Financials Broadcom Inc.

Equities

AVGO

US11135F1012

Semiconductors

Market Closed - Nasdaq Other stock markets 01:30:00 10/07/2025 am IST			After hours 05:30:00 am
277.90 ^USD	+2.24%		277.42	-0.17%

08/07	KeyBanc Adjusts Price Target on Broadcom to $330 From $315, Maintains Overweight Rating	MT
08/07	Broadcom files pricing term sheet for $1.75 billion 4.600% senior notes due 2030	RE

Projected Income Statement: Broadcom Inc.

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	23,888	27,450	33,203	35,819	51,574	62,841	75,507	87,739
Change	-	14.91%	20.96%	7.88%	43.99%	21.85%	20.16%	16.2%
EBITDA ¹	13,509	16,451	21,029	23,213	31,897	41,743	50,312	58,332
Change	-	21.78%	27.83%	10.39%	37.41%	30.87%	20.53%	15.94%
EBIT ¹	12,939	15,912	20,294	22,125	30,736	40,443	49,151	57,619
Change	-	22.98%	27.54%	9.02%	38.92%	31.58%	21.53%	17.23%
Interest Paid ¹	-1,777	-1,885	-1,625	-1,622	-3,953	-3,008	-2,709	-2,255
Earnings before Tax (EBT) ¹	2,443	6,765	12,434	15,097	9,916	22,401	30,449	38,485
Change	-	176.91%	83.8%	21.42%	-34.32%	125.91%	35.93%	26.39%
Net income ¹	2,960	6,736	11,495	14,082	5,895	21,238	27,995	35,306
Change	-	127.57%	70.65%	22.51%	-58.14%	260.27%	31.82%	26.12%
Announcement Date	10/12/20	09/12/21	08/12/22	07/12/23	12/12/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: November	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	5,821	6,467	6,655	6,610	6,778	7,407	7,706	8,103	8,464	8,930	8,915	8,733	8,876	9,295	11,961	12,487	13,072	14,054	14,916	15,004	15,817	16,954	17,510	18,055	19,356	20,859	22,066	21,969
Change	-	11.1%	2.91%	-0.68%	2.54%	9.28%	4.04%	5.15%	4.46%	5.51%	-0.17%	-2.04%	1.64%	4.72%	28.68%	4.4%	4.68%	7.51%	6.13%	0.59%	5.42%	7.19%	3.28%	3.11%	7.21%	7.76%	5.79%	-0.44%
EBITDA ¹	3,319	3,782	3,918	3,935	4,080	4,518	4,818	5,111	5,378	5,722	5,678	5,686	5,801	6,048	7,156	7,429	8,223	9,089	10,083	10,001	10,468	11,223	11,559	11,955	12,885	14,160	14,651	14,474
Change	-	13.95%	3.6%	0.43%	3.68%	10.74%	6.64%	6.08%	5.22%	6.4%	-0.77%	0.14%	2.02%	4.26%	18.32%	3.81%	10.69%	10.53%	10.94%	-0.81%	4.67%	7.22%	2.99%	3.42%	7.78%	9.9%	3.47%	-1.21%
EBIT ¹	3,181	3,643	3,780	3,802	3,946	4,384	4,656	4,939	5,199	5,500	5,430	5,412	5,536	5,747	6,831	7,146	7,948	8,811	9,828	9,793	10,250	11,073	11,402	11,780	12,677	13,742	14,491	14,609
Change	-	14.52%	3.76%	0.58%	3.79%	11.1%	6.2%	6.08%	5.26%	5.79%	-1.27%	-0.33%	2.29%	3.81%	18.86%	4.61%	11.22%	10.86%	11.54%	-0.36%	4.66%	8.03%	2.98%	3.31%	7.61%	8.4%	5.45%	0.81%
Charge d'intérêts ¹	-464	-420	-570	-466	-415	-434	-407	-518	-406	-406	-406	-405	-406	-405	-926	-1,047	-1,064	-916	-873	-769	-750.2	-714.4	-713.9	-704.7	-681.6	-666.4	-581.2	-860
Earnings before Tax (EBT) ¹	593	1,137	1,384	1,486	1,726	2,169	2,687	2,790	3,337	3,620	3,840	3,716	3,574	3,967	1,342	2,005	2,806	3,763	5,490	5,085	5,724	6,367	6,545	6,766	7,528	8,120	8,967	8,801
Change	-	91.74%	21.72%	7.37%	16.15%	25.67%	23.88%	3.83%	19.61%	8.48%	6.08%	-3.23%	-3.82%	11%	-66.17%	49.4%	39.95%	34.11%	45.89%	-7.38%	12.57%	11.22%	2.8%	3.37%	11.27%	7.87%	10.43%	-1.84%
Net income ¹	688	1,324	1,378	1,493	1,876	1,989	2,472	2,590	3,074	3,359	3,774	3,481	3,303	3,524	1,325	2,121	-1,875	4,324	5,503	4,965	5,158	5,756	6,223	6,541	7,360	8,195	8,941	7,948
Change	-	92.44%	4.08%	8.35%	25.65%	6.02%	24.28%	4.77%	18.69%	9.27%	12.35%	-7.76%	-5.11%	6.69%	-62.4%	60.08%	-188.4%	330.61%	27.27%	-9.78%	3.89%	11.59%	8.12%	5.11%	12.52%	11.35%	9.09%	-11.11%
Announcement Date	03/09/20	10/12/20	04/03/21	03/06/21	02/09/21	09/12/21	03/03/22	26/05/22	01/09/22	08/12/22	02/03/23	01/06/23	31/08/23	07/12/23	07/03/24	12/06/24	05/09/24	12/12/24	06/03/25	05/06/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Broadcom Inc.

