NasdaqGS · United States · Semiconductors

Broadcom Inc. AVGO

Price $326.08Mkt cap 1,556,585 USD mnReports in USDData 1 Nov 2026

Value estimate · 50% DCF, 50% peers$282.00-13.5%-13.5% vs $326.08

DCF (base)$81.32-75.1% vs price · WACC 14.8%

Peers$483.215 peers · median EV/EBITDA 40.3x

Price implies62.1%revenue growth a year; your case 13.1%

Chance worth more0%of 2,000 simulated outcomes

Scenario

drives the result

Scenario probabilities (%)

BearBaseBull

Use the probability-weighted DCF instead of the live scenario

Forecast drivers

Base case, %

Driver	FY26E	FY27E	FY28E	FY29E	FY30E
Revenue growthFY22–FY25 avg 25.2%
EBIT marginFY22–FY25 avg 39.7%
Tax rateFY22–FY25 avg 12.6%
D&A % of revenueFY22–FY25 avg 14.7%
Capex % of revenueFY22–FY25 avg 1.1%
Working capital % of revenue changeFY22–FY25 avg 48.2%

No usable consensus estimate: the first years start from history. The base case fades to 5.0% by year five; bear and bull sit 3 points of growth and 1.5 points of margin either side.

Discount rate

WACC build

USD 10-year government bond yield (%)US 10-year Treasury yield, live (^TNX)

Less: country default spread (%)0 when the bond above is default-free

Beta2 years, weekly vs S&P 500: 2.29 (R² 0.46)

Equity risk premium (%)Damodaran country risk table (January 2026), United States, rating Aa1

Pre-tax cost of debt (%)starter: bond yield + 1.5 points

Terminal growth g (%)must stay below WACC

Risk-free rate: 4.93%
Cost of equity: 15.14%
Weight of equity: 96.0%
After-tax cost of debt: 5.59%
WACC: 14.76%

Result rules

set before you look

DCF weight (%)peers get 50%

Share price (USD)Yahoo, 30 Oct 2026 (delayed)

Check before you rely on thisYahoo's consensus revenue growth (66%) looks inconsistent with the reported history, so the forecast starts from history instead.

In plain English

The model's numbers as sentences. Every figure comes from the live data and your inputs, so the story changes when you change an input.

Priced for more growth than it has delivered

Caution
At today's price of $326.08, the market is pricing in revenue growth of about 62.1% a year for FY26E–FY30E, holding the rest of your base case. Broadcom Inc.'s revenue grew 24.4% a year between FY22 and FY25, so the price asks for more than it has delivered.
Caution
Your base case assumes 13.1% revenue growth a year on average, less than the price implies, and values the shares at $81.32, 75% below today's price.
Caution
If your base case comes true, the whole business would return about 6.2% a year at today's price, 8.6 percentage points less than the 14.8% a year the model requires (the WACC).
Caution
About 94% of today's price pays for future growth. The other 6%, $19.49 a share, is what FY25 operating profit after tax is worth if it never grows.
Caution
Across 2,000 simulated futures around your base case, the middle 80% of values runs from $69.43 to $95.79 a share, and 0% of them are worth more than today's price.
Favourable
Business health grade A (84 out of 100): passes most quality and accounting screens, with 5 strengths and 2 red flags (top concern: owners are being diluted).

Educational, not investment advice. “Favourable” means the numbers lean in today's price's favour; “Caution” means the price asks a lot of the future.

Football field

Every valuation range side by side, against today's price and the value estimate. Per share, in USD.

Show as table

Range	Low	Mid	High
DCF scenarios (bear to bull)	$70.36	$81.32	$94.19
DCF sensitivity (WACC and g ±1 point)	$70.01	$81.32	$97.19
Monte Carlo (middle 80% of 2,000 runs)	$69.43	$81.63	$95.79
EV/EBITDA comps (25th to 75th percentile)	$163	$430	$735
P/E comps (25th to 75th percentile)	$218	$536	$1,021
Analyst targets (48 analysts, low to high)	$216	$530	$660
52-week share price (trading range)	$290	–	$495

Business health

Is this a good, honest business, not just a cheap one? Published screens on the reported annual accounts (FY22–FY25), plus plain ratios. Screens, not verdicts: read the accounts before relying on any of them.

