Latest Ratios: P/E Ratio 11.6x · EV/EBITDA 7.5x · ROE N/A. (1996–2025 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 | $2.1B | $1.8B | $1.3B | $773M | $674M | $1.2B | $1.1B | $715M | $1.1B | $2.1B | $2.9B |
| Enterprise Value | $4.0B | $3.8B | $2.9B | $2.5B | $2.5B | $3.0B | $2.9B | $2.7B | $3.7B | $4.9B | $5.5B |
| P/E Ratio → | 11.64 | 12.58 | 120.67 | — | 18.10 | 338.27 | — | 17.52 | 4.97 | 8.04 | 31.00 |
| P/S Ratio | 1.13 | 0.97 | 0.65 | 0.37 | 0.19 | 0.32 | 0.30 | 0.22 | 0.35 | 0.59 | 0.96 |
| P/B Ratio | — | — | — | — | 11.11 | 10.54 | 14.96 | 2.50 | 10.93 | 11.11 | — |
| P/FCF | 4.08 | 6.10 | 8.43 | — | 13.17 | 10.11 | 5.36 | 5.47 | 5.38 | 6.45 | 8.70 |
| P/OCF | 5.75 | 5.00 | 5.77 | 9.72 | 3.83 | 3.94 | 3.50 | 2.67 | 3.23 | 4.23 | 5.85 |
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 | — | 1.99 | 1.43 | 1.19 | 0.71 | 0.82 | 0.83 | 0.86 | 1.14 | 1.38 | 1.84 |
| EV / EBITDA | 7.55 | 7.55 | 6.79 | 7.36 | 7.82 | 9.46 | 9.71 | 7.19 | 6.78 | 7.70 | 7.29 |
| EV / EBIT | 10.44 | 12.81 | 42.70 | 38.34 | 19.38 | 33.79 | — | 19.88 | 12.10 | 12.48 | 15.03 |
| EV / FCF | — | 12.56 | 18.49 | — | 49.41 | 25.63 | 14.94 | 21.01 | 17.75 | 15.14 | 16.59 |
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 | 54.1% | 54.1% | 52.4% | 49.6% | 30.5% | 30.5% | 32.3% | 40.0% | 44.3% | 51.5% | 58.8% |
| Operating Margin | 20.4% | 20.4% | 15.4% | 10.8% | 4.5% | 4.2% | 4.0% | 6.9% | 12.2% | 12.8% | 19.2% |
| Net Profit Margin | 7.6% | 7.6% | 0.5% | -18.5% | 1.0% | 0.1% | -5.4% | 0.4% | 5.6% | 7.4% | 3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | 42.6% | 3.8% | -106.8% | 6.9% | 124.8% | 615.6% | 60.2% |
| ROA | 4.4% | 4.4% | 0.3% | -8.6% | 0.8% | 0.1% | -3.6% | 0.2% | 2.9% | 4.2% | 1.9% |
| ROIC | 27.2% | 27.2% | 20.1% | 10.3% | 6.2% | 6.0% | 5.0% | 6.7% | 10.4% | 12.4% | 16.3% |
| ROCE | 23.1% | 23.1% | 15.2% | 8.3% | 5.1% | 4.7% | 3.9% | 5.6% | 9.1% | 11.2% | 15.6% |
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 | — | — | — | — | 41.61 | 22.70 | 39.75 | 10.32 | 33.64 | 20.31 | — |
| Debt / EBITDA | 4.45 | 4.45 | 4.80 | 6.85 | 7.81 | 8.03 | 9.27 | 7.74 | 6.33 | 6.00 | 4.48 |
| Net Debt / Equity | — | — | — | — | 30.56 | 16.19 | 26.71 | 7.09 | 25.13 | 14.96 | — |
| Net Debt / EBITDA | 3.88 | 3.88 | 3.70 | 5.06 | 5.74 | 5.73 | 6.23 | 5.32 | 4.72 | 4.42 | 3.46 |
| Debt / FCF | — | 6.46 | 10.06 | — | 36.24 | 15.52 | 9.57 | 15.53 | 12.37 | 8.69 | 7.88 |
| Interest Coverage | 2.90 | 2.90 | 0.62 | 0.40 | 0.94 | 0.62 | -0.50 | 0.89 | 1.90 | 2.40 | 2.52 |
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 | 0.71 | 0.71 | 0.79 | 1.08 | 1.04 | 1.09 | 1.13 | 1.42 | 1.43 | 1.27 | 1.00 |
| Quick Ratio | 0.67 | 0.67 | 0.75 | 1.05 | 0.99 | 1.05 | 1.09 | 1.38 | 1.39 | 1.23 | 0.96 |
| Cash Ratio | 0.19 | 0.19 | 0.29 | 0.33 | 0.39 | 0.43 | 0.50 | 0.66 | 0.49 | 0.51 | 0.34 |
| Asset Turnover | — | 0.60 | 0.60 | 0.49 | 0.75 | 0.74 | 0.68 | 0.59 | 0.54 | 0.53 | 0.51 |
| Inventory Turnover | 13.12 | 13.12 | 16.12 | 16.63 | 29.36 | 32.47 | 33.64 | 28.16 | 28.75 | 19.21 | 13.26 |
| Days Sales Outstanding | — | 128.77 | 127.15 | 134.20 | 94.63 | 90.34 | 100.69 | 42.53 | 42.26 | 53.92 | 166.61 |
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 | 1.9% | 2.8% | 2.7% | 4.6% | 5.2% | 2.9% | 3.2% | 4.9% | 12.6% | 6.7% | 4.9% |
| Payout Ratio | 35.3% | 35.3% | 351.0% | — | 94.0% | 992.3% | — | 266.0% | 77.5% | 53.4% | 125.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 7.9% | 0.8% | — | 5.5% | 0.3% | — | 5.7% | 20.1% | 12.4% | 3.2% |
| FCF Yield | 24.5% | 16.4% | 11.9% | — | 7.6% | 9.9% | 18.6% | 18.3% | 18.6% | 15.5% | 11.5% |
| Buyback Yield | 18.0% | 20.7% | 0.0% | 0.0% | 2.0% | 0.0% | 0.0% | 14.7% | 0.0% | 0.0% | 6.9% |
| Total Shareholder Yield | 19.9% | 23.5% | 2.7% | 4.6% | 7.2% | 2.9% | 3.2% | 19.6% | 12.6% | 6.7% | 11.8% |
| Shares Outstanding | — | $173M | $183M | $176M | $177M | $179M | $172M | $177M | $188M | $187M | $189M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PBI stock.
