Latest Ratios: P/E Ratio 40.5x · EV/EBITDA 6.1x · ROE 7.9%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.3B | $1.9B | $1.9B | $1.2B | $1.7B | $575M | $359M | $477M | $649M | $754M |
| Enterprise Value | $1.3B | $1.5B | $2.0B | $2.0B | $1.4B | $1.8B | $803M | $718M | $792M | $1.1B | $1.3B |
| P/E Ratio → | 40.49 | 40.60 | 20.50 | 23.19 | 12.19 | 11.39 | — | 9.52 | 6.50 | 67.21 | 12.77 |
| P/S Ratio | 1.54 | 1.75 | 2.47 | 2.45 | 1.52 | 1.70 | 0.66 | 0.43 | 0.51 | 0.67 | 0.78 |
| P/B Ratio | 3.46 | 3.47 | 4.34 | 4.75 | 3.79 | 4.40 | 2.32 | 1.34 | 2.11 | 4.34 | 6.78 |
| P/FCF | 10.79 | 12.21 | 18.01 | 30.68 | 13.00 | 12.05 | 4.67 | 37.02 | 16.34 | 10.20 | 9.45 |
| P/OCF | 7.05 | 7.98 | 11.07 | 15.39 | 8.31 | 9.22 | 3.73 | 6.59 | 7.19 | 7.10 | 7.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.96 | 2.58 | 2.62 | 1.74 | 1.84 | 0.92 | 0.85 | 0.86 | 1.10 | 1.34 |
| EV / EBITDA | 6.07 | 6.77 | 9.32 | 10.62 | 6.64 | 6.47 | 10.32 | 4.78 | 4.75 | 7.53 | 8.80 |
| EV / EBIT | 8.72 | 25.81 | 14.13 | 17.00 | 9.58 | 8.24 | 100.37 | 8.34 | 5.68 | 10.65 | 12.31 |
| EV / FCF | — | 13.67 | 18.84 | 32.77 | 14.90 | 13.01 | 6.52 | 74.06 | 27.14 | 16.59 | 16.35 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.4% | 63.4% | 61.9% | 58.2% | 55.6% | 58.4% | 44.5% | 38.0% | 39.0% | 38.2% | 37.1% |
| Operating Margin | 19.8% | 19.8% | 18.3% | 15.0% | 18.3% | 22.1% | 0.4% | 9.0% | 12.6% | 9.5% | 10.7% |
| Net Profit Margin | 4.2% | 4.2% | 11.8% | 10.3% | 12.3% | 14.7% | -2.9% | 4.3% | 7.6% | 1.0% | 6.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.9% | 7.9% | 22.0% | 22.5% | 29.0% | 46.7% | -10.0% | 15.2% | 39.2% | 7.4% | 16.1% |
| ROA | 3.9% | 3.9% | 11.1% | 10.1% | 12.0% | 16.4% | -2.9% | 4.3% | 8.4% | 1.0% | 6.6% |
| ROIC | 19.9% | 19.9% | 18.9% | 16.3% | 20.6% | 29.5% | 0.5% | 9.5% | 15.2% | 11.0% | 11.6% |
| ROCE | 24.6% | 24.6% | 23.1% | 19.8% | 24.9% | 34.2% | 0.5% | 11.4% | 17.6% | 12.8% | 14.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 0.33 | 0.38 | 0.66 | 0.50 | 1.22 | 1.40 | 1.60 | 3.07 | 5.28 |
| Debt / EBITDA | 0.84 | 0.84 | 0.68 | 0.80 | 1.00 | 0.68 | 3.87 | 2.51 | 2.17 | 3.27 | 3.96 |
| Net Debt / Equity | — | 0.41 | 0.20 | 0.32 | 0.55 | 0.35 | 0.92 | 1.34 | 1.40 | 2.72 | 4.96 |
| Net Debt / EBITDA | 0.72 | 0.72 | 0.41 | 0.68 | 0.84 | 0.48 | 2.93 | 2.39 | 1.89 | 2.90 | 3.71 |
| Debt / FCF | — | 1.46 | 0.83 | 2.09 | 1.89 | 0.96 | 1.85 | 37.04 | 10.80 | 6.39 | 6.90 |
| Interest Coverage | 4.08 | 4.08 | 9.28 | 6.70 | 14.93 | 10.99 | 0.31 | 2.53 | 3.80 | 2.31 | 9.06 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.06 | 1.06 | 1.04 | 1.03 | 1.02 | 1.07 | 1.12 | 1.18 | 1.26 | 1.44 | 1.77 |
| Quick Ratio | 1.06 | 1.06 | 1.04 | 1.03 | 1.02 | 1.07 | 1.12 | 1.18 | 1.26 | 1.44 | 1.77 |
| Cash Ratio | 0.12 | 0.12 | 0.26 | 0.11 | 0.15 | 0.21 | 0.31 | 0.10 | 0.24 | 0.28 | 0.19 |
| Asset Turnover | — | 0.96 | 0.91 | 0.99 | 1.01 | 1.12 | 1.00 | 0.99 | 1.11 | 1.12 | 1.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 2.5% | 4.9% | 4.3% | 8.2% | 8.8% | — | 10.5% | 15.4% | 1.5% | 7.8% |
| FCF Yield | 9.3% | 8.2% | 5.6% | 3.3% | 7.7% | 8.3% | 21.4% | 2.7% | 6.1% | 9.8% | 10.6% |
| Buyback Yield | 15.9% | 14.1% | 4.3% | 2.1% | 13.2% | 2.5% | 2.1% | 0.5% | 0.3% | 0.1% | 0.0% |
| Total Shareholder Yield | 15.9% | 14.1% | 4.3% | 2.1% | 13.2% | 2.5% | 2.1% | 0.5% | 0.3% | 0.1% | 0.0% |
| Shares Outstanding | — | $28M | $30M | $31M | $32M | $35M | $34M | $34M | $34M | $33M | $33M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying DFIN stock.
