Broadcom 4000-word in-depth research report

$Broadcom(AVGO.US)$Qualcomm(QCOM.US) $NVIDIA(NVDA.US) Recently researched Broadcom (AVGO.US), the core logic is its dual high-barrier semiconductor + software business model locked in global key clients, generating high-margin stable cash flow.
🎯Core business: Semiconductor solutions (data center, networking chips, custom ASICs for Microsoft/Meta) and infrastructure software (VMware, >60% virtualization market share), highly concentrated industry (data center switch chip CR3 >70%), clients include AWS, Azure etc. global cloud providers with essential digital infrastructure demand, less volatile than consumer electronics.
📈Financials: FY2023-2024 revenue grew from $35.8B to $51.6B (+44%), first three quarters of 2025 >20% YoY; long-term gross margin 60%+ (68.9% in 2023), software contributes 42% revenue but >60% profits; positive FCF for 5 consecutive years ($19.4B in 2024), FCF/net profit often >1 (~1.09 in 2025Q1); AI-related revenue grew >80% YoY in 2023.
🔍Risks: $97.8B goodwill (59% assets), potential impairment if VMware synergy underperforms; FY2024 net margin dropped to 11.4% due to M&A amortization but recovered to 25%-37% in 2025.
💰Leverage: Debt-to-asset ratio decreased from 67% to 55.8% in 2025, >$9B cash covers short-term debt, stable cash flow supports dividends/debt repayment.