Donnelley Financial Solutions, Inc. DFIN
DFIN is a leading global provider of compliance and regulatory software and services, supporting its clients' complex capital markets transactions and essential financial reporting at every stage of the corporate lifecycle and fueling end-to-end investment company regulatory compliance needs. The Company provides regulatory filing and deal solutions via its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients' regulatory and compliance needs. DFIN helps its clients comply with applicable regulations where and how they want to work in a digital world, providing numerous solutions tailored to each client's business needs. The prevailing trend is toward clients choosing to utilize the Company's software solutions, in conjunction with its tech-enabled services, to meet their document and filing needs, while at the same time shifting away from physical print and distribution of documents, except for when it is still regulatorily required or requested by clients.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $767.0M | $781.9M | $797.2M | $833.6M | $993.3M | $894.5M | $874.7M | $963.0M | $1.00B | $983.5M |
| SG&A | $277.9M | $290.9M | $282.1M | $264.0M | $307.7M | $264.8M | $205.8M | $258.2M | $236.2M | $209.8M |
| Operating income | $141.1M | $136.6M | $110.0M | $145.0M | $219.3M | $3.6M | $78.5M | $121.1M | $95.7M | $105.0M |
| Interest expense | $12.9M | $12.9M | $15.8M | $9.2M | $26.6M | $22.8M | $38.1M | $36.7M | $42.9M | $11.7M |
| Pre-tax income | $43.1M | $125.1M | $102.0M | $139.3M | $197.8M | -$17.5M | $52.1M | $102.7M | $56.2M | $94.3M |
| Income tax | $10.7M | $32.7M | $19.8M | $36.8M | $51.9M | $8.4M | $14.5M | $29.1M | $46.5M | $35.2M |
| Net income | $32.4M | $92.4M | $82.2M | $102.5M | $145.9M | -$25.9M | $37.6M | $73.6M | $9.7M | $59.1M |
| EPS, basic | 1.18 | 3.16 | 2.81 | 3.33 | 4.36 | -0.76 | 1.10 | 2.18 | 0.29 | 1.81 |
| EPS, diluted | 1.15 | 3.06 | 2.69 | 3.17 | 4.14 | -0.76 | 1.10 | 2.16 | 0.29 | 1.80 |
| Shares, diluted (wtd. avg.) | $28.2M | $30.2M | $30.6M | $32.3M | $35.2M | $33.9M | $34.3M | $34.0M | $33.3M | $32.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $24.5M | $57.3M | $23.1M | $34.2M | $54.5M | $73.6M | $17.2M | $47.3M | $52.0M | $36.2M |
| Receivables | $143.0M | $138.0M | $151.8M | $163.5M | $199.1M | $173.5M | $161.4M | $172.9M | $165.2M | $156.2M |
| Inventory | $5.6M | $4.4M | $4.7M | $7.9M | $5.6M | $4.9M | $11.1M | $12.1M | $23.3M | $24.1M |
| Total current assets | $211.4M | $232.5M | $208.5M | $228.4M | $279.7M | $267.2M | $211.2M | $249.0M | $270.1M | $329.6M |
| Property, plant and equipment | $8.8M | $8.9M | $13.5M | $17.6M | $18.7M | $12.0M | $17.5M | $32.2M | $34.7M | $35.5M |
| Goodwill | $405.8M | $405.4M | $405.8M | $405.8M | $410.0M | $409.9M | $450.3M | $450.0M | $447.4M | $446.4M |
| Other intangibles | — | — | $0 | $7.8M | $8.7M | $9.8M | $21.9M | $37.2M | $39.9M | $54.3M |
| Total assets | $800.4M | $841.6M | $806.9M | $828.3M | $883.3M | $865.6M | $886.9M | $868.7M | $893.5M | $978.9M |
| Accounts payable | $23.7M | $28.7M | $33.9M | $49.2M | $36.3M | $54.2M | $58.5M | $72.4M | $67.8M | $85.3M |
| Short-term debt | $5.8M | $0 | — | — | — | — | — | $0 | $0 | $0 |
| Total current liabilities | $200.0M | $224.1M | $201.6M | $224.8M | $261.4M | $238.5M | $179.5M | $198.4M | $187.0M | $186.0M |
| Long-term debt | $165.5M | $124.7M | $124.5M | $169.2M | $124.0M | $230.5M | $296.0M | $362.7M | $458.3M | $587.0M |
| Total liabilities | $421.2M | $405.5M | $404.7M | $498.8M | $506.3M | $617.8M | $618.3M | $642.7M | $744.1M | $867.8M |
| Retained earnings | $560.9M | $528.5M | $436.1M | $353.9M | $251.4M | $105.5M | $131.9M | $94.3M | $8.9M | -$800.0K |
| Total equity | $379.2M | $436.1M | $402.2M | $329.5M | $377.0M | $247.8M | $268.6M | $226.0M | $149.4M | $111.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $164.9M | $171.1M | $124.0M | $150.2M | $180.0M | $154.2M | $54.5M | $66.3M | $91.4M | $106.0M |
| Depreciation and amortisation | $4.9M | $6.4M | $8.4M | $7.1M | $6.4M | $8.1M | $7.7M | $7.5M | $7.0M | $8.4M |
| Stock-based compensation | $31.4M | $25.2M | $22.5M | $19.3M | $19.5M | $13.6M | $8.9M | $9.2M | $6.8M | $2.5M |
| Capital expenditure | $57.1M | $65.9M | $61.8M | $54.2M | $42.3M | $31.1M | $44.8M | $37.1M | $27.8M | $26.2M |
| Investing cash flow | -$57.0M | -$53.3M | -$51.3M | -$50.9M | -$45.0M | -$19.8M | -$12.2M | $30.2M | -$31.0M | -$29.3M |
| Financing cash flow | -$141.8M | -$82.1M | -$84.6M | -$121.1M | -$154.9M | -$77.5M | -$74.5M | -$99.0M | -$45.7M | -$60.0M |
| Buybacks | $185.0M | $81.6M | $40.3M | $164.7M | $40.9M | $11.8M | $1.8M | $1.5M | $900.0K | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-054586.
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