Donnelley Financial Solutions (DFIN)
Market Price (12/28/2025): $46.53 | Market Cap: $1.3 BilSector: Financials | Industry: Financial Exchanges & Data
Donnelley Financial Solutions (DFIN)
Market Price (12/28/2025): $46.53Market Cap: $1.3 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% | Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -56% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 39x |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -25% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.6%, Rev Chg QQuarterly Revenue Change % is -2.3% | |
| Attractive yieldFCF Yield is 7.9% | Key risksDFIN key risks include [1] challenges executing its software-centric transition amid volatile capital markets, Show more. | |
| Low stock price volatilityVol 12M is 46% | ||
| Megatrend and thematic driversMegatrends include Digital Transformation of Financial Services. Themes include Regulatory Technology (RegTech), Financial Document & Disclosure Management, and Alternative Asset Management Solutions. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -25% |
| Attractive yieldFCF Yield is 7.9% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Digital Transformation of Financial Services. Themes include Regulatory Technology (RegTech), Financial Document & Disclosure Management, and Alternative Asset Management Solutions. |
| Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -56% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 39x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.6%, Rev Chg QQuarterly Revenue Change % is -2.3% |
| Key risksDFIN key risks include [1] challenges executing its software-centric transition amid volatile capital markets, Show more. |
Why The Stock Moved
Qualitative Assessment
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Donnelley Financial Solutions (DFIN) experienced an approximate stock decline of 18.1% between August 31, 2025, and December 28, 2025, driven by several key factors.
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<b>1. Significant GAAP Net Loss in Q3 2025:</b> The company reported a GAAP net loss of $40.9 million, or $1.49 per diluted share, for the third quarter of 2025, a notable decrease from net earnings of $8.7 million, or $0.29 per diluted share, in the third quarter of 2024. This loss was primarily attributed to an $82.8 million non-cash charge related to the termination and settlement of its primary defined benefit pension plan.
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<b>2. Decline in Overall Net Sales:</b> In the third quarter of 2025, DFIN's net sales decreased by 2.3% year-over-year to $175.3 million. This decline was largely due to lower revenue from investment companies and capital markets compliance, as well as reduced capital markets transactional revenue.
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<b>3. Cautious Fourth-Quarter 2025 Sales Guidance:</b> The company provided a cautious net sales guidance for the fourth quarter of 2025, projecting it to be in the range of US$150 million to US$160 million. This guidance reflects ongoing pressures in its core markets and was perceived as downbeat, potentially influencing investor sentiment negatively.
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<b>4. Broader Economic Headwinds and Decreased CFO Optimism:</b> DFIN's market outlook for Q4 2025 acknowledged persistent inflation, regulatory challenges, and broader economic headwinds, including a government shutdown. Furthermore, DFIN's CFO Macrotrend Report indicated a decline in CFO optimism regarding individual company performance in Q3 2025, suggesting a more challenging operating environment for businesses.
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<b>5. Persistent Lower Capital Markets Transactional Volumes:</b> Reduced capital markets transactional activity was a recurring challenge, contributing to a decrease in Adjusted EBITDA in Q2 2025 and lower net sales in Q3 2025. This ongoing softness in transactional volumes continued to exert pressure on DFIN's revenue performance throughout the period.
