Broadcom Inc. (AVGO) intrinsic value & 10-year financials
Broadcom Inc. (AVGO) has a Graham intrinsic value of $158.44 per share. At $328.75 on Oct 17, 2026, the stock trades 107% above that value. Over the last 10 fiscal years revenue grew 19.1% a year to $63.9B, with an average return on invested capital of 13.9%.
- Graham intrinsic value
- $158.44
- Share price (Oct 17, 2026)
- $328.75
- Price vs Graham value
- 107% above
- Market cap
- $1.6T
- Revenue (FY2025)
- $63.9B
- Revenue growth (10-yr CAGR)
- 19.1%
- ROIC (10-yr avg)
- 13.9%
- Free cash flow (FY2025)
- $26.9B
AVGO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $63.9B | $23.1B | $4.77 | $26.9B | 39.9% | 20.2% |
| FY2024 | $51.6B | $5.9B | $1.23 | $19.4B | 26.1% | 9.6% |
| FY2023 | $35.8B | $14.1B | $3.00 | $17.6B | 45.2% | 31.2% |
| FY2022 | $33.2B | $11.5B | $2.41 | $16.3B | 42.8% | 25.9% |
| FY2021 | $27.4B | $6.7B | $1.36 | $13.3B | 31.0% | 15.4% |
| FY2020 | $23.9B | $3.0B | $0.58 | $11.6B | 16.8% | 7.3% |
| FY2019 | $22.6B | $2.7B | $0.58 | $9.3B | 15.2% | 7.4% |
| FY2018 | $20.8B | $12.3B | $2.59 | $8.2B | 24.6% | 15.4% |
| FY2017 | $17.6B | $1.7B | $0.37 | $5.5B | 13.5% | 8.8% |
| FY2016 | $13.2B | -$1.7B | -$0.44 | $2.7B | -3.1% | -1.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Broadcom is a consistent compounder, expanding top-line revenue at 19.1% annually over the past decade.
Broadcom returns on capital have been average, hovering around 13.9% ROIC over the decade.
Broadcom has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Broadcom is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $158.44 per share.