Deluxe (DLX)
Market Price (6/25/2026): $23.48 | Market Cap: $1.1 BilSector: Industrials | Industry: Commercial Printing
Deluxe (DLX)
Market Price (6/25/2026): $23.48Market Cap: $1.1 BilSector: IndustrialsIndustry: Commercial Printing
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 5.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 17% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Digital Payments, Online Banking & Lending, Show more. | Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -3.6% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 133% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4% Key risksDLX key risks include [1] the ongoing decline of its legacy print business, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 5.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 17% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and E-commerce & Digital Retail. Themes include Digital Payments, Online Banking & Lending, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -3.6% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 133% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4% |
| Key risksDLX key risks include [1] the ongoing decline of its legacy print business, Show more. |
Qualitative Assessment
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Deluxe (DLX) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Deluxe Corporation (DLX) issued full-year 2026 revenue guidance that fell below analyst consensus, leading to a significant stock decline. On May 6, 2026, Deluxe updated its fiscal year 2026 revenue guidance to a range of $1.985 billion to $2.050 billion, which was lower than the consensus estimate of approximately $2.1 billion. This revised outlook was identified as the primary catalyst for an intraday stock selloff of 9.4% on May 6, 2026, as investors repriced growth expectations. Subsequently, analysts trimmed their 2026 revenue forecasts to $2.06 billion, reflecting a discernible 3.5% decline over the prior 12 months.
2. Despite an earnings per share (EPS) beat, the slight revenue miss in Q1 2026 contributed to investor caution. For the first quarter of 2026, Deluxe reported an adjusted diluted EPS of $1.05, surpassing analyst estimates of $0.88 to $0.91 per share. However, the reported revenue of $538.1 million, while showing 0.3% growth (and 2.7% comparable adjusted growth), missed some revenue estimates of $539.2895 million. This mixed performance, particularly the revenue aspect, alongside the conservative full-year guidance, led to negative sentiment despite improved profitability metrics like a 19.7% rise in comparable adjusted EBITDA.
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Deluxe (DLX) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Deluxe Corporation (DLX) issued full-year 2026 revenue guidance that fell below analyst consensus, leading to a significant stock decline. On May 6, 2026, Deluxe updated its fiscal year 2026 revenue guidance to a range of $1.985 billion to $2.050 billion, which was lower than the consensus estimate of approximately $2.1 billion. This revised outlook was identified as the primary catalyst for an intraday stock selloff of 9.4% on May 6, 2026, as investors repriced growth expectations. Subsequently, analysts trimmed their 2026 revenue forecasts to $2.06 billion, reflecting a discernible 3.5% decline over the prior 12 months.
2. Despite an earnings per share (EPS) beat, the slight revenue miss in Q1 2026 contributed to investor caution. For the first quarter of 2026, Deluxe reported an adjusted diluted EPS of $1.05, surpassing analyst estimates of $0.88 to $0.91 per share. However, the reported revenue of $538.1 million, while showing 0.3% growth (and 2.7% comparable adjusted growth), missed some revenue estimates of $539.2895 million. This mixed performance, particularly the revenue aspect, alongside the conservative full-year guidance, led to negative sentiment despite improved profitability metrics like a 19.7% rise in comparable adjusted EBITDA.
3. Elevated leverage metrics and near-flat overall revenue growth heightened investor sensitivity. While Deluxe has been actively transitioning to a Payments and Data-driven business, with these segments growing 12.5% and representing 51% of total revenue for the first time in Q1 2026, the overall reported revenue growth remained modest at 0.3% year-over-year. Furthermore, the company's debt-to-equity ratio remained elevated at 2.08, leaving sentiment sensitive to slower top-line performance and weighing on investor confidence, particularly after the updated guidance.
