Donnelley Financial Solutions (DFIN)
Market Price (8/25/2026): $47.38 | Market Cap: $1.2 BilSector: Financials | Industry: Financial Exchanges & Data
Donnelley Financial Solutions (DFIN)
Market Price (8/25/2026): $47.38Market Cap: $1.2 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 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% Attractive yieldFCF Yield is 13% Low stock price volatilityVol 12M is 47% 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 -64%, 3Y Excs Rtn is -73% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 34x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8% Key risksDFIN key risks include [1] challenges executing its software-centric transition amid volatile capital markets, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Attractive yieldFCF Yield is 13% |
| Low stock price volatilityVol 12M is 47% |
| 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 -64%, 3Y Excs Rtn is -73% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 34x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8% |
| Key risksDFIN key risks include [1] challenges executing its software-centric transition amid volatile capital markets, Show more. |
Qualitative Assessment
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Donnelley Financial Solutions (DFIN) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Softer Fiscal Q3 2026 Adjusted EBITDA Margin Outlook. Donnelley Financial Solutions (DFIN) experienced a significant stock decline, with shares falling 14.21% in premarket trading on July 30, 2026, despite reporting fiscal Q2 2026 adjusted earnings and revenue that exceeded analyst expectations. The primary catalyst for this negative investor reaction was the company's guidance for a lower Adjusted EBITDA margin in fiscal Q3 2026, projected to be in the range of 26% to 28%. This represents a notable decrease from the record 36.7% Adjusted EBITDA margin achieved in fiscal Q2 2026, suggesting potential profitability pressures ahead.
2. Persistent Decline in Print and Distribution Revenue. A continued drag on DFIN's overall revenue growth stems from the ongoing decline in its legacy print and distribution business. In fiscal Q2 2026, net sales from print and distribution decreased by 15%, or approximately $6 million, compared to the same period in the prior year. This persistent erosion of a traditional revenue stream, driven by the industry's shift away from paper-based communications, partially offset the growth in higher-margin software solutions.
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Donnelley Financial Solutions (DFIN) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Softer Fiscal Q3 2026 Adjusted EBITDA Margin Outlook. Donnelley Financial Solutions (DFIN) experienced a significant stock decline, with shares falling 14.21% in premarket trading on July 30, 2026, despite reporting fiscal Q2 2026 adjusted earnings and revenue that exceeded analyst expectations. The primary catalyst for this negative investor reaction was the company's guidance for a lower Adjusted EBITDA margin in fiscal Q3 2026, projected to be in the range of 26% to 28%. This represents a notable decrease from the record 36.7% Adjusted EBITDA margin achieved in fiscal Q2 2026, suggesting potential profitability pressures ahead.
2. Persistent Decline in Print and Distribution Revenue. A continued drag on DFIN's overall revenue growth stems from the ongoing decline in its legacy print and distribution business. In fiscal Q2 2026, net sales from print and distribution decreased by 15%, or approximately $6 million, compared to the same period in the prior year. This persistent erosion of a traditional revenue stream, driven by the industry's shift away from paper-based communications, partially offset the growth in higher-margin software solutions.
3. General Market Uncertainty and Higher Interest Rate Environment. Broader macroeconomic headwinds contributed to investor caution during the period. Despite DFIN reporting a 36% increase in capital markets transactional revenue in fiscal Q2 2026, concerns about ongoing market volatility and a potentially slower recovery in overall capital markets activity influenced sentiment. Furthermore, a hawkish stance from the Federal Reserve in July 2026, leading to higher real yields, likely fostered an environment where the cost of capital is elevated. Such conditions typically weigh on valuations for companies exposed to M&A and IPO activity, which are integral to DFIN's business segments.