Show moreStock Movement Drivers
Fundamental Drivers
The -9.7% change in DFIN stock from 9/27/2025 to 12/27/2025 was primarily driven by a -60.2% change in the company's Net Income Margin (%).| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 51.45 | 46.47 | -9.68% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 755.00 | 750.80 | -0.56% |
| Net Income Margin (%) | 10.87% | 4.33% | -60.19% |
| P/E Multiple | 17.36 | 39.18 | 125.69% |
| Shares Outstanding (Mil) | 27.70 | 27.40 | 1.08% |
| Cumulative Contribution | -9.69% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| DFIN | -9.7% | |
| Market (SPY) | 4.3% | 20.6% |
| Sector (XLF) | 3.3% | 45.1% |
Fundamental Drivers
The -24.4% change in DFIN stock from 6/28/2025 to 12/27/2025 was primarily driven by a -62.5% change in the company's Net Income Margin (%).| 6282025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 61.49 | 46.47 | -24.43% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 779.60 | 750.80 | -3.69% |
| Net Income Margin (%) | 11.56% | 4.33% | -62.55% |
| P/E Multiple | 19.59 | 39.18 | 100.02% |
| Shares Outstanding (Mil) | 28.70 | 27.40 | 4.53% |
| Cumulative Contribution | -24.58% |
Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| DFIN | -24.4% | |
| Market (SPY) | 12.6% | 29.1% |
| Sector (XLF) | 7.4% | 43.3% |
Fundamental Drivers
The -25.7% change in DFIN stock from 12/27/2024 to 12/27/2025 was primarily driven by a -64.1% change in the company's Net Income Margin (%).| 12272024 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 62.51 | 46.47 | -25.66% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 802.10 | 750.80 | -6.40% |
| Net Income Margin (%) | 12.06% | 4.33% | -64.09% |
| P/E Multiple | 18.81 | 39.18 | 108.27% |
| Shares Outstanding (Mil) | 29.10 | 27.40 | 5.84% |
| Cumulative Contribution | -25.91% |
Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| DFIN | -25.7% | |
| Market (SPY) | 17.0% | 41.4% |
| Sector (XLF) | 15.3% | 43.4% |
Fundamental Drivers
The 23.0% change in DFIN stock from 12/28/2022 to 12/27/2025 was primarily driven by a 307.9% change in the company's P/E Multiple.| 12282022 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 37.77 | 46.47 | 23.03% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 898.70 | 750.80 | -16.46% |
| Net Income Margin (%) | 13.04% | 4.33% | -66.81% |
| P/E Multiple | 9.60 | 39.18 | 307.95% |
| Shares Outstanding (Mil) | 29.80 | 27.40 | 8.05% |
| Cumulative Contribution | 22.24% |
Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| DFIN | -26.5% | |
| Market (SPY) | 48.0% | 43.9% |
| Sector (XLF) | 51.3% | 44.8% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DFIN Return | 62% | 178% | -18% | 61% | 1% | -26% | 342% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| DFIN Win Rate | 67% | 83% | 50% | 75% | 42% | 50% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| DFIN Max Drawdown | -61% | 0% | -46% | -6% | -9% | -39% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | DFIN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -50.3% | -25.4% |
| % Gain to Breakeven | 101.2% | 34.1% |
| Time to Breakeven | 494 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -61.9% | -33.9% |
| % Gain to Breakeven | 162.4% | 51.3% |
| Time to Breakeven | 133 days | 148 days |
| 2018 Correction | ||
| % Loss | -64.3% | -19.8% |
| % Gain to Breakeven | 180.3% | 24.7% |
| Time to Breakeven | 480 days | 120 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Donnelley Financial Solutions's stock fell -50.3% during the 2022 Inflation Shock from a high on 11/15/2021. A -50.3% loss requires a 101.2% gain to breakeven.
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Donnelley Financial Solutions, Inc. operates as a risk and compliance solutions company worldwide. The company operates through four segments: Capital Markets – Software Solutions (CM-SS), Capital Markets – Compliance and Communications Management (CM-CCM), Investment Companies – Software Solutions (IC-SS), and Investment Companies – Compliance and Communications Management (IC-CCM). The CM-SS segment provides Venue, ActiveDisclosure, eBrevia, and other solutions to public and private companies to manage public and private transaction processes, extract data, and analyze contracts; collaborate; and tag, validate, and file SEC documents. The CM-CCM segment offers tech-enabled services and print and distribution solutions to public and private companies for deal solutions and SEC compliance requirements. The IC-SS segment provides clients with the Arc Suite platform that contains a comprehensive suite of cloud-based solutions and services that enable storage and management of compliance and regulatory information in a self-service and central repository for accessing, assembling, editing, translating, rendering, and submitting documents to regulators. The IC-CCM segment offers clients with tech-enabled solutions for creating and filing regulatory communications and solutions for investor communications, as well as XBRL-formatted filings pursuant to the Investment Act, through the SEC EDGAR system. This segment also provides turnkey proxy services, including discovery, planning and implementation, print and mail management, solicitation, tabulation services, shareholder meeting review, and expert support. Donnelley Financial Solutions, Inc. was founded in 1983 and is headquartered in Chicago, Illinois.
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TurboTax for corporate SEC filings and financial disclosures.
Dropbox for corporate mergers, acquisitions, and IPOs.
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- ActiveDisclosure: A cloud-based software platform for creating, managing, and submitting SEC EDGAR and other regulatory compliance filings.
- Venue Virtual Data Room (VDR): A secure online platform for managing complex financial transactions, such as mergers & acquisitions, IPOs, and due diligence processes.
