Donnelley Financial Solutions, Inc. DFIN

FinancialsProfessional & Commercial ServicesUnited States of America

Last close 66.89 USD on Nov 1, 2026, +43.3% year to date

Quant rating

Quant rating A Rank 35 of 799 in Financials

Growth C 439 of 799
Valuation B 151 of 799
Quality B 135 of 799
Revisions B 131 of 799
Momentum A 64 of 799

Wall Street consensus Buy (2.00)Average target 72.67 USD +8.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.6B
Enterprise value: 1.7B
52-week range: 36.13 – 66.89
3-year range: 36.13 – 69.90
Dividend yield: –
Beta (5 years): 0.72
Shares outstanding: 24.4M
Next earnings: Feb 17, 2027

About the company

Donnelley Financial Solutions, Inc. is a provider of software and technology-enabled financial regulatory and compliance solutions. The Company provides regulatory filing and deal solutions through its software, technology-enabled services and print and distribution solutions. Its segments include Capital Markets-Software Solutions (CM-SS), Capital Markets-Compliance and Communications Management (CM-CCM), Investment Companies-Software Solutions (IC-SS), and Investment Companies-Compliance and Communications Management (IC-CCM). CM-SS segment provides software solutions to public and private companies. CM-CCM segment provides technology-enabled services and print and distribution solutions to public and private companies. IC-SS segment provides software solutions that enable clients to store and manage compliance and regulatory information. IC-CCM segment provides clients with tech-enabled solutions for creating, filing and distributing regulatory communications.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	767	782	797	834	993	–
Revenue growth	−1.9%	−1.9%	−4.4%	−16.1%	11.0%	−3.0%
EPS (basic, normalized)	4.30	3.44	3.27	3.71	4.89	–
EPS growth	25.0%	5.2%	−11.9%	−24.1%	–	–
Gross margin	63.4%	61.9%	58.2%	55.6%	58.4%	59.5%
Net margin	4.2%	11.8%	10.3%	12.3%	14.7%	10.7%
ROE	7.9%	22.0%	22.5%	29.0%	46.7%	25.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	27.2
Current ratio	1.06x
Long-term debt (mil)	121
Net debt (mil)	99.8
Total equity (mil)	409
Net debt / equity	0.24x
Net debt / EBITDA	0.42x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	767	−1.9%	2.3x	240	+7.1%	7.2x	4.30	+25.0%	15.6x
2026	789	+2.9%	2.2x	253	+5.4%	6.8x	5.04	+17.3%	13.3x
2027	819	+3.7%	2.1x	268	+6.0%	6.5x	5.57	+10.5%	12.0x
2028	835	+1.9%	2.1x	268	0.0%	6.5x	6.18	+10.9%	10.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	789	+1.1%	+1.1%	0.0%	5.04	+4.6%	+4.6%	+7.5%
2027	819	+1.2%	+1.1%	−0.1%	5.57	+2.1%	+2.7%	+8.8%
2028	835	+2.2%	+2.2%	–	6.18	−1.3%	−1.3%	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	203	243	180	156	201	218	175	172	206	224
Sales mean (mil)	213	245	181	169	192	226	170	155	205	221
Surprise	−4.5%	−0.8%	−1.1%	−7.6%	+4.8%	−3.3%	+3.3%	+11.1%	+0.3%	+1.3%
EPS reported	0.91	1.66	0.48	0.40	1.24	1.49	0.86	0.70	1.45	1.76
EPS mean	0.78	1.41	0.76	0.49	0.69	1.42	0.57	0.41	1.35	1.63
Surprise	+16.8%	+18.1%	−36.4%	−17.8%	+78.4%	+4.9%	+50.0%	+70.6%	+7.8%	+7.8%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DFIN Donnelley Financial Solutions, Inc.	1.6B	0.42x	4.2%	4.01x	13.3x	12.0x	6.8x	6.5x
SPGI S&P Global Inc.	135.3B	2.06x	29.2%	6.86x	26.1x	23.2x	18.9x	17.8x
MCO Moody's Corporation	85.2B	1.38x	31.9%	26.06x	29.5x	26.5x	20.6x	19.1x
MSCI MSCI Inc.	44.6B	3.39x	38.4%	−14.82x	31.7x	27.8x	23.6x	21.5x
BR Broadridge Financial Solutions Inc	20.2B	1.70x	15.0%	7.18x	16.9x	15.5x	11.7x	11.2x
FDS FactSet Research Systems Inc.	11.6B	1.21x	21.5%	5.80x	16.8x	15.2x	12.4x	11.7x
Mean		1.69x	23.4%	5.85x	22.4x	20.0x	15.7x	14.6x
Median		1.54x	25.3%	6.33x	21.5x	19.3x	15.7x	14.7x

