Broadridge Financial Solutions, Inc.
BR 7.5Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
Broadridge runs the paperwork of the investment industry. When a company sends a proxy vote to its shareholders, or a broker sends a trade confirmation, Broadridge usually does the work. Investors never see the name. Brokers and fund managers cannot operate without it.Broadridge负责处理投资行业里的各种文书工作。当一家公司向股东寄送投票代理文件，或者券商发出一份交易确认单时，这些活通常都是Broadridge在做。投资者从来看不到它的名字，但券商和基金经理离了它就没法运转。
Earns from营收来源 fees for each account, transaction or communication, under multi-year contracts. More than 70% of revenue repeats each year and renewal rates are above 95%.按每个账户、每笔交易或每次通信收取费用，都在多年的合同之下。超过70%的收入每年重复出现，续约率在95%以上。
Read the full description查看完整介绍
Broadridge Financial Solutions, Inc. provides investor communications and technology-driven solutions for the financial services industry in the United States and internationally. The company's Investor Communication Solutions segment handles the proxy materials distribution and voting processes for bank, broker-dealer, corporate issuer, and fund clients; provides fund manager; and various other regulatory communication solutions. The segment also offers ProxyEdge, an institutional voting platform that allows institutional investors to view, manage, and vote multi-custodial holdings, as well as third party vote recommendations; data-driven analytics solutions; international corporate governance solutions; fiduciary-focused learning and development, software and technology, and data and analytics services, as well as automated mutual fund and exchange-traded funds trade processing; content management and omni-channel distribution platform; corporate solutions that revolve around shareholder meetings and proxy, corporate governance, regulatory filings and disclosure, and stock transfer services; corporate issuer solutions; and customer communications solutions. The Global Technology and Operations segment provides solutions that automate the front-to-back transaction lifecycle of equity, mutual fund, fixed income, foreign exchange and exchange-traded derivatives, order capture and execution, trade confirmation, margin, cash management, clearing and settlement, reference data management, reconciliations, securities financing and collateral management, asset servicing, compliance and regulatory reporting, portfolio accounting, and custody-related services. This segment also offers business process outsourcing services; technology solutions, such portfolio management, compliance, fee billing, and operational support solutions; and capital market and wealth and investment management solutions. The company was founded in 1962 and is headquartered in Lake Success, New York.
Revenue breakdown营收构成 share of revenue营收占比
This is Broadridge's proxy and shareholder-communications business. It carries the paperwork securities law requires — proxy votes, account statements, and regulatory notices — between public companies, funds, and investors. Because the work is a legal duty rather than a discretionary purchase, volume tracks the number of investor accounts and equity positions in the market, giving it a steady, contract-backed revenue base.这是Broadridge的委托投票和股东通讯业务。它负责传递证券法要求的文件——委托投票、账户对账单和监管通知——在上市公司、基金和投资者之间流转。由于这项工作是法定义务而非可选采购，其业务量随市场中投资者账户和股权持仓数量增长，因而带来稳定、有合同支撑的收入基础。
- Proxy processing代理投票处理 — Broadridge managed voting for more than 900 million equity proxy positions in FY2025. A public company must hold a shareholder vote, and this is how the vote reaches the shareholder.2025财年，Broadridge为超过9亿份股票代理投票头寸管理了投票。上市公司必须举行股东投票，而投票就是通过这种方式送到股东手里的。
- Customer communications客户沟通 — It processed more than 7 billion investor communications in FY2025, on paper and online.2025财年，它处理了超过70亿份投资者通信，纸质和网上都有。
- Data and analytics数据和分析 — Sells fund managers a view of who owns their funds and how those holdings move.向基金经理出售一个视图，让他们看清谁持有自己的基金，以及这些持仓如何变动。
This segment runs the technology that records and settles a trade after it is agreed, moving the cash and the security between parties, and it also supplies the account-opening, billing, and reporting tools that wealth advisers use every day. The software sits deep inside a broker's or adviser's daily operations, so once installed it becomes hard to remove without disrupting the business itself.该分部运营在交易达成后用于记录和结算的技术，负责在交易双方之间转移资金和证券，同时也提供财富顾问日常使用的开户、计费和报告工具。这些软件深深嵌入券商或顾问的日常运营中，一旦安装，若要更换供应商就会扰乱其自身业务，因此很难被替换。
- Trade processing交易处理 — Records a trade, confirms it, and moves the money and the security. This runs behind many large brokers.记录一笔交易，确认它，再转移资金和证券。许多大型券商背后都在运行它。
- Wealth management platform财富管理平台 — Account opening, billing and reporting tools for advisers.为理财顾问提供的开户、账单和报告工具。
Company facts公司资料
- Founded成立时间
- 1962
- Headquarters总部
- Lake Success, New York
- Employees员工人数
- 16,000
- Industry行业
- Information Technology Services
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
BR carries digital assets marked to market, so GAAP EPS now has crypto beta — and it already turned ($11M loss in Q4 alone). Clean GAAP EPS $7.60, clean ttm P/E 21.4x not 17x, clean EV/EBITDA 13.3x not 12.0x, clean NI 3yr CAGR 12.2% not 21.3%.
