Broadcom key statistics and ratios

In fiscal 2025, Broadcom had return on equity of 31.0%, an operating margin of 39.9%, debt equal to 82.6% of equity and a current ratio of 1.71. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Broadcom: financial ratios, annual
Fiscal year	2016Oct 2016	2017Oct 2017	2018Nov 2018	2019Nov 2019	2020Nov 2020	2021Oct 2021	2022Oct 2022	2023Oct 2023	2024Nov 2024	2025Nov 2025	LTMAug 2026
Gross margin	44.9%	48.2%	51.5%	55.2%	56.6%	61.4%	66.5%	68.9%	63.0%	67.8%	68.8%
Operating margin	−3.1%	13.4%	24.6%	15.2%	16.8%	31.0%	42.8%	45.2%	26.1%	39.9%	48.0%
Net margin	−13.1%	9.6%	58.8%	11.9%	11.1%	23.4%	34.6%	39.3%	11.4%	36.2%	42.9%
Free-cash-flow margin	20.3%	31.1%	39.5%	41.0%	48.6%	48.5%	49.1%	49.2%	37.6%	42.1%	44.2%
Return on equity	−7.9%	8.0%	52.2%	10.4%	10.9%	26.4%	48.2%	60.3%	12.9%	31.0%	42.3%
Return on assets	—	3.1%	23.5%	4.6%	3.7%	8.5%	15.4%	19.3%	4.9%	13.7%	21.3%
Asset turnover	—	0.32	0.40	0.38	0.33	0.36	0.45	0.49	0.43	0.38	0.50
Current ratio	—	6.26	3.90	1.44	1.87	2.64	2.62	2.82	1.17	1.71	2.50
Debt to equity	0.0%	87.2%	66.1%	132.5%	173.8%	166.4%	181.5%	170.1%	103.2%	82.6%	61.3%
Interest cover (operating income ÷ interest)	n/m	5.2x	8.2x	2.4x	2.3x	4.5x	8.2x	10.0x	3.4x	7.9x	13.7x
Effective tax rate	—	1.9%	—	−22.9%	−21.2%	0.4%	7.6%	6.7%	37.8%	−1.7%	5.4%
R&D as % of revenue	20.2%	18.7%	18.1%	20.8%	20.8%	17.7%	14.8%	14.7%	18.1%	17.2%	13.3%
SG&A as % of revenue	6.1%	4.5%	5.1%	7.6%	8.1%	4.9%	4.2%	4.4%	9.6%	6.6%	4.7%
Capital spending as % of revenue	5.5%	6.1%	3.0%	1.9%	1.9%	1.6%	1.3%	1.3%	1.1%	1.0%	1.4%
Free cash flow ÷ net income	—	324.0%	67.3%	343.8%	435.5%	206.9%	141.9%	125.2%	329.3%	116.4%	103.0%
Dividends ÷ net income	—	103.1%	24.5%	157.1%	207.8%	96.5%	61.2%	54.3%	166.5%	48.2%	31.6%
Dividends and buybacks ÷ free cash flow	27.9%	31.8%	124.4%	104.4%	47.7%	46.6%	86.0%	76.4%	87.5%	50.5%	52.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Broadcom: financial ratios, quarterly
Quarter	2024 Q4Nov 2024	2025 Q1Feb 2025	2025 Q2May 2025	2025 Q3Aug 2025	2025 Q4Nov 2025	2026 Q1Feb 2026	2026 Q2May 2026	2026 Q3Aug 2026
Gross margin	64.1%	68.0%	68.0%	67.1%	68.0%	68.1%	69.5%	69.1%
Operating margin	32.9%	42.0%	38.8%	36.9%	41.7%	44.3%	48.6%	53.9%
Net margin	30.8%	36.9%	33.1%	26.0%	47.3%	38.1%	42.0%	44.2%
Free-cash-flow margin	39.0%	40.3%	42.7%	44.0%	41.4%	41.5%	46.3%	46.2%
Current ratio	1.17	1.00	1.08	1.50	1.71	1.90	2.24	2.50
Debt to equity	99.8%	95.4%	96.7%	87.7%	80.1%	82.7%	74.0%	59.6%
R&D as % of revenue	15.9%	15.1%	17.9%	19.1%	16.5%	15.4%	13.5%	9.8%
SG&A as % of revenue	7.2%	6.4%	7.2%	6.7%	6.1%	5.3%	4.8%	3.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · August 2, 2026

What it owns · $188.1bn

Short-term assets $52.2bnLonger-term assets $136.0bn

What it owes, and who funded it · $188.1bn

Short-term liabilities $20.8bnLonger-term liabilities $67.6bnShareholders' equity $99.7bn

Short-term assets cover short-term liabilities $52.2bn of assets due within a year against $20.8bn of liabilities due within a year.
Short-term assets cover long-term liabilities $52.2bn short-term assets against $67.6bn of longer-dated liabilities.
More cash than debt $24.0bn of cash against $59.4bn of debt.
Debt below 40% of shareholders' equity Debt is 60% of equity.
Debt burden no higher than five years ago Debt to equity moved from 171% to 60% over five years.
A year's operating cash flow covers at least 20% of debt $40.7bn of operating cash flow against $59.4bn of debt.
Operating profit covers interest at least five times over Operating income of $42.8bn against $3.1bn of interest.

From Broadcom's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

75 /100

Strong moat

How hard Broadcom's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 19.6% of total assets over 8 years.
Pricing power 16 / 20

Gross margin has been a median 63.9%, moving by 6.3 percentage points (standard deviation) across 9 years.
Durability 17 / 20

Operating margin has been a median 28.2%; its worst year was 15.3%.
Cash conversion 20 / 20

Free cash flow was positive in 9 of 9 years, at a median 44.2% of revenue.
Discipline 3 / 20

The diluted share count rose 17.2% over five years; stock-based pay has been a median 8.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Broadcom's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Broadcom.