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	33,444	27,567	27,099	25,040	58,218	46,597	29,656	17,749
Change	-	-17.57%	-1.7%	-7.6%	132.5%	-19.96%	-36.36%	-40.15%
Announcement Date	10/12/20	09/12/21	08/12/22	07/12/23	12/12/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Broadcom Inc.

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	463	443	424	452	548	561.6	648.8	736.8
Change	-	-4.32%	-4.29%	6.6%	21.24%	2.48%	15.53%	13.57%
Free Cash Flow (FCF) ¹	11,598	13,321	16,312	17,633	19,414	29,580	38,659	46,008
Change	-	14.86%	22.45%	8.1%	10.1%	52.37%	30.69%	19.01%
Announcement Date	10/12/20	09/12/21	08/12/22	07/12/23	12/12/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Broadcom Inc.

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	56.55%	59.93%	63.33%	64.81%	61.85%	66.43%	66.63%	66.48%
EBIT Margin (%)	54.17%	57.97%	61.12%	61.77%	59.6%	64.36%	65.09%	65.67%
EBT Margin (%)	10.23%	24.64%	37.45%	42.15%	19.23%	35.65%	40.33%	43.86%
Net margin (%)	12.39%	24.54%	34.62%	39.31%	11.43%	33.8%	37.08%	40.24%
FCF margin (%)	48.55%	48.53%	49.13%	49.23%	37.64%	47.07%	51.2%	52.44%
FCF / Net Income (%)	391.82%	197.76%	141.91%	125.22%	329.33%	139.28%	138.09%	130.31%
Profitability
ROA	4.13%	8.89%	22.21%	25.16%	19.9%	17.14%	20.61%	23.15%
ROE	40.94%	51.51%	69.33%	78.71%	51.78%	40.84%	43.58%	44.65%
Financial Health
Leverage (Debt/EBITDA)	2.48x	1.68x	1.29x	1.08x	1.83x	1.12x	0.59x	0.3x
Debt / Free cash flow	2.88x	2.07x	1.66x	1.42x	3x	1.58x	0.77x	0.39x
Capital Intensity
CAPEX / Current Assets (%)	1.94%	1.61%	1.28%	1.26%	1.06%	0.89%	0.86%	0.84%
CAPEX / EBITDA (%)	3.43%	2.69%	2.02%	1.95%	1.72%	1.35%	1.29%	1.26%
CAPEX / FCF (%)	3.99%	3.33%	2.6%	2.56%	2.82%	1.9%	1.68%	1.6%
Items per share
Cash flow per share ¹	2.865	3.208	3.956	4.235	4.093	7.007	9.193	12.04
Change	-	11.99%	23.32%	7.05%	-3.36%	71.18%	31.2%	31%
Dividend per Share ¹	1.3	1.44	1.64	1.905	2.17	2.368	2.731	3.075
Change	-	10.77%	13.89%	16.16%	13.91%	9.11%	15.34%	12.61%
Book Value Per Share ¹	5.872	5.572	5.173	5.618	14.64	16.2	19.7	24.73
Change	-	-5.12%	-7.16%	8.6%	160.53%	10.66%	21.64%	25.52%
EPS ¹	0.633	1.5	2.653	3.298	1.23	4.418	5.846	7.431
Change	-	136.97%	76.87%	24.31%	-62.7%	259.22%	32.31%	27.11%
Nbr of stocks (in thousands)	40,45,013	41,16,163	40,50,078	41,27,355	46,70,576	47,03,471	47,03,471	47,03,471
Announcement Date	10/12/20	09/12/21	08/12/22	07/12/23	12/12/24	-	-	-