Price to Book Value (P/BV)
since 2009
Calculation
Broadcom Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 20, 2024 | 15.29 | = | 220.79 | ÷ | 14.44 | 14.44 | = | 67,678 | ÷ | 4,687,356,156 | |
| Dec 14, 2023 | 21.59 | = | 110.65 | ÷ | 5.12 | 5.12 | = | 23,988 | ÷ | 4,681,405,690 | |
| Dec 16, 2022 | 10.23 | = | 55.59 | ÷ | 5.43 | 5.43 | = | 22,709 | ÷ | 4,178,861,400 | |
| Dec 17, 2021 | 10.50 | = | 63.50 | ÷ | 6.05 | 6.05 | = | 24,962 | ÷ | 4,128,739,680 | |
| Dec 18, 2020 | 7.40 | = | 43.46 | ÷ | 5.87 | 5.87 | = | 23,874 | ÷ | 4,067,131,180 | |
| Dec 20, 2019 | 5.09 | = | 31.90 | ÷ | 6.27 | 6.27 | = | 24,941 | ÷ | 3,977,922,890 | |
| Dec 21, 2018 | 3.74 | = | 24.49 | ÷ | 6.55 | 6.55 | = | 26,657 | ÷ | 4,072,709,010 | |
| Dec 21, 2017 | 5.28 | = | 26.15 | ÷ | 4.96 | 4.96 | = | 20,285 | ÷ | 4,093,624,750 | |
| Dec 23, 2016 | 3.84 | = | 18.19 | ÷ | 4.74 | 4.74 | = | 18,892 | ÷ | 3,989,803,920 | |
| Dec 17, 2015 | 8.24 | = | 14.05 | ÷ | 1.70 | 1.70 | = | 4,714 | ÷ | 2,764,895,750 | |
| Dec 29, 2014 | 7.98 | = | 10.13 | ÷ | 1.27 | 1.27 | = | 3,243 | ÷ | 2,553,315,270 | |
| Dec 20, 2013 | 4.46 | = | 5.17 | ÷ | 1.16 | 1.16 | = | 2,886 | ÷ | 2,489,094,160 | |
| Dec 17, 2012 | 3.25 | = | 3.20 | ÷ | 0.98 | 0.98 | = | 2,419 | ÷ | 2,457,424,880 | |
| Dec 16, 2011 | 3.51 | = | 2.88 | ÷ | 0.82 | 0.82 | = | 2,006 | ÷ | 2,444,069,160 | |
| Dec 15, 2010 | 4.24 | = | 2.64 | ÷ | 0.62 | 0.62 | = | 1,505 | ÷ | 2,415,891,630 | |
| Dec 15, 2009 | 3.78 | = | 1.67 | ÷ | 0.44 | 0.44 | = | 1,040 | ÷ | 2,353,928,970 |
Based on: 10-K (reporting date: 2024-11-03), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-11-01), 10-K (reporting date: 2019-11-03), 10-K (reporting date: 2018-11-04), 10-K (reporting date: 2017-10-29), 10-K (reporting date: 2016-10-30), 10-K (reporting date: 2015-11-01), 10-K (reporting date: 2014-11-02), 10-K (reporting date: 2013-11-03), 10-K (reporting date: 2012-10-28), 10-K (reporting date: 2011-10-30), 10-K (reporting date: 2010-10-31), 10-K (reporting date: 2009-11-01).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Broadcom Inc. Annual Report.
The share price exhibited a general upward trend over the years, starting from a relatively low value of $1.67 in December 2009 and showing significant appreciation to $220.79 by December 2024. Notably, there were periods of rapid gains, particularly from 2019 onward, with the share price more than tripling between 2018 and 2021 and nearly doubling again by 2024. Despite this overall growth, some fluctuations are observable, including a decline between 2017 and 2018, and between 2021 and 2022.
Book value per share (BVPS) also showed an overall increase during the timeframe but with less dramatic changes than the share price. BVPS rose from $0.44 in 2009 to $14.44 by 2024, with gradual growth punctuated by occasional declines. For instance, BVPS peaked at $6.55 in 2017 before slightly decreasing in subsequent years, especially noticeable after 2021 when it declined from $6.05 to $5.12 before rising sharply again in 2024. The progression indicates steady improvements in the underlying net asset value per share, though with periods of slight setbacks.