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Stock Movement Drivers
Fundamental Drivers
The -5.8% change in DFIN stock from 4/30/2026 to 8/24/2026 was primarily driven by a -17.2% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.30 | 47.39 | -5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 767 | 778 | 1.4% |
| Net Income Margin (%) | 4.2% | 4.5% | 7.2% |
| P/E Multiple | 40.8 | 33.8 | -17.2% |
| Shares Outstanding (Mil) | 26 | 25 | 4.8% |
| Cumulative Contribution | -5.8% |
Market Drivers
4/30/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| DFIN | -5.8% | |
| Market (SPY) | 6.2% | 7.8% |
| Sector (XLF) | 11.7% | 38.3% |
Fundamental Drivers
The -8.4% change in DFIN stock from 1/31/2026 to 8/24/2026 was primarily driven by a -22.5% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 51.75 | 47.39 | -8.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 751 | 778 | 3.6% |
| Net Income Margin (%) | 4.3% | 4.5% | 4.6% |
| P/E Multiple | 43.6 | 33.8 | -22.5% |
| Shares Outstanding (Mil) | 27 | 25 | 9.2% |
| Cumulative Contribution | -8.4% |
Market Drivers
1/31/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| DFIN | -8.4% | |
| Market (SPY) | 10.6% | 17.2% |
| Sector (XLF) | 9.5% | 41.2% |
Fundamental Drivers
The -10.5% change in DFIN stock from 7/31/2025 to 8/24/2026 was primarily driven by a -58.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.96 | 47.39 | -10.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 755 | 778 | 3.0% |
| Net Income Margin (%) | 10.9% | 4.5% | -58.4% |
| P/E Multiple | 17.9 | 33.8 | 89.1% |
| Shares Outstanding (Mil) | 28 | 25 | 10.4% |
| Cumulative Contribution | -10.5% |
Market Drivers
7/31/2025 to 8/24/2026| Return | Correlation | |
|---|---|---|
| DFIN | -10.5% | |
| Market (SPY) | 21.8% | 22.4% |
| Sector (XLF) | 12.5% | 43.1% |
Fundamental Drivers
The 0.2% change in DFIN stock from 7/31/2023 to 8/24/2026 was primarily driven by a 124.8% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.30 | 47.39 | 0.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 821 | 778 | -5.3% |
| Net Income Margin (%) | 11.2% | 4.5% | -59.5% |
| P/E Multiple | 15.0 | 33.8 | 124.8% |
| Shares Outstanding (Mil) | 29 | 25 | 16.3% |
| Cumulative Contribution | 0.2% |
Market Drivers
7/31/2023 to 8/24/2026| Return | Correlation | |
|---|---|---|
| DFIN | 0.2% | |
| Market (SPY) | 72.7% | 36.1% |
| Sector (XLF) | 72.2% | 41.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DFIN Return | 178% | -18% | 61% | 1% | -26% | 3% | 184% |
| Peers Return | 26% | -32% | 32% | 15% | -1% | -12% | 13% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| DFIN Win Rate | 83% | 50% | 75% | 42% | 50% | 62% | |
| Peers Win Rate | 64% | 42% | 61% | 50% | 58% | 29% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DFIN Max Drawdown | -21% | -46% | -27% | -19% | -45% | -33% | |
| Peers Max Drawdown | -18% | -42% | -20% | -16% | -28% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BR, SSNC, WK.
[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] 2026 data is for the year up to 8/24/2026 (YTD)
How Low Can It Go
| Event | DFIN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.1% | -18.8% |
| % Gain to Breakeven | 26.7% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.6% | -6.7% |
| % Gain to Breakeven | 34.4% | 7.1% |
| Time to Breakeven | 138 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.4% | -24.5% |
| % Gain to Breakeven | 83.0% | 32.4% |
| Time to Breakeven | 269 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.2% | -33.7% |
| % Gain to Breakeven | 145.1% | 50.9% |
| Time to Breakeven | 133 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.6% | -19.2% |
| % Gain to Breakeven | 31.0% | 23.8% |
| Time to Breakeven | 716 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.6% | -3.7% |
| % Gain to Breakeven | 36.2% | 3.9% |
| Time to Breakeven | 84 days | 6 days |
In The Past
Donnelley Financial Solutions's stock fell -21.1% during the 2025 US Tariff Shock. Such a loss loss requires a 26.7% gain to breakeven.