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Stock Movement Drivers
Fundamental Drivers
The -14.2% change in DLX stock from 2/28/2026 to 6/24/2026 was primarily driven by a -31.5% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.40 | 23.50 | -14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,133 | 2,135 | 0.1% |
| Net Income Margin (%) | 3.8% | 4.9% | 26.5% |
| P/E Multiple | 15.0 | 10.3 | -31.5% |
| Shares Outstanding (Mil) | 45 | 45 | -1.1% |
| Cumulative Contribution | -14.2% |
Market Drivers
2/28/2026 to 6/24/2026| Return | Correlation | |
|---|---|---|
| DLX | -14.2% | |
| Market (SPY) | 7.2% | 6.2% |
| Sector (XLI) | 2.0% | 6.8% |
Fundamental Drivers
The 18.4% change in DLX stock from 11/30/2025 to 6/24/2026 was primarily driven by a 24.6% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.85 | 23.50 | 18.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,119 | 2,135 | 0.8% |
| Net Income Margin (%) | 3.9% | 4.9% | 24.6% |
| P/E Multiple | 10.8 | 10.3 | -4.8% |
| Shares Outstanding (Mil) | 45 | 45 | -1.0% |
| Cumulative Contribution | 18.4% |
Market Drivers
11/30/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| DLX | 18.4% | |
| Market (SPY) | 7.9% | 10.5% |
| Sector (XLI) | 18.0% | 15.6% |
Fundamental Drivers
The 73.8% change in DLX stock from 5/31/2025 to 6/24/2026 was primarily driven by a 84.5% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.52 | 23.50 | 73.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,123 | 2,135 | 0.5% |
| Net Income Margin (%) | 2.6% | 4.9% | 84.5% |
| P/E Multiple | 10.8 | 10.3 | -4.6% |
| Shares Outstanding (Mil) | 45 | 45 | -1.8% |
| Cumulative Contribution | 73.8% |
Market Drivers
5/31/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| DLX | 73.8% | |
| Market (SPY) | 25.8% | 16.6% |
| Sector (XLI) | 27.9% | 21.1% |
Fundamental Drivers
The 84.0% change in DLX stock from 5/31/2023 to 6/24/2026 was primarily driven by a 85.3% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.77 | 23.50 | 84.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,227 | 2,135 | -4.2% |
| Net Income Margin (%) | 2.6% | 4.9% | 85.3% |
| P/E Multiple | 9.5 | 10.3 | 8.6% |
| Shares Outstanding (Mil) | 43 | 45 | -4.6% |
| Cumulative Contribution | 84.0% |
Market Drivers
5/31/2023 to 6/24/2026| Return | Correlation | |
|---|---|---|
| DLX | 84.0% | |
| Market (SPY) | 82.4% | 38.8% |
| Sector (XLI) | 94.6% | 43.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DLX Return | 13% | -44% | 35% | 11% | 6% | 4% | 4% |
| Peers Return | 17% | -21% | 41% | 20% | -17% | -11% | 16% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| DLX Win Rate | 50% | 33% | 58% | 42% | 50% | 50% | |
| Peers Win Rate | 55% | 37% | 53% | 60% | 42% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DLX Max Drawdown | -36% | -52% | -34% | -23% | -40% | -29% | |
| Peers Max Drawdown | -28% | -39% | -27% | -22% | -39% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GDDY, BILL, JKHY, CMPR, EBF. See DLX Returns vs. Peers.
[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 6/24/2026 (YTD)
How Low Can It Go
| Event | DLX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.2% | -18.8% |
| % Gain to Breakeven | 28.5% | 23.1% |
| Time to Breakeven | 76 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.4% | -7.8% |
| % Gain to Breakeven | 12.9% | 8.5% |
| Time to Breakeven | 87 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.2% | -9.5% |
| % Gain to Breakeven | 12.6% | 10.5% |
| Time to Breakeven | 2 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.1% | -6.7% |
| % Gain to Breakeven | 39.1% | 7.1% |
| Time to Breakeven | 75 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -50.7% | -24.5% |
| % Gain to Breakeven | 102.8% | 32.4% |
| Time to Breakeven | 1197 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.1% | -33.7% |
| % Gain to Breakeven | 92.7% | 50.9% |
| Time to Breakeven | 327 days | 140 days |
In The Past
Deluxe's stock fell -22.2% during the 2025 US Tariff Shock. Such a loss loss requires a 28.5% gain to breakeven.
