Why Did Stan Druckenmiller Sell Broadcom Stock?
In Q3, legendary macro investor Stan Druckenmiller sold his entire…
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $5.2B | $5.3B | $5.4B | $5.2B | $5B | |
| Revenue Growth (YoY) | 0.95% | 1.99% | 1.58% | -4.67% | -3.8% | |
| Cost of Revenues | $3.3B | $3.4B | $3.5B | $3.2B | $3.1B | |
| Gross Profit | $2B | $2B | $1.9B | $1.9B | $1.9B | |
| Gross Profit Margin | 37.8% | 36.82% | 35.45% | 37.04% | 37.99% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $1.7B | $1.7B | $1.8B | $1.8B | $1.7B | |
| Other Inc / (Exp) | $160M | $157M | $131M | -$411M | $67M | |
| Operating Expenses | $1.7B | $1.7B | $1.8B | $1.8B | $1.7B | |
| Operating Income | $296M | $285M | $151M | $158M | $165M | |
| Net Interest Expenses | $168M | $232M | $174M | $244M | $279M | |
| EBT. Incl. Unusual Items | $288M | $221M | $125M | -$477M | -$20M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $19M | $33M | $53M | $10M | $6M | |
| Net Income to Company | $269M | $188M | $72M | -$487M | -$26M | |
| Minority Interest in Earnings | $43M | $32M | $10M | $13M | $2M | |
| Net Income to Common Excl Extra Items | $269M | $188M | $72M | -$487M | -$26M | |
| Basic EPS (Cont. Ops) | $1.98 | $1.02 | -$0.06 | -$5.04 | -$0.85 | |
| Diluted EPS (Cont. Ops) | $1.94 | $1.00 | -$0.07 | -$5.04 | -$0.85 | |
| Weighted Average Basic Share | $114M | $115M | $114M | $113M | $114M | |
| Weighted Average Diluted Share | $115M | $116M | $114M | $113M | $114M | |
| EBITDA | $1.2B | $1.2B | $1.1B | $1.1B | $1.1B | |
| EBIT | $296M | $285M | $151M | $158M | $165M | |
| Revenue (Reported) | $5.2B | $5.3B | $5.4B | $5.2B | $5B | |
| Operating Income (Reported) | $296M | $285M | $151M | $158M | $165M | |
| Operating Income (Adjusted) | $296M | $285M | $151M | $158M | $165M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.4B | $1.3B | $327.5M | $308.5M | |
| Revenue Growth (YoY) | 0.3% | 4.82% | -8.19% | -74.37% | -5.79% | |
| Cost of Revenues | $822M | $937M | $792M | $235.5M | $220.4M | |
| Gross Profit | $506M | $455M | $486M | $92M | $88.1M | |
| Gross Profit Margin | 38.1% | 32.69% | 38.03% | 28.08% | 28.57% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $429M | $462M | $432M | $422M | $106.2M | |
| Other Inc / (Exp) | $40M | $36M | $34M | -$84M | -- | |
| Operating Expenses | $429M | $462M | $432M | $116.6M | $106.2M | |
| Operating Income | $77M | -$7M | $54M | -$24.6M | -$18M | |
| Net Interest Expenses | $54M | $46M | $62M | $32.7M | $47.3M | |
| EBT. Incl. Unusual Items | $66M | -$13M | $31M | -$130M | $6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | $17.4M | -$139.3M | |
| Income Tax Expense | $19M | -$3M | $27M | -$30.7M | -$72.8M | |
| Net Income to Company | $47M | $25M | $4M | -$146.8M | $58.8M | |
| Minority Interest in Earnings | $7M | -$2M | $4M | -$16.2M | $21.2M | |
| Net Income to Common Excl Extra Items | $47M | -$10M | $4M | -$99.4M | $78.8M | |
| Basic EPS (Cont. Ops) | $0.24 | -$0.22 | -$0.15 | -$0.73 | -$0.85 | |
| Diluted EPS (Cont. Ops) | $0.23 | -$0.22 | -$0.15 | -$0.73 | -$0.85 | |
| Weighted Average Basic Share | $115M | $114M | $113M | $114M | $116.1M | |