- Investment Company Solutions: Services for mutual funds, ETFs, and other investment vehicles, including shareholder reporting, regulatory compliance, and distribution materials.
- Global Capital Markets: Comprehensive support for initial public offerings (IPOs), debt offerings, and mergers & acquisitions, encompassing document preparation, filing, and distribution.
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Donnelley Financial Solutions (symbol: DFIN) primarily sells its financial technology, software, and services to other companies, rather than directly to individuals.
According to DFIN's public filings, including its annual 10-K reports, no single customer accounted for 10% or more of its net sales in recent fiscal years. Therefore, specific individual major customer companies are not identified or disclosed by name. Instead, DFIN serves a diverse client base across several key categories within the financial and legal industries:
- Corporations (Public and Private): These companies utilize DFIN's services for critical needs such as regulatory compliance (e.g., SEC filings like 10-K, 10-Q, proxy statements), financial reporting, shareholder communications, and managing complex corporate transactions including initial public offerings (IPOs), secondary offerings, debt offerings, and mergers & acquisitions (M&A).
- Financial Institutions: This broad category encompasses investment banks, mutual funds, asset management firms, and private equity firms. These entities leverage DFIN's solutions for capital markets transactions, fund compliance and reporting, secure data management (such as virtual data rooms for due diligence), and various investor communications.
- Law Firms: Legal professionals and their firms are significant customers, using DFIN's platforms and services to support their clients in corporate finance transactions, manage and process complex legal documents, and ensure regulatory adherence in financial and corporate governance matters.
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Here is the management team for Donnelley Financial Solutions (DFIN): Daniel N. Leib, President and Chief Executive OfficerMr. Leib has served as President and Chief Executive Officer of Donnelley Financial Solutions (DFIN) since it became an independent public company in October 2016. Before the spin-off, he was with R.R. Donnelley starting in 2004, holding positions such as Chief Financial Officer and Executive Vice President from 2011. His experience at R.R. Donnelley included roles like Group Chief Financial Officer, Senior Vice President of Finance, Mergers & Acquisition, Treasurer, and Vice President of Investor Relations. Prior to joining R.R. Donnelley, he worked at Interpublic Group of Companies, Dun & Bradstreet, Sears, and Andersen Consulting. He also serves as an Independent Trustee of William Blair Mutual Funds.
David A. Gardella, Executive Vice President and Chief Financial Officer
Mr. Gardella is the Chief Financial Officer of DFIN. Before his appointment as CFO, he held various financial management, planning, and analysis roles at R.R. Donnelley. These roles included Senior Vice President of Investor Relations and Mergers and Acquisitions, as well as Vice President of Investor Relations and Vice President of Corporate Finance.
Craig D. Clay, President, Global Capital Markets
Mr. Clay serves as the President of Global Capital Markets at DFIN and has been involved in the organization's transformation for over two decades. Previously, he was a Senior Vice President at R.R. Donnelley, where he led the Global Capital Markets and Legal Process Outsourcing businesses. Before joining R.R. Donnelley, he worked as a financial analyst at American Eurocopter, a subsidiary of Aerospatiale. He collaborates with private equity funds to understand market needs, assist with diligence, and utilizes DFIN's virtual data room, Venue, for complex transactions with top-tier private equity firms.
Eric J. Johnson, President, Global Investment Companies
Mr. Johnson is the President of Global Investment Companies at Donnelley Financial Solutions. This role involves overseeing the company's offerings to the investment management sector.
Jons Besch, Chief Operations & Production Officer
Mr. Besch serves as the Chief Operations & Production Officer for Donnelley Financial Solutions. He is also listed as the COO.
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Donnelley Financial Solutions (DFIN) faces several key risks to its business:- Dependence on Capital Markets Volatility and Software Transition Execution: DFIN's revenue is closely linked to the unpredictable nature of Capital Markets, with its top line contracting when IPO and M&A activity slows down. The company is also undergoing a transition to a software-centric model, and there's a risk associated with its ability to achieve software sales growth targets and maintain client retention for key products like ActiveDisclosure. A prolonged weakness in IPO and M&A volumes could further delay transactional revenue recovery.
- Intensifying Competition and Pricing Pressure: DFIN operates in a competitive landscape, facing rising pressure from rivals, such as Workiva. This competition can lead to weaker pricing power and challenges in maintaining retention rates for its software solutions, including ActiveDisclosure.
