# Broadridge Financial Solutions (BR.US)

Canonical: https://gigainvestors.com/s/BR

Analysis as of: 2026-10-16T07:27:03.761Z. Financial observations: FY2005–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $174.11 per share; close as of 2026-10-15.

Estimated value: low $159.35 per share, central $231.42 per share, high $271.62 per share. Buy at or below the central value $231.42 per share. Valuation as of 2026-10-16T07:27:03.761Z; scenarios are not confidence intervals.

Expected annual return: 12.2% at the stated quote. About 12.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.13×

- FY2023: 0.15×

- FY2024: 0.16×

- FY2025: 0.17×

- FY2026: 0.17×

### moat: pass

- ROIC, median of available years: 39.6%

- ROIC, second-lowest year: 30.6%

- Typical minus recent gross margin: -2.7 pp

- Typical gross margin (annual median): 28.3%

- Recent gross margin (lower of latest and 3-year median): 31.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 20.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 31.4%

- FY2018: 69.7%

- FY2019: 59.5%

- FY2020: 38.2%

- FY2021: 30.6%

- FY2022: 26.8%

- FY2023: 34.1%

- FY2024: 41.1%

- FY2025: 48.5%

- FY2026: 46.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.46×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.6B

- Net income, five-year total: $3.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 5.9 pp

- Working capital / revenue, final three-year average: 12.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.72×

- FY2023: 1.55×

- FY2024: 1.52×

- FY2025: 1.46×

- FY2026: 1.24×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 59.5% vs 46.7%

- Per-share earnings: 2.71 to 7.10 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: $6.8B

- Cumulative retained earnings: $3.1B

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 12.8%

- Per-share value change: $4.39

- Per-share value, starting three-year median: $2.71

- Per-share value, ending three-year median: $7.10

- Buybacks concentrated in cheaper years (correlation): 0.66

- Average buyback yield: 1.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $4.5B

- Cumulative net income, 10 years: $6.1B

- ROIC, first three-year median: 59.5%

- ROIC, last three-year median: 46.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: $2.71

- FY2018: $3.55

- FY2019: $4.06

- FY2020: $3.95

- FY2021: $4.65

- FY2022: $4.55

- FY2023: $5.30

- FY2024: $5.86

- FY2025: $7.10

- FY2026: $9.60

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.76×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.0%

- FY2018: -8.0%

- FY2019: -3.5%

- FY2020: -2.8%

- FY2021: -1.1%

- FY2022: 1.2%

- FY2023: -2.3%

- FY2024: -4.3%

- FY2025: -3.9%

- FY2026: -2.5%

## Holders

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 32% since Aug 2025 · "BR Q1 Deep Dive: Delays in Large Sales and Investment Cycle Shape Near-Term Outlook" (finance.yahoo.com, May 2026) · sales +8.5%

Story as of 2026-10-16T09:58:25.451Z; price observation 2026-10-15.

Price needs cash profits to grow 3.9% a year for ten years

- 2025-08-05: Broadridge Financial Solutions beats top-line and bottom-line estimates; initiates FY25 outlook ([seekingalpha.com](https://seekingalpha.com/news/4478263-broadridge-financial-solutions-beats-top-line-and-bottom-line-estimates-initiates-fy25-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-04: Fintech Broadridge's profit doubles on investor communications unit strength ([finance.yahoo.com](https://finance.yahoo.com/news/fintech-broadridges-profit-doubles-investor-122901826.html))

- 2026-08-06: Broadridge Financial Solutions (BR) Earnings Beat Puts Valuation Back In Focus ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/broadridge-financial-solutions-br-earnings-191223738.html))

### Sales · FY2025–2026

sales +8.5%; source https://www.sec.gov/Archives/edgar/data/1383312/000162828026052243/br-20260630.htm; observed 2026-08-04.

- FY2017: $4.1B 

- FY2018: $4.3B 

- FY2019: $4.4B 

- FY2020: $4.5B 

- FY2021: $5.0B 

- FY2022: $5.7B 

- FY2023: $6.1B 

- FY2024: $6.5B 

- FY2025: $6.9B 

- FY2026: $7.5B 

### Gross margin · FY2026

gross margin 31.8%; source https://www.sec.gov/Archives/edgar/data/1383312/000162828026052243/br-20260630.htm; observed 2026-08-04.

