MeritValue

BROADRIDGE FINANCIAL SOLUTIONS, INC.

BRdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.99B1$5.71B2$6.06B3$6.51B3$6.89B3
Net income$547.5M4$539.1M5$630.6M6$698.1M6$839.5M6
Operating cash flow$640.1M7$443.5M8$823.3M9$1.06B9$1.17B9
Capital expenditure$51.9M10$29M11$38.4M12$57.4M12$43.8M12
Free cash flow (derived)$588.2M7$414.5M8$784.9M9$998.8M9$1.13B9
Total debt$7.78B13$7.59B14$6.83B15$6.71B16$6.5B16
Cash & equivalents$274.5M17$224.7M18$252.3M19$304.4M20$561.5M20
Diluted shares117.8M118.5M119.0M119.1M118.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000085%
of the whole company
Your share of last year’s profit
$70.96
Your share of its debt
$549.84
Your share of free cash flow
$95.31
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$468.6
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$998.8M
DCF · Growth Exit 5Y
$232.28
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$998.8M
Earnings Power Value
$56.17
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$630.6M
  • growthAssumed0.0%
Graham Number
$59.88
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $232.28

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001383312-23-000037 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001383312-24-000039 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001628280-25-037656 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001383312-23-000037 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001383312-24-000039 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001628280-25-037656 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001383312-23-000037 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001383312-24-000039 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001628280-25-037656 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001383312-23-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0001383312-24-000039 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0001628280-25-037656 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0001383312-22-000037 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-06-30 · accession 0001383312-23-000037 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-06-30 · accession 0001383312-24-000039 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-06-30 · accession 0001628280-25-037656 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-06-30 · accession 0001383312-22-000037 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0001383312-23-000037 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0001383312-24-000039 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-30 · accession 0001628280-25-037656 (CashAndCashEquivalentsAtCarryingValue)