- Regulatory Scrutiny and Litigation Risk: DFIN is currently subject to a class-action lawsuit alleging misleading financial disclosures, insider trading, and non-compliance with SEC regulations. This lawsuit could result in increased regulatory scrutiny and higher expectations for corporate governance within the RegTech industry, potentially impacting DFIN and similar companies.
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Rapid advancements in Generative AI technology, particularly Large Language Models (LLMs), enabling the highly automated and accurate drafting, review, and filing of complex financial and regulatory documents. This emerging technology has the potential to significantly commoditize or reduce the need for human-intensive services that Donnelley Financial Solutions currently provides, such as document creation, data extraction, and compliance review. Agile RegTech startups leveraging these AI capabilities could offer faster, cheaper, and potentially more accurate solutions directly to companies, thereby disintermediating traditional service providers and pressuring DFIN's margins and market share.
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Donnelley Financial Solutions (DFIN) operates in several addressable markets with distinct sizes and regional characteristics:
- Virtual Data Rooms (VDR): The global virtual data room market was valued at approximately USD 2.83 billion in 2024 and is projected to grow to USD 13.22 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.4% during the forecast period. North America held the largest share of this market, accounting for 40.28% in 2024. Other estimates for the global VDR market in 2024 range from USD 1.214 billion to USD 2.9 billion, with growth projections varying up to USD 7.6 billion by 2033 or USD 13.17 billion by 2032.
- Financial Disclosure Management and Regulatory Reporting & Compliance Solutions:
- The global disclosure management market was valued at approximately USD 1.20 billion in 2024 and is expected to reach USD 4.66 billion by 2033, growing at a CAGR of 16.25%. Another report estimates the global market size at USD 1.28 billion in 2024, projected to reach USD 5.24 billion by 2033 with a CAGR of 17.4%. North America held a 42.7% revenue share in this market in 2024. The U.S. disclosure management market alone is expected to reach USD 1,311.86 million by 2034, with a CAGR of 15.7%.
- The global regulatory compliance management software market is expected to grow from USD 11.18 billion in 2024 to USD 12.41 billion in 2025 at a CAGR of 11.0%, and is projected to reach USD 18.37 billion by 2029.
- The broader legal, risk, and compliance solution market is valued at USD 11.6 billion globally in 2025 and is projected to reach USD 23.6 billion by 2035, expanding at a CAGR of 7.3%. North America, Asia-Pacific, and Europe are identified as key growth regions.
- Investment Management Solutions: The global investment management solutions market size was recorded at USD 5,461.74 million in 2021 and is expected to reach USD 8,485.1 million by the end of 2025, further growing to USD 20,479 million by 2033 with a CAGR of 11.643%. North America's market share is estimated to be 39.69% of the global market revenue in 2025. Other sources estimate the global investment management software market at USD 7.59 billion in 2024, growing to USD 25.9 billion by 2035 (CAGR of 11.82%). Another report projects the global investment management software market to grow from USD 7,640 million in 2024 to USD 18,383 million by 2032, at a CAGR of 11.6%, with North America leading with a 40% market share. The global portfolio management software market was valued at USD 3.2 billion in 2022 and is projected to reach USD 11.8 billion by 2032, at a CAGR of 14.2%.
- Shareholder Communications & Proxy Solutions: The global corporate shareholder services market was valued at approximately USD 3.24 billion in 2024 and is expected to reach USD 5.4 billion by 2033, growing at a CAGR of about 8%. The global proxy advisory platform market reached USD 720 million in 2024 and is forecasted to reach USD 1,915 million by 2033, growing at a CAGR of 11.4%.
- AI-based Contract Analytics (eBrevia): Specific market sizing for "AI-based contract analytics" was not identified in the provided search results. Therefore, the addressable market size for this product cannot be precisely determined based on the available information.
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Here are 3-5 expected drivers of future revenue growth for Donnelley Financial Solutions (DFIN) over the next 2-3 years:- Expansion and Adoption of Software Solutions: DFIN is actively transitioning into a software-centric company, with its Software Solutions segment being a primary growth engine. The company reported double-digit growth in its software-as-a-service (SaaS) offerings, with software solution sales representing approximately 52% of total sales in Q3 2025. Recurring compliance software products like ActiveDisclosure and Arc Suite posted approximately 16% sales growth in Q3 2025, marking the third consecutive quarter of double-digit growth. DFIN aims for software solutions to constitute approximately 60% of total sales by 2028.