GradeA84 / 100

Grade A (84/100): passes most quality and accounting screens, with 5 strengths and 2 red flags (top concern: owners are being diluted).

Piotroski F-score7 / 9nine tests of strength

Altman Z''2.66Safe zone · safe above 2.60

Beneish M-score−2.10No flag · cut-off −1.78

Red flags 2

Owners are being diluted: the share count grew 4.7% a year over FY22–FY25 (shares issued for a merger or to repay debt count too).
Heavy stock-based pay: 11.8% of revenue in FY25, a hidden cost to shareholders.

Strengths 5

Strong fundamentals: Piotroski F-score is 7 of 9 for FY25.
Profit is backed by cash: operations produced 152% of reported profit over 4 years.
Comfortable balance sheet: Altman Z'' is 2.66, in the safe zone (above 2.60).
High return on capital: ROCE was 17.1% in FY25.
High return for shareholders: ROE was 31.0% in FY25.

Cash conversion Good152%Operating cash flow ÷ net profit, FY22–FY25. 90% or more means profit is backed by cash.

Return on capital (ROCE) Good17.1%EBIT ÷ (total assets − current liabilities), FY25. 15% or more is strong.

Return on equity Good31.0%Net profit ÷ average shareholders' equity, FY25. 15% or more is strong.

Interest cover Good8.1xEBIT ÷ interest cost, FY25. 5x or more is comfortable; below 2x is risky.

Net debt ÷ EBITDA Good1.4x(Borrowings − cash) ÷ (EBIT + D&A), FY25. 1.5x or less is comfortable; above 3.5x is heavy.

Receivable days Fair41 daysReceivables ÷ revenue × 365. Up from 33 days in FY22; a rise of more than 20 days is a warning.

Share count change Weak+4.7% a yearWeighted diluted shares, a year, FY22–FY25. Above 2% a year is heavy dilution; shares issued for mergers count too.

Paid out to shareholders Info129.7%Dividends and buybacks ÷ net profit, FY22–FY25. Neither high nor low is good on its own: it depends on how well the company could reinvest. Above 100% means paying out more than it earned.

Stock-based pay Weak11.8%Share-based pay ÷ revenue, FY25. Above 5% is a large hidden cost to owners.

Years of revenue growth Good3 of 3Years in which revenue beat the year before, FY22–FY25.

EBIT margin trend Fair−2.2 ptsFrom 43.0% in FY22 to 40.8% in FY25.

Piotroski's tests, one by one (7 passed of 9)

PASS
Made a profit Return on assets 14.0% in FY25
A company that loses money on its assets is using up its owners' capital.
PASS
Operations brought in cash Operating cash flow USD 27,537 mn in FY25
Profit has to arrive as cash in the end, and cash flow is harder to dress up than profit.
PASS
Return on assets improved 14.0% vs FY24's 8.1%
Rising profitability is one of the clearest signs a business is getting stronger.
PASS
Cash from operations beat profit Cash USD 27,537 mn vs profit USD 23,126 mn
When cash lags profit, earnings may rest on generous accounting or customers who pay late.
PASS
Long-term debt fell relative to assets Long-term debt 36.8% of average assets vs FY24's 55.6%
More debt leaves less room for error when business slows.
PASS
Short-term liquidity improved Current ratio 1.71 vs FY24's 1.17
More short-term assets per rupee of bills due within a year means less risk of a cash squeeze.
FAIL
No new shares issued Diluted shares +1.6% vs FY24
Issuing shares shrinks each owner's slice and can mean the company could not fund itself.
PASS
Gross margin improved Gross margin 67.8% vs FY24's 63.0%
A higher gross margin points to pricing power or falling costs.
FAIL
Assets worked harder (turnover up) Revenue ÷ assets 0.39x vs FY24's 0.71x
More sales from the same assets means the business uses its capital better.