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| Event | DFIN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.1% | -18.8% |
| % Gain to Breakeven | 26.7% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.6% | -6.7% |
| % Gain to Breakeven | 34.4% | 7.1% |
| Time to Breakeven | 138 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.4% | -24.5% |
| % Gain to Breakeven | 83.0% | 32.4% |
| Time to Breakeven | 269 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.2% | -33.7% |
| % Gain to Breakeven | 145.1% | 50.9% |
| Time to Breakeven | 133 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.6% | -19.2% |
| % Gain to Breakeven | 31.0% | 23.8% |
| Time to Breakeven | 716 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.6% | -3.7% |
| % Gain to Breakeven | 36.2% | 3.9% |
| Time to Breakeven | 84 days | 6 days |
In The Past
Donnelley Financial Solutions's stock fell -21.1% during the 2025 US Tariff Shock. Such a loss loss requires a 26.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Donnelley Financial Solutions (DFIN)
Donnelley Financial Solutions (DFIN) operates as a dedicated risk and compliance solutions company, primarily serving two distinct client bases: companies involved in capital markets and investment companies. For public and private entities navigating the capital markets, DFIN offers a suite of software solutions designed to streamline complex processes. These include platforms like Venue, ActiveDisclosure, and eBrevia, which assist in managing transactions, extracting and analyzing data from contracts, facilitating collaboration, and accurately preparing, tagging, validating, and filing documents with the SEC. Additionally, DFIN provides tech-enabled services, printing, and distribution solutions to support deal-related communications and meet SEC compliance requirements.
DFIN also offers specialized software solutions and services tailored for investment companies. Its Arc Suite platform provides a comprehensive, cloud-based environment for storing and managing compliance and regulatory information. This platform empowers clients to easily access, assemble, edit, translate, render, and submit necessary documents to regulators. Beyond software, DFIN delivers tech-enabled solutions for creating and filing regulatory communications, including XBRL-formatted filings through the SEC EDGAR system, and manages broader investor communication needs. The company further provides end-to-end proxy services, encompassing planning, implementation, print and mail management, solicitation, and tabulation for shareholder meetings.
In summary, Donnelley Financial Solutions positions itself as a critical enabler for businesses facing intricate regulatory and communication challenges in the financial sector. By combining advanced software platforms with expert tech-enabled services, DFIN helps its diverse clientele—from public and private companies in capital markets to various investment firms—to efficiently manage transactions, ensure regulatory compliance, and effectively communicate with investors and regulators worldwide.
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Here are 1-3 brief analogies for Donnelley Financial Solutions (DFIN):
- It's a bit like Workiva for financial compliance and regulatory reporting.
- It's the Intralinks for comprehensive capital markets deal and regulatory management.
- Think of it as Broadridge Financial Solutions for investment company compliance and investor communications.
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- Venue: A solution for managing public and private transaction processes.
- ActiveDisclosure: Software for tagging, validating, and filing SEC documents.
- eBrevia: A solution for extracting data and analyzing contracts.
- Deal Solutions (Capital Markets): Tech-enabled services, print, and distribution for public and private company transactions.
- SEC Compliance Solutions (Capital Markets): Tech-enabled services, print, and distribution for meeting SEC compliance requirements.
- Arc Suite platform: A cloud-based platform for managing, creating, and submitting compliance and regulatory information for investment companies.
- Regulatory Communications Solutions (Investment Companies): Tech-enabled solutions for creating and filing regulatory communications, including XBRL filings, for investment companies.
- Investor Communications Solutions (Investment Companies): Tech-enabled solutions for managing investor communications for investment companies.
- Turnkey Proxy Services: Comprehensive services covering planning, print, mail, solicitation, and tabulation for shareholder proxy processes.
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Donnelley Financial Solutions (DFIN) primarily sells its services and solutions to other companies, rather than individuals. Based on the provided company description, DFIN serves a broad range of corporate clients involved in capital markets and investment activities.
Its major customers can be categorized as:
- Public Companies: These companies utilize DFIN's solutions for managing public and private transaction processes, SEC document preparation (tagging, validation, filing), SEC compliance, deal solutions, regulatory communications, and investor communications.
- Private Companies: DFIN provides solutions to private companies for managing transaction processes (both public and private), contract analysis, deal solutions, and meeting SEC compliance requirements (e.g., in the context of IPOs or M&A activities).
