Broadcom
AVGO Nasdaq Semiconductors 金融 FY2016–FY2025
Broadcom's revenue rose 23.9% to $63.9 billion in fiscal 2025. Its operating margin was 39.9%, up from 26.1% a year earlier. Free cash flow was $26.9 billion, up 38.6%. It paid out $13.6 billion in dividends and buybacks, 50% of free cash flow. The diluted share count rose 1.6%.
关于这些数据。 Share counts and per-share figures for earlier years are restated for a stock split (10-for-1), so every year is on today's share basis.
Broadcom 的业务
Broadcom designs and sells computer chips and software that large businesses and governments use to run their computer systems. Its chips go into AI data centers, networking gear, servers and storage, smartphones, broadband modems, set-top boxes and factory equipment. Its software, including VMware products, helps companies run their own private clouds (computing systems they control rather than rent), manage mainframe computers and protect against cyberattacks.
Broadcom reports two segments. Semiconductor solutions made 58% of net revenue in fiscal 2025, and infrastructure software made the rest. Its AI products include custom chips built to each customer's design and switches that move data between servers. A few customers bring in much of its money: one customer accounted for 32% of net revenue in fiscal 2025, and Broadcom believes its top five end customers made up about 40%. In chips it competes with other chipmakers and with large equipment makers that design their own; in software it competes with big enterprise software vendors and smaller specialists.
Broadcom had about 33,000 employees at the end of fiscal 2025, about 57% of them in research and development. It has grown through acquisitions, including CA, Symantec's enterprise security business and VMware. Its main warehouse is in Malaysia.
- 法定名称
- Broadcom Inc.
- 财年结束日
- 2025年11月2日
- 最新年报
- 10-K · 2025年12月18日
- 登记号 · CIK
- 0001730168-25-000121
0001730168
营收与利润率
Broadcom 在 2025 财年 营收为 $63.9B，同比增长 23.9%。
净利润与每股收益
亏损期间以红色显示。
资本回报率
税后营业利润占投入业务资金(债务加股东权益减现金)的比例。
现金流
2025 财年 的自由现金流为 $26.9B，占营收的 42.1%。 经营现金流减资本支出。
股息、回购与股数
Broadcom 在 2025 财年 向股东返还 $13.6B，占自由现金流的 51%。 稀释股数增加 1.6%。
自己评估 Broadcom
调整假设，查看对应的每股价值。这些是模型，不是预测或目标价，结果完全取决于你的输入。
现金流折现
每股价值
—
加上净现金 −$49.0B，再除以 4,853.0M 稀释股数。十年现金流加终值，折现至今天。
盈利倍数
每股价值
—
参考倍数：当前 41.0x · 同业 20.1x · 板块 33.0x。
资产负债表
现金、债务以及显示 Broadcom 承担债务能力的指标。
| 财年末 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 现金及短期投资 | $12.2B | $12.4B | $14.2B | $9.3B | $16.2B |
| 债务(含融资租赁) | $39.7B | $39.5B | $39.2B | $67.5B | $65.1B |
| 净债务 / EBITDA | 3.0x | 1.8x | 1.3x | 2.5x | 1.4x |