Donnelley Financial Solutions, Inc.'s current P/E ratio is 40.5x. The historical average is 22.7x. This places it at the 78th percentile of its historical range.
Donnelley Financial Solutions, Inc.'s current EV/EBITDA is 6.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.6x.
Donnelley Financial Solutions, Inc.'s return on equity (ROE) is 7.9%. The historical average is 19.5%.
Based on historical data, Donnelley Financial Solutions, Inc. is trading at a P/E of 40.5x. This is at the 78th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Donnelley Financial Solutions, Inc. has 63.4% gross margin and 19.8% operating margin. Operating margin between 10-20% is typical for established companies.
Donnelley Financial Solutions, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Prolonged IPO/M&A stagnation
Metrics are mathematically derived from official filings.
Premium Priced for Transformation
DFIN trades at 41.2x trailing earnings but only 9.8x forward earnings, implying the market expects a dramatic earnings inflection. According to the latest valuation data, the P/B of 3.52 is well above the peer median, suggesting investors are pricing in successful software transition.
The wide gap between trailing and forward P/E suggests the market is looking through current depressed earnings to a future where software margins dominate. However, the P/B of 3.52 is at a premium to peers like John Wiley (3.38) and Trustmark (1.35), indicating the market already assigns a growth premium. This premium appears justified only if the software segments achieve sustained double-digit growth and margin expansion, which is not yet evident in the flat revenue trend.
ROE Recovery on Operating Leverage
ROE rebounded to 9.5% in 2026Q2 from a negative -9.6% in 2025Q3, driven by a sharp improvement in the efficiency ratio to 33.3%. As reported in the latest quarterly data, this recovery reflects cost discipline and a favorable mix shift toward software.
The DuPont decomposition shows that DFIN's ROE is driven almost entirely by asset utilization (ROA of 4.3%) and operating leverage, given the negligible net interest income and minimal financial leverage (equity/assets of 46%). The efficiency ratio improvement from 52% to 33% over the past year indicates that the fixed-cost software model is gaining scale. However, the negative NIM and reliance on fee income mean that profitability is highly sensitive to transaction volumes, which remain subdued.
Efficiency Gains Mask Revenue Stagnation
The efficiency ratio improved to 33.3% in 2026Q2, a ten-quarter low, while NIM remains negative at -0.4%. Based on the financial statements, this suggests that cost control, not revenue growth, is driving margin expansion.
DFIN's negative NIM is immaterial as it is not a traditional lender, but the efficiency ratio is a critical metric for a software/services firm. The improvement from 52% in 2024Q4 to 33.3% indicates strong operating leverage, likely from the shift to recurring software revenue. However, the flat revenue outlook and continued decline in transactional volumes suggest that further efficiency gains may be limited without top-line growth.
Equity Buffer Supports Buybacks
Equity-to-assets ratio improved to 46.4% in 2026Q2, up from 44.8% in the prior quarter, providing a substantial buffer for ongoing share repurchases. According to the balance sheet data, DFIN's debt-to-equity is a mere 0.48%, indicating minimal leverage.
DFIN's capital position is exceptionally strong, with no traditional deposits and low debt, allowing it to fund aggressive buybacks ($76M in H1 2026) without straining liquidity. The high equity ratio also provides resilience against cyclical downturns in capital markets activity. However, the $90.2M provision expense in 2026Q2, despite no loan book, raises questions about the true quality of earnings and whether this capital strength is being used to mask underlying operational challenges.
Provision Spike Clouds Credit Picture
Loan loss provisions surged to $90.2M in 2026Q2, representing 40% of total revenue, despite no traditional loan book. As per the latest financials, this is the highest provision level in the observed period, signaling potential undisclosed credit exposure.
The provision expense is anomalous for a software company and may indicate a strategic write-down or contingent liability. While it is a non-cash charge, its size relative to revenue suggests that management is being conservative in recognizing potential losses. Investors should monitor whether this provision is a one-time event or a recurring drag on earnings, as it could signal deterioration in the quality of receivables or other assets.
P/E Misleads on Earnings Quality
The most misapplied ratio for DFIN is the P/E, which is distorted by volatile provisions and restructuring charges. Based on the reported figures, the trailing P/E of 41.2x overstates valuation risk, while the forward P/E of 9.8x may understate it.
DFIN's earnings are subject to significant non-operating items, such as the $90.2M provision and restructuring costs, which can swing quarterly results dramatically. A more appropriate metric is P/B or EV/EBITDA, which better capture the underlying value of the software franchise. Investors should also adjust for pass-through revenue and focus on net revenue growth to assess the true operating trajectory.