolio9% as filed-13.5%6-month backtest
• CongressNancy PelosiU.S. RepresentativeAVGO is 13% of this portfolio9% as filed+33.0%2-year backtest

AVGO's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 36 held AVGO at the end of their latest quarter (for most, Q2 2026). Over that quarter 13 added shares, 15 cut, 5 bought new, 3 sold all and 3 held the same. The largest of them is Norges Bank, 65.97M shares worth $24.9B at Jun 30, 2026, 5.9% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of AVGO at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $699K and sold $1.1B of AVGO on the open market in the 12 months to Nov 10, 2026. 83% of the sales were made under 10b5-1 plans, set up in advance. The largest was Henry Samueli (Director), who sold $878M in 64 sales.

From the Form 4s filed with the SEC about Broadcom Inc. (49 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 210 other transactions (grants, shares withheld for tax, shares sold to pay tax and gifts).

Insights that mention AVGO