| Weighted Average Diluted Share | $116M | $114M | $113M | $114M | $116.1M | |
| EBITDA | $290M | $227M | $279M | $56.3M | $73.7M | |
| EBIT | $77M | -$7M | $54M | -$24.6M | -$18M | |
| Revenue (Reported) | $1.3B | $1.4B | $1.3B | $327.5M | $308.5M | |
| Operating Income (Reported) | $77M | -$7M | $54M | -$24.6M | -$18M | |
| Operating Income (Adjusted) | $77M | -$7M | $54M | -$24.6M | -$18M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $5.3B | $5.4B | $5.2B | $4.1B | $3.9B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $3.4B | $3.5B | $3.3B | $2.6B | $2.4B | |
| Gross Profit | $2B | $1.9B | $1.9B | $1.5B | $1.4B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $1.7B | $1.7B | $1.8B | $1.7B | $1.4B | |
| Other Inc / (Exp) | $158M | $144M | $122M | -$536M | -- | |
| Operating Expenses | $1.7B | $1.7B | $1.8B | $1.4B | $1.4B | |
| Operating Income | $284M | $194M | $121M | $130.4M | $43M | |
| Net Interest Expenses | $242M | $158M | $233M | $228.7M | $249.3M | |
| EBT. Incl. Unusual Items | $208M | $193M | $33M | -$607M | $60M | |
| Earnings of Discontinued Ops. | -- | -- | -- | $17.4M | -$139.3M | |
| Income Tax Expense | $41M | $56M | $46M | -$49.7M | -$56.8M | |
| Net Income to Company | $167M | $137M | -$13M | -$604.8M | $96.8M | |
| Minority Interest in Earnings | $27M | $19M | $6M | -$222K | $34.2M | |
| Net Income to Common Excl Extra Items | $167M | $137M | -$13M | -$557.4M | $116.8M | |
| Basic EPS (Cont. Ops) | $1.04 | $0.42 | -$0.77 | -$5.37 | -$1.08 | |
| Diluted EPS (Cont. Ops) | $1.01 | $0.41 | -$0.78 | -$5.39 | -$1.08 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $1.2B | $1.1B | $1B | $912.3M | $843.7M | |
| EBIT | $284M | $194M | $121M | $130.4M | $43M | |
| Revenue (Reported) | $5.3B | $5.4B | $5.2B | $4.1B | $3.9B | |
| Operating Income (Reported) | $284M | $194M | $121M | $130.4M | $43M | |
| Operating Income (Adjusted) | $284M | $194M | $121M | $130.4M | $43M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $4B | $4.1B | $3.8B | $2.8B | $2.6B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $2.5B | $2.6B | $2.4B | $1.8B | $1.6B | |
| Gross Profit | $1.5B | $1.5B | $1.4B | $1.1B | $1B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $1.2B | $1.3B | $1.3B | $1.3B | $952.2M | |
| Other Inc / (Exp) | $123M | $108M | $100M | -$24M | $38M | |
| Operating Expenses | $1.2B | $1.3B | $1.3B | $966.6M | $952.2M | |
| Operating Income | $252M | $162M | $132M | $104.4M | $56M | |
| Net Interest Expenses | $193M | $119M | $177M | $162.7M | $178.3M | |
| EBT. Incl. Unusual Items | $191M | $162M | $71M | -$59M | $47M | |
| Earnings of Discontinued Ops. | -- | -- | -- | $17.4M | -$139.3M | |
| Income Tax Expense | $39M | $61M | $55M | -$4.7M | -$61.8M | |
| Net Income to Company | $152M | $101M | $16M | -$101.8M | $88.8M | |
| Minority Interest in Earnings | $26M | $13M | $10M | -$3.2M | $32.2M | |
| Net Income to Common Excl Extra Items | $152M | $101M | $16M | -$54.4M | $108.8M | |
| Basic EPS (Cont. Ops) | $0.92 | $0.32 | -$0.40 | -$0.74 | -$0.98 | |
| Diluted EPS (Cont. Ops) | $0.89 | $0.31 | -$0.40 | -$0.75 | -$0.98 | |
| Weighted Average Basic Share | $344M | $344M | $339M | $341M | $346.1M | |
