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ADT Inc.（ADT）与Broadridge Financial Solutions（BR）财务数据对比。点击上方公司名可切换其他公司
Broadridge Financial Solutions的季度营收约是ADT Inc.的1.3倍（$1.7B vs $1.3B）。Broadridge Financial Solutions净利率更高（16.6% vs 11.4%，领先5.2%）。ADT Inc.同比增速更快（2.9% vs -5.4%）。过去两年Broadridge Financial Solutions的营收复合增速更高（10.4% vs 2.7%）
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
Broadridge Financial Solutions是2007年从自动数据处理公司（ADP）分拆成立的上市企业服务及金融科技企业，总部位于纽约莱克萨克塞斯，为金融行业客户提供股东委托书、年报等金融单证服务，以及线上年会等股东沟通解决方案。
ADT vs BR — 直观对比
营收规模更大
BR
是对方的1.3倍
$1.3B
营收增速更快
ADT
高出8.3%
-5.4%
净利率更高
BR
高出5.2%
11.4%
两年增速更快
BR
近两年复合增速
2.7%
损益表 — Q4 2025 vs Q2 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.7B |
| 净利润 | $145.4M | $284.6M |
| 毛利率 | — | 27.6% |
| 营业利润率 | 26.1% | 12.0% |
| 净利率 | 11.4% | 16.6% |
| 营收同比 | 2.9% | -5.4% |
| 净利润同比 | -23.5% | 17.1% |
| 每股收益（稀释后） | — | $2.42 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ADTBR
| Q4 25 | $1.3B | $1.7B | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | $2.1B | ||
| Q1 25 | $1.3B | $1.8B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.2B | $1.9B | ||
| Q1 24 | $1.2B | $1.7B |
净利润ADTBR
| Q4 25 | $145.4M | $284.6M | ||
| Q3 25 | $145.1M | — | ||
| Q2 25 | $165.2M | $374.2M | ||
| Q1 25 | $140.2M | $243.1M | ||
| Q4 24 | $190.0M | $142.4M | ||
| Q3 24 | $127.2M | $79.8M | ||
| Q2 24 | $92.4M | $323.2M | ||
| Q1 24 | $91.6M | $213.7M |
毛利率ADTBR
| Q4 25 | — | 27.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 31.8% | ||
| Q4 24 | — | 27.9% | ||
| Q3 24 | — | 24.5% | ||
| Q2 24 | — | 35.5% | ||
| Q1 24 | — | 31.2% |
营业利润率ADTBR
| Q4 25 | 26.1% | 12.0% | ||
| Q3 25 | 24.3% | — | ||
| Q2 25 | 26.6% | 24.1% | ||
| Q1 25 | 25.2% | 19.0% | ||
| Q4 24 | 32.4% | 13.3% | ||
| Q3 24 | 26.2% | 9.4% | ||
| Q2 24 | 23.6% | 22.7% | ||
| Q1 24 | 16.2% | 17.5% |
净利率ADTBR
| Q4 25 | 11.4% | 16.6% | ||
| Q3 25 | 11.2% | — | ||
| Q2 25 | 12.8% | 18.1% | ||
| Q1 25 | 11.1% | 13.4% | ||
| Q4 24 | 15.3% | 9.0% | ||
| Q3 24 | 10.2% | 5.6% | ||
| Q2 24 | 7.7% | 16.6% | ||
| Q1 24 | 7.6% | 12.4% |
每股收益（稀释后）ADTBR
| Q4 25 | — | $2.42 | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $3.17 | ||
| Q1 25 | — | $2.05 | ||
| Q4 24 | — | $1.20 | ||
| Q3 24 | — | $0.68 | ||
| Q2 24 | — | $2.72 | ||
| Q1 24 | — | $1.79 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $80.8M | $371.5M |
| 总债务越低越好 | $7.4B | $3.2B |
| 股东权益账面价值 | $3.8B | $2.9B |
| 总资产 | $15.8B | $8.6B |
| 负债/权益比越低杠杆越低 | 1.95× | 1.10× |
8季度趋势，按日历期对齐
现金及短期投资ADTBR
| Q4 25 | $80.8M | $371.5M | ||
| Q3 25 | $62.8M | — | ||
| Q2 25 | $45.2M | $562.2M | ||
| Q1 25 | $3.7M | $317.9M | ||
| Q4 24 | $96.2M | $290.6M | ||
| Q3 24 | $95.3M | $293.5M | ||
| Q2 24 | $37.9M | $305.2M | ||
| Q1 24 | $4.0M | $236.4M |
总债务ADTBR
| Q4 25 | $7.4B | $3.2B | ||
| Q3 25 | $7.3B | — | ||
| Q2 25 | $6.8B | $3.3B | ||
| Q1 25 | $7.6B | $3.4B | ||
| Q4 24 | $7.5B | $3.7B | ||
| Q3 24 | $7.5B | $3.6B | ||
| Q2 24 | $7.5B | $3.4B | ||