The price-to-book value ratio (P/BV) demonstrated considerable volatility. Initially, the P/BV ratio fluctuated moderately around the 3 to 5 range from 2009 through 2017, peaking at 8.24 in 2015. Thereafter, significant increases were noted, with the ratio reaching exceptionally high levels of 10.50 in 2021 and 21.59 in 2023. A notable reduction to 15.29 occurred by 2024, yet it remained substantially elevated compared to earlier periods. This suggests that the market price increasingly priced the shares well above their book value, possibly reflecting strong investor confidence or anticipated growth rather than just asset backing.
Overall, the data indicates robust appreciation in market valuation relative to the company's book value, especially in the latter years. While the book value itself increased moderately, the market share price surged at a much faster pace, leading to elevated P/BV ratios. Such dynamics often imply optimistic market sentiment and expectations for future earnings growth, though the volatility in the price and valuation multiples also reflects periods of market adjustment and reassessment.
Comparison to Competitors
Broadcom Inc., P/BV, long-term trends, comparison to competitors
| Broadcom Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Micron Technology Inc. | Monolithic Power Systems Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 20, 2024 | 15.29 | 3.15 | 3.09 | 7.25 | 0.85 | 28.07 | 12.13 | 2.51 | 8.81 | 39.25 | 7.31 | 9.86 |
| Dec 14, 2023 | 21.59 | 4.85 | 2.53 | 8.23 | 1.75 | 23.25 | 10.58 | 1.74 | 18.64 | 26.03 | 5.72 | 8.57 |
| Dec 16, 2022 | 10.23 | 2.32 | 2.35 | 7.25 | 1.15 | 40.05 | 10.10 | 1.15 | 13.69 | 24.95 | 7.00 | 11.33 |
| Dec 17, 2021 | 10.50 | 19.21 | 2.50 | 10.60 | 2.21 | 15.98 | 13.64 | 1.79 | 17.25 | 20.14 | 15.59 | 11.87 |
| Dec 18, 2020 | 7.40 | 17.77 | 4.22 | 7.63 | 2.84 | 11.83 | 10.55 | 1.50 | 18.36 | 15.49 | 24.00 | 17.02 |
| Dec 20, 2019 | 5.09 | 20.46 | 3.61 | 6.67 | 3.78 | 8.15 | 6.40 | 1.40 | 9.15 | 10.09 | 19.69 | 13.79 |
| Dec 21, 2018 | 3.74 | 18.30 | 3.02 | 4.73 | 2.94 | 11.39 | 4.28 | 1.49 | 9.13 | 19.60 | 82.57 | 11.20 |
| Dec 21, 2017 | 5.28 | 19.87 | 3.22 | 5.94 | 3.08 | 10.50 | 3.82 | 2.51 | 9.34 | 10.51 | 2.56 | 9.89 |
| Dec 23, 2016 | 3.84 | 31.66 | 4.35 | 4.93 | 2.60 | 17.57 | 2.45 | 1.48 | 8.54 | 3.98 | 3.12 | 7.36 |
| Dec 17, 2015 | 8.24 | — | 3.72 | 2.87 | 2.21 | 19.57 | 2.23 | 1.47 | 6.44 | 2.84 | 2.88 | 5.30 |
| Dec 29, 2014 | 7.98 | 12.72 | 3.64 | 3.80 | 2.91 | 3.26 | 2.29 | 3.22 | 6.14 | 2.19 | 3.28 | 5.94 |
| Dec 20, 2013 | 4.46 | 4.94 | 3.28 | 2.82 | 2.11 | 2.78 | 1.69 | 1.92 | 4.40 | 1.63 | 3.26 | 4.46 |
| Dec 17, 2012 | 3.25 | 3.45 | 2.90 | 1.79 | 2.04 | 2.61 | 1.24 | 0.72 | 3.47 | 2.20 | 2.95 | 3.45 |
| Dec 16, 2011 | 3.51 | 3.28 | 2.62 | 1.65 | 2.90 | 2.11 | 1.80 | 0.64 | 2.56 | 3.27 | 3.25 | 3.48 |
| Dec 15, 2010 | 4.24 | 6.21 | 3.36 | 2.35 | 2.46 | 2.41 | 2.63 | 0.96 | 2.16 | 3.74 | 3.54 | 4.00 |