| 债务 / 股东权益 | 1.6x | 1.7x | 1.6x | 1.0x | 0.8x |
| 利息保障倍数 | 4.5x | 8.2x | 10.0x | 3.4x | 7.9x |
| 流动比率 | 2.6x | 2.6x | 2.8x | 1.2x | 1.7x |
| 速动比率 | 2.4x | 2.4x | 2.6x | 1.1x | 1.6x |
| 总资产 | $75.6B | $73.2B | $72.9B | $165.6B | $171.1B |
| 总负债 | $50.6B | $50.5B | $48.9B | $98.0B | $89.8B |
| 股东权益 | $25.0B | $22.7B | $24.0B | $67.7B | $81.3B |
| 净债务 (− = 净现金) | $27.6B | $27.1B | $25.0B | $58.2B | $49.0B |
内部人交易
高管、董事和持股超过 10% 的股东在公开市场的买卖，数据来自 Form 4 申报。“计划”表示依据事先制定的 Rule 10b5-1 计划进行的交易。
买入(12 个月)
$0.4M
1 名内部人士
卖出(12 个月)
$543M
5 名内部人士
卖出中按计划执行的比例
92%
$500M
| 日期 | 内部人士 | 交易 | 股数 | 股价 | 金额 | 文件 |
|---|---|---|---|---|---|---|
| 2026年9月23日 | Henry SamueliDirector | 卖出 计划 | 702,190 | $356.04 | $250M | Form 4 |
| 2026年7月10日 | Mark David BrazealChief Legal & Corp Affairs Ofc | 卖出 | 25,000 | $401.33 | $10.0M | Form 4 |
| 2026年7月8日 | Gayla J DellyDirector | 卖出 | 1,890 | $385.38 | $0.7M | Form 4 |
| 2026年7月8日 | Mark David BrazealChief Legal & Corp Affairs Ofc | 卖出 | 25,000 | $379.19 | $9.5M | Form 4 |
| 2026年6月29日 | Justine PageDirector | 卖出 | 1,602 | $373.86 | $0.6M | Form 4 |
| 2026年6月25日 | Mark David BrazealChief Legal & Corp Affairs Ofc | 卖出 | 25,000 | $387.00 | $9.7M | Form 4 |
| 2026年6月24日 | Henry SamueliDirector | 卖出 计划 | 654,241 | $382.13 | $250M | Form 4 |
| 2026年6月17日 | Mark David BrazealChief Legal & Corp Affairs Ofc | 卖出 | 4,825 | $394.91 | $1.9M | Form 4 |
| 2026年6月16日 | Mark David BrazealChief Legal & Corp Affairs Ofc | 卖出 | 3,327 | $381.87 | $1.3M | Form 4 |
| 2026年6月11日 | Harry L. YouDirector | 买入 | 1,000 | $373.57 | $0.4M | Form 4 |
| 2026年4月10日 | Velaga S. RamPresident, Isg | 卖出 | 8,000 | $370.52 | $3.0M | Form 4 |
| 2026年4月9日 | Velaga S. RamPresident, Isg | 卖出 | 17,260 | $352.12 | $6.1M | Form 4 |
Piotroski F 分数
关于盈利能力、融资和效率的九项通过/未通过测试。8–9 为强，0–2 为弱。
| 测试项 | FY23 | FY24 | FY25 |
|---|---|---|---|
| 净利润为正 | ✓ | ✓ | ✓ |
| 经营现金流为正 | ✓ | ✓ | ✓ |
| 资产回报率上升 | ✓ | ✕ | ✓ |
| 经营现金流高于净利润 | ✓ | ✓ | ✓ |
| 债务相对资产下降 | ✕ | ✕ | ✓ |
| 流动比率上升 | ✓ | ✕ | ✓ |
| 股数未增加 | ✕ | ✕ | ✕ |
| 毛利率上升 | ✓ | ✕ | ✓ |
| 营收相对资产上升 | ✓ | ✓ | ✕ |
| F 分数 | 7 / 9 | 4 / 9 | 7 / 9 |
| 应计比率 | −5.5% | −11.8% | −2.6% |
| Altman Z'' | 3.34 | 1.39 | 2.64 |
相似公司
各公司最近一个财年的数据。各公司财年结束月份不同，因此期间并不完全一致。
| 公司 | 市值 | 增长 | 营业利润率 | 自由现金流利润率 | ROIC | 市盈率 | F 分数 | |
|---|---|---|---|---|---|---|---|---|
| Broadcom AVGO | $1.57T | 23.9% | 39.9% | 42.1% | 19.9% | 41.0x | 7 | |
| Intel INTC | $443.8B | −0.5% | −4.2% | −9.4% | −0.8% | — | 6 | 比较 → |
| Qualcomm QCOM | $188.0B | 13.7% | 27.9% | 29.0% | 23.7% | 20.1x | 6 | 比较 → |
| AMD AMD | $857.4B | 34.3% | 10.7% | 19.4% | 6.7% | 132.9x | 8 | 比较 → |