- Investment Companies: This category of clients uses DFIN's Arc Suite platform and other tech-enabled solutions for storing and managing compliance and regulatory information, assembling and submitting documents to regulators (such as through SEC EDGAR), creating and filing regulatory communications, investor communications, and turnkey proxy services.
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Daniel N. Leib, Chief Executive Officer
Daniel N. Leib has served as President and Chief Executive Officer of Donnelley Financial Solutions (DFIN) and as a director since DFIN became an independent public company in 2016. Prior to the spin-off, he held various leadership positions at R.R. Donnelley since 2004, including Chief Financial Officer and Executive Vice President. His earlier career experience includes roles 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
David A. Gardella has served as Executive Vice President and Chief Financial Officer of Donnelley Financial Solutions (DFIN) since 2016. Before his appointment as CFO, he held various senior finance, investor relations, and mergers and acquisitions roles at R.R. Donnelley from 1992 to 2016.
Craig D. Clay, President, Global Capital Markets
Craig D. Clay is the President of Global Capital Markets at DFIN, a role in which he has overseen the transformation of the organization for over two decades. Previously, he was Senior Vice President at R.R. Donnelley, where he led the Global Capital Markets and Legal Process Outsourcing business. Before joining R.R. Donnelley, he worked as a financial analyst at American Eurocopter, a subsidiary of Aerospatiale.
Eric J. Johnson, President, Global Investment Companies
Eric J. Johnson serves as President, Global Investment Companies (GIC) at Donnelley Financial Solutions. He previously led R.R. Donnelley's Global Investment Markets from 2010 to 2016 and held other senior roles between 2006 and 2010. He began his career as an accountant at Ernst & Young.
Robert K. Williams, Chief People and Administrative Officer
Robert K. Williams is the Chief People and Administrative Officer at DFIN, a position he has held since 2023. Prior to this role, he served as DFIN's Chief Human Resources Officer (CHRO) from 2018.
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Donnelley Financial Solutions (DFIN) operates in several addressable markets related to risk and compliance solutions for capital markets and investment companies.
RegTech Market (Overall Compliance and Regulatory Technology)
The global RegTech market, which encompasses DFIN's core business in regulatory technology and compliance solutions, was valued at approximately USD 19.06 billion in 2025. This market is projected to reach USD 105.23 billion by 2034, growing at a compound annual growth rate (CAGR) of 20.00% during this forecast period. Another estimate placed the global RegTech market size at USD 17.02 billion in 2023, with a projection to reach USD 70.64 billion by 2030, showing a CAGR of 23.1% from 2024 to 2030. North America held a significant share of this market, dominating the global RegTech market with a 30.30% share in 2025 and a 52.7% revenue share in 2023. Within North America, the U.S. accounted for the largest revenue share.
Digital Transaction Management (DTM) Market
DFIN's Capital Markets - Software Solutions segment, including products like Venue and ActiveDisclosure, aligns with the Digital Transaction Management market due to its focus on managing public and private transaction processes and SEC document filing. The global digital transaction management market size was estimated at USD 15.26 billion in 2024 and is projected to reach USD 61.10 billion by 2030, with a CAGR of 26.3% from 2025 to 2030. Another source estimates this market at USD 15.1 billion in 2024, with a projected growth to USD 98.4 billion by 2032 at a CAGR of 26.6%. North America was the largest market for digital transaction management, accounting for approximately USD 6.0 billion in revenue in 2024 and holding a 32.0% share in 2024.
Transaction Monitoring Market
DFIN's solutions for compliance and regulatory information management also relate to the transaction monitoring market, which focuses on identifying suspicious or fraudulent activities. The global transaction monitoring market size was valued at USD 20.27 billion in 2025 and is projected to grow to USD 62.44 billion by 2034, exhibiting a CAGR of 13.30%. An alternative estimate indicated the global market was over USD 19.32 billion in 2025 and is expected to exceed USD 61.09 billion by 2035, registering a CAGR of more than 12.2%. North America led the global transaction monitoring market with a 37.26% share in 2025.
