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 | $217.8M | $280.9M | $292.1M | $347.4M | $375.5M | |
| Revenue Growth (YoY) | 57.48% | 28.98% | 3.98% | 18.96% | 8.07% | |
| Cost of Revenues | $13.3M | $17M | $15.8M | $22.4M | $25.2M | |
| Gross Profit | $204.4M | $263.9M | $276.2M | $325M | $350.3M | |
| Gross Profit Margin | 93.88% | 93.94% | 94.58% | 93.54% | 93.29% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $47M | $28.5M | -$88.7M | $63.1M | $16.8M | |
| Operating Income | $157.4M | $235.4M | $364.9M | $261.9M | $333.4M | |
| Net Interest Expenses | $23.9M | $27.5M | $31.6M | $84.1M | $95.8M | |
| EBT. Incl. Unusual Items | $140.1M | $401.3M | $406.1M | -$3.3M | $222.2M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $21.4M | $67.1M | $57.5M | -$27.7M | $339.7K | |
| Net Income to Company | $197.3M | $333.1M | $348.7M | $26.5M | $221.6M | |
| Minority Interest in Earnings | $258.8K | $1.2M | -$49.4K | -$2.1M | $281.2K | |
| Net Income to Common Excl Extra Items | $118.7M | $334.3M | $348.6M | $24.4M | $221.8M | |
| Basic EPS (Cont. Ops) | $4.21 | $9.35 | $8.94 | $0.61 | $4.66 | |
| Diluted EPS (Cont. Ops) | $4.21 | $9.35 | $8.94 | $0.61 | $4.66 | |
| Weighted Average Basic Share | $28.1M | $35.6M | $39M | $43.7M | $47.5M | |
| Weighted Average Diluted Share | $28.1M | $35.6M | $39M | $43.7M | $47.5M | |
| EBITDA | $162.9M | $237.3M | $366.9M | $264.3M | $336.1M | |
| EBIT | $160.5M | $235.4M | $364.9M | $261.9M | $333.4M | |
| Revenue (Reported) | $217.8M | $280.9M | $292.1M | $347.4M | $375.5M | |
| Operating Income (Reported) | $157.4M | $235.4M | $364.9M | $261.9M | $333.4M | |
| Operating Income (Adjusted) | $160.5M | $235.4M | $364.9M | $261.9M | $333.4M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $73.2M | $70.9M | $88.2M | $97.5M | $109.8M | |
| Revenue Growth (YoY) | 469.99% | -3.23% | 24.41% | 10.53% | 12.69% | |
| Cost of Revenues | $3.7M | $3.3M | $5M | $7.4M | $7.7M | |
| Gross Profit | $69.5M | $67.5M | $83.2M | $90.1M | $102.1M | |
| Gross Profit Margin | 94.95% | 95.29% | 94.31% | 92.43% | 92.98% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $5.6M | -$51.9M | $12.7M | $46.2M | $7.4M | |
| Operating Income | $63.9M | $119.4M | $70.5M | $43.9M | $94.7M | |
| Net Interest Expenses | $9.1M | $10.6M | $13.3M | $15M | $16.6M | |
| EBT. Incl. Unusual Items | $81.2M | $154.9M | $37.5M | $31.8M | $105.6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $12.4M | $15M | $2.2M | $146.1K | $10.7M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $254.6K | $82.6K | -$380.7K | -$12.1K | $272.3K | |
| Net Income to Common Excl Extra Items | $68.8M | $139.9M | $35.3M | $31.7M | $94.9M | |
| Basic EPS (Cont. Ops) | $1.85 | $3.44 | $0.75 | $0.67 | $1.99 | |
| Diluted EPS (Cont. Ops) | $1.85 | $3.44 | $0.75 | $0.67 | $1.99 | |
| Weighted Average Basic Share | $37.1M | $40.7M | $47.5M | $47.6M | $47.5M | |
| Weighted Average Diluted Share | $37.1M | $40.7M | $47.5M | $47.6M | $47.5M | |
| EBITDA | $88.4M | $162.9M | -- | -- | -- | |
| EBIT | $63.9M | $119.4M | $70.5M | $43.9M | $94.7M | |
| Revenue (Reported) | $73.2M | $70.9M | $88.2M | $97.5M | $109.8M | |
| Operating Income (Reported) | $63.9M | $119.4M | $70.5M | $43.9M | $94.7M | |
| Operating Income (Adjusted) | $63.9M | $119.4M | $70.5M | $43.9M | $94.7M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $219.1M | $291.8M | $333.3M | $369.5M | $407.3M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | $15.7M | $18.9M | $24.8M | $23.8M | |
| Gross Profit | $194.6M | $276.1M | $314.4M | $344.7M | $383.4M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $4.4M | -$101.1M | $37.9M | $112M | $53.8M | |
| Operating Income | $190.2M | $377.2M | $276.6M | $232.6M | $329.7M | |
| Net Interest Expenses | $29.3M | $37.3M | $53.8M | $53.4M | $62.5M | |
