The company has successfully reduced its total debt to $181.8M as of 2025Q4, though goodwill remains a significant risk factor at $405.8M, representing over 100% of total equity.
| Total Current Assets | 261.1M | 211.4M | 232.5M | 208.5M | 228.4M | 279.7M | 267.2M | 211.2M | 249M | 270.1M | 329.6M | 190.8M | 203.1M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 33.1M | 43.9M | 13.4M | 20.4M | 10.6M | 9.5M | 8M | 11.9M | 16.7M | 29.6M | 0 | 0 | 0 |
| Total Non-Current Assets | 579.7M | 589M | 624.5M | 598.4M | 599.9M | 603.6M | 631.5M | 675.7M | 619.7M | 623.4M | 649.3M | 626.8M | 791.1M |
| Property, Plant & Equipment | 13.6M | 16.4M | 21.2M | 29.9M | 50.9M | 61.3M | 64.5M | 98.2M | 32.2M | 34.7M | 35.5M | 33M | 36.5M |
| Fixed Asset Turnover | 50.01x | 46.77x | 36.88x | 26.66x | 16.38x | 16.20x | 13.87x | 8.91x | 29.91x | 28.96x | 27.70x | 31.80x | 29.59x |
| Goodwill | 405.6M | 405.8M | 405.4M | 405.8M | 405.8M | 410M | 409.9M | 450.3M | 450M | 447.4M | 446.4M | 446.8M | 448.8M |
| Intangible Assets | 89M | 92.9M | 96.5M | 87.6M | 83.4M | 72.4M | 61M | 76.9M | 85M | 81M | 95.9M | 112.7M | 122.7M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 840.8M | 800.4M | 857M | 806.9M | 828.3M | 883.3M | 898.7M | 886.9M | 868.7M | 893.5M | 978.9M | 817.6M | 994.2M |
| Asset Turnover | 0.93x | 0.96x | 0.91x | 0.99x | 1.01x | 1.12x | 1.00x | 0.99x | 1.11x | 1.12x | 1.00x | 1.28x | 1.09x |
| Asset Growth % | -12.18% | -6.6% | 6.21% | -2.58% | -6.23% | -1.71% | 1.33% | 2.1% | -2.78% | -8.72% | 19.73% | -17.76% | - |
| Total Current Liabilities | 185.6M | 200M | 224.1M | 201.6M | 224.8M | 261.4M | 238.5M | 179.5M | 198.4M | 187M | 186M | 123.7M | 141.2M |
| Accounts Payable | 35.1M | 23.7M | 28.7M | 33.9M | 49.2M | 36.3M | 54.2M | 58.5M | 72.4M | 67.8M | 85.3M | 39.5M | 34.5M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 8.8M | 9.7M | 13.1M | 0 | 0 | 0 | 19.8M | 0 | 0 | 0 | 0 | 8.8M | 32.9M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 69.8M | 166.6M | 56.8M | 62.5M | 65.7M | 85M | 32.6M | 21.4M | 29.9M | 27.2M | 23M | 26.7M | 23.4M |
| Current Ratio | 1.41x | 1.06x | 1.04x | 1.03x | 1.02x | 1.07x | 1.12x | 1.18x | 1.26x | 1.44x | 1.77x | 1.54x | 1.44x |
| Quick Ratio | 1.41x | 1.06x | 1.04x | 1.03x | 1.02x | 1.07x | 1.12x | 1.18x | 1.26x | 1.44x | 1.77x | 1.54x | 1.44x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 278.5M | 221.2M | 196.8M | 203.1M | 274M | 244.9M | 412.4M | 438.8M | 444.3M | 557.1M | 681.8M | 70.4M | 501.5M |
| Long-Term Debt | 224.1M | 168.8M | 124.7M | 124.5M | 169.2M | 124M | 230.5M | 296M | 362.7M | 458.3M | 587M | 29.2M | 44M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 464.1M | 421.2M | 420.9M | 404.7M | 498.8M | 506.3M | 650.9M | 618.3M | 642.7M | 744.1M | 867.8M | 194.1M | 642.7M |
| Total Debt | 235.7M | 181.8M | 144.4M | 153.1M | 215.9M | 187.2M | 301.3M | 376.5M | 362.7M | 458.3M | 587M | 38M | 76.9M |
| Net Debt | 209.6M | 157.3M | 87.1M | 130M | 181.7M | 132.7M | 227.7M | 359.3M | 315.4M | 406.3M | 550.8M | 22.9M | 48.3M |
| Debt / Equity | 0.63x | 0.48x | 0.33x | 0.38x | 0.66x | 0.50x | 1.22x | 1.40x | 1.60x | 3.07x | 5.28x | 0.06x | 0.22x |
| Debt / EBITDA | 1.09x | 0.84x | 0.68x | 0.80x | 1.00x | 0.68x | 3.87x | 2.51x | 2.17x | 3.27x | 3.96x | 0.18x | 0.58x |
| Net Debt / EBITDA | 0.97x | 0.72x | 0.41x | 0.68x | 0.84x | 0.48x | 2.93x | 2.39x | 1.89x | 2.90x | 3.71x | 0.11x | 0.37x |
| Interest Coverage | 0.86x | 4.08x | 9.28x | 6.70x | 14.93x | 10.99x | 0.31x | 2.53x | 3.80x | 2.31x | 9.06x | 157.09x | 62.60x |
| Total Equity | 376.7M | 379.2M | 436.1M | 402.2M | 329.5M | 377M | 247.8M | 268.6M | 226M | 149.4M | 111.1M | 623.5M | 351.5M |
| Equity Growth % | -30.28% | -13.05% | 8.43% | 22.06% | -12.6% | 52.14% | -7.74% | 18.85% | 51.27% | 34.47% | -82.18% | 77.38% | - |
| Book Value per Share | 14.32 | 13.45 | 14.44 | 13.14 | 10.20 | 10.71 | 7.31 | 7.83 | 6.65 | 4.49 | 3.39 | 19.07 | 10.75 |
| Total Shareholders' Equity | 376.7M | 379.2M | 436.1M | 402.2M | 329.5M | 377M | 247.8M | 268.6M | 226M | 149.4M | 111.1M | 623.5M | 351.5M |
