Donnelley Financial Solutions, Inc. (DFIN) 10-Year Financial Performance & Capital Metrics

DFIN • • Banking & Credit

Financial ServicesCapital MarketsCapital Markets InfrastructureElectronic Trading Platforms

AboutDonnelley Financial Solutions, Inc. operates as a risk and compliance solutions company worldwide. The company operates through four segments: 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). The CM-SS segment provides Venue, ActiveDisclosure, eBrevia, and other solutions to public and private companies to manage public and private transaction processes, extract data, and analyze contracts; collaborate; and tag, validate, and file SEC documents. The CM-CCM segment offers tech-enabled services and print and distribution solutions to public and private companies for deal solutions and SEC compliance requirements. The IC-SS segment provides clients with the Arc Suite platform that contains a comprehensive suite of cloud-based solutions and services that enable storage and management of compliance and regulatory information in a self-service and central repository for accessing, assembling, editing, translating, rendering, and submitting documents to regulators. The IC-CCM segment offers clients with tech-enabled solutions for creating and filing regulatory communications and solutions for investor communications, as well as XBRL-formatted filings pursuant to the Investment Act, through the SEC EDGAR system. This segment also provides turnkey proxy services, including discovery, planning and implementation, print and mail management, solicitation, tabulation services, shareholder meeting review, and expert support. Donnelley Financial Solutions, Inc. was founded in 1983 and is headquartered in Chicago, Illinois.Show more

Net Interest Income -$13M +18.4%
Total Revenue $782M -1.9%
Net Income $92M +12.4%
Return on Equity 22.04% -1.9%
Net Interest Margin -1.51% +23.1%
Efficiency Ratio 44.43%
ROA 11.11% +10.5%
Equity / Assets 50.89% +2.1%
Book Value per Share 14.44 +9.9%
Tangible BV/Share -2.18 +26.9%
Debt/Equity 0.33 -13.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 24.5%
✓Strong 5Y profit CAGR of 19.7%
✓Strong Piotroski F-Score: 8/9
✓Efficient operations: 44.4% efficiency ratio
✓Well capitalized: 50.9% equity/assets
✓Diversified revenue: 99.7% from non-interest income