| EBT. Incl. Unusual Items | $244.6M | $612.2M | $20.3M | $107.7M | $293.6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | $83.9M | -$28.1M | -$7.1M | $39.1M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $899.5K | $637.5K | -$1.7M | -$647.2K | $653.6K | |
| Net Income to Common Excl Extra Items | -- | $528.3M | $48.4M | $114.8M | $254.6M | |
| Basic EPS (Cont. Ops) | -- | $13.87 | $1.13 | $2.43 | $5.34 | |
| Diluted EPS (Cont. Ops) | $5.83 | $13.87 | $1.13 | $2.43 | $5.34 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | $633.4M | -- | -- | -- | |
| EBIT | $190.2M | $377.2M | $276.6M | $232.6M | $329.7M | |
| Revenue (Reported) | $219.1M | $291.8M | $333.3M | $369.5M | $407.3M | |
| Operating Income (Reported) | $190.2M | $377.2M | $276.6M | $232.6M | $329.7M | |
| Operating Income (Adjusted) | $190.2M | $377.2M | $276.6M | $232.6M | $329.7M | |
| Period Ending | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | 2026-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $218.8M | $259.6M | $281.8M | $312.9M | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $13M | $16.1M | $19.7M | $19.2M | -- | |
| Gross Profit | $205.8M | $243.5M | $262.1M | $293.6M | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$104.5M | $27.8M | $46.7M | $41.8M | -- | |
| Operating Income | $310.3M | $215.6M | $215.4M | $251.9M | -- | |
| Net Interest Expenses | $27.5M | $41.7M | $40.8M | $47.1M | -- | |
| EBT. Incl. Unusual Items | $457.8M | $66.2M | $176.2M | $247.9M | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $56.5M | -$29.7M | -$9.3M | $29.5M | -- | |
| Net Income to Company | $254.6M | -- | -- | -- | -- | |
| Minority Interest in Earnings | $351.7K | -$1.3M | $188.4K | $563K | -- | |
| Net Income to Common Excl Extra Items | $401.3M | $95.9M | $185.6M | $218.4M | -- | |
| Basic EPS (Cont. Ops) | $10.46 | $2.28 | $3.90 | $4.58 | -- | |
| Diluted EPS (Cont. Ops) | $10.46 | $2.28 | $3.90 | $4.58 | -- | |
| Weighted Average Basic Share | $115.1M | $128.3M | $142.7M | $142.6M | -- | |
| Weighted Average Diluted Share | $115.1M | $128.3M | $142.7M | $142.6M | -- | |
| EBITDA | $481.1M | $886.1K | -- | -- | -- | |
| EBIT | $310.3M | $215.6M | $215.4M | $251.9M | -- | |
| Revenue (Reported) | $218.8M | $259.6M | $281.8M | $312.9M | -- | |
| Operating Income (Reported) | $310.3M | $215.6M | $215.4M | $251.9M | -- | |
| Operating Income (Adjusted) | $310.3M | $215.6M | $215.4M | $251.9M | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $28.8M | $17.4M | $14.8M | $20.2M | $19.1M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $15.6M | $23.1M | $25.3M | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $2M | $1.6M | $1.1M | -- | -- | |
| Total Current Assets | $62.7M | $95.1M | $149.3M | $140.7M | $172.4M | |
| Property Plant And Equipment | $3.4M | $2.7M | $2.7M | $2.4M | $4.5M | |
| Long-Term Investments | $45.6M | $53.7M | $175.1M | $121.4M | $88.6M | |
| Goodwill | $198.9M | $183.1M | $154.1M | -- | -- | |
| Other Intangibles | $2.2M | $2.2M | $2M | -- | -- | |
| Other Long-Term Assets | $1.2K | $1.1K | -- | -- | -- | |
| Total Assets | $5B | $5.9B | $6.5B | $6.8B | $6.7B | |
| Accounts Payable | $23.1M | $46.9M | $42.3M | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $2.6M | $3M | $3.7M | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $794.4M | $457M | $568M | $449.9M | $540.8M | |
| Long-Term Debt | $1.4B | $2.1B | $2.2B | $2.2B | $2.2B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.3B | $2.7B | $3B | $2.9B | $2.9B | |
| Common Stock | $1B | $1B | $1.1B | $1.3B | $1.2B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $2.7B | $3.2B | $3.5B | $4B | $3.8B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $3.2M | $4.8M | $7M | $5.6M | $5.3M | |
| Total Equity | $2.7B | $3.2B | $3.5B | $4B | $3.8B | |