XBRL Solutions/Reporting
DFIN provides XBRL-formatted filings for SEC and Investment Act compliance. XBRL (eXtensible Business Reporting Language) is an open international standard for digital business reporting used by over 50 countries globally, with millions of XBRL documents created annually. Regulatory bodies, including the U.S. Securities and Exchange Commission (SEC), have mandated or adopted XBRL filings for public companies and investment funds, significantly accelerating its global interest and adoption. While a specific, overarching market size in U.S. dollars for "XBRL solutions" was not readily available, the widespread adoption and regulatory mandates across North America, Europe, and Asia indicate a substantial and expanding global addressable market driven by financial reporting and compliance requirements.
Turnkey Proxy Services
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- Accelerated Growth of High-Margin Software Solutions: DFIN is strategically shifting its business mix towards software-centric offerings, with an ambitious goal for software solutions to constitute 60% of total revenue by 2028. This growth is anticipated to be driven by strong performance and continued adoption of key products such as ActiveDisclosure, which helps companies manage SEC filings; Arc Suite, a cloud-based platform for compliance and regulatory information; and Venue, its virtual data room solution.
- Increased Capital Markets Transactional Activity: An uptick in capital markets transactional revenue, stemming from events like initial public offerings (IPOs), mergers and acquisitions (M&A), and debt issuances, is expected to drive demand for DFIN's deal solutions and its Venue virtual data room. The company has recently experienced stronger-than-expected capital markets transactional revenue, and it remains well-positioned to capture further increases in deal activity.
- Expansion Driven by New Regulatory Requirements and ESG Compliance: The ever-evolving financial regulatory landscape creates a sustained demand for DFIN's adaptable and advanced technological solutions. The company is poised to capitalize on new regulations and expanding non-SEC use cases, with a significant growth driver for 2025 and beyond being the investment in ESG compliance technology and new offerings like Tailored Shareholder Reports.
- Strategic Investments in Technology and Artificial Intelligence (AI) for Product Innovation: DFIN is continually investing in its technology platform to maintain a competitive edge. This includes a strategic focus on developing advanced software solutions, incorporating AI for data analysis and process automation, and launching new products such as ArcFlex to address evolving market needs and regulatory landscapes.
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Share Repurchases
- Donnelley Financial Solutions repurchased approximately 3.6 million shares totaling $172.3 million in 2025, at an average price of $48.36 per share. This represented approximately 12% of the company's outstanding shares.
- In May 2025, the Board of Directors authorized a new share repurchase program of up to $150 million, set to run intermittently through December 31, 2026, which replaced a prior program with $15 million remaining.
- In 2024, the company repurchased nearly 1 million shares for approximately $58.7 million at an average purchase price of $61.97 per share. As of December 31, 2024, $91.3 million remained authorized for repurchase.
Outbound Investments
- In December 2021, DFIN acquired Guardum, a data security and privacy software provider. This acquisition aimed to strengthen DFIN's software solutions portfolio by enhancing data security and regulatory compliance.
Capital Expenditures
- Capital expenditures for 2025 were -$57.1 million. These expenditures were comfortably funded by the company's free cash flow in 2025.
- For 2026, expected capital expenditures are projected to be approximately $55 million to $60 million.
- The primary focus of capital expenditures is on software development, including for both investment companies and capital markets, with recent investments in the new Venue platform, Arc Suite for TSR regulations, and cloud-based ActiveDisclosure.