| Micron Technology MU | $1.00T | 256.3% | 74.6% | 44.3% | 106.8% | — | 8 | 比较 → |
10 年数据
金额单位为 USD。将鼠标悬停在指标名称上可查看定义。
| 财年 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营收 | $13.2B | $17.6B | $20.8B | $22.6B | $23.9B | $27.5B | $33.2B | $35.8B | $51.6B | $63.9B |
| 毛利 | $5.9B | $8.5B | $10.7B | $12.5B | $13.5B | $16.8B | $22.1B | $24.7B | $32.5B | $43.3B |
| 研发支出 | $2.7B | $3.3B | $3.8B | $4.7B | $5.0B | $4.9B | $4.9B | $5.3B | $9.3B | $11.0B |
| 营业利润 | −$409M | $2.4B | $5.1B | $3.4B | $4.0B | $8.5B | $14.2B | $16.2B | $13.5B | $25.5B |
| 利息支出 | $585M | $454M | $628M | $1.4B | $1.8B | $1.9B | $1.7B | $1.6B | $4.0B | $3.2B |
| 税前利润 | −$1.1B | $1.8B | $4.5B | $2.2B | $2.4B | $6.8B | $12.4B | $15.1B | $9.9B | $22.7B |
| 所得税 | $642M | $35.0M | −$8.1B | −$510M | −$518M | $29.0M | $939M | $1.0B | $3.7B | −$397M |
| 净利润 | −$1.7B | $1.7B | $12.3B | $2.7B | $3.0B | $6.7B | $11.5B | $14.1B | $5.9B | $23.1B |
| 稀释每股收益 | −$0.49 | $0.40 | $2.84 | $0.64 | $0.63 | $1.50 | $2.65 | $3.30 | $1.23 | $4.77 |
| 稀释股数 | 3.83B | 4.21B | 4.31B | 4.19B | 4.21B | 4.29B | 4.23B | 4.27B | 4.78B | 4.85B |
| 现金流 | ||||||||||
| 经营现金流 | $3.4B | $6.6B | $8.9B | $9.7B | $12.1B | $13.8B | $16.7B | $18.1B | $20.0B | $27.5B |
| 资本支出 | $723M | $1.1B | $635M | $432M | $463M | $443M | $424M | $452M | $548M | $623M |
| 自由现金流 | $2.7B | $5.5B | $8.2B | $9.3B | $11.6B | $13.3B | $16.3B | $17.6B | $19.4B | $26.9B |
| 折旧与摊销 | $3.0B | $4.7B | $4.1B | $5.8B | $570M | $539M | $529M | $3.7B | $9.9B | $8.6B |
| 股权激励 | $679M | $921M | $1.2B | $2.2B | $2.0B | $1.7B | $1.5B | $2.2B | $5.7B | $7.6B |
| 收购 | $10.1B | $40.0M | $4.8B | $16.0B | $10.9B | $8.0M | $246M | $53.0M | $26.0B | $0.0M |
| 股票回购 | $0.0M | $0.0M | $7.3B | $5.4B | $0.0M | $0.0M | $7.0B | $5.8B | $7.2B | $2.5B |
| 已付股息 | $716M | $1.7B | $2.9B | $4.2B | $5.2B | $5.9B | $6.7B | $7.6B | $9.8B | $11.1B |
| 股息与回购 | $716M | $1.7B | $10.2B | $9.7B | $5.2B | $5.9B | $13.7B | $13.5B | $17.0B | $13.6B |
| 资产负债表 | ||||||||||
| 现金及短期投资 | $3.1B | $11.2B | $4.3B | $5.1B | $7.6B | $12.2B | $12.4B | $14.2B | $9.3B | $16.2B |
| 总债务 | — | $17.5B | $17.5B | $32.8B | $41.0B | $39.7B | $39.5B | $39.2B | $67.5B | $65.1B |
| 融资租赁负债 | $0.0M | $0.0M | $0.0M | $0.0M | $68.0M | $65.0M | $59.0M | $49.0M | $39.0M | $0.0M |
| 流动资产 | — | $15.8B | $9.1B | $9.9B | $11.9B | $16.6B | $18.5B | $20.8B | $19.6B | $31.6B |
| 流动负债 | — | $2.5B | $2.3B | $6.9B | $6.4B | $6.3B | $7.1B | $7.4B | $16.7B | $18.5B |
| 存货 | $0.0M | $1.4B | $1.1B | $874M | $1.0B | $1.3B | $1.9B | $1.9B | $1.8B | $2.3B |
| 固定资产净额 | — | $2.6B | $2.6B | $2.6B | $2.5B | $2.3B | $2.2B | $2.2B | $2.5B | $2.5B |
