Broadcom vs Qualcomm
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The short version
- Broadcom is the larger business, with $63.9B of revenue in fiscal 2025 against $44.3B for Qualcomm.
- Broadcom grew revenue faster (23.9%, against 13.7%).
- Broadcom kept more of each dollar of sales as operating profit (39.9% operating margin, against 27.9%).
- Broadcom turned more of its sales into free cash flow (42.1% FCF margin, against 29.0%).
- Qualcomm earned a higher return on the capital invested in it (23.7%, against 19.9%).
- Investors pay more for each dollar of Broadcom’s earnings: a P/E of 41.0x against 20.1x for Qualcomm.
| Latest fiscal year | AVGO · FY25 | QCOM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.57T | $188.0B |
| Revenue | $63.9B | $44.3B |
| Free cash flow | $26.9B | $12.8B |
| Net income | $23.1B | $5.5B |
| Growth | ||
| Revenue growth | 23.9% | 13.7% |
| 5-year growth | 21.7% | 13.5% |
| Share count change | 1.6% | −2.2% |
| Profitability | ||
| Gross margin | 67.8% | 55.4% |
| Operating margin | 39.9% | 27.9% |
| Net margin | 36.2% | 12.5% |
| FCF margin | 42.1% | 29.0% |
| Return on capital | 19.9% | 23.7% |
| Return on equity | 31.1% | 23.3% |
| Balance sheet | ||
| Net debt | $49.0B | $4.7B |
| Net debt / EBITDA | 1.4x | 0.3x |
| Dividends and buybacks | $13.6B | $12.6B |
| Valuation & quality | ||
| P/E | 41.0x | 20.1x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
AVGO $13.2B
QCOM $23.6B
FY17
AVGO $17.6B
QCOM $22.3B
FY18
AVGO $20.8B
QCOM $22.6B
FY19
AVGO $22.6B
QCOM $24.3B
FY20
AVGO $23.9B
QCOM $23.5B
FY21
AVGO $27.5B
QCOM $33.6B
FY22
AVGO $33.2B
QCOM $44.2B
FY23
AVGO $35.8B
QCOM $35.8B
FY24
AVGO $51.6B
QCOM $39.0B
FY25
AVGO $63.9B
QCOM $44.3B
AVGO
QCOM
Operating margin
FY16
AVGO −3.1%
QCOM 27.6%
FY17
AVGO 13.4%
QCOM 11.6%
FY18
AVGO 24.6%
QCOM 2.8%
FY19
AVGO 15.2%
QCOM 31.6%
FY20
AVGO 16.8%
QCOM 26.6%
FY21
AVGO 31.0%
QCOM 29.2%
FY22
AVGO 42.8%
QCOM 35.9%
FY23
AVGO 45.3%
QCOM 21.7%
FY24
AVGO 26.1%
QCOM 25.9%
FY25
AVGO 39.9%
QCOM 27.9%
AVGO
QCOM
Free cash flow
FY16
AVGO $2.7B
QCOM $7.1B
FY17
AVGO $5.5B
QCOM $4.3B
FY18
AVGO $8.2B
QCOM $3.1B
FY19
AVGO $9.3B
QCOM $6.4B
FY20
AVGO $11.6B
QCOM $4.4B
FY21
AVGO $13.3B
QCOM $8.6B
FY22
AVGO $16.3B
QCOM $6.8B
FY23
AVGO $17.6B
QCOM $9.8B
FY24
AVGO $19.4B
QCOM $11.2B
FY25
AVGO $26.9B
QCOM $12.8B
AVGO
QCOM
Return on capital
FY16
AVGO —
QCOM 21.7%
FY17
AVGO —
QCOM —
FY18
AVGO 14.8%
QCOM —
FY19
AVGO 7.4%
QCOM 88.4%
FY20
AVGO 7.3%
QCOM 70.3%
FY21
AVGO 15.4%
QCOM 80.8%
FY22
AVGO 25.7%
QCOM 75.4%
FY23
AVGO 30.6%
QCOM 30.8%
FY24
AVGO 9.6%
QCOM 38.6%
FY25
AVGO 19.9%
QCOM 23.7%
AVGO
QCOM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.