Peer Outperformance in Financial Exchanges & Data
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.3% | 132.0% | 129.5% | IBKR 497% · SNEX 244% · GS 183% |
| Reinsurance | 6 | 20.7% | 84.9% | 120.1% | SPNT 144% · RGA 131% · MTG 129% |
| Diversified Banks | 12 | 37.8% | 133.5% | 99.7% | JPM 151% · CM 142% · RY 131% |
| Life & Health Insurance | 19 | 12.2% | 57.9% | 85.9% | UNM 288% · FG 204% · MFC 172% |
| Regional Banks | 265 | 25.7% | 86.0% | 64.1% | GCBC 400% · ESQ 363% · NBN 302% |
| Property & Casualty Insurance | 42 | 12.5% | 76.9% | 63.0% | ASIC 2632900% · HRTG 448% · UVE 289% |
| Multi-line Insurance | 9 | 13.9% | 81.1% | 57.8% | GNW 171% · L 101% · SLF 87% |
| Insurance Brokers | 15 | -8.0% | 10.9% | 35.5% | LIFE 599% · AJG 101% · ARX 87% |
| Multi-Sector Holdings | 6 | -3.5% | 17.7% | 33.5% | BRK-B 76% · JEF 73% · VOYA 66% |
| Consumer Finance | 30 | 10.8% | 88.6% | 29.7% | ENVA 667% · EZPW 431% · FCFS 197% |
| Asset Management & Custody Banks | 83 | -8.0% | 23.2% | 23.0% | SII 346% · WT 309% · VCTR 290% |
| Financial Exchanges & Data ← | 15 | 0.0% | 14.6% | 16.5% | VIRT 209% · CBOE 162% · CME 72% |
| Commercial & Residential Mortgage Finance | 12 | -33.7% | 19.6% | 4.6% | FNMA 502% · FMCC 460% · ESNT 61% |
| Specialized Finance | 3 | 19.1% | 52.3% | 4.4% | EFC 36% · CACC 4% · HASI -14% |
| Mortgage REITs | 34 | -7.0% | 12.8% | -10.4% | RITM 60% · NREF 58% · DX 42% |
| Transaction & Payment Processing Services | 15 | 1.4% | 7.5% | -40.1% | MA 72% · V 71% · CPAY 58% |
| Diversified Capital Markets | 21 | -31.3% | -2.8% | -44.4% | BTCS 645% · OPY 177% · LPLA 151% |
| Diversified Financial Services | 5 | -9.6% | 64.1% | -65.1% | FRHC 146% · EQH 78% · TMS -65% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 79.21 |
| Mkt Cap | 12.0 |
| Rev LTM | 3,765 |
| Op Inc LTM | 729 |
| FCF LTM | 717 |
| FCF 3Y Avg | 601 |
| CFO LTM | 774 |
| CFO 3Y Avg | 689 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.5% |
| Rev Chg 3Y Avg | 7.0% |
| Rev Chg Q | 8.9% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 14.5% |
| Op Inc Chg 3Y Avg | 10.7% |
| Op Mgn LTM | 18.8% |
| Op Mgn 3Y Avg | 17.9% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 23.5% |
| CFO/Rev 3Y Avg | 20.5% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 15.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Capital Markets - Compliance and Communications Management | 296 | 322 | 355 | 410 | 562 |
| Capital Markets - Software Solutions | 230 | 214 | 186 | 180 | 181 |
| Investment Companies - Software Solutions | 128 | 116 | 107 | 99 | 89 |
| Investment Companies - Compliance and Communications Management | 112 | 130 | 149 | 144 | 162 |
| Corporate | 0 | ||||
| Total | 767 | 782 | 797 | 834 | 993 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Capital Markets - Compliance and Communications Management | 104 | 131 | 243 | 121 | 86 |
| Investment Companies - Compliance and Communications Management | 45 | 36 | 15 | -43 | 29 |
| Investment Companies - Software Solutions | 22 | 22 | 9 | -2 | -8 |
| Capital Markets - Software Solutions | 7 | 14 | 30 | 8 | 10 |
| Corporate | -68 | -58 | -78 | -81 | -39 |
| Total | 110 | 145 | 219 | 4 | 78 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Capital Markets - Compliance and Communications Management | 360 | 388 | 418 | 390 | 409 |
| Capital Markets - Software Solutions | 191 | 187 | 187 | 168 | 165 |
| Corporate | 124 | 118 | 138 | 149 | 91 |
| Investment Companies - Software Solutions | 101 | 98 | 91 | 92 | 100 |
| Investment Companies - Compliance and Communications Management | 32 | 37 | 49 | 68 | 122 |
| Total | 807 | 828 | 883 | 866 | 887 |
Price Behavior