F-score by year: FY23 8/9 · FY24 4/9

How the Altman and Beneish scores are built

Altman Z'' = 2.66 (safe)
Ratio	Value	Weight	Adds
Working capital ÷ total assets	0.076	6.56	0.50
Retained earnings ÷ total assets	0.057	3.26	0.19
Operating profit (EBIT) ÷ total assets	0.152	6.72	1.02
Book equity ÷ total liabilities	0.905	1.05	0.95

FY25 figures. Safe above 2.60, grey zone 1.10 to 2.60, distress below 1.10.

Z'' by year: FY22 2.88 · FY23 3.36

Beneish M = -2.10
Index	Value	Manipulators	Others
Receivables growing faster than sales (DSRI)	1.306	1.465	1.031
Gross margin slipping (GMI)	0.930	1.193	1.014
More hard-to-value assets (AQI)	0.924	1.254	1.039
Sales growth (SGI)	1.239	1.607	1.134
Depreciation slowing (DEPI)	1.029	1.077	1.001
Overheads vs sales (SGAI)	0.686	1.041	1.054
Profit not backed by cash, ÷ assets (TATA)	-0.026	0.031	0.018
Leverage rising (LVGI)	0.939	1.111	1.037

FY25 against FY24. Above −1.78 the pattern resembles companies later found to have manipulated earnings; some analysts use a stricter −2.22.

How to read this

Piotroski F-score (Joseph Piotroski, 2000): nine pass-or-fail tests of profitability, debt, liquidity and efficiency, each comparing the latest year with the one before. 7 or more is strong; 3 or fewer is weak.

Altman Z'' (Edward Altman, 1995, the version for non-manufacturers and emerging markets): combines working capital, retained earnings, operating profit and book equity relative to the balance sheet. Above 2.60 is the safe zone, below 1.10 the distress zone.

Beneish M-score (Messod Beneish, 1999): eight ratios that, in his study, separated companies later found to have manipulated earnings. Above −1.78 resembles that pattern. It is a prompt to read the notes to the accounts, not an accusation.

Grade: a 0 to 100 blend (Piotroski 40%, Altman 20%, Beneish 15%, the ratios 25%, re-weighted when a part is missing): A from 80, B from 65, C from 50, D from 35, E below.

All three screens were built on US companies and annual accounts from Yahoo Finance, which can be incomplete. Lenders, insurers and holding companies get financial-firm ratios instead of the Altman and Beneish screens.

What analysts expect

Price targets and ratings from the brokers' analysts who cover the stock, as Yahoo collects them. Their opinion, not this app's; set against the model so you can see where you differ.

48 analysts' average 12-month target is $530, +62.6% against today's $326 (median $538). The range runs from $216 to $660.

Ratings this month: 49 buy, 2 hold, 0 sell; the average works out to "Strong buy" (1.2 on a 1 to 5 scale, 1 = strong buy).

Your value estimate of $282 is 47% below the analysts' average: a big gap is worth explaining, it usually comes down to growth or margin assumptions.

Targets are usually for 12 months ahead and tend to run optimistic; brokers that cover a company often do business with it. Counts and targets come from different updates, so they may not match exactly.

Risk and likely range

How much the shares have swung and how far they have fallen over five years. Risk repeats far more reliably than direction, so this is the honest kind of forecast: how far the price may move, not which way.

Loading five years of prices…

What the price implies

A reverse DCF: the constant revenue growth, or the constant EBIT margin, that makes the DCF equal today's price, holding everything else in your base case.

Implied revenue growth, a year62.1%Your base case averages 13.1%. The market expects more growth than you do.

Implied EBIT margin–Your base case averages 40.8%; the last reported year was 40.8%.

What you'd earn at today's price

The yearly return on the whole business at today's price if your base case comes true, against the return the model requires and what a government bond pays.

Caution

If your base case comes true, today's price earns about 6.2% a year, 8.6 percentage points less than the 14.8% the model requires.