- Launch and Growth of New Products and Enhancements: The introduction of new and updated software products is expected to drive revenue. DFIN recently launched a new version of its Venue virtual data room product, which has received positive client feedback and is anticipated to strengthen its market position. Additionally, the development of ArcFlex to cater to investment companies is another new offering that has been successfully received. The company also expects stronger ArcSuite revenue growth starting in the second half of 2024, driven by incremental revenue from its Tailored Shareholder Report solution.
- Recovery in Capital Markets Transactional Activity: While event-driven transactional revenue has experienced an 8% reduction due to a soft capital markets environment, DFIN remains well-positioned to capture a significant share of future demand when market activity, such as IPOs and M&A transactions, picks up. An anticipated rebound in these transactional volumes would directly contribute to DFIN's revenue growth.
- Leveraging a Recurring Revenue Model: The increasing proportion of revenue from SaaS platforms and subscription models for its compliance software products creates stable and predictable recurring revenue streams. This shift provides a resilient demand base that helps offset volatility in transactional businesses and contributes to sustained growth.
- Strategic Pricing and Operational Efficiency: DFIN has demonstrated improved adjusted EBITDA margins, reaching 28.2% in Q3 2025, driven by higher software solutions net sales and ongoing cost control initiatives. "Price uplifts" were specifically mentioned as a factor contributing to a higher adjusted non-GAAP gross margin in Q3 2025. This indicates that strategic pricing strategies, alongside operational efficiencies, are contributing to revenue growth and profitability.
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Share Repurchases
- Donnelley Financial Solutions's Board of Directors authorized a new stock repurchase program of up to $150 million on January 1, 2024, which superseded a previous authorization and was set to expire on December 31, 2025.
- On May 15, 2025, the Board authorized another new share repurchase program, permitting the company to buy back up to $150 million of its outstanding common stock intermittently through December 31, 2026.
- The company repurchased $164.7 million in shares in 2022. In 2023, share repurchases totaled approximately $40.27 million. For the full year 2024, share buybacks amounted to $81.6 million. Year-to-date through the third quarter of 2025, the company repurchased $111.6 million of stock.
Share Issuance
- Donnelley Financial Solutions has shown a net decrease in its number of shares outstanding over the last few years, indicating share repurchases have outweighed any potential issuances. The shares outstanding decreased from 34 million in 2020 to 27.7 million as of October 2025.
Inbound Investments
- No significant inbound investments from third-parties such as strategic partners or private equity firms were identified during the last 3-5 years.
Outbound Investments
- In December 2021, Donnelley Financial Solutions acquired Guardum, a data security and privacy software provider, to strengthen its software solutions portfolio.
- In May 2023, Donnelley Financial Solutions divested a minority stake in Mediant Communications Inc. for $11.8 million.
Capital Expenditures
- Capital expenditures were $42.3 million in 2021, $54.2 million in 2022, and $61.8 million in 2023.
- For the full fiscal year 2024, capital expenditures were $65.9 million, and for the trailing twelve months ending September 2025, they were $60.3 million.
- The primary focus of these capital expenditures is on software development, including enhancements to the company's software portfolio such as ActiveDisclosure and the Arc Suite platform, to support continued modernization, innovation, and growth, as well as developing functionality for new regulations like Tailored Shareholder Reporting (TSR).