✗Weaknesses

✗Weak NIM of -1.5%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-3.18%

5Y-2.22%

3Y-7.67%

TTM-

Profit (Net Income) CAGR

10Y4.88%

5Y19.7%

3Y-14.12%

TTM-66.39%

EPS CAGR

10Y5.69%

5Y22.71%

3Y-9.59%

TTM-67.19%

ROCE

10Y Avg17.69%

5Y Avg19.73%

3Y Avg21.31%

Latest22.06%

Peer Comparison

Electronic Trading Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TWTradeweb Markets Inc.	12.13B	104.11	44.49	28.97%	29.06%	9.08%	7.06%	0.01
BGCBGC Group, Inc	3.22B	8.95	35.80	11.45%	5.75%	14.52%	7.57%	1.37
MKTXMarketAxess Holdings Inc.	6.49B	174.66	23.99	8.58%	33.56%	15.79%	5.78%	0.05
DFINDonnelley Financial Solutions, Inc.	1.46B	55.18	18.03	-1.92%	11.82%	7.68%	7.18%	0.33
SNEXStoneX Group Inc.	5.53B	105.89	17.98	32.53%	0.23%	12.87%		7.68
MRXMarex Group plc Ordinary Shares	2.86B	39.94	14.68	23.06%	7.53%	31.07%	39.93%	6.28
VIRTVirtu Financial, Inc.	3.05B	35.88	12.08	25.45%	9.61%	24.84%	17.88%	3.84
HGBLHeritage Global Inc.	49.33M	1.42	10.14	-25.08%	11.42%	4.64%	15.42%	0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-1.1M	-11.7M	-42.9M	-36.7M	-34M	-25.5M	-19.2M	-9.2M	-15.8M	-12.9M
NII Growth %	0.27%	-9.64%	-2.67%	0.14%	0.07%	0.25%	0.25%	0.52%	-0.72%	0.18%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0	600K	800K	2.1M	2.2M
Interest Expense	1.1M	11.7M	42.9M	36.7M	34M	25.5M	19.8M	10M	17.9M	15.1M
Loan Loss Provision	630.4M	607.3M	578.5M	550.6M	508.4M	470.5M	393.3M	360.2M	315.4M	282.8M
Non-Interest Income+	1.05B	983.5M	1B	963M	874.7M	894.5M	992.7M	832.8M	795.1M	779.7M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	1.05B	983.5M	1B	963M	874.7M	894.5M	993.3M	833.6M	797.2M	781.9M
Revenue Growth %	-0.03%	-0.06%	0.02%	-0.04%	-0.09%	0.02%	0.11%	-0.16%	-0.04%	-0.02%
Non-Interest Expense	245.3M	259.5M	287.8M	254.6M	253.8M	394.9M	360.9M	318.4M	353.9M	347.4M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	172.7M	105M	95.7M	121.1M	78.5M	3.6M	219.3M	145M	110M	136.6M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.9%	-0.39%	-0.09%	0.27%	-0.35%	-0.95%	59.92%	-0.34%	-0.24%	0.24%
Pretax Income+	171.7M	94.3M	56.2M	102.7M	52.1M	-17.5M	197.8M	139.3M	102M	125.1M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	67.4M	35.2M	46.5M	29.1M	14.5M	8.4M	51.9M	36.8M	19.8M	32.7M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	104.3M	59.1M	9.7M	73.6M	37.6M	-25.9M	145.9M	102.5M	82.2M	92.4M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.82%	-0.43%	-0.84%	6.59%	-0.49%	-1.69%	6.63%	-0.3%	-0.2%	0.12%
Net Income (Continuing)	104.3M	59.1M	9.7M	73.6M	37.6M	-25.9M	145.9M	102.5M	82.2M	92.4M
EPS (Diluted)+	3.19	1.80	0.29	2.16	1.10	-0.76	4.14	3.17	2.69	3.06
EPS Growth %	0.81%	-0.44%	-0.84%	6.45%	-0.49%	-1.69%	6.45%	-0.23%	-0.15%	0.14%
EPS (Basic)	3.22	1.81	0.29	2.18	1.10	-0.76	4.36	3.33	2.81	3.16
Diluted Shares Outstanding	32.7M	32.8M	33.3M	34M	34.3M	33.9M	35.2M	32.3M	30.6M	30.2M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	15.1M	36.2M	52M	47.3M	17.2M	73.6M	54.5M	34.2M	23.1M	57.3M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	0	0	0	0	0	0	0	0	0	0
Investments Growth %	-	-	-	-	-	-	-	-	-	-
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	446.8M	446.4M	447.4M	450M	450.3M	409.9M	410M	405.8M	405.8M	405.4M
Intangible Assets	112.7M	95.9M	81M	85M	76.9M	61M	72.4M	83.4M	87.6M	96.5M
PP&E (Net)	33M	35.5M	34.7M	32.2M	98.2M	64.5M	61.3M	50.9M	29.9M	21.2M
Other Assets	23.7M	34.5M	38.1M	42.8M	41.3M	29M	28.2M	26.4M	29.3M	29.6M
Total Current Assets	190.8M	329.6M	270.1M	249M	211.2M	267.2M	279.7M	228.4M	208.5M	232.5M
Total Non-Current Assets	626.8M	649.3M	623.4M	619.7M	675.7M	631.5M	603.6M	599.9M	598.4M	624.5M
Total Assets+	817.6M	978.9M	893.5M	868.7M	886.9M	898.7M	883.3M	828.3M	806.9M	857M