| Q1 24 | $7.6B | $3.5B |
股东权益ADTBR
| Q4 25 | $3.8B | $2.9B | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.7B | $2.7B | ||
| Q1 25 | $3.6B | $2.4B | ||
| Q4 24 | $3.8B | $2.2B | ||
| Q3 24 | $3.9B | $2.2B | ||
| Q2 24 | $3.8B | $2.2B | ||
| Q1 24 | $3.7B | $2.3B |
总资产ADTBR
| Q4 25 | $15.8B | $8.6B | ||
| Q3 25 | $16.0B | — | ||
| Q2 25 | $16.0B | $8.5B | ||
| Q1 25 | $15.8B | $8.3B | ||
| Q4 24 | $16.1B | $8.2B | ||
| Q3 24 | $16.1B | $8.0B | ||
| Q2 24 | $16.0B | $8.2B | ||
| Q1 24 | $15.9B | $8.2B |
负债/权益比ADTBR
| Q4 25 | 1.95× | 1.10× | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.84× | 1.22× | ||
| Q1 25 | 2.10× | 1.44× | ||
| Q4 24 | 1.98× | 1.64× | ||
| Q3 24 | 1.93× | 1.63× | ||
| Q2 24 | 1.98× | 1.55× | ||
| Q1 24 | 2.03× | 1.55× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $373.6M | — |
| 自由现金流经营现金流 - 资本支出 | $323.5M | — |
| 自由现金流率自由现金流/营收 | 25.4% | — |
| 资本支出强度资本支出/营收 | 3.9% | — |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | — |
8季度趋势，按日历期对齐
经营现金流ADTBR
| Q4 25 | $373.6M | — | ||
| Q3 25 | $480.1M | — | ||
| Q2 25 | $563.9M | $699.7M | ||
| Q1 25 | $466.6M | $360.4M | ||
| Q4 24 | $459.7M | $236.7M | ||
| Q3 24 | $498.2M | $-125.5M | ||
| Q2 24 | $563.2M | $721.0M | ||
| Q1 24 | $363.8M | $207.4M |
自由现金流ADTBR
| Q4 25 | $323.5M | — | ||
| Q3 25 | $437.4M | — | ||
| Q2 25 | $526.3M | $684.1M | ||
| Q1 25 | $421.2M | $348.9M | ||
| Q4 24 | $426.0M | $227.9M | ||
| Q3 24 | $455.5M | $-133.4M | ||
| Q2 24 | $516.5M | $703.2M | ||
| Q1 24 | $323.1M | $184.6M |
自由现金流率ADTBR
| Q4 25 | 25.4% | — | ||
| Q3 25 | 33.7% | — | ||
| Q2 25 | 40.9% | 33.1% | ||
| Q1 25 | 33.2% | 19.3% | ||
| Q4 24 | 34.3% | 14.3% | ||
| Q3 24 | 36.6% | -9.4% | ||
| Q2 24 | 42.9% | 36.2% | ||
| Q1 24 | 26.7% | 10.7% |
资本支出强度ADTBR
| Q4 25 | 3.9% | — | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 2.9% | 0.8% | ||
| Q1 25 | 3.6% | 0.6% | ||
| Q4 24 | 2.7% | 0.6% | ||
| Q3 24 | 3.4% | 0.6% | ||
| Q2 24 | 3.9% | 0.9% | ||
| Q1 24 | 3.4% | 1.3% |
现金转化率ADTBR
| Q4 25 | 2.57× | — | ||
| Q3 25 | 3.31× | — | ||
| Q2 25 | 3.41× | 1.87× | ||
| Q1 25 | 3.33× | 1.48× | ||
| Q4 24 | 2.42× | 1.66× | ||
| Q3 24 | 3.92× | -1.57× | ||
| Q2 24 | 6.10× | 2.23× | ||
| Q1 24 | 3.97× | 0.97× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Amortization Of Deferred Subscriber Acquisition Revenue | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
BR
| Recurring Fee Revenue Investor Communication Solutions | $589.5M | 34% |
| Recurring Fee Revenue Capital Markets | $300.9M | 18% |
| Recurring Fee Revenue Regulatory | $248.7M | 15% |
| Recurring Fee Revenue Customer Communications | $189.2M | 11% |
| Recurring Fee Revenue Wealth And Investment Management | $179.7M | 10% |
| Recurring Fee Revenue Data Driven Fund Solutions | $112.7M | 7% |
| Event Driven Revenue Mutual Funds | $51.4M | 3% |
| Event Driven Revenue Equity And Other | $39.2M | 2% |
| Global Technology And Operations | $7.5M | 0% |