Latest Trefis Analyses
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Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
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| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 14.5% | 14.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.5% | -1.5% | -1.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.5% | -4.5% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.6% | 7.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.1% | -11.1% | -12.1% |
| 08312022 | DFIN | Donnelley Financial Solutions | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -0.6% | 16.1% | -20.7% |
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Peer Comparisons for Donnelley Financial Solutions
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 62.31 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 18.3% |
| Op Mgn 3Y Avg | 17.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 21.1% |
| CFO/Rev 3Y Avg | 20.8% |
| FCF/Rev LTM | 15.8% |
| FCF/Rev 3Y Avg | 15.4% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Capital Markets - Compliance and Communications Management | 355 | 410 | 562 | 424 | 390 |
| Capital Markets - Software Solutions | 186 | 180 | 181 | 133 | 127 |
| Investment Companies - Compliance and Communications Management | 149 | 144 | 162 | 270 | 296 |
| Investment Companies - Software Solutions | 107 | 99 | 89 | 67 | 63 |
| Corporate | 0 | ||||
| Total | 797 | 834 | 993 | 894 | 875 |
Price Behavior
Price Behavior
| Market Price | $46.47 | |
| Market Cap ($ Bil) | 1.3 | |
| First Trading Date | 09/26/2016 | |
| Distance from 52W High | -33.0% | |
| 50 Days | 200 Days | |
| DMA Price | $47.37 | $51.80 |
| DMA Trend | down | down |
| Distance from DMA | -1.9% | -10.3% |
| 3M | 1YR | |
| Volatility | 42.8% | 46.5% |
| Downside Capture | 61.10 | 120.16 |
| Upside Capture | -0.31 | 71.79 |
| Correlation (SPY) | 20.9% | 41.3% |
DFIN Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.36 | 0.75 | 0.77 | 1.24 | 0.99 | 1.04 |
| Up Beta | 1.59 | 2.09 | 2.39 | 2.48 | 1.12 | 1.10 |
| Down Beta | -0.42 | 0.67 | 0.47 | 0.71 | 0.84 | 1.03 |
| Up Capture | 218% | 13% | -8% | 64% | 68% | 85% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 9 | 19 | 26 | 66 | 131 | 399 |
| Down Capture | 122% | 61% | 87% | 141% | 108% | 102% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 10 | 22 | 36 | 58 | 116 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of DFIN With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| DFIN | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -24.3% | 16.3% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 46.2% | 19.0% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | -0.45 | 0.67 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 43.4% | 41.3% | -2.9% | 7.1% | 43.1% | 22.5% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of DFIN With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| DFIN | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 20.8% | 16.1% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 42.1% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.59 | 0.71 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 45.3% | 48.7% | 1.2% | 5.8% | 41.1% | 25.6% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of DFIN With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| DFIN | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 7.8% | 13.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 47.6% | 22.3% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.34 | 0.55 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 47.7% | 50.1% | 1.3% | 12.7% | 43.3% | 17.2% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/23/2025 | 4.9% | -14.3% | -13.4% |
| 7/31/2025 | -17.1% | -18.6% | -11.2% |
| 4/30/2025 | 3.9% | 11.9% | 18.6% |
| 2/18/2025 | -22.6% | -24.3% | -32.4% |
| 10/31/2024 | -8.7% | -5.3% | -5.7% |
| 7/31/2024 | -2.9% | -9.7% | -5.6% |
| 5/1/2024 | -5.2% | 0.2% | -4.8% |
| 2/20/2024 | 1.4% | 4.7% | 1.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 14 |
| # Negative | 11 | 12 | 10 |
| Median Positive | 5.5% | 5.7% | 12.6% |
| Median Negative | -10.9% | -13.8% | -11.9% |
| Max Positive | 18.9% | 28.0% | 35.6% |
| Max Negative | -22.6% | -24.3% | -51.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10292025 | 10-Q 9/30/2025 |
| 6302025 | 7312025 | 10-Q 6/30/2025 |
| 3312025 | 4302025 | 10-Q 3/31/2025 |
| 12312024 | 2182025 | 10-K 12/31/2024 |
| 9302024 | 10312024 | 10-Q 9/30/2024 |
| 6302024 | 7312024 | 10-Q 6/30/2024 |
| 3312024 | 5012024 | 10-Q 3/31/2024 |
| 12312023 | 2202024 | 10-K 12/31/2023 |
| 9302023 | 11012023 | 10-Q 9/30/2023 |
| 6302023 | 8022023 | 10-Q 6/30/2023 |
| 3312023 | 5032023 | 10-Q 3/31/2023 |
| 12312022 | 2212023 | 10-K 12/31/2022 |
| 9302022 | 11022022 | 10-Q 9/30/2022 |
| 6302022 | 8032022 | 10-Q 6/30/2022 |
| 3312022 | 5052022 | 10-Q 3/31/2022 |
| 12312021 | 2222022 | 10-K 12/31/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | Aguilar Luis A | 8282025 | Sell | 56.71 | 7,421 | 420,880 | 3,025,332 | Form | |
| 1 | Williams Robert Kirk | Chief People & Admin Officer | 6112025 | Sell | 56.54 | 10,000 | 565,376 | 3,325,259 | Form |
| 2 | Clay Craig | President, GCM | 5282025 | Sell | 54.03 | 11,022 | 595,541 | 7,750,782 | Form |
| 3 | Johnson Eric J | President, GIC | 5222025 | Sell | 54.63 | 5,000 | 273,130 | 7,460,123 | Form |
| 4 | Williams Robert Kirk | Chief People & Admin Officer | 5092025 | Sell | 52.09 | 4,703 | 244,979 | 3,584,566 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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