Broadcom — 护城河评估

MOAT ASSESSMENT

TICKER: [US.AVGO - Broadcom]
PERIOD: [2010-ANNUAL ~ 2025-ANNUAL]


Parameter  Value
----------------
WACC         10%
Tax Rate   21.0%


[~] ROIC Quality: Median 13.5%
    ↳ Median > 15% = high returns
[~] ROIC Stability: CoV 64.1%
    ↳ CoV < 10% = highly stable
[~] Gross Margin Stability: 15.7%
    ↳ CoV < 10% = stable pricing power
[~] Economic Moat (ROIC-WACC): 3.5%
    ↳ > 5% = creating economic value


Metric  Gross Margin       ROIC
-------------------------------
Mean           54.4%      17.3%
Median         51.8%      13.5%
Max            68.9%      39.3%
Min            44.0%       2.6%
StdDev          8.6%      11.1%
CoV            15.7%      64.1%
Slope       1.59%/yr  -0.98%/yr
R²               78%        16%


[DATA]


Period       Revenue  Gross Profit    GM%   ROIC  ROIC-WACC
-----------------------------------------------------------
2010 ANNUAL    2.09B       966.00M  46.2%      -          -
2011 ANNUAL    2.34B         1.15B  49.1%  39.3%      29.3%
2012 ANNUAL    2.36B         1.14B  48.3%  36.8%      26.8%
2013 ANNUAL    2.52B         1.20B  47.5%  27.0%      17.0%
2014 ANNUAL    4.27B         1.88B  44.0%  10.1%       0.1%
2015 ANNUAL    6.82B         3.55B  52.1%  20.1%      10.1%
2016 ANNUAL   13.24B         5.94B  44.9%   2.6%      -7.4%
2017 ANNUAL   17.64B         8.51B  48.2%   7.5%      -2.5%
2018 ANNUAL   20.85B        10.73B  51.5%  12.8%       2.8%
2019 ANNUAL   22.60B        12.48B  55.2%   7.1%      -2.9%
2020 ANNUAL   23.89B        13.52B  56.6%   6.0%      -4.0%
2021 ANNUAL   27.45B        16.84B  61.4%  12.5%       2.5%
2022 ANNUAL   33.20B        22.09B  66.5%  22.0%      12.0%
2023 ANNUAL   35.82B        24.69B  68.9%  26.3%      16.3%
2024 ANNUAL   51.57B        32.51B  63.0%  13.5%       3.5%
2025 ANNUAL   63.89B        43.29B  67.8%  16.1%       6.1%