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 | $16.4B | $23.4B | $25.7B | $27.5B | $28.7B | |
| Revenue Growth (YoY) | -15.49% | 42.42% | 9.89% | 6.65% | 4.44% | |
| Cost of Revenues | $6.8B | $8.9B | $9.4B | $10.1B | $10.5B | |
| Gross Profit | $9.7B | $14.5B | $16.4B | $17.4B | $18.2B | |
| Gross Profit Margin | 58.86% | 61.98% | 63.66% | 63.32% | 63.48% | |
| R&D Expenses | $620.1M | $684.4M | $630.6M | $641.1M | $682.5M | |
| Selling, General & Admin | $8.4B | $9.1B | $10.4B | $11.1B | $13.6B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $8.9B | $11.5B | $13B | $13.8B | $14.4B | |
| Operating Income | $819.6M | $3B | $3.4B | $3.6B | $3.8B | |
| Net Interest Expenses | $160.7M | $166.7M | $164M | $214.1M | $274.7M | |
| EBT. Incl. Unusual Items | $355.7M | $2.6B | $3.2B | $3.3B | $3.6B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $187M | $689.1M | $789.3M | $658.4M | $865.4M | |
| Net Income to Company | $169.9M | $1.9B | $2.4B | $2.6B | $2.7B | |
| Minority Interest in Earnings | $73M | $177.3M | $134.5M | $148.1M | $142.8M | |
| Net Income to Common Excl Extra Items | $169.9M | $1.9B | $2.4B | $2.6B | $2.7B | |
| Basic EPS (Cont. Ops) | $0.22 | $3.90 | $5.12 | $5.52 | $5.62 | |
| Diluted EPS (Cont. Ops) | $0.22 | $3.84 | $5.07 | $5.49 | $5.55 | |
| Weighted Average Basic Share | $435.9M | $438.8M | $442M | $448.1M | $453.9M | |
| Weighted Average Diluted Share | $439M | $445.5M | $445.7M | $450.8M | $460M | |
| EBITDA | $3.3B | $5.9B | $6.5B | $6.7B | $7.1B | |
| EBIT | $819.6M | $3B | $3.4B | $3.6B | $3.8B | |
| Revenue (Reported) | $16.4B | $23.4B | $25.7B | $27.5B | $28.7B | |
| Operating Income (Reported) | $819.6M | $3B | $3.4B | $3.6B | $3.8B | |
| Operating Income (Adjusted) | $819.6M | $3B | $3.4B | $3.6B | $3.8B | |
| Period Ending | 2003-12-31 | 2004-12-31 | 2005-12-31 | 2006-12-31 | 2007-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $655.4M | $723.4M | $738.5M | $860M | $1B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | -- | -- | -- | |
| Operating Income | -- | -- | -- | -- | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | -- | -- | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | -- | -- | -- | |
| Basic EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Diluted EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Weighted Average Basic Share | -- | -- | -- | -- | -- | |
| Weighted Average Diluted Share | -- | -- | -- | -- | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | -- | -- | -- | -- | -- | |
| Revenue (Reported) | $655.4M | $723.4M | $738.5M | $860M | $1B | |
| Operating Income (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Adjusted) | -- | -- | -- | -- | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $20.2B | $25.9B | $26.6B | $27.9B | $29.6B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $7.9B | $9.5B | $9.7B | $10.2B | $11B | |
| Gross Profit | $12.3B | $16.4B | $16.9B | $17.7B | $18.6B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $675.2M | $647.8M | $642.3M | $650.9M | $704.6M | |
| Selling, General & Admin | $9B | $10.7B | $10.8B | $11.3B | $13.9B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $9.6B | $13.1B | $13.3B | $14B | $14.8B | |
| Operating Income | $2.7B | $3.3B | $3.5B | $3.7B | $3.8B | |
| Net Interest Expenses | $162.2M | $168.9M | $178.3M | $248.7M | $303.4M | |
| EBT. Incl. Unusual Items | $2.4B | $3B | $3.3B | $3.4B | $3.6B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $628.3M | $793.9M | $679.3M | $773M | $908.4M | |
| Net Income to Company | $1.7B | $2.1B | $2.6B | $2.6B | $2.7B | |
| Minority Interest in Earnings | $131.3M | $175.6M | $148M | $138.4M | $142.4M | |
| Net Income to Common Excl Extra Items | $1.7B | $2.2B | $2.6B | $2.6B | $2.7B | |
| Basic EPS (Cont. Ops) | $3.70 | $4.52 | $5.53 | $5.48 | $5.68 | |