Technical analysis

1M+40.3%
3M+27.1%
1Y+29.4%
3Y+25.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Donnelley Financial Solutions, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	767	782	797	834	993	894
Cost of revenue	280	298	333	370	413	496
Gross profit	487	484	464	463	580	398
Selling, general & administrative expenses	278	291	273	257	308	265
Research & development	–	–	–	–	–	–
Depreciation/amortization	59.3	60.2	56.7	46.3	40.3	50.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	10.4	6.6	19.1	13.8	20.4	76.5
Other operating expenses	−2.1	−10.3	5.3	0.4	−0.7	0
Operating income	141	137	110	146	212	6.3
Net interest income (expense)	−15.2	−11.5	−8.0	−6.5	−14.7	−23.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−82.8	0	0	0	0	0
Net income before taxes	43.1	125	102	139	198	−17.5
Provision for taxes	10.7	32.7	19.8	36.8	51.9	8.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	32.4	92.4	82.2	102	146	−25.9
Extraordinary items	–	–	–	–	–	–
Net income	32.4	92.4	82.2	102	146	−25.9
EBIT, normalized	151	133	135	159	232	82.5
EBITDA, normalized	210	193	191	205	272	133
Basic EPS, normalized	4.30	3.44	3.27	3.71	4.89	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Donnelley Financial Solutions, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	24.5	57.3	23.1	34.2	54.5	73.6
Receivables	143	138	152	164	199	174
Total inventory	–	–	–	–	5.6	4.9
Prepaid expenses	43.9	37.2	31.0	28.1	17.9	9.7
Other current assets	0	0	2.6	2.6	2.6	5.5
Total current assets	211	232	208	228	280	267
Property, plant & equipment	16.4	21.2	29.9	50.9	61.3	64.5
Goodwill	406	405	406	406	410	410
Intangibles	92.9	96.5	87.6	83.4	72.4	61.0
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	73.9	86.0	75.1	59.8	59.9	63.0
Total assets	800	842	807	828	883	866
Liabilities
Accounts payable	23.7	28.7	33.9	49.2	36.3	54.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	111	140	114	128	187	149
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	6.7	2.9	7.0	2.0	1.6	–
Other current liabilities	58.5	52.6	46.8	46.1	36.8	35.2
Total current liabilities	200	224	202	225	261	238
Long-term debt	168	125	129	174	130	230
Minority interest	–	–	–	–	–	–
Other liabilities	53.2	56.5	73.9	99.7	115	149
Total liabilities	421	406	405	499	506	618
Shareholders' equity
Preferred stock	0	0	–	–	0	0
Common stock	0.4	0.4	0.4	0.4	0.4	0.3
Additional paid-in capital	368	333	306	280	261	239
Retained earnings (accumulated deficit)	561	528	436	354	251	106
Treasury stock	−530	−344	−262	−222	−57.1	−16.0
Other equity	−19.6	−81.9	−77.9	−83.2	−78.3	−80.8
Total equity	379	436	402	330	377	248
Total liabilities & shareholders' equity	800	842	807	828	883	866

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Donnelley Financial Solutions, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	32.4	92.4	82.2	102	146	−25.9
Depreciation, depletion & amortization	59.3	60.2	56.7	46.3	40.3	50.9
Deferred taxes	−10.0	−9.4	−14.6	−0.5	−0.3	−26.4
Non-cash items	136	43.6	51.7	45.1	48.0	98.1
Changes in working capital	−53.1	−15.7	−52.0	−43.2	−53.9	57.5
Cash from operations	165	171	124	150	180	154
Investing activities
Capital expenditures	−57.1	−65.9	−61.8	−54.2	−42.3	−31.1
Other investing cash flows	0.1	12.6	10.5	3.3	−2.7	11.3
Cash from investing	−57.0	−53.3	−51.3	−50.9	−45.0	−19.8
Financing activities
Financing cash flow items	−2.2	–	–	0	−2.7	−1.9
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−140	−82.1	−84.6	−121	−152	−75.6
Cash from financing	−142	−82.1	−84.6	−121	−155	−77.5
Foreign exchange effects	1.1	−1.5	0.8	1.5	0.8	−0.5
Net change in cash	−32.8	34.2	−11.1	−20.3	−19.1	56.4
Free cash flow	108	105	62.2	96.0	138	123

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.