Asset Growth %	-0.18%	0.2%	-0.09%	-0.03%	0.02%	0.01%	-0.02%	-0.06%	-0.03%	0.06%
Return on Assets (ROA)	0.12%	0.07%	0.01%	0.08%	0.04%	-0.03%	0.16%	0.12%	0.1%	0.11%
Accounts Payable	39.5M	85.3M	67.8M	72.4M	58.5M	54.2M	36.3M	49.2M	33.9M	28.7M
Total Debt+	38M	587M	458.3M	362.7M	376.5M	301.3M	187.2M	215.9M	153.1M	144.4M
Net Debt	22.9M	550.8M	406.3M	315.4M	359.3M	227.7M	132.7M	181.7M	130M	87.1M
Long-Term Debt	29.2M	587M	458.3M	362.7M	296M	230.5M	124M	169.2M	124.5M	124.7M
Short-Term Debt	8.8M	0	0	0	0	19.8M	0	0	0	13.1M
Other Liabilities	41.2M	94.8M	98.8M	81.6M	84.9M	97.8M	75.6M	76.4M	66.5M	50.1M
Total Current Liabilities	123.7M	186M	187M	198.4M	179.5M	238.5M	261.4M	224.8M	201.6M	224.1M
Total Non-Current Liabilities	70.4M	681.8M	557.1M	444.3M	438.8M	412.4M	244.9M	274M	203.1M	196.8M
Total Liabilities	194.1M	867.8M	744.1M	642.7M	618.3M	650.9M	506.3M	498.8M	404.7M	420.9M
Total Equity+	623.5M	111.1M	149.4M	226M	268.6M	247.8M	377M	329.5M	402.2M	436.1M
Equity Growth %	0.77%	-0.82%	0.34%	0.51%	0.19%	-0.08%	0.52%	-0.13%	0.22%	0.08%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.21%	0.16%	0.07%	0.39%	0.15%	-0.1%	0.47%	0.29%	0.22%	0.22%
Book Value per Share	19.07	3.39	4.49	6.65	7.83	7.31	10.71	10.20	13.14	14.44
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	639.5M	300K	300K	300K	300K	300K	400K	400K	400K	400K
Additional Paid-in Capital	0	179.9M	205.7M	216.5M	225.2M	238.8M	260.6M	280.2M	305.7M	333.2M
Retained Earnings	0	-800K	8.9M	94.3M	131.9M	105.5M	251.4M	353.9M	436.1M	528.5M
Accumulated OCI	-16M	-68.3M	-64.6M	-82.7M	-84.6M	-80.8M	-78.3M	-83.2M	-77.9M	-81.9M
Treasury Stock	0	0	-900K	-2.4M	-4.2M	-16M	-57.1M	-221.8M	-262.1M	-344.1M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	120.9M	106M	91.4M	66.3M	54.5M	154.2M	180M	150.2M	124M	171.1M
Operating CF Growth %	-0.04%	-0.12%	-0.14%	-0.27%	-0.18%	1.83%	0.17%	-0.17%	-0.17%	0.38%
Net Income	104.3M	59.1M	9.7M	73.6M	37.6M	-25.9M	145.9M	102.5M	82.2M	92.4M
Depreciation & Amortization	41.7M	43.3M	44.5M	45.8M	71.7M	74.2M	57.6M	62.7M	72.1M	69.5M
Deferred Taxes	10.5M	-5M	12.4M	10.5M	2.5M	-26.4M	-300K	-500K	-14.6M	-9.4M
Other Non-Cash Items	700K	3.2M	1.2M	-65.3M	-14.6M	60.1M	9.8M	7.6M	12M	9.1M
Working Capital Changes	-37.9M	2.9M	16.8M	-7.5M	-51.6M	58.6M	-52.5M	-41.4M	-50.2M	-15.7M
Cash from Investing+	-37.1M	-29.3M	-31M	30.2M	-12.2M	-19.8M	-45M	-50.9M	-51.3M	-53.3M
Purchase of Investments	-10M	-3.5M	-3.4M	0	-2.3M	-1.2M	0	0	0	0
Sale/Maturity of Investments	0	0	0	1000K	1000K	1000K	0	0	1000K	200K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	65M	-8.5M	31.1M	-3.6M	3.3M	500K	12.4M
Other Investing	0	400K	200K	-800K	30.6M	-31.4M	900K	0	0	0
Cash from Financing+	-94.8M	-60M	-45.7M	-99M	-74.5M	-77.5M	-154.9M	-121.1M	-84.6M	-82.1M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	-900K	-1.5M	-1.8M	-11.8M	-40.9M	-164.7M	-40.3M	-81.6M
Stock Issued	0	0	18.8M	1.2M	0	0	2.3M	400K	3.1M	2.4M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K
Other Financing	-56M	-349.4M	66.3M	-1.2M	-200K	-1.9M	-400K	0	0	0
Net Change in Cash+	-13.5M	21.1M	15.8M	-4.7M	-30.1M	56.4M	-19.1M	-20.3M	-11.1M	34.2M
Exchange Rate Effect	-1000K	1000K	1000K	-1000K	1000K	-500K	800K	1000K	800K	-1000K
Cash at Beginning	28.6M	15.1M	36.2M	52M	47.3M	17.2M	73.6M	54.5M	34.2M	23.1M
Cash at End	15.1M	36.2M	52M	47.3M	17.2M	73.6M	54.5M	34.2M	23.1M	57.3M
Interest Paid	0	0	40M	34.6M	31.9M	24.5M	21.8M	7.6M	16.6M	13.3M
Income Taxes Paid	0	0	30.5M	10.1M	25M	21.7M	65M	38.4M	38.3M	40.8M
Free Cash Flow+	93.8M	79.8M	63.6M	29.2M	9.7M	123.1M	137.7M	96M	62.2M	105.2M
