Broadcom Inc. (AVGO)
Broadcom supplies networking, broadband, and custom silicon alongside a large enterprise-software portfolio anchored by VMware. The company is a key beneficiary of demand for AI-focused data-center connectivity.
AVGO vs CDNS: how the two businesses compare
- Bigger business: AVGO, with $63.9B of yearly revenue, about 12× CDNS's $5.3B.
- More cash from each sale: AVGO turns 43 cents of each sales dollar into operating cash flow, against 33 cents at CDNS.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Broadcom (AVGO) is the larger business by reported revenue: $63.9B in its fiscal year ended Nov 2025, about 12× CDNS's $5.3B (fiscal year ended Dec 2025). The SEC classifies them differently (Semiconductors & Related Devices; Services-Prepackaged Software); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- Different
- AVGO November 1 · CDNS December 31
- Feb 19, 2026
AVGO vs CDNS: quick comparison
| Company fact | AVGO | CDNS |
|---|---|---|
| Company | Broadcom Inc. | Cadence Design Systems, Inc. |
| Exchange | NASDAQ | NASDAQ |
| Headquarters | Palo Alto, California | — |
| Founded | 1961 | — |
| SEC industry | Semiconductors & Related Devices | Services-Prepackaged Software |
| Fiscal year-end | November 1 | December 31 |
| Latest annual filing | 10-K · 2025-12-18 | 10-K · 2026-02-19 |
AVGO vs CDNS: audited financials
- Scale: AVGO's $63.9B of revenue is about 12× CDNS's $5.3B.
- Cash conversion: operating cash flow equalled AVGO 43.1% of revenue; CDNS 32.6% of revenue, or 1.56× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-11-02 for AVGO, 2025-12-31 for CDNS), so each figure reflects somewhat different demand and cost conditions.
| Metric | AVGO | CDNS |
|---|---|---|
| Revenue | $63.9B2024-11-04 to 2025-11-02 · SEC filing | $5.3B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $5.9B2023-10-30 to 2024-11-03 · SEC filing | $1.1B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $27.5B2024-11-04 to 2025-11-02 · SEC filing | $1.7B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $4.772024-11-04 to 2025-11-02 · SEC filing | $4.062025-01-01 to 2025-12-31 · SEC filing |
| Net margin | — | 20.9%2025-01-01 to 2025-12-31 · SEC filing |
AVGO: FY ending 2025-11-02 · CDNS: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where AVGO and CDNS overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
Differences
- Different SEC industries: AVGO files as Semiconductors & Related Devices; CDNS as Services-Prepackaged Software.
- Offset fiscal calendars: AVGO's year ends November 1 and CDNS's December 31, about 2 months apart.
- Only AVGO maps to Tariffs & trade.
- Scale: AVGO reported about 12× the annual revenue of CDNS.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Cadence Design Systems, Inc. (CDNS)
Cadence makes electronic design automation tools and IP that engineers use to design integrated circuits and electronic systems.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves AVGO
- Custom AI accelerator (XPU) and Ethernet networking demand from hyperscalers
- Concentration among the top five end customers and major distributors
- VMware Cloud Foundation subscription transition
- Interest expense and debt paydown after the VMware acquisition
What moves CDNS
We have not yet published a company-specific driver list for CDNS. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-19.
The investment question
You now know AVGO reports about 12× CDNS's revenue. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, including “Custom AI accelerator (XPU) and Ethernet networking demand from hyperscalers” at AVGO, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. AVGO's fiscal year ends November 1, while CDNS's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 89 matched transaction rows for AVGO and 14 matched transaction rows for CDNS. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
AVGO primary filings
CDNS primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
AVGO vs CDNS FAQs
Are AVGO and CDNS direct competitors?
Not necessarily. Broadcom files as Semiconductors & Related Devices and Cadence Design Systems as Services-Prepackaged Software. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is AVGO or CDNS the bigger company by revenue?
Broadcom (AVGO) is the larger business by reported revenue: $63.9B in its fiscal year ended Nov 2025, about 12× CDNS's $5.3B (fiscal year ended Dec 2025). The SEC classifies them differently (Semiconductors & Related Devices; Services-Prepackaged Software); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, AVGO or CDNS?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this AVGO vs CDNS comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Broadcom Inc. and Cadence Design Systems, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-10. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-10. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
AVGO vs CDNS compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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