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Broadcom

AVGO
78
Semiconductors · Technology
Also trades as: 0YXG.L GBP 3.31 (-2.14%)
Price
$328.75
-15.58 (-4.52%)
Market Cap
$1.57T
Exchange
United States
Winston Score
78
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 18, 2026 · filings through Aug 2, 2026

§How the score breaks down

Quality
Exceptional
28/30
Growth
Exceptional
20/20
Cash Flow
Exceptional
9/10
Stability
Strong
8/10
Valuation
Good
6/10
Ownership
Mixed
4/15
Dividends
Good
3/5

78 of 100 counted points = Winston Score 78.

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Share count rising — dilution

+13.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.29B (2021) → 4.85B (2025)

§Winston Score History

The full picture

Broadcom makes computer chips and software that power the internet and large data centers. Its chips handle the flow of data inside networks, smartphones, and servers — key customers include Apple, Google, Meta, and major telecom companies. Broadcom is one of the largest semiconductor companies in the world and also owns enterprise software brands like VMware, which it acquired in 2023.

Broadcom earns money by selling chips directly to device makers and cloud companies, and by charging businesses subscription and license fees for its software products. It operates globally, with significant revenue from Asia-Pacific, North America, and Europe, generating over $50 billion in annual revenue. Its main competitive advantage is deep, long-term design partnerships with a small number of very large customers, making it hard to replace. The biggest growth driver is demand for custom AI chips, where Broadcom is building specialized processors for hyperscale cloud customers — though heavy customer concentration remains a key risk.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+85.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+212.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$11.0B/ year

↑ Rising (+18% vs prior year)

17.2% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

1.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$24.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Broadcom grew revenue 86% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
69.1%
Premium pricing power — 69.1% gross margin
Profit after running costs
Operating Margin
53.9%
Excellent — 53.9% operating margin
Return on the money invested
ROCE
27.0%
Exceptional — 27.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+48.7%
Fast-growing sales (+48.7% YoY)
Profit growth
EPS YoY
+100.5%
Earnings growing fast (+100.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
106%
Turns 106% of profit into real cash
Spare cash per sale
FCF Margin
44.2%
Converts sales into free cash efficiently (44.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.60
Conservative — low debt load (0.60)
Covers its interest
Interest Cover
14.20x
Comfortably covers interest (14.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
40.8x
Pricey — P/E 40.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+29.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (40.8 → 11.8)

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Dividends

Dividend
Dividend Yield
0.72%
Small dividend — 0.72% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+10.2%
Dividend growing fast (10.2% YoY)
Payout Ratio
32%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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