The article compares Broadcom (AVGO) and Qualcomm (QCOM) using their FY 2025 results. Broadcom reported revenue of $63.9 billion, up 23.9%, net income of $23.1 billion, a 36.2% net margin, and free cash flow of $26.9 billion. Qualcomm posted revenue of $44.3 billion, up 14%, net income of $5.5 billion, a 12.5% net margin, and free cash flow of $12.8 billion. Risks include Broadcom's high customer concentration and EU antitrust scrutiny of its VMware business, while Qualcomm relies heavily on Apple, Samsung and Xiaomi, each accounting for 10% or more of revenue, and faces China-related exposure. Qualcomm trades at a much lower valuation than Broadcom, which commands a premium for its higher profitability.
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