Expected returnif your base case comes true6.2%
Required return (WACC)what the model discounts at14.8%
Government bondwhat the USD 10-year government bond pays4.9%

What the price pays for

Today's business, no growth6%$19.49 a share: earnings power value

Future growth94%$306.59 a share

Earnings yield2.5%$8.02 trailing EPS ÷ price

Free cash flow yield2.1%FY26E forecast ÷ market value

10-year bond4.9%interest a year

Cost of equity15.1%what shareholders require

Context

Every $100 of share price buys $2.46 of today's profit a year, less than the $4.93 of interest the bond pays: the price counts on profits growing.

How these are worked out

Expected return (an internal rate of return). Imagine buying the whole company at today's price: its shares and its debt, less its cash. The expected return is the yearly rate that makes the free cash flows in your base case, plus the value after FY30E growing at 3.0%, add up to exactly today's price. When it is above the WACC, the price sits below your DCF value. It only comes true if the forecast does.

Earnings power value. What the business is worth if its last reported operating profit never grows or shrinks (a simplified version of Bruce Greenwald's method). It treats depreciation as the spending needed to stand still, and uses reported rather than average profit, so one unusual year moves it.

FY25 operating profit (EBIT), USD mn: 26,075
After tax at 12.6%: 22,790
Held flat for ever: ÷ WACC of 14.8%: 154,413
+ Cash − debt, leases, minorities and dividends since the balance sheet: -61,369
÷ Shares, per share: $19.49

Earnings yield is the profit a year you buy with each unit of price (the P/E turned upside down). Free cash flow yield is the same idea with next year's forecast cash flow.

Show as table

Measure	Value
Expected return (IRR), base case	6.2%
Required return (WACC)	14.8%
Expected minus required	−8.6 pts
Cost of equity	15.1%
10-year government bond	4.9%
Earnings power value per share	$19.49
Share of price paying for growth	94%
Earnings yield	2.5%
Free cash flow yield	2.1%

Three scenarios

Revenue path for each scenario and its value per share with the same WACC and terminal growth.

Bear · 25%$70.36-78.4% vs price

Base · 50%$81.32-75.1% vs price

Bull · 25%$94.19-71.1% vs price

Probability-weighted$81.80-74.9% vs price

ReportedBearBaseBull

Show as table

Revenue, USD mn	FY22	FY23	FY24	FY25	FY26E	FY27E	FY28E	FY29E	FY30E
Reported	33,203	35,819	51,574	63,887
Bear					78,070	87,516	95,130	100,267	102,273
Base					79,987	92,064	102,836	111,474	117,048
Bull					81,903	96,728	110,947	123,594	133,482

Monte Carlo

2,000 simulated futures around your base case. Each run shifts growth, margin, WACC and terminal growth at random using the spreads below (one standard deviation).

Growth spread (± pts)Margin spread (± pts)WACC spread (± pts)Terminal growth spread (± pts)

Worth more than the price0%of runs above $326.08

Median outcome$81.63-75.0% vs price

Downside (10th pct)$69.431 run in 10 is lower

Upside (90th pct)$95.791 run in 10 is higher

Runs below today's priceRuns above it

Free cash flow, base case

FCF = EBIT × (1 − tax) + D&A − capex − increase in working capital, discounted at the WACC from today to each fiscal year end.

Free cash flowPresent value

USD mn	FY26E	FY27E	FY28E	FY29E	FY30E
Revenue	79,987	92,064	102,836	111,474	117,048
EBIT	32,635	37,562	41,957	45,481	47,756
NOPAT = EBIT × (1 − tax)	28,523	32,829	36,671	39,751	41,738
+ D&A	11,758	13,533	15,117	16,387	17,206
− Capex	880	1,013	1,131	1,226	1,288
− Increase in working capital	6,440	4,831	4,309	3,455	2,229
Free cash flow	32,961	40,519	46,348	51,456	55,427
Present value	32,961	35,334	35,205	34,059	31,969
Years to year end (t)	0.00	0.99	2.00	3.00	4.00

From cash flows to a share price

Enterprise value plus cash, minus debt, leases, minority interests and cash already returned to shareholders since the balance sheet, divided by the shares.

