Latest Ratios: P/E Ratio 39.2x · EV/EBITDA 5.9x · 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 | $1.1B | $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 → | 39.17 | 40.60 | 20.50 | 23.19 | 12.19 | 11.39 | — | 9.52 | 6.50 | 67.21 | 12.77 |
| P/S Ratio | 1.47 | 1.72 | 2.42 | 2.39 | 1.50 | 1.67 | 0.64 | 0.41 | 0.50 | 0.65 | 0.77 |
| P/B Ratio | 3.35 | 3.47 | 4.34 | 4.75 | 3.79 | 4.40 | 2.32 | 1.34 | 2.11 | 4.34 | 6.78 |
| P/FCF | 10.44 | 12.21 | 18.01 | 30.68 | 13.00 | 12.05 | 4.67 | 37.02 | 16.34 | 10.20 | 9.45 |
| P/OCF | 6.83 | 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 | — | 1.92 | 2.53 | 2.56 | 1.72 | 1.80 | 0.90 | 0.82 | 0.82 | 1.05 | 1.33 |
| EV / EBITDA | 5.89 | 6.77 | 9.32 | 10.62 | 6.64 | 6.47 | 10.32 | 4.78 | 4.75 | 7.53 | 8.80 |
| EV / EBIT | 8.47 | 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 | 2.6% | 2.5% | 4.9% | 4.3% | 8.2% | 8.8% | — | 10.5% | 15.4% | 1.5% | 7.8% |
| FCF Yield | 9.6% | 8.2% | 5.6% | 3.3% | 7.7% | 8.3% | 21.4% | 2.7% | 6.1% | 9.8% | 10.6% |
| Buyback Yield | 16.4% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 16.4% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $28M | $30M | $31M | $32M | $35M | $34M | $34M | $34M | $33M | $33M |
Cyclical Transactional Revenue Exposure
According to current market data, DFIN trades at a forward P/E of 8.51, which appears to reflect a significant conglomerate discount compared to the higher-multiple SaaS peers like Workiva, suggesting the market remains skeptical of the company's ability to fully transition into a high-growth software provider.
The disparity between the trailing P/E of 35.26 and the forward multiple suggests that investors are pricing in a sharp recovery in earnings, likely tied to the cyclical rebound of capital markets activity. This valuation gap warrants caution, as it implies that the market is currently valuing DFIN as a legacy service firm rather than a recurring-revenue software entity.
Based on reported figures, DFIN's ROIC has fluctuated between 1.3% and 7.5% over the last ten quarters, indicating that the company is struggling to consistently compound returns on invested capital while carrying a significant goodwill balance that represents over 50% of total equity.
The volatility in ROIC appears to be driven by the lumpy nature of transactional revenue rather than structural inefficiencies in the core software business. Investors should monitor whether the company can improve its return profile as it continues to sunset legacy print operations and scale its higher-margin Arc Suite platform.
As reported in recent financial statements, DFIN's DSO has fluctuated between 75 and 101 days, reflecting the inherent difficulty in managing cash conversion cycles within a business model that remains heavily dependent on seasonal, project-based billing for complex regulatory filings and capital markets transactions.
The lack of consistent improvement in DSO suggests that the company's working capital efficiency is largely dictated by client payment patterns during peak filing seasons rather than internal process optimization. This variability in cash collection may continue to create temporary liquidity pressure during off-peak quarters.
According to recent SEC filings, DFIN has successfully reduced its debt-to-equity ratio to 0.48 as of 2025Q4, a move that significantly strengthens the balance sheet and provides management with the financial flexibility to navigate periods of cyclical downturns in M&A and IPO activity.
The current debt-to-EBITDA ratio of 4.97, while elevated in certain quarters, appears manageable given the company's commitment to debt reduction and its focus on high-margin software revenue. This conservative leverage profile serves as a critical buffer against the inherent volatility of the firm's transactional revenue streams.
The P/E ratio is frequently misapplied to DFIN because it fails to account for the significant non-operating restructuring charges and seasonal revenue lumpy-ness that distort GAAP earnings, thereby obscuring the underlying profitability of the company's evolving software-centric business model.
Analysts should instead prioritize EV/EBITDA or free cash flow metrics to better capture the operational cash generation of the software segments. Relying solely on P/E risks misinterpreting the company's true earning power during periods of heavy investment or legacy asset divestment.
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 39.2x. 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 5.9x. 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 39.2x. 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.