| Total Liabilities and Equity | $5B | $5.9B | $6.5B | $6.8B | $6.7B | |
| Cash and Short Terms | $28.8M | $17.4M | $14.8M | $20.2M | $19.1M | |
| Total Debt | $1.4B | $2.1B | $2.2B | $2.2B | $2.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $27.4M | $25.6M | $18.7M | $17.4M | $24.1M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | $20.9M | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $104.8M | $98.7M | $194.4M | $134M | $180.3M | |
| Property Plant And Equipment | $3M | $2.5M | $2M | $3.9M | $4.4M | |
| Long-Term Investments | $51.4M | $168.7M | $191.3M | $99.5M | $28.4M | |
| Goodwill | -- | $159M | -- | -- | -- | |
| Other Intangibles | -- | $1.9M | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $5.7B | $5.9B | $6.6B | $7.2B | $7.6B | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $433.8M | $420.7M | $533.1M | $625.6M | $670.2M | |
| Long-Term Debt | $1.9B | $2B | $2B | $2.2B | $2.3B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.6B | $2.6B | $2.7B | $3.1B | $3.3B | |
| Common Stock | $1.1B | $986.4M | $1.3B | $1.3B | $1.4B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $3.8M | $6.3M | $6.2M | $5.6M | $6.4M | |
| Total Equity | $3.1B | $3.3B | $3.9B | $4B | $4.3B | |
| Total Liabilities and Equity | $5.7B | $5.9B | $6.6B | $7.2B | $7.6B | |
| Cash and Short Terms | $27.4M | $25.6M | $18.7M | $17.4M | $24.1M | |
| Total Debt | $1.9B | $2B | $2B | $2.2B | $2.3B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $197.3M | $333.1M | $348.7M | $26.5M | $221.6M | |
| Depreciation & Amoritzation | $2.3M | $2M | $2M | $2.4M | $2.7M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$5M | -$12.5M | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $161.1M | $189.9M | $188.1M | $192.2M | $210.3M | |
| Capital Expenditures | $187.6M | $5M | $907K | $1.1M | $658.7K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$1.4B | -$970.3M | -$718.2M | -$279.8M | -$280.8M | |
| Dividends Paid (Ex Special Dividend) | $148.4M | $332.3M | $125.1M | $125.4M | $180.5M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $617.6M | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$31.5M | -$43.6M | -$41.9M | -- | -- | |
| Cash From Financing | $1.2B | $770.7M | $528.6M | $92.3M | $70.6M | |
| Beginning Cash (CF) | $28.8M | $17.4M | $14.8M | $20.2M | $19.1M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $9.3M | -$9.7M | -$1.5M | $4.7M | $214.2K | |
| Ending Cash (CF) | $38.1M | $7.7M | $13.3M | $24.9M | $19.3M | |
| Levered Free Cash Flow | -$26.5M | $184.9M | $187.2M | $191.2M | $209.7M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | $27.4M | $25.6M | $18.7M | $17.4M | $24.1M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | $1M | $371.7K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -$57.2M | -$126.2M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | 2026-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $254.6M | -- | -- | -- | -- | |
| Depreciation & Amoritzation | $962.9K | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$11.1M | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $87.4M | -- | -- | -- | -- | |
| Capital Expenditures | $371.7K | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$287.4M | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$126.2M | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $81.4M | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -$22.4K | -- | -- | -- | -- | |
| Other Financing Activities | -$18.3M | -- | -- | -- | -- | |
| Cash From Financing | $204M | -- | -- | -- | -- | |
| Beginning Cash (CF) | $73.3M | $55.2M | $58.5M | $152.6M | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $4M | -- | -- | -- | -- | |
| Ending Cash (CF) | $20.3M | -- | -- | -- | -- | |
| Levered Free Cash Flow | $87M | -- | -- | -- | -- | |
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