| 总资产 | — | $54.4B | $50.1B | $67.5B | $75.9B | $75.6B | $73.2B | $72.9B | $165.6B | $171.1B |
| 总负债 | — | $31.2B | $23.5B | $42.5B | $52.0B | $50.6B | $50.5B | $48.9B | $98.0B | $89.8B |
| 股东权益 | $21.9B | $20.3B | $26.7B | $24.9B | $23.9B | $25.0B | $22.7B | $24.0B | $67.7B | $81.3B |
| 利润率 | ||||||||||
| 毛利率 | 44.9% | 48.3% | 51.5% | 55.2% | 56.6% | 61.4% | 66.6% | 68.9% | 63.0% | 67.8% |
| 营业利润率 | −3.1% | 13.4% | 24.6% | 15.2% | 16.8% | 31.0% | 42.8% | 45.3% | 26.1% | 39.9% |
| EBITDA 利润率 | 19.9% | 40.3% | 44.2% | 40.9% | 19.2% | 33.0% | 44.4% | 55.7% | 45.2% | 53.4% |
| 净利率 | −13.1% | 9.6% | 58.8% | 12.1% | 12.4% | 24.5% | 34.6% | 39.3% | 11.4% | 36.2% |
| 自由现金流利润率 | 20.3% | 31.1% | 39.6% | 41.0% | 48.6% | 48.5% | 49.1% | 49.2% | 37.6% | 42.1% |
| 回报率 | ||||||||||
| 资本回报率 | — | — | 14.8% | 7.4% | 7.3% | 15.4% | 25.7% | 30.6% | 9.6% | 19.9% |
| 已动用资本回报率 | — | — | 10.3% | 6.4% | 6.2% | 12.3% | 21.0% | 24.6% | 12.6% | 16.9% |
| 股本回报率 | — | — | 52.2% | 10.6% | 12.1% | 27.6% | 48.2% | 60.3% | 12.9% | 31.1% |
| 资产回报率 | — | — | 23.5% | 4.6% | 4.1% | 8.9% | 15.5% | 19.3% | 4.9% | 13.7% |
| 增长 | ||||||||||
| 营收增长 | — | 33.2% | 18.2% | 8.4% | 5.7% | 14.9% | 21.0% | 7.9% | 44.0% | 23.9% |
| 净利润增长 | — | — | 624.5% | −77.8% | 8.7% | 127.6% | 70.7% | 22.5% | −58.1% | 292.3% |
| 每股收益增长 | — | — | 607.5% | −77.4% | −1.6% | 137.0% | 76.7% | 24.5% | −62.7% | 287.8% |
| 自由现金流增长 | — | 103.9% | 50.4% | 12.4% | 25.2% | 14.9% | 22.5% | 8.1% | 10.1% | 38.6% |
| 股数变化 | — | 9.9% | 2.4% | −2.8% | 0.5% | 1.9% | −1.4% | 1.0% | 11.8% | 1.6% |
| 财务健康 | ||||||||||
| 净债务 / EBITDA | — | 0.9x | 1.4x | 3.0x | 7.3x | 3.0x | 1.8x | 1.3x | 2.5x | 1.4x |
| 债务 / 股东权益 | — | 0.9x | 0.7x | 1.3x | 1.7x | 1.6x | 1.7x | 1.6x | 1.0x | 0.8x |
| 利息保障倍数 | −0.7x | 5.2x | 8.2x | 2.4x | 2.3x | 4.5x | 8.2x | 10.0x | 3.4x | 7.9x |
| 流动比率 | — | 6.3x | 3.9x | 1.4x | 1.9x | 2.6x | 2.6x | 2.8x | 1.2x | 1.7x |
| 速动比率 | — | 5.7x | 3.4x | 1.3x | 1.7x | 2.4x | 2.4x | 2.6x | 1.1x | 1.6x |
| 资本配置 | ||||||||||
| 资本支出 / 营收 | 5.5% | 6.1% | 3.1% | 1.9% | 1.9% | 1.6% | 1.3% | 1.3% | 1.1% | 1.0% |
| 股权激励 / 营收 | 5.1% | 5.2% | 5.9% | 9.7% | 8.3% | 6.2% | 4.6% | 6.1% | 11.1% | 11.9% |
| 股东回报 / 自由现金流 | 26.6% | 30.2% | 123.5% | 104.4% | 45.1% | 44.4% | 84.2% | 76.4% | 87.5% | 50.5% |
| 质量评分 | ||||||||||
| Piotroski F 分数 | — | — | — | 6.0 | 5.0 | 8.0 | 7.0 | 7.0 | 4.0 | 7.0 |
| Altman Z'' | — | 2.7 | 3.0 | 1.3 | 1.3 | 2.2 | 2.9 | 3.3 | 1.4 | 2.6 |
| 应计比率 | — | — | 6.5% | −11.9% | −12.7% | −9.3% | −7.0% | −5.5% | −11.8% | −2.6% |
来源：SEC EDGAR XBRL 文件 (CIK 0001730168). 数据更新于 2026年10月10日。 第四季度数据为全年减去前九个月。 仅供参考，不构成投资建议。依赖任何数字前，请核对原始文件。