FCF Growth %	-0.03%	-0.15%	-0.2%	-0.54%	-0.67%	11.69%	0.12%	-0.3%	-0.35%	0.69%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	21.39%	16.09%	7.45%	39.21%	15.2%	-10.03%	46.7%	29.02%	22.47%	22.04%
Return on Assets (ROA)	11.51%	6.58%	1.04%	8.35%	4.28%	-2.9%	16.37%	11.98%	10.05%	11.11%
Net Interest Margin	-0.13%	-1.2%	-4.8%	-4.22%	-3.83%	-2.84%	-2.17%	-1.11%	-1.96%	-1.51%
Efficiency Ratio	23.37%	26.39%	28.64%	26.44%	29.02%	44.15%	36.33%	38.2%	44.39%	44.43%
Equity / Assets	76.26%	11.35%	16.72%	26.02%	30.29%	27.57%	42.68%	39.78%	49.85%	50.89%
Book Value / Share	19.07	3.39	4.49	6.65	7.83	7.31	10.71	10.2	13.14	14.44
NII Growth	26.67%	-963.64%	-266.67%	14.45%	7.36%	25%	24.71%	52.08%	-71.74%	18.35%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Software Solutions	-	-	-	-	-	-	-	292.7M	329.7M
Software Solutions Growth	-	-	-	-	-	-	-	-	12.64%
Technology Service	-	-	-	-	-	-	-	336.9M	320.8M
Technology Service Growth	-	-	-	-	-	-	-	-	-4.78%
Capital Markets Compliance And Communications Management	-	-	-	-	314.4M	561.5M	410.3M	-	-
Capital Markets Compliance And Communications Management Growth	-	-	-	-	-	78.59%	-26.93%	-	-
Capital Markets Software Solutions	-	-	-	-	133.2M	181M	180.2M	-	-
Capital Markets Software Solutions Growth	-	-	-	-	-	35.89%	-0.44%	-	-
Investment Companies Compliance And Communications Management	-	-	-	-	94.8M	161.8M	143.7M	-	-
Investment Companies Compliance And Communications Management Growth	-	-	-	-	-	70.68%	-11.19%	-	-
Investment Companies Software Solutions	-	-	-	-	67M	89M	99.4M	-	-
Investment Companies Software Solutions Growth	-	-	-	-	-	32.84%	11.69%	-	-
Language Solutions	-	-	-	-	-	-	-	-	-
Language Solutions Growth	-	-	-	-	-	-	-	-	-
Service	-	-	116.4M	88.7M	-	-	-	-	-
Service Growth	-	-	-	-23.80%	-	-	-	-	-
Product	-	-	36.8M	27.1M	-	-	-	-	-
Product Growth	-	-	-	-26.36%	-	-	-	-	-
Capital Markets	556.1M	551.6M	-	-	-	-	-	-	-
Capital Markets Growth	-	-0.81%	-	-	-	-	-	-	-
Investment Markets	342.3M	360.4M	-	-	-	-	-	-	-
Investment Markets Growth	-	5.29%	-	-	-	-	-	-	-
Language Solutions And Other	85.1M	92.9M	-	-	-	-	-	-	-
Language Solutions And Other Growth	-	9.17%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	845.2M	847.9M	811.8M	-	778.9M	856.5M	718.5M	698.1M	699.2M
UNITED STATES Growth	-	0.32%	-4.26%	-	-	9.96%	-16.11%	-2.84%	0.16%
Europe	62.4M	70.6M	-	34.5M	34.3M	42M	31.4M	31M	28.7M
Europe Growth	-	13.14%	-	-	-0.58%	22.45%	-25.24%	-1.27%	-7.42%
CANADA	32.1M	36M	-	29.4M	28.6M	38M	33.7M	29.6M	26.6M
CANADA Growth	-	12.15%	-	-	-2.72%	32.87%	-11.32%	-12.17%	-10.14%
Asia	39.2M	47.2M	-	46.8M	51.1M	55.5M	48.2M	36.6M	25.6M
Asia Growth	-	20.41%	-	-	9.19%	8.61%	-13.15%	-24.07%	-30.05%
Other Geographic Area	4.6M	3.2M	-	2.6M	1.6M	1.3M	1.8M	1.9M	1.8M
Other Geographic Area Growth	-	-30.43%	-	-	-38.46%	-18.75%	38.46%	5.56%	-5.26%

Frequently Asked Questions

Valuation & Price

Donnelley Financial Solutions, Inc. (DFIN) has a price-to-earnings (P/E) ratio of 18.0x. This is roughly in line with market averages.

Growth & Financials

Donnelley Financial Solutions, Inc. (DFIN) saw revenue decline by 1.9% over the past year.

Yes, Donnelley Financial Solutions, Inc. (DFIN) is profitable, generating $32.5M in net income for fiscal year 2024 (11.8% net margin).

Dividend & Returns

Donnelley Financial Solutions, Inc. (DFIN) has a return on equity (ROE) of 22.0%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Donnelley Financial Solutions, Inc. (DFIN) has a net interest margin (NIM) of -1.5%. NIM has been under pressure due to interest rate environment.

Donnelley Financial Solutions, Inc. (DFIN) has an efficiency ratio of 44.4%. This is excellent, indicating strong cost control.

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