| Weighted Average Diluted Share | $348M | $346M | $339M | $345M | $346.1M | |
| EBITDA | $923M | $854M | $814M | $652.3M | $617.7M | |
| EBIT | $252M | $162M | $132M | $104.4M | $56M | |
| Revenue (Reported) | $4B | $4.1B | $3.8B | $2.8B | $2.6B | |
| Operating Income (Reported) | $252M | $162M | $132M | $104.4M | $56M | |
| Operating Income (Adjusted) | $252M | $162M | $132M | $104.4M | $56M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $1.5B | $414M | $399M | $270M | $384M | |
| Short Term Investments | $3M | -- | -- | -- | -- | |
| Accounts Receivable, Net | $1B | $1.1B | $1.1B | $992M | $962M | |
| Inventory | $154M | $178M | $268M | $208M | $183M | |
| Prepaid Expenses | $105M | $103M | $102M | $86M | $72M | |
| Other Current Assets | $36M | $61M | $58M | $52M | $33M | |
| Total Current Assets | $3B | $2B | $2B | $1.7B | $1.7B | |
| Property Plant And Equipment | $5B | $5.4B | $5.8B | $6B | $6B | |
| Long-Term Investments | $816M | $853M | $964M | $989M | $936M | |
| Goodwill | $547M | $547M | $547M | -- | -- | |
| Other Intangibles | $2.9B | $4.3B | $4.9B | $4.9B | $4.8B | |
| Other Long-Term Assets | $654M | $710M | $796M | $807M | $762M | |
| Total Assets | $12.5B | $14.1B | $15.3B | $14.7B | $14.4B | |
| Accounts Payable | $508M | $481M | $506M | $360M | $280M | |
| Accrued Expenses | $16M | $10M | $12M | $12M | $16M | |
| Current Portion Of Long-Term Debt | $5M | $6M | $19M | $26M | $31M | |
| Current Portion Of Capital Lease Obligations | $129M | $141M | $146M | $147M | $153M | |
| Other Current Liabilities | $101M | $124M | $356M | $170M | $138M | |
| Total Current Liabilities | $1.2B | $1.2B | $1.5B | $1.2B | $1.1B | |
| Long-Term Debt | $4.4B | $3.9B | $4.6B | $5B | $4.9B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $6.9B | $7.4B | $8.7B | $8.7B | $8.5B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | |
| Other Common Equity Adj | -$4M | $5M | $5M | $11M | $18M | |
| Common Equity | $4.8B | $4.9B | $4.8B | $4.1B | $4B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $799M | $818M | $766M | $806M | $793M | |
| Total Equity | $5.6B | $6.7B | $6.6B | $6B | $5.9B | |
| Total Liabilities and Equity | $12.5B | $14.1B | $15.3B | $14.7B | $14.4B | |
| Cash and Short Terms | $1.5B | $414M | $399M | $270M | $384M | |
| Total Debt | $4.4B | $3.9B | $4.7B | $5B | $4.9B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $761M | $481M | $293M | $472M | $937.2M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $994M | $1.1B | $1B | $939M | $59.3M | |
| Inventory | $142M | $252M | $181M | $167M | $4M | |
| Prepaid Expenses | $104M | $94M | $99M | $88M | $29.4M | |
| Other Current Assets | $56M | $57M | $60M | $40M | -- | |
| Total Current Assets | $2.3B | $2.1B | $1.7B | $1.7B | $1.1B | |
| Property Plant And Equipment | $5.1B | $5.7B | $6B | $6B | $3.4B | |
| Long-Term Investments | $854M | $946M | $981M | $941M | $501M | |
| Goodwill | $547M | $547M | $547M | -- | -- | |
| Other Intangibles | $4.3B | $4.9B | $4.9B | $4.8B | -- | |
| Other Long-Term Assets | $648M | $758M | $777M | $728M | -- | |
| Total Assets | $13.4B | $14.5B | $14.4B | $13.7B | $8.5B | |
| Accounts Payable | $466M | $506M | $550M | $334M | $121M | |