Present value of FCF: 169,527
Present value of terminal value: 280,028
Enterprise value: 449,556
+ Cash and short-term investments (31 Oct 2025): 16,178
− Borrowings: 65,136
− Lease liabilities: 0.00
− Minority interests: 0.00
− Dividends since the balance sheet: 12,411
Equity value: 388,186
÷ Shares outstanding: 4,773.63 mn
Value per share: $81.32

All amounts in USD mn. Dividends with ex-dates after 2025-10-31: 2025-12-22 (0.65 per share), 2026-03-23 (0.65 per share), 2026-06-22 (0.65 per share), 2026-09-21 (0.65 per share).

Terminal value share of enterprise value62.3%The forecast years carry a good share of the value.

Sensitivity: WACC against terminal growth

DCF value per share, base case. Blue cells sit above today's price, red cells below; the outlined cell is your current pair.

g ↓ · WACC →	13.76%	14.26%	14.76%	15.26%	15.76%
2.0%	$83.44	$79.67	$76.20	$72.99	$70.01
2.5%	$86.42	$82.37	$78.65	$75.23	$72.06
3.0%	$89.68	$85.31	$81.32	$77.65	$74.28
3.5%	$93.25	$88.53	$84.22	$80.28	$76.67
4.0%	$97.19	$92.05	$87.39	$83.15	$79.27

Peers

Found from Yahoo's related stocks in the same industry; multiples rebuilt here so currencies match. Untick a peer to drop it, or add your own.

Company	In median	EV/EBITDA	P/E	EV/Sales	P/B	Op. margin	Rev. growth
Micron Technology, Inc. MU Semiconductors		8.8x	11.8x	7.2x	7.2x	80.7%	379.3%
Taiwan Semiconductor Manufacturing Company Limited TSM Semiconductors		18.1x	27.1x	13.2x	77.5x	58.7%	50.9%
Marvell Technology, Inc. MRVL Semiconductors		62.4x	66.9x	18.8x	9.3x	16.7%	36.5%
Advanced Micro Devices, Inc. AMD Semiconductors		85.3x	127.4x	19.7x	12.3x	17.3%	50.1%
Arm Holdings plc ARM Semiconductors		203.6x	210.7x	42.0x	25.5x	7.6%	22.4%
Median of included	5	40.3x	66.9x	18.8x	12.3x
Broadcom Inc.	–	30.7x	40.7x	18.0x	19.0x	40.8%	23.9%

Add a peer

Implied value per share	25th pct	Median	75th pct
EV/EBITDA × EBITDA + net cash	$163 (15.8x)	$430 (40.3x)	$735 (68.1x)
P/E × earnings per share	$218 (27.1x)	$536 (66.9x)	$1,021 (127.4x)
P/B × book value per share	$159 (9.3x)	$210 (12.3x)	$437 (25.5x)
EV/Sales × revenue + net cash (check only)	$237 (13.2x)	$341 (18.8x)	$358 (19.7x)
Peer value (average of median EV/EBITDA and median P/E prices)		$483.21

Against its own past

Is today's multiple high or low for this stock? Its P/E (price ÷ earnings per share) or P/B (price ÷ book value per share) month by month, against the range it has traded in.

Loading ten years of monthly prices…

Pitch summary

Three pieces of evidence that lead to a view. The client summary button copies all of this as text.

1 · Margins-1 bpsEBIT margin change from the last reported year (40.8%) to FY30E (40.8%)

2 · Valuation vs peers-23.7%Broadcom Inc. EV/EBITDA against the peer median; negative means cheaper

3 · Cash2.1%FCF yield: FY26E free cash flow ÷ market value at today's price

Broadcom Inc. (AVGO), valuation summary, 1 Nov 2026
Value estimate $282.00 (-13.5% vs today's price of $326.08).

• DCF (base case): $81.32 per share. WACC 14.76%, terminal growth 3.0%; terminal value is 62% of enterprise value.
• Peers: $483.21 per share (average of median EV/EBITDA and median P/E prices; 5 peers).
• Scenarios: bear $70.36, base $81.32, bull $94.19; probability-weighted $81.80.
• What the price implies: 62.1% revenue growth a year for FY26E–FY30E, against 13.1% in this forecast.
• Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% $69.43 to $95.79.
• Key assumptions (base): revenue growth 25.2% → 15.1% → 11.7% → 8.4% → 5.0%; EBIT margin 40.8% to 40.8%; tax 12.6%.
• Checks: to review: The forecast starts after the last reported year.

Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

Model checks

6 pass, 1 to review.

PASSWACC is above terminal growth g
PASSThe DCF gives a positive value per share
PASSShares × price is within 2% of the reported market cap
PASSScenario values are in order: bear ≤ base ≤ bull
PASSAt least three peers are in the medians
PASSTerminal value is less than 85% of enterprise value
CHECKThe forecast starts after the last reported yearThe latest annual report may be missing: check the history dates.

Company data

What the model uses, from Yahoo Finance via yahoo-finance2 (unofficial; delayed prices). Edit any number that looks wrong; your edits stay in this browser and are marked.

USD mn	FY22	FY23	FY24	FY25	Avg ratio
Revenue					growth 25.2%
EBIT (operating profit)					margin 39.7%
D&A					14.7%
Profit before tax
Tax					rate 12.6%
Capex					1.1%
Increase in working capital					48.2% of Δrev

Cash and short-term investments (USD mn)
Borrowings (USD mn)
Lease liabilities (USD mn)
Minority interests (USD mn)
Dividends since the balance sheet (USD mn)

Revenue, trailing 12 months (USD mn)
EBITDA, trailing 12 months (USD mn)
Net income, trailing 12 months (USD mn)
Shares outstanding (mn)

FY labels follow Indian fiscal years ending in March. Shares: 4,773,629,865. Price $326.08 at Fri, 30 Oct 2026 20:00:01 GMT.

Loading prices, five years of statements and peers…

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Driver

FY26E

FY27E

FY28E

FY29E

FY30E

Revenue growthFY22–FY25 avg 25.2%

EBIT marginFY22–FY25 avg 39.7%

Tax rateFY22–FY25 avg 12.6%

D&A % of revenueFY22–FY25 avg 14.7%

Capex % of revenueFY22–FY25 avg 1.1%

Working capital % of revenue changeFY22–FY25 avg 48.2%

Range

Low

Mid

High

DCF scenarios (bear to bull)

$70.36

$81.32

$94.19

DCF sensitivity (WACC and g ±1 point)

$70.01

$81.32

$97.19

Monte Carlo (middle 80% of 2,000 runs)

$69.43

$81.63

$95.79

EV/EBITDA comps (25th to 75th percentile)

$163

$430

$735

P/E comps (25th to 75th percentile)

$218

$536

$1,021

Analyst targets (48 analysts, low to high)

$216

$530

$660

52-week share price (trading range)

$290

–

$495

Altman Z'' = 2.66 (safe)

Ratio

Value

Weight

Adds

Working capital ÷ total assets

0.076

6.56

0.50

Retained earnings ÷ total assets

0.057

3.26

0.19

Operating profit (EBIT) ÷ total assets

0.152

6.72

1.02

Book equity ÷ total liabilities

0.905

1.05

0.95

Beneish M = -2.10

Index

Value

Manipulators

Others

Receivables growing faster than sales (DSRI)

1.306

1.465

1.031

Gross margin slipping (GMI)

0.930

1.193

1.014

More hard-to-value assets (AQI)

0.924

1.254

1.039

Sales growth (SGI)

1.239

1.607

1.134

Depreciation slowing (DEPI)

1.029

1.077

1.001

Overheads vs sales (SGAI)

0.686

1.041

1.054

Profit not backed by cash, ÷ assets (TATA)

-0.026

0.031

0.018

Leverage rising (LVGI)

0.939

1.111

1.037

Measure

Value

Expected return (IRR), base case

6.2%

Required return (WACC)