| Market Price | $47.39 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 09/26/2016 | |
| Distance from 52W High | -16.8% | |
| 50 Days | 200 Days | |
| DMA Price | $46.22 | $46.67 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 2.5% | 1.5% |
| 3M | 1YR | |
| Volatility | 42.2% | 46.7% |
| Downside Capture | 37.17 | 87.69 |
| Upside Capture | 123.28 | 49.55 |
| Correlation (SPY) | 18.8% | 20.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.11 | 0.46 | 0.09 | 0.58 | 0.83 | 0.94 |
| Up Beta | -7.28 | -1.60 | -1.32 | -0.70 | 0.49 | 0.94 |
| Down Beta | 2.60 | 1.63 | 1.54 | 1.38 | 1.14 | 0.97 |
| Up Capture | 209% | 127% | -19% | 53% | 43% | 59% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 26 | 35 | 69 | 132 | 405 |
| Down Capture | 17% | 6% | 7% | 94% | 107% | 100% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 17 | 28 | 56 | 119 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFIN | |
|---|---|---|---|---|
| DFIN | -13.3% | 46.7% | -0.16 | - |
| Sector ETF (XLF) | 11.8% | 14.6% | 0.54 | 42.7% |
| Equity (SPY) | 21.2% | 12.9% | 1.23 | 20.2% |
| Gold (GLD) | 39.0% | 28.8% | 1.14 | -4.9% |
| Commodities (DBC) | 40.9% | 20.2% | 1.58 | -12.4% |
| Real Estate (VNQ) | 13.9% | 13.8% | 0.70 | 26.1% |
| Bitcoin (BTCUSD) | -30.4% | 44.2% | -0.69 | 19.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFIN | |
|---|---|---|---|---|
| DFIN | 7.7% | 42.4% | 0.31 | - |
| Sector ETF (XLF) | 10.5% | 18.4% | 0.43 | 45.7% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 47.1% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | -1.5% |
| Commodities (DBC) | 10.2% | 19.6% | 0.41 | 0.2% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 40.6% |
| Bitcoin (BTCUSD) | 11.2% | 52.8% | 0.40 | 25.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFIN | |
|---|---|---|---|---|
| DFIN | 7.2% | 47.8% | 0.33 | - |
| Sector ETF (XLF) | 13.7% | 22.0% | 0.56 | 47.2% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 48.3% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | -0.1% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 10.3% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 42.0% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 16.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -8.5% | -3.4% | |
| 5/5/2026 | -15.6% | -17.3% | -23.6% |
| 2/17/2026 | 12.0% | 20.1% | 17.6% |
| 10/29/2025 | -14.0% | -12.6% | -6.0% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 15 |
| # Negative | 14 | 13 | 9 |
| Median Positive | 5.5% | 8.9% | 8.4% |
| Median Negative | -9.8% | -13.6% | -8.6% |
| Max Positive | 18.9% | 28.0% | 26.3% |
| Max Negative | -22.6% | -24.3% | -32.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -8.5% | -3.4% | |
| 5/5/2026 | -15.6% | -17.3% | -23.6% |
| 2/17/2026 | 12.0% | 20.1% | 17.6% |
| 10/29/2025 | -14.0% | -12.6% | -6.0% |
| 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% |
| 11/1/2023 | 0.3% | -2.1% | 8.4% |
| 8/2/2023 | 4.6% | 2.6% | 5.0% |
| 5/3/2023 | 5.6% | 5.6% | 5.3% |
| 2/21/2023 | -20.7% | -13.6% | -23.0% |
| 11/2/2022 | -16.5% | -16.5% | -8.6% |
| 8/3/2022 | 17.8% | 28.0% | 26.3% |
| 5/5/2022 | -10.9% | -16.2% | 0.4% |
| 2/22/2022 | 1.6% | -2.1% | 7.0% |
| 11/3/2021 | 7.9% | 26.4% | 18.2% |
| 8/4/2021 | -0.3% | 5.9% | 5.0% |
| 5/5/2021 | -1.8% | -14.2% | 1.9% |
| 2/25/2021 | 5.5% | 26.0% | 17.5% |
| 11/4/2020 | -0.3% | 3.6% | 19.4% |
| 8/5/2020 | 18.9% | 15.7% | 16.8% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 15 |
| # Negative | 14 | 13 | 9 |
| Median Positive | 5.5% | 8.9% | 8.4% |
| Median Negative | -9.8% | -13.6% | -8.6% |
| Max Positive | 18.9% | 28.0% | 26.3% |