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Asset Allocation
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| Event | DLX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.2% | -18.8% |
| % Gain to Breakeven | 28.5% | 23.1% |
| Time to Breakeven | 76 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.1% | -6.7% |
| % Gain to Breakeven | 39.1% | 7.1% |
| Time to Breakeven | 75 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -50.7% | -24.5% |
| % Gain to Breakeven | 102.8% | 32.4% |
| Time to Breakeven | 1197 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.1% | -33.7% |
| % Gain to Breakeven | 92.7% | 50.9% |
| Time to Breakeven | 327 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.8% | -19.2% |
| % Gain to Breakeven | 46.6% | 23.8% |
| Time to Breakeven | 308 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.4% | -17.9% |
| % Gain to Breakeven | 35.8% | 21.8% |
| Time to Breakeven | 115 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -79.5% | -53.4% |
| % Gain to Breakeven | 388.9% | 114.4% |
| Time to Breakeven | 756 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -30.0% | -8.6% |
| % Gain to Breakeven | 43.0% | 9.5% |
| Time to Breakeven | 1959 days | 47 days |
In The Past
Deluxe's stock fell -22.2% during the 2025 US Tariff Shock. Such a loss loss requires a 28.5% 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 Deluxe (DLX)
Deluxe Corporation (DLX) is a technology-enabled solutions provider serving enterprises, small businesses, and financial institutions across North America, Australia, South America, and Europe. Originally known for its check printing business, the company has significantly diversified its offerings to meet the evolving needs of its diverse customer base. Its operations are organized into four main segments: Payments, Cloud Solutions, Promotional Solutions, and Checks.
The company's Payments segment delivers essential treasury management solutions, including remittance and lockbox processing, remote deposit capture, and payment processing, alongside fraud and security services for financial transactions. Its Cloud Solutions segment focuses on digital enablement, providing services such as web hosting and design, data-driven marketing solutions, digital engagement tools, and business incorporation services, helping clients establish and grow their online presence.
Beyond digital and payment services, Deluxe also offers Promotional Solutions, which encompass business forms, advertising specialties, promotional apparel, and retail packaging to support branding and operational needs. The Checks segment continues to provide both printed personal and business checks, reflecting its historical foundation while catering to ongoing demand for this product. Deluxe positions itself as a comprehensive partner, enabling businesses to manage payments, enhance their digital presence, and promote their brands.
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A Staples or Office Depot for the digital age, providing web services, marketing, and payment solutions along with traditional business supplies.
GoDaddy for comprehensive business needs, offering web design, digital marketing, payment processing, and even custom business forms and checks.
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- Payments Solutions: Provides comprehensive treasury management, payment processing, payment exchange, and fraud and security services.
- Cloud Solutions: Offers web hosting, design, data-driven marketing, digital engagement, and business incorporation services.
- Promotional Solutions: Includes business forms, accessories, advertising specialties, promotional apparel, and retail packaging services.
- Checks: Manufactures and sells printed personal and business checks.
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Deluxe (DLX) sells primarily to other companies rather than individuals. Its major customers fall into the following categories:
- Enterprises: Large corporate customers utilizing Deluxe's technology-enabled solutions, including treasury management, payment processing, and fraud/security services.
- Small Businesses: Businesses of varying sizes that leverage Deluxe for web hosting and design, data-driven marketing, logo design, business incorporation services, business forms, promotional items, and business checks.
- Financial Institutions: Banks and credit unions that use Deluxe's solutions for profitability reporting, treasury management, and other technology-enabled services.
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Barry C. McCarthy, President and CEO
Barry C. McCarthy assumed the role of President and CEO of Deluxe in November 2018, leading the company's transformation from a traditional check printer into a prominent payments and data company. He brings over three decades of executive leadership experience, having held pivotal roles at companies such as Procter & Gamble, Wells Fargo, Verisign, and First Data (now Fiserv). McCarthy co-founded MagnaCash, a Silicon Valley financial services startup that was later acquired by Yaga, Inc. His experience at First Data included navigating a leveraged buyout to an IPO, indicating involvement with private equity-backed companies. He has also served on the boards of multiple VC-backed startups, aiding in profitable exits.
Chip Zint, SVP, Chief Financial Officer
Chip Zint was appointed Senior Vice President and Chief Financial Officer of Deluxe Corporation, effective October 17, 2022. He joined Deluxe in 2020, serving as Vice President, Corporate Finance, where he was instrumental in the company's acquisition of First American. Prior to his time at Deluxe, Zint spent nearly 14 years at NCR Corporation, holding senior finance roles, including Vice President of Finance and CFO for the Hardware Division.
Jeffrey L. Cotter, SVP, Chief Administrative Officer
Jeffrey L. Cotter joined Deluxe Corporation in June 2018 as Senior Vice President, General Counsel, and Corporate Secretary, becoming Chief Administrative Officer in January 2019. He has over 25 years of legal experience, having previously served as General Counsel and Corporate Secretary for Tennant Company and G&K Services, Inc. Earlier in his career, he was a shareholder at the law firm of Leonard, Street and Deinard Professional Association.
