Broadridge Financial Solutions, Inc.
BR 8.5Price 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; and provides fund manager and a range of other regulatory communication solutions. The segment also offers ProxyEdge, an electronic proxy delivery and voting solution; data-driven solutions and an end-to-end platform for content management, composition, and omni-channel distribution of regulatory, marketing, and transactional information, as well as mutual fund and exchange-traded funds trade processing services; data and analytics solutions; annual SEC filing and capital markets transaction services; registrar, stock transfer, and record-keeping services; and omni-channel customer communications solutions, as well as operates Broadridge Communications Cloud platform that creates, delivers, and manages communications and customer engagement activities. 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.
What the company sells公司卖什么share of revenue营收占比
Investor Communication Solutions投资者沟通解决方案
74%Sends regulatory and marketing information from companies to investors, and collects the votes back. FY2025 revenue was $5.11 billion.把公司发给投资者的监管信息和营销信息送出去，再把投票收回来。2025财年营收为51.1亿美元。
- 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。
Global Technology and Operations全球技术与运营
26%Software that records and settles trades after they happen.在交易完成后记录和结算交易的软件。
- 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
- 15,000
- 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
⭐ ANALYZED 8/04 — IN ZONE $150-180, re-opened. The "zone exited" call was made against a pre-FY26 fair value. With FY26 delivered and FY27 guided, FV moves $190-230 (central $211) and spot is ~25% below centre, −38.1% off the $271.91 high.
What's working
- Q4 FY26: adj EPS $3.82 +8%, GAAP $3.44 +9%, revenue $2.22B +7%; FY26 revenue $7.48B +9%, recurring $4.9B +8%, adj EPS +12% to $9.60, record closed sales $305M. 20th consecutive dividend raise, +12% to $4.36; new $1.5B buyback = 7.7% of cap. FY27 guide 6-8% cc recurring / 8-12% adj EPS. 🔍 The Q3 bear case reversed — the collapsing closed sales that caused the de-rate finished the year at a record. Revenue growth accelerating 6.1→7.4→5.8→8.6%; op margin +400bps in 3yr; FCF CAGR 41.8%; debt down $600M. DLR tokenized repo $360B daily, ~3x YoY — BR is the vendor to the disruption, not its victim. 15.9x fwd, 2.59% yield at 41% payout, tgt $206.50 (+22.6%). Bogle ≈12.6% with no re-rating
Red flags
- NYSE proxy fee review is the real risk — SEC-overseen, sets pricing on ~65% of revenue, uncontrollable and undated
- Share count flat 3yr
Watch
- DYT reads cheap but 2/3 of the yield rise is the price fall — don't double-count it. Trim 22x fwd
⭐ 8/04 已分析 — 买入区间重新开启 $150-180。此前「已离开区间」的判断依据的是 FY26 之前的过时合理价值。 FY26 兑现后、FY27 指引给出后，合理价值升至 $190-230（中枢 $211），现价比中枢低约 25%，较高点 $271.91 低 38.1%。✅ FY26 Q4：调整后每股收益 $3.82 +8%，GAAP $3.44 +9%，收入 $2.22B +7%；FY26 收入 $7.48B +9%，经常性收入 $4.9B +8%，调整后每股收益 +12% 至 $9.60，已签销售额创纪录 $305M。连续第 20 年提高股息，+12% 至 $4.36；新增 $1.5B 回购 = 市值的 7.7%。FY27 指引：固定汇率经常性收入 6-8% / 调整后每股收益 8-12%。🔍 Q3 的看空理由已经反转 — 当初导致估值下杀的已签销售额下滑，全年收在纪录高位。收入增速在加速 6.1→7.4→5.8→8.6%；3 年营业利润率 +400bps；自由现金流年复合增速 41.8%；债务减少 $600M。 DLR 代币化回购规模 每日 $360B，约为去年同期的 3 倍 — BR 是这场变革的供应商，而不是受害者。15.9x 前瞻市盈率，2.59% 股息率、41% 派息率，目标价 $206.50（+22.6%）。在不发生估值修复的情况下，Bogle 预期回报约 12.6%。🚩 纽交所代理投票费用审查是真正的风险 — 由美国证监会监督，决定约 65% 收入的定价，不可控且没有时间表。🚩 股本数量已 3 年持平。⚠️ 股息率理论看起来便宜，但股息率上升有三分之二来自股价下跌 — 不要重复计算。减持 22x 前瞻市盈率。
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
- 42%
- Revenue growth营收增长
- +8%
- Dividend yield股息率
- 2.48%
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