What's working
- The $1.5B buyback is executing — FY26 $603.7M (4.5x the prior year), shares −2.7%, zero net new debt. The baseline's one stated criticism, answered with cash
- FCF $1,233M +16.7%, 18.1% 3yr CAGR, 91% conversion, 36% FCF payout; ROIC 14.7→15.9→16.6%, gross margin 29.7→31.0→31.8% — both rising through a 32% de-rate
- 20th consecutive dividend raise paid 9/3, $4.36 (+12%), 2.68% yield. FY26 adj EPS $9.60 +12.3%, record closed sales $305M (Q4 record $158M), backlog $470M +$40M. FY27 guide: +6-8% cc recurring, +8-12% adj EPS, adj op margin ~21%, FCF conversion >100%. 📉 FY26 op margin expansion stalled (+15bp vs +162bp) — but management named the cause on the Q4 call: lower float income + higher pass-through distribution = a 40bp headwind, and both are reversing — the 9/16 Fed hike HELPS float income.
- DLX launched 9/09; wealth platform extended to crypto/tokenized securities 9/14 (Anchorage, Galaxy) — zero economics disclosed anywhere.
- CEO Gokey bought $1.03M at $194.49 (3/06); no insider open-market trade since 6/04
Red flags
- The regulatory risk changed CHARACTER. The baseline called it "undated and perennial — a risk to underwrite, not a catalyst to trade"; both halves are now false. Two dated SEC proposals: Reg E-Delivery (7/16) and rescission of Rule 14a-8 + proxy solicitation modernization (9/16, 60-day comment period open) — the latter eliminates the annual-report delivery requirement and cuts the broker search 20→5 business days. They attack ICS VOLUME, not the fee rate (no NYSE filing; the fee risk itself has not moved). BR's 10-K calls the E-Delivery half "no FY27 impact… modest over 2-3 years, largely offset" and margin-accretive, since distribution is low-margin pass-through. Nobody has quantified the 9/16 proposal.
Watch
- FCF, OCF, operating income, gross margin, revenue and adjusted EPS are ALL untouched — the mark is non-cash and reverses out in OCF. The cash case is intact; the GAAP headline was flattered by a fifth. Cause: wrong test, not wrong data — the net-below-operating tripwire cannot catch a mark too small to invert the inequality, and it was reported as conclusive. → [[pitfall-net-below-operating-margin-does-not-clear-a-mark]]
- DYT and Graham are both VOID for this name (the 5yr yield band spans a permanently reset multiple; tangible book is −$0.95B). Bogle 12.7%/yr with no re-rating. 15.4x fwd — NOT Yahoo's 14.05x, which is FY28. FV $190-230 → $175-215 (c. $195); the −7.6% cut decomposes as business +1%, the Fed −6%, the SEC −2.5% — none of it is a change of opinion about Broadridge.
- The zone did NOT survive intact — the top came down $180 → $166 (−7.8%), because $180 is now 7.7% above the new centre and would be buying above fair value. At $162.87 it is inside by 2.0%, not the comfortable ~10% the baseline implied. A 4% further decline or one adverse SEC headline puts it out of zone. Calibration vs 2026-09-22: BR keeps its buy signal where three of four names lost theirs — so 9/22 was a finding about those names, not a law. But the reason is specific: BR's staleness was in the fair value, not the price (price −3.3%, FV −7.6%, same direction). That is the mild case, and it still cost $14 off the zone top. Entry $148-166. Trim 20x fwd($10.56) (20 × FY27 adj EPS $10.56 = $211). 59 (FY28) against the FY27 guide mid $10.56, so the site shows ~$232
- Do not misread the FY27 GAAP compare — it will look bad against a mark-inflated FY26 base for non-operating reasons. Use adjusted EPS and FCF for this name.
- Thinnest claim in the report: the digital assets producing the $227M gain are NOT identified — the 10-K note was not reached. Size and reversibility unknown; this is the first thing the next pass should get. Q1 FY27 est. 11/03, UNCONFIRMED.
