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Broadridge Financial Solutions（BR）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
Broadridge Financial Solutions的季度营收约是维多利亚的秘密的1.2倍（$1.7B vs $1.5B），Broadridge Financial Solutions净利率更高（16.6% vs -2.5%，领先19.1%），维多利亚的秘密同比增速更快（9.3% vs -5.4%），过去两年Broadridge Financial Solutions的营收复合增速更高（10.4% vs -15.9%）
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。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
BR vs VSCO — 直观对比
营收规模更大
BR
是对方的1.2倍
$1.5B
营收增速更快
VSCO
高出14.7%
-5.4%
净利率更高
BR
高出19.1%
-2.5%
两年增速更快
BR
近两年复合增速
-15.9%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.5B |
| 净利润 | $284.6M | $-37.0M |
| 毛利率 | 27.6% | 36.4% |
| 营业利润率 | 12.0% | -1.3% |
| 净利率 | 16.6% | -2.5% |
| 营收同比 | -5.4% | 9.3% |
| 净利润同比 | 17.1% | 33.9% |
| 每股收益（稀释后） | $2.42 | $-0.46 |
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BRVSCO
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $1.8B | $2.1B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $1.9B | $1.4B | ||
| Q1 24 | $1.7B | $2.1B |
净利润BRVSCO
| Q4 25 | $284.6M | $-37.0M | ||
| Q3 25 | — | $16.0M | ||
| Q2 25 | $374.2M | $-2.0M | ||
| Q1 25 | $243.1M | $193.0M | ||
| Q4 24 | $142.4M | $-56.0M | ||
| Q3 24 | $79.8M | $32.0M | ||
| Q2 24 | $323.2M | $-4.0M | ||
| Q1 24 | $213.7M | $180.0M |
毛利率BRVSCO
| Q4 25 | 27.6% | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | 37.3% | 35.0% | ||
| Q1 25 | 31.8% | 38.6% | ||
| Q4 24 | 27.9% | 34.7% | ||
| Q3 24 | 24.5% | 35.4% | ||
| Q2 24 | 35.5% | 36.9% | ||
| Q1 24 | 31.2% | 39.7% |
营业利润率BRVSCO
| Q4 25 | 12.0% | -1.3% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | 24.1% | 1.5% | ||
| Q1 25 | 19.0% | 12.8% | ||
| Q4 24 | 13.3% | -3.5% | ||
| Q3 24 | 9.4% | 4.4% | ||
| Q2 24 | 22.7% | 1.9% | ||
| Q1 24 | 17.5% | 12.4% |
净利率BRVSCO
| Q4 25 | 16.6% | -2.5% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | 18.1% | -0.1% | ||
| Q1 25 | 13.4% | 9.2% | ||
| Q4 24 | 9.0% | -4.2% | ||
| Q3 24 | 5.6% | 2.3% | ||
| Q2 24 | 16.6% | -0.3% | ||
| Q1 24 | 12.4% | 8.6% |
每股收益（稀释后）BRVSCO
| Q4 25 | $2.42 | $-0.46 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | $3.17 | $-0.02 | ||
| Q1 25 | $2.05 | $2.41 | ||
| Q4 24 | $1.20 | $-0.71 | ||
| Q3 24 | $0.68 | $0.40 | ||
| Q2 24 | $2.72 | $-0.05 | ||
| Q1 24 | $1.79 | $2.32 |
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 | $371.5M | $249.0M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $2.9B | $653.0M |
| 总资产 | $8.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 1.10× | — |
8季度趋势，按日历期对齐
现金及短期投资BRVSCO
| Q4 25 | $371.5M | $249.0M | ||
| Q3 25 | — | $188.0M | ||
| Q2 25 | $562.2M | $138.0M | ||
| Q1 25 | $317.9M | $227.0M | ||
| Q4 24 | $290.6M | $161.0M | ||
| Q3 24 | $293.5M | $169.0M | ||
| Q2 24 | $305.2M | $105.0M | ||
| Q1 24 | $236.4M | $270.0M |
总债务BRVSCO
| Q4 25 | $3.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $3.3B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $3.4B | — | ||
| Q1 24 | $3.5B | — |
股东权益BRVSCO
| Q4 25 | $2.9B | $653.0M | ||
| Q3 25 | — | $680.0M | ||
| Q2 25 | $2.7B | $645.0M | ||
| Q1 25 | $2.4B | $640.0M | ||
| Q4 24 | $2.2B | $429.0M | ||
| Q3 24 | $2.2B | $472.0M | ||
| Q2 24 | $2.2B | $423.0M | ||
| Q1 24 | $2.3B | $417.0M |
总资产BRVSCO
| Q4 25 | $8.6B | $5.1B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | $8.5B | $4.6B | ||
| Q1 25 | $8.3B | $4.5B | ||
| Q4 24 | $8.2B | $4.9B | ||
| Q3 24 | $8.0B | $4.6B | ||
| Q2 24 | $8.2B | $4.4B | ||
| Q1 24 | $8.2B | $4.6B |
负债/权益比BRVSCO
| Q4 25 | 1.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.22× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.64× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 1.55× | — | ||
| Q1 24 | 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 | — | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-232.0M |
| 自由现金流率自由现金流/营收 | — | -15.8% |
| 资本支出强度资本支出/营收 | — | 3.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $309.0M |
8季度趋势，按日历期对齐
经营现金流BRVSCO
| Q4 25 | — | $-180.0M | ||
| Q3 25 | — | $156.0M | ||
| Q2 25 | $699.7M | $-150.0M | ||
| Q1 25 | $360.4M | $674.0M | ||
| Q4 24 | $236.7M | $-248.0M | ||
| Q3 24 | $-125.5M | $115.0M | ||
| Q2 24 | $721.0M | $-116.0M | ||
| Q1 24 | $207.4M | $589.0M |
自由现金流BRVSCO
| Q4 25 | — | $-232.0M | ||
| Q3 25 | — | $88.0M | ||
| Q2 25 | $684.1M | $-193.0M | ||
| Q1 25 | $348.9M | $646.0M | ||
| Q4 24 | $227.9M | $-299.0M | ||
| Q3 24 | $-133.4M | $55.0M | ||
| Q2 24 | $703.2M | $-155.0M | ||
| Q1 24 | $184.6M | $557.0M |
自由现金流率BRVSCO
| Q4 25 | — | -15.8% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | 33.1% | -14.3% | ||
| Q1 25 | 19.3% | 30.7% | ||
| Q4 24 | 14.3% | -22.2% | ||
| Q3 24 | -9.4% | 3.9% | ||
| Q2 24 | 36.2% | -11.4% | ||
| Q1 24 | 10.7% | 26.7% |
资本支出强度BRVSCO
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | 0.8% | 3.2% | ||
| Q1 25 | 0.6% | 1.3% | ||
| Q4 24 | 0.6% | 3.8% | ||
| Q3 24 | 0.6% | 4.2% | ||
| Q2 24 | 0.9% | 2.9% | ||
| Q1 24 | 1.3% | 1.5% |
现金转化率BRVSCO
| Q4 25 | — | — | ||
| Q3 25 | — | 9.75× | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | 1.48× | 3.49× | ||
| Q4 24 | 1.66× | — | ||
| Q3 24 | -1.57× | 3.59× | ||
| Q2 24 | 2.23× | — | ||
| Q1 24 | 0.97× | 3.27× |
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
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% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