- FY2017: 24.9% 

- FY2018: 26.8% 

- FY2019: 28.2% 

- FY2020: 27.9% 

- FY2021: 28.5% 

- FY2022: 27.9% 

- FY2023: 29.5% 

- FY2024: 29.7% 

- FY2025: 31.0% 

- FY2026: 31.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are USD 7.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1383312/000162828026052243/br-20260630.htm (filed 2026-08-04); FY2026: revenue 7476900000; grossProfit 2376100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BR.US: 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.

### Why customers stay

Margins ranged from 29.7% to 31.8% during 2024–26; it earns 39.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2024: grossProfit / revenue = 29.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2025: grossProfit / revenue = 31%.

- Source: https://www.sec.gov/Archives/edgar/data/1383312/000162828026052243/br-20260630.htm (filed 2026-08-04); FY2026: grossProfit / revenue = 31.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); 10-year return on capital observations [[2017,0.31385362742018985],[2018,0.6973369659695122],[2019,0.594675092809473],[2020,0.3817327380486563],[2021,0.30634092341427654],[2022,0.26780103965578034],[2023,0.34086770421566887],[2024,0.41068347017528367],[2025,0.48507703321949575],[2026,0.46663646226271244]]; median 0.39620810411197. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 28% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1383312/000162828026052243/br-20260630.htm (filed 2026-08-04); Gross margin observations: [[2021,0.2849390231691932],[2022,0.27888809094253036],[2023,0.29457671302941807]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 603.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2017: growth capex 21500000; upkeep 182200000; owner earnings 326800000. Growth capex / owner earnings = 0.06578947368421052.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2018: growth capex 0; upkeep 137900000; owner earnings 502000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2019: growth capex 0; upkeep 72600000; owner earnings 669500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2020: growth capex 0; upkeep 98700000; owner earnings 663100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2021: growth capex 0; upkeep 100700000; owner earnings 778800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2022: growth capex 0; upkeep 73100000; owner earnings 929700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2023: growth capex 0; upkeep 75200000; owner earnings 980400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2024: growth capex 0; upkeep 113000000; owner earnings 1063000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); FY2025: growth capex 0; upkeep 114900000; owner earnings 1222700000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1383312/000162828026052243/br-20260630.htm (filed 2026-08-04); FY2026: growth capex 0; upkeep 67200000; owner earnings 1398400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); Dividend observations: [[2017,152200000],[2018,165800000],[2019,211200000],[2020,241000000],[2021,261700000],[2022,290700000],[2023,331000000],[2024,368200000],[2025,402300000],[2026,443500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1383312/000162828026052243/br-20260630.htm (filed 2026-08-04); FY2026: cash repurchases 603700000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BR.US SharesStats.PercentInsiders = 0.336 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.9% yearly over ten years; actual growth was 15.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-04); Ten-year compound average after fade. Initial solved rate 0.048669284491063766. Price 174.11; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.9029605263157894 → FY2026 11.941929974380871. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $64.66 per share