Pitney Bowes Inc.'s current P/E ratio is 11.6x. The historical average is 23.9x. This places it at the 22th percentile of its historical range.
Pitney Bowes Inc.'s current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
Based on historical data, Pitney Bowes Inc. is trading at a P/E of 11.6x. This is at the 22th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pitney Bowes Inc.'s current dividend yield is 1.90% with a payout ratio of 35.3%.
Pitney Bowes Inc. has 54.1% gross margin and 20.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Pitney Bowes Inc.'s Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Secular mail volume decline and leverage
Metrics are mathematically derived from official filings.
Low Multiples Price in Continued Decline
Based on reported figures, PBI trades at 18.51 trailing and 9.31 forward P/E with 8.11x EV/EBITDA, a discount that suggests investors are pricing in persistent revenue contraction rather than the recent margin recovery.
The gap between trailing and forward P/E implies the market expects earnings to rise materially as cost cuts and the Global Ecommerce exit flow through, yet it remains cautious given a top line down 6.6% year over year. The 1.11x price-to-sales and 7.03x price-to-free-cash-flow multiples sit well below typical levels for diversified industrial peers, which may reflect the market treating PBI as a declining mail franchise with a sum-of-the-parts discount. Investors should monitor whether forward earnings estimates hold if mail volumes continue to fall faster than cost reductions can offset.
Margin Expansion Driven by Overhead Cuts
As reported in financial statements, PBI's operating margin rose from 10.3% in Q2 2024 to 22.6% in Q3 2026 while gross margin held near 54%, indicating that overhead reduction rather than pricing power appears to be the primary lever.
A gross margin of 54.2% sits far above peers such as Quad/Graphics at roughly 18%, reflecting the recurring revenue mix within SendTech, which supports the view of a structurally higher-quality earnings base. However, net margin of 11.5% in the latest quarter is volatile across the window, including negative readings in 2024, so reported profitability appears to be distorted by restructuring and non-operating items. The sustainable earning power is likely closer to the operating margin trend once one-time charges are stripped out, but that conclusion warrants further investigation given limited disclosure on the go-forward cost base.
ROIC Recovering but Still Modest
Based on EDBL-style reported figures, PBI's ROIC moved from 2.5% in Q2 2024 to 8.0% in Q3 2026, a recovery that appears real but remains well below the 17.9% ROIC reported for Quad/Graphics.
The improvement in return on invested capital is consistent with the operating margin expansion and a shrinking asset base, which together suggest capital is being recycled more productively. ROE is not meaningful given the stockholders' deficit, so ROIC is the more reliable gauge of value creation here. Whether returns can compound further depends on sustained margin gains against a declining revenue base, which investors should monitor closely.
Coverage Improving Against Negative Equity
According to recent SEC filings, PBI's interest coverage moved from negative levels in 2024 to 3.70x in Q3 2026, while total debt fell from $2.5B to $2.0B, suggesting debt service has become more comfortable.
Debt-to-EBITDA of roughly 15.9x in the latest quarter remains very high by industrial standards, meaning deleveraging has not yet translated into conventional comfort. Negative book equity of about -$837M makes debt-to-equity uninformative, so cash-flow-based coverage and EBITDA leverage are the appropriate tests. Refinancing risk and covenant headroom cannot be assessed from the supplied data alone and warrant further investigation.
Current Ratio Below One Warrants Attention
As reported in financial statements, PBI's current ratio fell from 0.96 in Q2 2024 to 0.70 in Q3 2026 while cash declined from $590M to $269M, indicating a thinner buffer against short-term obligations.
A current ratio below 1.0 and a quick ratio of 0.66 suggest short-term liabilities exceed liquid assets, a position that is common for businesses with float-like obligations but still leaves limited room under stress. Part of reported cash may be restricted or fiduciary in nature, so usable liquidity could be lower than headline figures imply. Under a severe working capital reversal, the company would likely need to rely on refinancing or asset sales, though the supplied data does not allow confirmation of available facilities.
Margin Gains May Not Persist
Based on reported figures, the recent earnings beat relies on a revenue base still declining 6.6% year over year, so margin expansion could reverse if mail volumes fall faster than cost cuts can offset.
The operating margin recovery from 10.3% to 22.6% over the window rests heavily on SG&A reductions, which are finite and may not repeat once the overhead base is already trimmed. Working capital releases and deferred revenue timing also flatter recent cash flow and balance sheet readings, so headline improvements may partly reflect timing rather than durable earnings power. Investors should test whether ROIC of 8.0% and the 3.70x interest coverage hold under a scenario of continued top-line contraction before treating the recovery as established.