| Dec 15, 2009 | 3.78 | 8.23 | 3.43 | 2.53 | 2.76 | 2.44 | 2.67 | 1.25 | 3.58 | 2.27 | 3.61 | 3.10 |
Based on: 10-K (reporting date: 2024-11-03), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-11-01), 10-K (reporting date: 2019-11-03), 10-K (reporting date: 2018-11-04), 10-K (reporting date: 2017-10-29), 10-K (reporting date: 2016-10-30), 10-K (reporting date: 2015-11-01), 10-K (reporting date: 2014-11-02), 10-K (reporting date: 2013-11-03), 10-K (reporting date: 2012-10-28), 10-K (reporting date: 2011-10-30), 10-K (reporting date: 2010-10-31), 10-K (reporting date: 2009-11-01).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
Broadcom Inc., P/BV, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Broadcom Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Dec 20, 2024 | 15.29 | 9.25 |
| Dec 14, 2023 | 21.59 | 6.51 |
| Dec 16, 2022 | 10.23 | 5.22 |
| Dec 17, 2021 | 10.50 | 6.35 |
| Dec 18, 2020 | 7.40 | 6.21 |
| Dec 20, 2019 | 5.09 | 5.19 |
| Dec 21, 2018 | 3.74 | 4.65 |
| Dec 21, 2017 | 5.28 | 4.10 |
| Dec 23, 2016 | 3.84 | 3.41 |
| Dec 17, 2015 | 8.24 | 2.90 |
| Dec 29, 2014 | 7.98 | 3.42 |
| Dec 20, 2013 | 4.46 | 2.69 |
| Dec 17, 2012 | 3.25 | 2.35 |
| Dec 16, 2011 | 3.51 | 2.75 |
| Dec 15, 2010 | 4.24 | 2.81 |
| Dec 15, 2009 | 3.78 | 2.94 |
Based on: 10-K (reporting date: 2024-11-03), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-11-01), 10-K (reporting date: 2019-11-03), 10-K (reporting date: 2018-11-04), 10-K (reporting date: 2017-10-29), 10-K (reporting date: 2016-10-30), 10-K (reporting date: 2015-11-01), 10-K (reporting date: 2014-11-02), 10-K (reporting date: 2013-11-03), 10-K (reporting date: 2012-10-28), 10-K (reporting date: 2011-10-30), 10-K (reporting date: 2010-10-31), 10-K (reporting date: 2009-11-01).
Comparison to Industry (Information Technology)
Broadcom Inc., P/BV, long-term trends, comparison to industry (information technology)
| Broadcom Inc. | Information Technology | |
|---|---|---|
| Dec 20, 2024 | 15.29 | 13.17 |
| Dec 14, 2023 | 21.59 | 11.48 |
| Dec 16, 2022 | 10.23 | 10.47 |
| Dec 17, 2021 | 10.50 | 12.53 |
| Dec 18, 2020 | 7.40 | 11.10 |
| Dec 20, 2019 | 5.09 | 8.51 |
| Dec 21, 2018 | 3.74 | 7.05 |
| Dec 21, 2017 | 5.28 | 5.49 |
| Dec 23, 2016 | 3.84 | 4.56 |
| Dec 17, 2015 | 8.24 | 4.33 |
| Dec 29, 2014 | 7.98 | 4.39 |
| Dec 20, 2013 | 4.46 | 3.52 |
| Dec 17, 2012 | 3.25 | 3.77 |
| Dec 16, 2011 | 3.51 | 4.01 |
| Dec 15, 2010 | 4.24 | 4.18 |
| Dec 15, 2009 | 3.78 | 4.35 |
Based on: 10-K (reporting date: 2024-11-03), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-11-01), 10-K (reporting date: 2019-11-03), 10-K (reporting date: 2018-11-04), 10-K (reporting date: 2017-10-29), 10-K (reporting date: 2016-10-30), 10-K (reporting date: 2015-11-01), 10-K (reporting date: 2014-11-02), 10-K (reporting date: 2013-11-03), 10-K (reporting date: 2012-10-28), 10-K (reporting date: 2011-10-30), 10-K (reporting date: 2010-10-31), 10-K (reporting date: 2009-11-01).