- 2016-11: $64.74 per share

- 2016-12: $66.30 per share

- 2017-01: $66.53 per share

- 2017-02: $69.33 per share

- 2017-03: $67.95 per share

- 2017-04: $69.94 per share

- 2017-05: $75.89 per share

- 2017-06: $75.56 per share

- 2017-07: $75.86 per share

- 2017-08: $78.13 per share

- 2017-09: $80.82 per share

- 2017-10: $85.92 per share

- 2017-11: $90.26 per share

- 2017-12: $90.58 per share

- 2018-01: $96.41 per share

- 2018-02: $100.38 per share

- 2018-03: $109.69 per share

- 2018-04: $107.21 per share

- 2018-05: $115.45 per share

- 2018-06: $115.10 per share

- 2018-07: $112.98 per share

- 2018-08: $135.14 per share

- 2018-09: $131.95 per share

- 2018-10: $116.94 per share

- 2018-11: $105.87 per share

- 2018-12: $96.25 per share

- 2019-01: $100.83 per share

- 2019-02: $101.25 per share

- 2019-03: $103.69 per share

- 2019-04: $118.13 per share

- 2019-05: $124.87 per share

- 2019-06: $127.68 per share

- 2019-07: $127.12 per share

- 2019-08: $129.44 per share

- 2019-09: $124.43 per share

- 2019-10: $125.22 per share

- 2019-11: $123.71 per share

- 2019-12: $123.54 per share

- 2020-01: $119.15 per share

- 2020-02: $104.36 per share

- 2020-03: $94.83 per share

- 2020-04: $116.00 per share

- 2020-05: $121.10 per share

- 2020-06: $126.19 per share

- 2020-07: $134.34 per share

- 2020-08: $137.40 per share

- 2020-09: $132.00 per share

- 2020-10: $137.60 per share

- 2020-11: $146.88 per share

- 2020-12: $153.20 per share

- 2021-01: $141.31 per share

- 2021-02: $142.49 per share

- 2021-03: $153.10 per share

- 2021-04: $158.63 per share

- 2021-05: $159.48 per share

- 2021-06: $161.53 per share

- 2021-07: $173.49 per share

- 2021-08: $172.22 per share

- 2021-09: $166.64 per share

- 2021-10: $178.41 per share

- 2021-11: $168.57 per share

- 2021-12: $182.82 per share

- 2022-01: $159.22 per share

- 2022-02: $146.21 per share

- 2022-03: $155.71 per share

- 2022-04: $144.13 per share

- 2022-05: $146.22 per share

- 2022-06: $142.55 per share

- 2022-07: $160.55 per share

- 2022-08: $171.17 per share

- 2022-09: $144.32 per share

- 2022-10: $150.06 per share

- 2022-11: $149.11 per share

- 2022-12: $134.13 per share

- 2023-01: $150.36 per share

- 2023-02: $140.78 per share

- 2023-03: $146.57 per share

- 2023-04: $145.41 per share

- 2023-05: $146.72 per share

- 2023-06: $165.63 per share

- 2023-07: $167.92 per share

- 2023-08: $186.21 per share

- 2023-09: $179.05 per share

- 2023-10: $170.64 per share

- 2023-11: $193.82 per share

- 2023-12: $205.75 per share

- 2024-01: $204.20 per share

- 2024-02: $203.58 per share

- 2024-03: $204.86 per share

- 2024-04: $193.41 per share

- 2024-05: $200.77 per share

- 2024-06: $197.00 per share

- 2024-07: $214.00 per share

- 2024-08: $212.86 per share

- 2024-09: $215.03 per share

- 2024-10: $210.86 per share

- 2024-11: $236.02 per share

- 2024-12: $226.09 per share

- 2025-01: $238.22 per share

- 2025-02: $241.22 per share

- 2025-03: $242.46 per share

- 2025-04: $242.40 per share

- 2025-05: $242.83 per share

- 2025-06: $243.03 per share

- 2025-07: $247.51 per share

- 2025-08: $255.62 per share

- 2025-09: $238.17 per share

- 2025-10: $220.40 per share

- 2025-11: $228.09 per share

- 2025-12: $223.17 per share

- 2026-01: $197.11 per share

- 2026-02: $185.87 per share

- 2026-03: $162.48 per share

- 2026-04: $153.98 per share

- 2026-05: $153.72 per share

- 2026-06: $136.95 per share

- 2026-07: $153.95 per share

- 2026-08: $182.38 per share

- 2026-09: $161.10 per share

- 2026-10: $174.11 per share

## Annual estimated value (USD per share)

- FY2017: low $54.86 per share, central $70.85 per share, high $82.63 per share

- FY2018: low $63.54 per share, central $91.14 per share, high $106.82 per share

- FY2019: low $65.96 per share, central $95.51 per share, high $111.98 per share

- FY2020: low $71.79 per share, central $103.21 per share, high $120.74 per share

- FY2021: low $91.61 per share, central $132.95 per share, high $156.01 per share

- FY2022: low $108.30 per share, central $157.56 per share, high $185.03 per share

- FY2023: low $116.44 per share, central $169.36 per share, high $198.87 per share

- FY2024: low $129.79 per share, central $188.67 per share, high $221.50 per share

- FY2025: low $141.28 per share, central $204.46 per share, high $239.69 per share

- FY2026: low $153.63 per share, central $223.12 per share, high $261.88 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1383312/000162828026052243/br-20260630.htm); period 2026-06-30, filed 2026-08-04.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.