Garry L. Capers, SVP, President, B2B Payments
Garry L. Capers serves as the Senior Vice President and President of B2B Payments for Deluxe.
Kristopher D. Lazzaretti, SVP, President, Data
Kristopher D. Lazzaretti was named President of Data Solutions at Deluxe, effective July 1, 2023. He co-founded FMCG Direct when he joined First Manhattan Consulting Group (FMCG) in 2006. Following Deluxe's acquisition of FMCG in 2017, he most recently led Data-Driven Marketing (DDM) for Deluxe.
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1. Decline in Traditional Business Segments and Transformation Risk
Deluxe Corporation faces a significant strategic risk from the secular decline in its traditional revenue streams, particularly the usage of checks and business forms, due to the increasing adoption of digital alternatives. The company is undergoing a business transformation to shift towards payments and cloud solutions, but the successful execution of this strategy is crucial. Failure to adapt and scale its growth platforms in digital payments and cloud services could lead to declining revenues and earnings.
2. High Debt Levels and Interest Rate Exposure
Deluxe Corporation carries a substantial amount of debt, with a high net debt to equity ratio. This leverage exposes the company to financial risks, including increased interest expenses if interest rates rise. While Deluxe is actively pursuing a deleveraging strategy and working to reduce its debt, the high debt level remains a key concern, impacting its financial condition and cash flows.
3. Intense Competition and Rapid Technological Change
The company operates in highly competitive and rapidly evolving markets, particularly in its Payments and Cloud Solutions segments. Deluxe must continuously innovate and adapt to technological changes, such as the increasing adoption of AI and digital payment solutions, to maintain its competitive edge. The intense competition from numerous financial technology (Fintech) companies and established financial institutions poses an ongoing challenge to staying relevant and cost-competitive.
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The clear emerging threats for Deluxe (DLX) are:
- The accelerating obsolescence of physical checks due to the widespread adoption of digital payment methods (e.g., real-time payments, peer-to-peer apps like Zelle and Venmo, online bill pay, digital wallets) across both consumer and business segments.
- The rapid innovation and market disruption from FinTech companies and AI-powered platforms, which offer agile, often more cost-effective, and user-friendly solutions for payment processing, treasury management, web design, digital marketing, and other business services. These new entrants leverage advanced technologies to challenge Deluxe's offerings in its Payments and Cloud Solutions segments.
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Deluxe Corporation (DLX) operates in several addressable markets through its main product and service segments: Payments, Cloud Solutions, Promotional Solutions, and Checks.
Payments Segment
- Payment Processing Solutions: The global payment processing solutions market was valued at approximately USD 173.38 billion in 2025 and is projected to reach around USD 1,051.93 billion by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 19.76% from 2026 to 2035. North America held the largest market share in 2025. Other estimates place the global market at USD 54.92 billion in 2024, expected to reach USD 121.47 billion by 2032 (CAGR 10.43% from 2025-2032).
- Treasury Management Solutions: The global Treasury Management Systems market is anticipated to reach between USD 6.0 billion and USD 13.0 billion by 2025. The global treasury software market size was valued at USD 3.67 billion in 2024 and is expected to reach USD 4.68 billion by 2032, with a CAGR of 3.1% during the forecast period. Another source indicates the global Treasury Management Services market is projected to expand from USD 3.86 billion in 2021 to over USD 16.14 billion by 2033, demonstrating a CAGR of 12.67%. North America is the largest market for Treasury Management Services.
- Remote Deposit Capture (RDC): The global remote deposit capture market size was valued at USD 12.74 billion in 2025 and is predicted to increase to approximately USD 28.83 billion by 2035, expanding at a CAGR of 8.51% from 2026 to 2035. North America dominated the market with the largest share of 52% in 2025. Other sources indicate the global market size was USD 317.79 million in 2024 and is projected to reach USD 560.12 million by 2033, growing at a CAGR of 6.5% during the forecast period (2025-2033).
Cloud Solutions Segment
- Web Hosting Services: The global web hosting services market size was valued at USD 149.30 billion in 2025 and is projected to grow to USD 661 billion by 2034, exhibiting a CAGR of 17.80%. North America dominated the global web hosting services market with a share of 41.00% in 2025.