| Accrued Expenses | $20M | $20M | $20M | $26M | -- | |
| Current Portion Of Long-Term Debt | $194M | $16M | $24M | $29M | -- | |
| Current Portion Of Capital Lease Obligations | $139M | $146M | $147M | $151M | -- | |
| Other Current Liabilities | $104M | $300M | $155M | $139M | -- | |
| Total Current Liabilities | $1.3B | $1.4B | $1.3B | $1.1B | $571.4M | |
| Long-Term Debt | $3.8B | $4.5B | $4.7B | $5B | $1.4B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $6.7B | $7.8B | $7.9B | $7.8B | $3.2B | |
| Common Stock | $1M | $1M | $1M | $1M | $1.3M | |
| Other Common Equity Adj | -$2M | $7M | $5M | $11M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | $690M | -- | -- | -- | -- | |
| Minority Interest, Total | $827M | $798M | $803M | $814M | $817.9M | |
| Total Equity | $6.7B | $6.7B | $6.5B | $5.9B | $5.3B | |
| Total Liabilities and Equity | $13.4B | $14.5B | $14.4B | $13.7B | $8.5B | |
| Cash and Short Terms | $761M | $481M | $293M | $472M | $937.2M | |
| Total Debt | $3.9B | $4.6B | $4.8B | $5B | $1.4B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $269M | $188M | $72M | -$487M | -$26M | |
| Depreciation & Amoritzation | $909M | $895M | $929M | $915M | $943M | |
| Stock-Based Compensation | $53M | $49M | $42M | $41M | $71M | |
| Change in Accounts Receivable | -$70M | -$138M | -$268M | -$18M | -$47M | |
| Change in Inventories | $12M | -$25M | -$90M | $61M | $20M | |
| Cash From Operations | $1.5B | $1.1B | $1.2B | $1.1B | $1.1B | |
| Capital Expenditures | $1.3B | $2.5B | $1.8B | $1.3B | $904M | |
| Cash Acquisitions | $202M | -- | -- | -- | -- | |
| Cash From Investing | -$1.5B | -$2.5B | -$1.8B | -$1.3B | -$754M | |
| Dividends Paid (Ex Special Dividend) | $78M | $119M | $151M | $153M | $104M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.3B | $1.5B | $1.3B | $1.1B | $440M | |
| Long-Term Debt Repaid | -$110M | -$2.1B | -$382M | -$783M | -$456M | |
| Repurchase of Common Stock | $51M | $60M | $92M | $15M | $67M | |
| Other Financing Activities | -$54M | -$72M | -$26M | -$74M | -$90M | |
| Cash From Financing | $957M | $321M | $613M | $56M | -$277M | |
| Beginning Cash (CF) | $1.5B | $414M | $399M | $270M | $384M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $978M | -$1B | -$15M | -$129M | $114M | |
| Ending Cash (CF) | $2.4B | -$624M | $384M | $141M | $498M | |
| Levered Free Cash Flow | $194M | -$1.4B | -$620M | -$199M | $241M | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $36M | -$29M | -$503M | $8M | -- | |
| Depreciation & Amoritzation | $225M | $238M | $234M | $239M | -- | |
| Stock-Based Compensation | $14M | $10M | $14M | $23M | -- | |
| Change in Accounts Receivable | -$120M | -$78M | -$49M | -$92M | -- | |
| Change in Inventories | -$37M | -$16M | -$26M | -$17M | -- | |
| Cash From Operations | $240M | $254M | $219M | $212M | -- | |
| Capital Expenditures | $465M | $378M | $411M | $232M | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$456M | -$375M | -$405M | -$174M | -- | |
| Dividends Paid (Ex Special Dividend) | $38M | $37M | $39M | $21M | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $125M | $127M | $300M | -- | -- | |
| Long-Term Debt Repaid | -$197M | -$2M | -$59M | -$48M | -- | |