| Diluted EPS (Cont. Ops) | $3.67 | $4.46 | $5.49 | $5.43 | $5.61 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $5.2B | $6.6B | $6.6B | $6.9B | $7.2B | |
| EBIT | $2.7B | $3.3B | $3.5B | $3.7B | $3.8B | |
| Revenue (Reported) | $20.2B | $25.9B | $26.6B | $27.9B | $29.6B | |
| Operating Income (Reported) | $2.7B | $3.3B | $3.5B | $3.7B | $3.8B | |
| Operating Income (Adjusted) | $2.7B | $3.3B | $3.5B | $3.7B | $3.8B | |
| Period Ending | 2022-01-07 | 2023-01-07 | 2024-01-07 | 2025-01-07 | ||
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | -- | -- | -- | |
| Operating Income | -- | -- | -- | -- | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | -- | -- | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | -- | -- | -- | |
| Basic EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Diluted EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Weighted Average Basic Share | -- | -- | -- | -- | -- | |
| Weighted Average Diluted Share | -- | -- | -- | -- | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | -- | -- | -- | -- | -- | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Adjusted) | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $10.9B | $3.8B | $2.1B | $2.8B | $2.3B | |
| Short Term Investments | $246M | -- | -- | $1.1M | -- | |
| Accounts Receivable, Net | $2.6B | $2.7B | $2.9B | $3.3B | $3.4B | |
| Inventory | $2.4B | $2.9B | $3.1B | $3.2B | $3.4B | |
| Prepaid Expenses | $161.5M | $221.8M | $227.3M | $251.9M | $291M | |
| Other Current Assets | $200.5M | $240M | $276.7M | $580.3M | -- | |
| Total Current Assets | $16.8B | $10.5B | $9.2B | $10.7B | $10.4B | |
| Property Plant And Equipment | $6.2B | $8.1B | $8.3B | $9.1B | $9.5B | |
| Long-Term Investments | $176.2M | $440.1M | $553.9M | $700.3M | $1.1B | |
| Goodwill | $27.9B | $33B | $33B | $33.5B | -- | |
| Other Intangibles | $12.3B | $14.3B | $13B | $12.2B | -- | |
| Other Long-Term Assets | $81.2M | $125.7M | $876.2M | $888.7M | -- | |
| Total Assets | $64B | $67.6B | $64.6B | $66.9B | $66.5B | |
| Accounts Payable | $2.3B | $2.5B | $2.5B | $2.6B | $2.8B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $648.2M | $947.7M | $907.3M | $929.6M | -- | |
| Other Current Liabilities | $1.2B | $1.5B | $1.5B | $1.7B | -- | |
| Total Current Liabilities | $7.6B | $10.1B | $9.5B | $10.8B | $10.9B | |
| Long-Term Debt | $13.1B | $12.7B | $10.9B | $9.9B | $10.2B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $23.9B | $26.8B | $23.9B | $23.9B | $24.1B | |
| Common Stock | $96.7M | $91M | $86.4M | $90.6M | $84.9M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $39.5B | $39.9B | $40B | $42.2B | $41.8B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $648.5M | $922.3M | $738.5M | $721.3M | $648.2M | |
| Total Equity | $40.1B | $40.8B | $40.7B | $43B | $42.5B | |
| Total Liabilities and Equity | $64B | $67.6B | $64.6B | $66.9B | $66.5B | |
| Cash and Short Terms | $10.9B | $3.8B | $2.1B | $2.8B | $2.3B | |
| Total Debt | $13.8B | $13.6B | $11.8B | $10.8B | $11.1B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $11.2B | $3.9B | $1.8B | -- | -- | |
| Short Term Investments | $22.6M | -- | -- | -- | -- | |
| Accounts Receivable, Net | $2.8B | $2.9B | $3.3B | -- | -- | |
| Inventory | $2.4B | $3B | $3.2B | -- | -- | |
| Prepaid Expenses | $282M | -- | -- | -- | -- | |
| Other Current Assets | $180.9M | $973.6M | $1.3B | -- | -- | |
| Total Current Assets | $17.5B | $11.1B | $9.9B | -- | -- | |
| Property Plant And Equipment | $6.1B | $7.9B | $8.6B | -- | -- | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $27.7B | $32.9B | $33B | -- | -- | |
| Other Intangibles | $11.6B | $13B | $12.6B | -- | -- | |
| Other Long-Term Assets | $470.1M | $779.3M | $905.3M | -- | -- | |
| Total Assets | $64B | $66.2B | $65.4B | -- | -- | |