- Data-Driven Marketing Solutions / Digital Engagement Solutions: The global customer engagement solutions market size was over USD 25.85 billion in 2025 and is anticipated to cross USD 71.44 billion by 2035, witnessing more than 10.7% CAGR during the forecast period (2026-2035). North America is the largest region for customer engagement solutions, with a projected 40% share by 2035.
- Logo Design Services: The global logo design services market, valued at USD 318 million in 2025, is projected to experience robust growth, fueled by a CAGR of 4.6% from 2025 to 2033. North America and Europe currently hold significant market shares. This is a component of the broader global graphic design industry, which is valued at over USD 60 billion as of 2024, with projections indicating it could grow to USD 78.25 billion by 2030.
- Business Incorporation Services: The global company incorporation market size was valued at approximately USD 8.5 billion in 2023 and is projected to grow to USD 15.7 billion by 2032, exhibiting a CAGR of 6.8%. North America was the largest region in the company registration service market in 2025. Another estimate values the market at USD 11.55 billion in 2025, projected to reach USD 16.87 billion by 2030 with a CAGR of 7.8%.
Promotional Solutions Segment
- Promotional Products: The global promotional products market is valued at USD 26.5 billion in 2025 and projected to reach USD 37 billion by 2033, growing at a steady CAGR of 3.75%. Another source indicates the global promotional products market size was valued at USD 90.5 billion in 2023 and is anticipated to grow at a CAGR of 3.75% from 2024 to 2030. North America contributed the largest regional share, with American businesses spending USD 20 billion annually on promotional materials.
Checks Segment
- Printed Personal and Business Checks: The global Check Printer Market size was valued at USD 4,200 million in 2024 and is expected to grow to USD 5.2 billion by 2035, with a CAGR of approximately 2.0% during the forecast period (2025-2035). North America captures the largest share, valued at USD 1,600 million in 2024 and expected to reach USD 1,950 million in 2035. The global security printing market, which includes checks, was estimated at USD 3.14 billion in 2022 and is projected to reach USD 5.51 billion by 2030, growing at a CAGR of 7.4%. North America dominated the security printing market with a share of 28.3% in 2022.
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Deluxe Corporation (DLX) is strategically shifting its business focus, with several key drivers expected to fuel revenue growth over the next 2-3 years, offsetting the decline in its legacy print business.
- Growth in Payments Segment: Deluxe anticipates continued revenue growth from its Payments segment, which includes Merchant Services and B2B Payments. The company is expanding its payment processing solutions through product innovation, such as the introduction of Deluxe Fast Funds in collaboration with Visa Direct, and through key partnerships and embedded software integrations across various market verticals. This segment is expected to achieve revenue parity with the print business.
- Expansion of Data Solutions: The Data Solutions segment is a significant growth driver, consistently demonstrating strong double-digit revenue expansion. This growth is propelled by robust demand for core bank customer marketing campaigns and the successful broadening of its portfolio across high-value adjacent market verticals. Deluxe is also leveraging AI-enhanced data analytics capabilities to further capitalize on opportunities in this area.
- Strategic Transformation and Digital Offerings: Deluxe's ongoing strategic pivot from a traditional check-printing house to a financial services technology (FinTech) provider is a core driver. This transformation involves continuous investment in its higher-growth payments and data solutions segments, including the development of new digital offerings and the integration of advanced technologies like Generative AI. This shift is crucial for long-term revenue expansion.
- Strategic Partnerships and Market Expansion: The company is actively pursuing and leveraging strategic partnerships to enhance its digital product offerings, expand its payment solutions, and diversify its revenue streams. These collaborations support market expansion efforts, such as partnerships with financial institutions and other technology providers for various digital and payment solutions.
- New Customer Acquisition and Vertical Diversification: Growth in customer acquisition within its Payments and Data segments, coupled with the expansion into new customer logos and non-financial institution verticals, is expected to drive revenue. This includes new merchant and channel partner additions, as well as expanded relationships with financial institutions.
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Share Repurchases
- Deluxe completed a multi-year share repurchase program, buying back 4,796,490 shares for US$212.55 million.
- As of December 31, 2025, there was an ongoing share repurchase authorization with $287.5 million remaining available.
- An authorization from October 2018 for up to $500 million of common stock repurchase does not have an expiration date.