| Max Negative | -22.6% | -24.3% | -32.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total net sales | 175.00 Mil | 180.00 Mil | 185.00 Mil | -18.2% | Lower New | Actual: 220.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA margin | 26.0% | 27.0% | 28.0% | -8.0% | Lower New | Actual: 35.0% for Q2 2026 | |
| Q3 2026 Capital markets transactional net sales | 45.00 Mil | 47.50 Mil | 50.00 Mil | 11.8% | Higher New | Actual: 42.50 Mil for Q2 2026 | |
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Net Sales | 215.00 Mil | 220.00 Mil | 225.00 Mil | 7.3% | Higher New | Actual: 205.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA margin | 34.0% | 35.0% | 36.0% | 1.0% | Higher New | Actual: 34.0% for Q1 2026 | |
| Q2 2026 Capital markets transactional net sales | 40.00 Mil | 42.50 Mil | 45.00 Mil | -10.5% | Lower New | Actual: 47.50 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Total net sales | 200.00 Mil | 205.00 Mil | 210.00 Mil | 32.3% | Higher New | Guidance: 155.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA margin | 33.0% | 34.0% | 35.0% | 11.0% | Higher New | Guidance: 23.0% for Q4 2025 | |
| Q1 2026 Capital markets transactional net sales | 45.00 Mil | 47.50 Mil | 50.00 Mil | 35.7% | Higher New | Guidance: 35.00 Mil for Q4 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Total Net Sales | 150.00 Mil | 155.00 Mil | 160.00 Mil | -8.8% | Lower New | Guidance: 170.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA margin | 22.0% | 23.0% | 24.0% | -1.0% | Lower New | Guidance: 24.0% for Q3 2025 | |
| Q4 2025 Capital markets transactional net sales | 30.00 Mil | 35.00 Mil | 40.00 Mil | -6.7% | Lower New | Guidance: 37.50 Mil for Q3 2025 | |
Insider Activity
Updated 8/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Leib, Daniel | Chief Executive Officer | Direct | Sell | 8212026 | 50.00 | 9,787 | 489,350 | 30,565,750 | Form |
| 2 | Leib, Daniel | Chief Executive Officer | Direct | Sell | 8182026 | 50.00 | 213 | 10,650 | 31,055,100 | Form |
| 3 | Johnson, Eric J | President, GIC | Direct | Sell | 3102026 | 50.16 | 20,280 | 1,017,326 | 5,859,857 | Form |
| 4 | Williams, Robert Kirk | Chief People & Admin Officer | Direct | Sell | 3052026 | 52.03 | 7,684 | 399,786 | 3,163,483 | Form |
| 5 | Williams, Robert Kirk | Chief People & Admin Officer | Direct | Sell | 3052026 | 52.29 | 4,237 | 221,556 | 2,853,922 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Leib, Daniel | Chief Executive Officer | Direct | Sell | 8212026 | 50.00 | 9,787 | 489,350 | 30,565,750 | Form |
| 2 | Leib, Daniel | Chief Executive Officer | Direct | Sell | 8182026 | 50.00 | 213 | 10,650 | 31,055,100 | Form |
| 3 | Johnson, Eric J | President, GIC | Direct | Sell | 3102026 | 50.16 | 20,280 | 1,017,326 | 5,859,857 | Form |
| 4 | Williams, Robert Kirk | Chief People & Admin Officer | Direct | Sell | 3052026 | 52.03 | 7,684 | 399,786 | 3,163,483 | Form |
| 5 | Williams, Robert Kirk | Chief People & Admin Officer | Direct | Sell | 3052026 | 52.29 | 4,237 | 221,556 | 2,853,922 | Form |
| 6 | Leib, Daniel | Chief Executive Officer | Direct | Sell | 3022026 | 50.36 | 10,000 | 503,587 | 28,612,857 | Form |
| 7 | Aguilar, Luis A | Direct | Sell | 8282025 | 56.71 | 7,421 | 420,880 | 3,025,332 | Form | |
| 8 | Leib, Daniel | Chief Executive Officer | Direct | Sell | 8182025 | 55.54 | 20,000 | 1,110,857 | 32,113,812 | Form |
Investor Activity (13F)
Updated Aug 25, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Financial Exchanges & Data Resources |
| WatersTechnology |
| TabbFORUM |
| Mondovisione |
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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