| Common Stock | 400K | 400K | 400K | 400K | 400K | 400K | 300K | 300K | 300K | 300K | 300K | 639.5M | 1.03B |
| Retained Earnings | 594.4M | 560.9M | 528.5M | 436.1M | 353.9M | 251.4M | 105.5M | 131.9M | 94.3M | 8.9M | -800K | 0 | 0 |
| Treasury Stock | -572.3M | -530.3M | -344.1M | -262.1M | -221.8M | -57.1M | -16M | -4.2M | -2.4M | -900K | 0 | 0 | 0 |
| Accumulated OCI | -20M | -19.6M | -81.9M | -77.9M | -83.2M | -78.3M | -80.8M | -84.6M | -82.7M | -64.6M | -68.3M | -16M | -673.7M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Transactional Revenue Exposure
According to recent SEC filings, DFIN has successfully reduced its total debt from $235.7M in 2026Q1 to $181.8M by 2025Q4, signaling a strategic shift toward a leaner balance sheet as the company pivots away from legacy print operations toward a software-centric business model.
The consistent reduction in debt levels suggests management is prioritizing financial flexibility to navigate the cyclicality of capital markets. This trajectory appears to be a deliberate effort to de-risk the balance sheet while the firm manages the secular decline of its traditional compliance services.
Based on reported financial figures, DFIN maintains a disciplined debt-to-equity ratio of 0.48 as of 2025Q4, which indicates a conservative approach to leverage that provides a significant buffer against the volatility inherent in its transactional revenue streams.
The low leverage profile suggests that the company is not reliant on external financing to sustain its operations, which is critical given the lumpy nature of its M&A and IPO-related revenue. Investors should monitor whether this low-debt posture persists if management decides to pursue larger, inorganic software acquisitions.
As reported in financial statements, goodwill remains a substantial component of total assets at $405.8M in 2025Q4, representing over 50% of the asset base and highlighting the company's reliance on past acquisitions to build its current software and compliance ecosystem.
The high concentration of goodwill warrants further investigation into the potential for impairment if the software segments fail to meet growth expectations. Conversely, the steady decline in net PPE, down to $16.4M from $29.9M in 2023Q4, confirms the successful divestment and sunsetting of capital-intensive legacy print infrastructure.
Based on quarterly data, the current ratio has fluctuated between 1.03 and 1.49 over the last ten quarters, reflecting the significant impact of seasonal filing cycles on the company's ability to cover short-term obligations with its current asset base.
While the liquidity position appears adequate, the volatility in the current ratio suggests that DFIN's working capital management is highly sensitive to the timing of regulatory filing deadlines. This pattern implies that liquidity may tighten during off-peak quarters, necessitating careful cash management by the treasury team.
As evidenced by the balance sheet, the heavy reliance on $405.8M of goodwill relative to $379.2M in total equity suggests that the company's book value is highly sensitive to the performance of its acquired software assets, potentially overstating the tangible net worth of the firm.
If the competitive landscape shifts and these software platforms lose market share to cloud-native entrants, the resulting goodwill impairment could significantly erode the equity base. This risk makes the headline equity figure a potentially misleading indicator of the company's true liquidation value.
Quick answers to the most common questions about buying DFIN stock.
As of 2025, Donnelley Financial Solutions, Inc. (DFIN) had total assets of $800.4M including $211.4M in current assets.
Donnelley Financial Solutions, Inc. (DFIN) carries total debt of $181.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Donnelley Financial Solutions, Inc. (DFIN) has total shareholders' equity (book value) of $379.2M ($13.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Donnelley Financial Solutions, Inc. (DFIN) reported a current ratio of 1.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.