Share Issuance
- The number of outstanding shares increased from 42.67 million in 2021 to 44.96 million in 2025, reflecting a gradual increase over the period.
Outbound Investments
- In April 2021, Deluxe acquired First American Payment Systems for $960 million in cash, which was its largest acquisition at that time and doubled the revenue of its payments segment.
- Deluxe acquired CheckMatch from J.P. Morgan's Kinexys unit in August 2025 to expand its Deluxe Payment Network, focusing on digitizing paper check delivery and integrating lockbox services.
- The company agreed to sell its Safeguard business to Proforma for approximately $25 million, with the transaction expected to close in Q1 2026, as part of its strategy to focus on Payments and Data.
Capital Expenditures
- Deluxe's capital expenditures were $100.7 million in 2023, $94.3 million in 2024, and $95.3 million in 2025.
- The company anticipates capital expenditures between $90.0 million and $100.0 million in 2026.
- The primary focus of capital expenditures includes responsible growth investments, debt reduction, and investments in digital transformation and artificial intelligence integration, particularly within its merchant and data segments.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Deluxe Stock (+13%): FY26 Guidance Fuels Transformation Narrative | 01/30/2026 | |
| Deluxe Stock Pre-Market (+10%): Reports Strong Q4 Beat & Raises FY26 Outlook | 01/29/2026 | |
| Deluxe Earnings Notes | 12/16/2025 | |
| Can Deluxe Stock Hold Up When Markets Turn? | 10/17/2025 | |
| Deluxe (DLX) Net Income Comparison | 08/08/2025 | |
| Deluxe (DLX) Operating Cash Flow Comparison | 08/08/2025 | |
| Deluxe (DLX) Revenue Comparison | 08/08/2025 | |
| Deluxe (DLX) Debt Comparison | 08/08/2025 | |
| Deluxe (DLX) EBITDA Comparison | 08/08/2025 | |
| Deluxe (DLX) Tax Expense Comparison | 08/08/2025 | |
| ARTICLES | ||
| Deluxe Stock Pre-Market (+10%) : Strong FY26 Guidance and Q4 Earnings Beat | 01/29/2026 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 57.39 |
| Mkt Cap | 2.8 |
| Rev LTM | 2,325 |
| Op Inc LTM | 266 |
| FCF LTM | 252 |
| FCF 3Y Avg | 227 |
| CFO LTM | 335 |
| CFO 3Y Avg | 316 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.1% |
| Rev Chg 3Y Avg | 6.8% |
| Rev Chg Q | 7.4% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 21.5% |
| Op Inc Chg 3Y Avg | 22.2% |
| Op Mgn LTM | 13.1% |
| Op Mgn 3Y Avg | 12.1% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 18.9% |
| CFO/Rev 3Y Avg | 19.6% |
| FCF/Rev LTM | 15.4% |
| FCF/Rev 3Y Avg | 14.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.8 |
| P/S | 1.7 |
| P/Op Inc | 8.7 |
| P/EBIT | 9.8 |
| P/E | 15.2 |
| P/CFO | 8.2 |
| Total Yield | 7.3% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 9.3% |
| D/E | 0.5 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.8% |
| 3M Rtn | -6.3% |
| 6M Rtn | -11.2% |
| 12M Rtn | -4.2% |
| 3Y Rtn | 25.1% |
| 1M Excs Rtn | -6.3% |
| 3M Excs Rtn | -18.6% |
| 6M Excs Rtn | -19.0% |
| 12M Excs Rtn | -25.5% |
| 3Y Excs Rtn | -45.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| 1,137 | 1,205 | 1,261 | |||
| Merchant Services | 399 | 384 | 364 | ||
| Data Solutions | 307 | 234 | 212 | 268 | 262 |
| B2B Payments | 290 | 288 | 299 | ||
| All other | 0 | 11 | 56 | ||
| Checks | 729 | 703 | |||
| Payments | 679 | 510 | |||
| Promotional Solutions | 563 | 546 | |||
