Latest Ratios: P/E Ratio 20.3x · EV/EBITDA 9.0x · 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 | $2.5B | $1.8B | $1.3B | $773M | $674M | $1.2B | $1.1B | $715M | $1.1B | $2.1B | $2.9B |
| Enterprise Value | $4.5B | $3.8B | $2.9B | $2.5B | $2.6B | $3.0B | $2.9B | $2.7B | $3.7B | $4.9B | $5.5B |
| P/E Ratio → | 20.29 | 12.58 | — | — | 18.10 | 338.27 | — | 17.52 | 4.97 | 8.04 | 31.00 |
| P/S Ratio | 1.35 | 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 | 8.50 | 6.10 | 8.43 | — | 13.17 | 10.11 | 5.36 | 5.47 | 5.38 | 6.45 | 8.70 |
| P/OCF | 6.96 | 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 | 0.73 | 0.82 | 0.83 | 0.86 | 1.14 | 1.38 | 1.84 |
| EV / EBITDA | 8.99 | 7.55 | 6.79 | 7.36 | 7.96 | 9.46 | 9.71 | 7.19 | 6.78 | 7.70 | 7.29 |
| EV / EBIT | 11.59 | 12.81 | 42.70 | 38.34 | 19.71 | 33.79 | — | 19.88 | 12.10 | 12.48 | 15.03 |
| EV / FCF | — | 12.56 | 18.49 | — | 50.27 | 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% | 10.2% | 6.1% | 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 | — | — | — | — | 42.33 | 22.70 | 39.75 | 10.32 | 33.64 | 20.31 | — |
| Debt / EBITDA | 4.45 | 4.45 | 4.80 | 6.85 | 7.95 | 8.03 | 9.27 | 7.74 | 6.33 | 6.00 | 4.48 |
| Net Debt / Equity | — | — | — | — | 31.28 | 16.19 | 26.71 | 7.09 | 25.13 | 14.96 | — |
| Net Debt / EBITDA | 3.88 | 3.88 | 3.70 | 5.06 | 5.87 | 5.73 | 6.23 | 5.32 | 4.72 | 4.42 | 3.46 |
| Debt / FCF | — | 6.46 | 10.06 | — | 37.10 | 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 | 1.7% | 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 | 4.9% | 7.9% | — | — | 5.5% | 0.3% | — | 5.7% | 20.1% | 12.4% | 3.2% |
| FCF Yield | 11.8% | 16.4% | 11.9% | — | 7.6% | 9.9% | 18.6% | 18.3% | 18.6% | 15.5% | 11.5% |
| Buyback Yield | 14.9% | 20.7% | 0.0% | 0.0% | 2.0% | 0.0% | 0.0% | 14.7% | 0.0% | 0.0% | 6.9% |
| Total Shareholder Yield | 16.6% | 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 |
Secular mail volume decline
Based on recent financial data, PBI trades at a forward P/E of 10.92, which appears to reflect significant investor skepticism regarding the sustainability of earnings as the company attempts to transition away from its capital-intensive ecommerce operations toward a more focused, high-margin core business model.
The divergence between the TTM P/E of 21.04 and the forward multiple suggests that the market is pricing in a substantial recovery in profitability following the wind-down of the Global Ecommerce segment. Investors should monitor whether this valuation compression is a reflection of a successful turnaround or a persistent lack of confidence in the company's ability to offset secular declines in mail volumes.
According to reported quarterly figures, ROIC has fluctuated between 2.5% and 8.3% over the last ten quarters, indicating that the company is struggling to consistently generate returns that exceed its cost of capital while navigating a complex and highly leveraged balance sheet restructuring process.
The volatility in ROIC appears to be driven by the erratic nature of operating margins during the divestiture of the ecommerce unit. Until the company can stabilize its asset base and reduce its debt burden, the ability to compound capital remains highly uncertain and warrants further investigation by long-term stakeholders.
As reported in recent financial statements, the company's cash conversion cycle has shown extreme volatility, swinging from 104 days in 2024Q4 to -202 days in 2026Q1, which suggests that management is aggressively utilizing supplier payment terms to manage liquidity during this period of structural transition.
The negative CCC in recent quarters is largely supported by high DPO levels, which may indicate a reliance on supplier financing to maintain liquidity. While this improves short-term cash flow, it may mask underlying operational inefficiencies and could pose a risk if supplier relationships are strained by the ongoing restructuring.
Based on the provided quarterly data, the interest coverage ratio has remained inconsistent, with recent figures like 3.10 in 2026Q1 highlighting the ongoing pressure of servicing a $2.3 billion debt load against a backdrop of declining core revenue and negative total equity.
The high D/EBITDA ratios observed over the last ten quarters suggest that the company's ability to deleverage is heavily dependent on the successful execution of its strategic pivot. Investors should monitor the interest coverage closely, as any further deterioration in operating income could quickly jeopardize the company's financial flexibility.
The P/E ratio is frequently misapplied to PBI because it fails to account for the significant non-cash impairments and restructuring charges that have historically distorted net income, making it a poor indicator of the company's true underlying cash-generating capacity and operational health.
Analysts should instead focus on EV/EBITDA or FCF-based metrics to better understand the core profitability of the SendTech and Presort segments. Relying on P/E in a period of massive asset divestiture and balance sheet restructuring likely leads to a fundamental misunderstanding of the company's actual earnings power.
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 20.3x. The historical average is 20.1x. This places it at the 73th percentile of its historical range.
Pitney Bowes Inc.'s current EV/EBITDA is 9.0x. 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 20.3x. This is at the 73th 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 1.73% 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.