Broadcom management check
AVGO · Information Technology · Semiconductors · CEO Hock E. Tan
Filings as of
5 good · 0 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $1182, against $243 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.97 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.9% of net income$205.3m of reported pay in fiscal 2025, against $23.1bn of net income.
- n/a
Do they own the stock?
No recent CEO filingBoth: 1 buyer ($374k) and 4 sellers ($533.7m) in six months. 38 of 69 sales ran on pre-arranged 10b5-1 plans.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +6.6% a year over the last three fiscal years. Stock-based pay was 11.8% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Hock E. Tan. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 33 | |
| Pay for performance | 99 | 87 | |
| CEO cost | 54 | 35 | |
| Skin in the game | — | — | 47 |
| Dilution | 0 | 56 | |
| Stable leadership | 100 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Semiconductors, by management score. Broadcom is 15th of 73 in its sector.
- 20NVDANvidia86
- 101ONON Semiconductor76
- 112AVGOBroadcom75
- 117MUMicron Technology75
- 132FSLRFirst Solar73
- 235MRVLMarvell Technology66
- 236QCOMQualcomm65
- 314ADIAnalog Devices60
- 319MPWRMonolithic Power Systems60
- 373TXNTexas Instruments56
Pay versus performance
From the proxy statement filed March 2, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Hock E. Tan | $205.3m | $2.3bn | $19.6m | $1182 | $243 | $23.1bn |
| 2024 | Hock E. Tan | $2.6m | $1.1bn | $10.6m | $535 | $187 | $5.9bn |
| 2023 | Hock E. Tan | $161.8m | $768.0m | $26.8m | $262 | $131 | $14.1bn |
| 2022 | Hock E. Tan | $60.6m | $50.0m | $4.4m | $144 | $106 | $11.5bn |
| 2021 | Hock E. Tan | $60.7m | $84.0m | $15.0m | $157 | $144 | $6.7bn |
The board says pay is tied most to net revenue. Its other key measures: Net Revenue, Adjusted Non-GAAP Operating Margin, Division Financial and Strategic Goals, Individual Performance Modifier, TSR performance relative to the S&P 500.
Insiders and the CEO's stake
Both: 1 buyer ($374k) and 4 sellers ($533.7m) in six months. 38 of 69 sales ran on pre-arranged 10b5-1 plans.
- BoughtHarry L. YouDirector$374kJun 11, 2026
- SoldHenry SamueliDirector · 10b5-1 plan$500.0mSep 23, 2026
- SoldMark David BrazealChief Legal & Corp Affairs Ofc$32.4mJul 10, 2026
- SoldGayla J DellyDirector$728kJul 8, 2026
Leadership and governance on file
- Apr 2, 2026Leadership change8-K 5.02
- Mar 2, 2026Leadership change8-K 5.02
- Sep 9, 2025Leadership change8-K 5.02
- Feb 9, 2024Leadership change8-K 5.02
- Apr 6, 2023Leadership change8-K 5.02
- Nov 2, 2022Leadership change8-K 5.02
- Jul 11, 2022Leadership change8-K 5.02
Latest shareholder vote results: Apr 21, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $64.3bn returned to owners in buybacks and dividends, 204% of net income, and $18.7bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $27.4bn | $33.2bn | $35.8bn | $51.6bn | $63.9bn |
| Net income | — | $11.5bn | $14.1bn | $5.9bn | — |
| Stock-based pay | $1.7bn | $1.5bn | $2.2bn | $5.7bn | $7.6bn |
| Buybacks | $0 | $7.0bn | $5.8bn | $7.2bn | $2.5bn |
| Dividends | $6.2bn | $7.0bn | $7.6bn | $9.8bn | $11.1bn |
| Diluted shares | 429m | 4232m | 4272m | 4778m | 4853m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.