| Total | 2,133 | 2,122 | 2,192 | 2,238 | 2,022 |
| $ Mil | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Direct Checks | 34 | 41 | 47 | 53 | 59 |
| Financial Services | -68 | 70 | 102 | 107 | 92 |
| Small Business Services | -124 | 120 | 183 | 209 | 204 |
| Total | -158 | 231 | 331 | 369 | 354 |
| $ Mil | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Small Business Services | 842 | 1,094 | 1,081 | 1,086 | 995 |
| Financial Services | 584 | 751 | 680 | 631 | 436 |
| Corporate | 363 | 302 | 289 | 305 | 251 |
| Direct Checks | 155 | 158 | 159 | 161 | 162 |
| Total | 1,943 | 2,305 | 2,209 | 2,184 | 1,844 |
Price Behavior
| Market Price | $23.50 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 07/23/1987 | |
| Distance from 52W High | -25.4% | |
| 50 Days | 200 Days | |
| DMA Price | $25.71 | $23.22 |
| DMA Trend | up | down |
| Distance from DMA | -8.6% | 1.2% |
| 3M | 1YR | |
| Volatility | 46.7% | 43.9% |
| Downside Capture | -9.56 | -5.65 |
| Upside Capture | -62.26 | 51.13 |
| Correlation (SPY) | -2.5% | 14.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -2.62 | 0.09 | 0.52 | 0.58 | 0.76 | 1.07 |
| Up Beta | -6.99 | 0.32 | 0.41 | 0.12 | 0.81 | 1.01 |
| Down Beta | 1.55 | 1.45 | 1.43 | 1.72 | 1.48 | 1.16 |
| Up Capture | -275% | -46% | -4% | 51% | 71% | 121% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 20 | 31 | 66 | 126 | 367 |
| Down Capture | -77% | 14% | 66% | 14% | 17% | 102% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 20 | 30 | 56 | 120 | 369 |
[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 DLX | |
|---|---|---|---|---|
| DLX | 64.3% | 43.9% | 1.25 | - |
| Sector ETF (XLI) | 26.7% | 16.3% | 1.27 | 20.3% |
| Equity (SPY) | 23.3% | 12.5% | 1.40 | 14.4% |
| Gold (GLD) | 17.7% | 27.7% | 0.57 | -5.7% |
| Commodities (DBC) | 18.2% | 18.6% | 0.76 | -8.0% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.56 | 28.0% |
| Bitcoin (BTCUSD) | -40.6% | 42.4% | -1.11 | 7.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DLX | |
|---|---|---|---|---|
| DLX | -7.7% | 39.5% | -0.10 | - |
| Sector ETF (XLI) | 13.7% | 17.6% | 0.61 | 50.0% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 44.8% |
| Gold (GLD) | 16.4% | 18.3% | 0.73 | 2.9% |
| Commodities (DBC) | 6.9% | 19.5% | 0.26 | 12.4% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 46.4% |
| Bitcoin (BTCUSD) | 10.4% | 54.1% | 0.39 | 13.5% |
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 DLX | |
|---|---|---|---|---|
| DLX | -5.9% | 40.5% | -0.02 | - |
| Sector ETF (XLI) | 14.4% | 20.0% | 0.63 | 56.4% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 48.4% |
| Gold (GLD) | 11.5% | 16.1% | 0.59 | -0.4% |
| Commodities (DBC) | 5.7% | 18.0% | 0.24 | 17.6% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 49.3% |
| Bitcoin (BTCUSD) | 57.2% | 66.5% | 0.97 | 11.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -15.0% | -18.0% | -24.8% |
| 1/28/2026 | 13.5% | 17.9% | 17.4% |
| 11/5/2025 | 14.1% | 14.0% | 16.9% |
| 8/6/2025 | 19.8% | 21.8% | 23.7% |
| 4/30/2025 | 1.0% | 4.9% | -0.4% |
| 2/5/2025 | -11.3% | -18.6% | -26.4% |
| 11/6/2024 | 9.4% | 16.5% | 14.0% |
| 7/31/2024 | -10.3% | -20.6% | -15.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 14 |
| # Negative | 11 | 11 | 10 |
| Median Positive | 6.8% | 7.8% | 12.4% |
| Median Negative | -5.1% | -8.3% | -13.0% |
| Max Positive | 19.8% | 21.8% | 23.7% |