14.8%

Expected minus required

−8.6 pts

Cost of equity

15.1%

10-year government bond

4.9%

Earnings power value per share

$19.49

Share of price paying for growth

94%

Earnings yield

2.5%

Free cash flow yield

2.1%

Revenue, USD mn

FY22

FY23

FY24

FY25

FY26E

FY27E

FY28E

FY29E

FY30E

Reported

33,203

35,819

51,574

63,887

Bear

78,070

87,516

95,130

100,267

102,273

Base

79,987

92,064

102,836

111,474

117,048

Bull

81,903

96,728

110,947

123,594

133,482

USD mn

FY26E

FY27E

FY28E

FY29E

FY30E

Revenue

79,987

92,064

102,836

111,474

117,048

EBIT

32,635

37,562

41,957

45,481

47,756

NOPAT = EBIT × (1 − tax)

28,523

32,829

36,671

39,751

41,738

+ D&A

11,758

13,533

15,117

16,387

17,206

− Capex

880

1,013

1,131

1,226

1,288

− Increase in working capital

6,440

4,831

4,309

3,455

2,229

Free cash flow

32,961

40,519

46,348

51,456

55,427

Present value

32,961

35,334

35,205

34,059

31,969

Years to year end (t)

0.00

0.99

2.00

3.00

4.00

g ↓ · WACC →

13.76%

14.26%

14.76%

15.26%

15.76%

2.0%

$83.44

$79.67

$76.20

$72.99

$70.01

2.5%

$86.42

$82.37

$78.65

$75.23

$72.06

3.0%

$89.68

$85.31

$81.32

$77.65

$74.28

3.5%

$93.25

$88.53

$84.22

$80.28

$76.67

4.0%

$97.19

$92.05

$87.39

$83.15

$79.27

Company

In median

EV/EBITDA

P/E

EV/Sales

P/B

Op. margin

Rev. growth

Micron Technology, Inc. MU

Semiconductors

8.8x

11.8x

7.2x

80.7%

379.3%

Taiwan Semiconductor Manufacturing Company Limited TSM

Semiconductors

18.1x

27.1x

13.2x

77.5x

58.7%

50.9%

Marvell Technology, Inc. MRVL

Semiconductors

62.4x

66.9x

18.8x

9.3x

16.7%

36.5%

Advanced Micro Devices, Inc. AMD

Semiconductors

85.3x

127.4x

19.7x

12.3x

17.3%

50.1%

Arm Holdings plc ARM

Semiconductors

203.6x

210.7x

42.0x

25.5x

7.6%

22.4%

Median of included

40.3x

66.9x

18.8x

12.3x

Broadcom Inc.

–

30.7x

40.7x

18.0x

19.0x

40.8%

23.9%

Implied value per share

25th pct

Median

75th pct

EV/EBITDA × EBITDA + net cash

$163 (15.8x)

$430 (40.3x)

$735 (68.1x)

P/E × earnings per share

$218 (27.1x)

$536 (66.9x)

$1,021 (127.4x)

P/B × book value per share

$159 (9.3x)

$210 (12.3x)

$437 (25.5x)

EV/Sales × revenue + net cash (check only)

$237 (13.2x)

$341 (18.8x)

$358 (19.7x)

Peer value (average of median EV/EBITDA and median P/E prices)

$483.21

Broadcom Inc. (AVGO), valuation summary, 1 Nov 2026 Value estimate $282.00 (-13.5% vs today's price of $326.08). • DCF (base case): $81.32 per share. WACC 14.76%, terminal growth 3.0%; terminal value is 62% of enterprise value. • Peers: $483.21 per share (average of median EV/EBITDA and median P/E prices; 5 peers). • Scenarios: bear $70.36, base $81.32, bull $94.19; probability-weighted $81.80. • What the price implies: 62.1% revenue growth a year for FY26E–FY30E, against 13.1% in this forecast. • Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% $69.43 to $95.79. • Key assumptions (base): revenue growth 25.2% → 15.1% → 11.7% → 8.4% → 5.0%; EBIT margin 40.8% to 40.8%; tax 12.6%. • Checks: to review: The forecast starts after the last reported year. Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

USD mn

FY22

FY23

FY24

FY25

Avg ratio

Revenue

growth 25.2%

EBIT (operating profit)

margin 39.7%

D&A

14.7%

Profit before tax

Tax

rate 12.6%

Capex

1.1%

Increase in working capital

48.2% of Δrev