🔴 2026-09-28 重新分析——信心 8.5→7.5，有三条互相独立的理由。 ** ❌ 已撤回：FY26 的 $9.60 GAAP 每股收益中，有 $2.00 是非现金的数字资产估值收益（依据公司自己的 8-K GAAP→调整后对照表，四个来源互相印证）。 BR 持有按市值计价的数字资产，所以 GAAP 每股收益现在带有加密货币的贝塔——而且它已经反转了（仅 Q4 就亏损 $11M）。 ** 干净的 GAAP 每股收益是 $7.60，干净的滚动市盈率是 21.4x 而不是 17x，干净的净利润 3 年复合增长率是 12.2% 而不是 21.3%。 ⚠️ 自由现金流、经营现金流、营业利润、毛利率、收入和调整后每股收益全都没有受影响——这笔估值收益是非现金的，在经营现金流中被冲回。 现金层面的逻辑完好无损；被美化了五分之一的是 GAAP 表面数字。 原因是用错了检验方法，而不是数据错误：净利率低于营业利润率这个警报，抓不到小到不足以让不等式反转的估值收益，而当时却把它当作结论性的证据报告了。 * 🚩 监管风险的性质变了。 ** 基准报告称它「没有日期、长期存在——是一个需要承保的风险，而不是一个可以交易的催化剂」；这两半现在都不成立了。 ** 两项有明确日期的 SEC 提案：Reg E-Delivery（7/16） 和 废除 Rule 14a-8 及代理征集现代化（9/16，60 天意见征询期已开启）——后者取消了年报送达要求，并把券商查询期从 20 个工作日压缩到 5 个。 它们攻击的是 ICS 的业务量，而不是费率（没有 NYSE 备案；费率风险本身没有变化）。 BR 自己的 10-K 把 E-Delivery 这一半称为「对 FY27 无影响……未来 2-3 年影响温和，且大部分被抵消」，并且对利润率是增厚的，因为分发业务是低毛利的过手业务。 没有任何人量化过 9/16 的那项提案。 ** ✅ $1.5B 的回购正在执行——FY26 花了 $603.7M（是上一年的 4.5 倍），股数 −2.7%，净新增债务为零。 基准报告唯一提出的批评，被现金回答了。 ✅ 自由现金流 $1,233M，+16.7%，3 年复合增长率 18.1%，转化率 91%，派息率 36%；ROIC 14.7→15.9→16.6%，毛利率 29.7→31.0→31.8%——两者都在一轮 32% 的估值下杀中持续上升。 ✅ 9/3 发放了第 20 次连续上调的股息，$4.36（+12%），股息率 2.68%。 FY26 调整后每股收益 $9.60，+12.3%，新签销售额创纪录的 $305M，订单储备 $470M，+$40M。 FY27 指引：不变汇率下经常性收入 +6-8%，调整后每股收益 +8-12%，调整后营业利润率约 21%，自由现金流转化率 >100%。 📉 FY26 营业利润率扩张停滞（+15bp，对比 +162bp）——但管理层在 Q4 电话会上点明了原因：浮存收益下降 + 过手分发业务占比上升 = 40bp 的逆风，而且两者都在反转——9/16 的加息对浮存收益是有利的。 ** ⚠️ DYT 和格雷厄姆模型对这个名字都无效（5 年股息率区间跨越了一次永久性的估值重置；有形账面价值为 −$0.95B）。 博格模型在不发生估值重估的情况下给出 12.7%/年。 15.4x 前瞻市盈率——不是雅虎的 14.05x，那是 FY28 的。 ** 合理价值 $190-230 → $175-215（中枢 $195）；这次 −7.6% 的下调拆开来看是：业务本身 +1%、美联储 −6%、SEC −2.5%——其中没有任何一部分是对 Broadridge 这家公司看法的改变。 ** ⚠️ 买入区间没有完整存活——上沿从 $180 降到 $166（−7.8%），因为 $180 现在比新的中枢高 7.7%，会变成在合理价值之上买入。 在 $162.87，它还在区间内，但只进去了 2.0%，而不是基准报告暗示的那种舒服的约 10%。 再跌 4%，或者出现一条不利的 SEC 新闻，它就出区间了。 ** 买入区间 $148-166。 减持 20x 前瞻（20 × FY27 调整后每股收益 $10.56 = $211）。 ⚠️ 网站会渲染得高约 10%——雅虎的前瞻市盈率 14.05 隐含每股收益 $11.59（FY28），而 FY27 指引中值是 $10.56，所以网站显示约 $232。 ⚠️ 不要误读 FY27 的 GAAP 同比——它会因为非经营性的原因，对着一个被估值收益抬高的 FY26 基数显得很难看。 这个名字请用调整后每股收益和自由现金流来看。 ** ⚠️ *报告中最薄弱的一条：产生这 $227M 收益的数字资产究竟是什么，没有被识别出来——10-K 的附注没有读到。 规模和可逆性未知；这是下一轮应该最先去拿的东西。 **
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 41%
- Revenue growth营收增长
- +8%
- Dividend yield股息率
- 2.66%
Competitors竞争对手
Why customers stay客户为什么留下
Regulation requires the proxy process, and Broadridge performs most of it. A broker that changes supplier risks failing a legal duty in order to save a small fee. That is a poor trade, so few try it.法规要求必须走代理投票这套流程，而其中大部分是Broadridge在做。券商如果换供应商，就要冒着违反法定义务的风险，只为省一笔小钱。这是一笔划不来的买卖，所以很少有人去试。
Recent news近期新闻 last 7 days近7天
- Broadridge Gears Up to Report Q4 Earnings: What's in the Cards?Zacks
- Jensen Quality Growth Equity Strategy Trimmed Its Position in Broadridge Financial Solutions (BR)Insider Monkey
- Broadridge (BR) Stock Looks Below Fair Value Despite A 40% FallSimply Wall St.
- Broadridge Financial Solutions (BR) Fell Amid Concerns Over AI Disruption and Tokenized EquitiesInsider Monkey
- 2 Reasons to Like BR and 1 to Stay SkepticalStockStory