| Repurchase of Common Stock | $14M | $30M | $3M | $30M | -- | |
| Other Financing Activities | -$7M | -$19M | -$30M | -$16M | -- | |
| Cash From Financing | -$131M | $39M | $163M | -$126M | -- | |
| Beginning Cash (CF) | $414M | $399M | $270M | $384M | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$347M | -$82M | -$23M | -$88M | -- | |
| Ending Cash (CF) | $67M | $317M | $247M | $296M | -- | |
| Levered Free Cash Flow | -$225M | -$124M | -$192M | -$20M | -- | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $167M | $137M | -$13M | -$604.8M | $96.8M | |
| Depreciation & Amoritzation | $894M | $916M | $919M | $474.9M | $501.1M | |
| Stock-Based Compensation | $49M | $46M | $37M | $26.5M | $45.3M | |
| Change in Accounts Receivable | -$127M | -$310M | -$47M | -$40.3M | -$100M | |
| Change in Inventories | $22M | -$111M | $71M | -$27.6M | -$17M | |
| Cash From Operations | $1.2B | $1.1B | $1.2B | $1.2B | $782.3M | |
| Capital Expenditures | $2.4B | $1.9B | $1.3B | $696.8M | $498.2M | |
| Cash Acquisitions | $33M | -- | -- | -- | -- | |
| Cash From Investing | -$2.4B | -$1.9B | -$1.3B | -$984.7M | $2.1B | |
| Dividends Paid (Ex Special Dividend) | $101M | $152M | $151M | $121.5M | $86.8M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $2B | $1.3B | $908M | $740M | -- | |
| Long-Term Debt Repaid | -$2B | -$577M | -$726M | -$467M | -- | |
| Repurchase of Common Stock | $46M | $76M | $42M | $28.6M | $92.1M | |
| Other Financing Activities | -$95M | -$14M | -$63M | -$104M | -- | |
| Cash From Financing | $875M | $443M | -$68M | $11.8M | -$2.4B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$335M | -$280M | -$188M | $179.2M | $466M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$1.2B | -$721M | -$131M | $455.3M | $284.1M | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $188M | $72M | -$487M | -$93.8M | $88.8M | |
| Depreciation & Amoritzation | $895M | $929M | $915M | $479.9M | $262.1M | |
| Stock-Based Compensation | $49M | $42M | $41M | $35.5M | $22.3M | |
| Change in Accounts Receivable | -$138M | -$268M | -$18M | -$83.3M | -$8M | |
| Change in Inventories | -$25M | -$90M | $61M | -$18.6M | $14K | |
| Cash From Operations | $1.1B | $1.2B | $1.1B | $1.1B | $570.3M | |
| Capital Expenditures | $2.5B | $1.8B | $1.3B | $517.8M | $266.2M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$2.5B | -$1.8B | -$1.3B | -$753.7M | $2.2B | |
| Dividends Paid (Ex Special Dividend) | $119M | $151M | $153M | $103.5M | $65.8M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $1.5B | $1.3B | $1.1B | $440M | -- | |
| Long-Term Debt Repaid | -$2.1B | -$382M | -$783M | -$456M | -$8M | |
| Repurchase of Common Stock | $60M | $92M | $15M | $55.6M | $62.1M | |
| Other Financing Activities | -$72M | -$26M | -$74M | -$90M | -$25M | |
| Cash From Financing | $321M | $613M | $56M | -$277.2M | -$2.2B | |
| Beginning Cash (CF) | $2.7B | $2B | $1.2B | $1.5B | $1.9B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$1B | -$15M | -$129M | $114.2M | $554M | |
| Ending Cash (CF) | $1.6B | $2B | $1B | $1.6B | $2.4B | |
| Levered Free Cash Flow | -$1.4B | -$620M | -$199M | $627.3M | $304.1M | |
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