| Max Negative | -15.0% | -20.6% | -26.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -15.0% | -18.0% | -24.8% |
| 1/28/2026 | 13.5% | 17.9% | 17.4% |
| 11/5/2025 | 14.1% | 14.0% | 16.9% |
| 8/6/2025 | 19.8% | 21.8% | 23.7% |
| 4/30/2025 | 1.0% | 4.9% | -0.4% |
| 2/5/2025 | -11.3% | -18.6% | -26.4% |
| 11/6/2024 | 9.4% | 16.5% | 14.0% |
| 7/31/2024 | -10.3% | -20.6% | -15.2% |
| 5/1/2024 | 8.4% | 11.4% | 15.8% |
| 2/1/2024 | 7.9% | 7.8% | 4.1% |
| 12/5/2023 | -1.4% | -2.3% | 6.7% |
| 8/3/2023 | 6.8% | 9.8% | 10.3% |
| 5/4/2023 | -2.7% | 3.7% | 20.0% |
| 2/2/2023 | 4.8% | -1.0% | -7.8% |
| 11/3/2022 | 4.1% | 6.4% | 9.5% |
| 8/4/2022 | -0.2% | -9.5% | -23.4% |
| 5/5/2022 | -6.7% | -14.9% | -16.0% |
| 2/3/2022 | 2.6% | -1.1% | 7.3% |
| 11/4/2021 | -8.3% | -1.3% | -10.8% |
| 8/5/2021 | -0.5% | -0.5% | -6.8% |
| 5/6/2021 | -0.7% | -8.3% | -0.4% |
| 2/4/2021 | 0.1% | 2.7% | 10.8% |
| 11/5/2020 | -5.1% | 6.7% | 23.4% |
| 7/31/2020 | 4.0% | 2.7% | 1.6% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 14 |
| # Negative | 11 | 11 | 10 |
| Median Positive | 6.8% | 7.8% | 12.4% |
| Median Negative | -5.1% | -8.3% | -13.0% |
| Max Positive | 19.8% | 21.8% | 23.7% |
| Max Negative | -15.0% | -20.6% | -26.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
| 06/30/2019 | 07/26/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.99 Bil | 2.02 Bil | 2.05 Bil | -5.8% | Lowered | Guidance: 2.14 Bil for 2026 | |
| 2026 Adjusted EBITDA | 430.00 Mil | 442.50 Mil | 455.00 Mil | -3.3% | Lowered | Guidance: 457.50 Mil for 2026 | |
| 2026 Adjusted Diluted EPS | 3.6 | 3.8 | 4 | -7.3% | Lowered | Guidance: 4.1 for 2026 | |
| 2026 Free Cash Flow | 200.00 Mil | 0 | Affirmed | Guidance: 200.00 Mil for 2026 | |||
| 2026 Revenue Growth | -1.0% | 0.5% | 2.0% | ||||
| 2026 Adjusted EBITDA Growth | 4.0% | 7.0% | 10.0% | ||||
| 2026 Adjusted Diluted EPS Growth | 9.0% | 15.0% | 21.0% | ||||
Prior: Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 2.11 Bil | 2.14 Bil | 2.17 Bil | 1.1% | Raised | Guidance: 2.12 Bil for 2025 | |
| 2026 Adjusted EBITDA | 445.00 Mil | 457.50 Mil | 470.00 Mil | 6.4% | Raised | Guidance: 430.00 Mil for 2025 | |
| 2026 Adjusted Diluted EPS | 3.9 | 4.1 | 4.3 | 16.3% | Raised | Guidance: 3.52 for 2025 | |
| 2026 Free Cash Flow | 200.00 Mil | 37.9% | Raised | Guidance: 145.00 Mil for 2025 | |||
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zint, William C | SVP, Chief Financial Officer | Direct | Buy | 12122025 | 21.44 | 175 | 3,752 | 480,835 | Form |
| 2 | Zint, William C | SVP, Chief Financial Officer | Direct | Buy | 9122025 | 19.13 | 175 | 3,348 | 425,681 | Form |
| 3 | Zint, William C | SVP, Chief Financial Officer | Direct | Buy | 6122025 | 15.88 | 175 | 2,779 | 350,583 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zint, William C | SVP, Chief Financial Officer | Direct | Buy | 12122025 | 21.44 | 175 | 3,752 | 480,835 | Form |
| 2 | Zint, William C | SVP, Chief Financial Officer | Direct | Buy | 9122025 | 19.13 | 175 | 3,348 | 425,681 | Form |
| 3 | Zint, William C | SVP, Chief Financial Officer | Direct | Buy | 6122025 | 15.88 | 175 | 2,779 | 350,583 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Commercial Printing Resources |
| Printing Impressions |
| Printweek |
| Ink World Magazine |
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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