| Accounts Payable | $2.3B | $2.5B | $2.5B | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $590.3M | $899.4M | $912.9M | -- | -- | |
| Other Current Liabilities | $1B | $3.7B | $3.9B | -- | -- | |
| Total Current Liabilities | $7.5B | $11.7B | $10.8B | -- | -- | |
| Long-Term Debt | $10.9B | $8.3B | $7.1B | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $23.1B | $25.9B | $23.8B | -- | -- | |
| Common Stock | $95.2M | -- | $89.1M | -- | -- | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $641.4M | $823.1M | $697.7M | -- | -- | |
| Total Equity | $40.9B | $40.3B | $41.7B | -- | -- | |
| Total Liabilities and Equity | $64B | $66.2B | $65.4B | -- | -- | |
| Cash and Short Terms | $11.2B | $3.9B | $1.8B | -- | -- | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $169.9M | $1.9B | $2.4B | $2.6B | $2.7B | |
| Depreciation & Amoritzation | $2.5B | $2.8B | $3.1B | $3.2B | $3.3B | |
| Stock-Based Compensation | $177.8M | $189.1M | $200.7M | $210.8M | $175.2M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $3.4B | $5.4B | $5B | $5.3B | $5.3B | |
| Capital Expenditures | $741M | $1.2B | $1.7B | $1.7B | $1.6B | |
| Cash Acquisitions | $258.8M | $8.4B | $1.7B | $192.4M | $2.2B | |
| Cash From Investing | -$654.3M | -$9.6B | -$3.5B | -$1.9B | -$4.2B | |
| Dividends Paid (Ex Special Dividend) | $573.4M | $163.1M | $477.1M | $526.5M | $1.3B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $3.4B | $67.4M | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -$946.5M | -$1.5B | -$2.1B | -- | |
| Repurchase of Common Stock | $181.3M | $374.7M | $453M | $293M | $296.4M | |
| Other Financing Activities | -$384.9M | -$58M | -$1.2B | $404.9M | -- | |
| Cash From Financing | $1.8B | -$2.3B | -$3.1B | -$2.6B | -$1.5B | |
| Beginning Cash (CF) | $5.7B | $1.8B | $1.9B | $1.9B | $2.3B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $4.4B | -$6.4B | -$1.4B | $646.5M | -$332.1M | |
| Ending Cash (CF) | $10B | -$4.4B | $560.4M | $2.4B | $2.1B | |
| Levered Free Cash Flow | $2.6B | $4.2B | $3.4B | $3.6B | $3.6B | |
| Period Ending | 2003-12-31 | 2004-12-31 | 2005-12-31 | 2006-12-31 | 2007-12-31 | |
|---|---|---|---|---|---|---|
| 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) | $119.8M | $145.8M | $130.1M | -- | $213.1M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.7B | $2.1B | $2.6B | $2.6B | $2.7B | |
| Depreciation & Amoritzation | $2.5B | $3.1B | $3.1B | $3.2B | $3.4B | |
| Stock-Based Compensation | $179.6M | $194.6M | $199.4M | $209.8M | $278.8M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $5.2B | $5.3B | $5B | $5.2B | $5.3B | |
| Capital Expenditures | $902.7M | $1.5B | $1.6B | $1.6B | $1.3B | |
| Cash Acquisitions | $140.9M | $9.1B | $953.1M | $309.2M | $2.2B | |
| Cash From Investing | -$529.7M | -$10.7B | -$2.8B | -$1.9B | -$4.2B | |
| Dividends Paid (Ex Special Dividend) | $760M | $490.9M | $526.3M | $1.3B | $599.3M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $107.5M | -$59.5M | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -$822.2M | -$2.1B | -- | -- | |
| Repurchase of Common Stock | -- | $737.1M | $95.3M | $292M | $755.3M | |
| Other Financing Activities | -$346.1M | -$29.3M | -$1.2B | -- | -- | |
| Cash From Financing | -$2.3B | -$1.6B | -$4.2B | -$2.8B | -$158.9M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $2.4B | -$6.7B | -$2.1B | $517.3M | $677.9M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $4.3B | $3.8B | $3.4B | $3.6B | $4B | |
| Period Ending | 2022-01-07 | 2023-01-07 | 2024-01-07 | 2025-01-07 | ||
|---|---|---|---|---|---|---|
| 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) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
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In Q3, legendary macro investor Stan Druckenmiller sold his entire…
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