DFIN
Donnelley Financial Solutions, Inc.
Next earnings Jul 29, 2026 · consensus $1.67 EPS, $226M rev
Last earnings -15.6% on 2026-05-05
$46.21
▲ +11.27%$46.21▼ -24.85%
over 1Y
L $36.74H $65.52
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+11.3%
1W+16.7%
1M+16.1%
3M-3.3%
YTD+1.3%
1Y-24.8%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 9 analysts
Buy
Quality software-led transition story masked by an $82.8M pension settlement charge; fair price, modest upside.
Revenue $767M · FY2025
The read
Middling fundamentals and a rich price (~80% above fair value) leave little margin of safety — a wait-and-see.
DFIN's headline FY2025 numbers look ugly — net income collapsed 64.9% to $32.4M and diluted EPS fell to $1.15 from $3.06 — but the MD&A makes clear the damage is overwhelmingly a one-time, non-cash $82.8M pension plan settlement charge ($60.3M after-tax) tied to terminating the primary defined benefit plan. Strip that out and the underlying business actually improved: operating income rose 3.3% to $141.1M, Adjusted EBITDA grew to $239.8M from $217.3M, and operating cash flow held at $165M. The reported P/E of 35.6 is therefore misleading; on normalized earnings the multiple is materially lower.
The mix shift is the real story. Reported revenue fell 1.9% to $767M, but software solutions (ActiveDisclosure +$12.7M, Arc Suite +$12.3M, totaling +$28.7M) is offsetting structural decline in print/distribution (-$21.1M) and tech-enabled services (-$22.5M). This is a deliberate transition from a legacy filing/print business toward higher-margin SaaS — Adjusted EBITDA margin expanding to ~31% supports that the mix is accretive. Returns on capital are decent (operating margin 18.4%, normalized ROE well above the reported 8.5%), and management is aggressively returning cash: $185M in buybacks drove a 10.4% reduction in share count, meaningfully accretive at these prices.
Is DFIN a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~46.21
- Short call 49 @ ~2.44 est
debit $4,377max +$523max −$4,376BE 43.77
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $993M | $834M | $797M | $782M | $767M |
| Gross profit | — | — | — | — | — |
| Operating income | $219M | $145M | $110M | $137M | $141M |
| Net income | $146M | $103M | $82.2M | $92.4M | $32.4M |
| Diluted EPS | $4.14 | $3.17 | $2.69 | $3.06 | $1.15 |
| Net margin | 14.7% | 12.3% | 10.3% | 11.8% | 4.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.30B
EV / EBITDA6.5
EV / Sales1.7
EV / FCF12.1
P / FCF10.7
PEG (trailing)—
Earnings yield2.8%
FCF yield9.3%
Quality & risk
ROIC (est.)20.2%
Free cash flow$108M
Total debt$171M
Net cash-$147M
Altman Z-Score4.18 safe
Piotroski F-Score6/8
Capital returns
Buyback yield16.0%
Dividend yield (est.)—
Shareholder yield16.0%
Shares Δ YoY-10.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
- 8-K Officer / director change2026-05-14
Annual meeting: director election, exec officer matter, routine governance disclosures
- 8-K Earnings results2026-05-05
Q1 2026 results filed; software mix continues to grow vs declining print/tech-services
- 10-Q Quarterly report2026-05-05
Q1 2026 results filed; software mix continues to grow vs declining print/tech-services
- 8-K Other event2026-04-21
Other event disclosure (Item 8.01), no material financial impact flagged
- DEF 14A Proxy statement2026-04-01
DEF 14A proxy: routine board, say-on-pay and auditor ratification ahead of annual meeting
- 8-K Earnings results2026-02-17
FY25: op income +3.3%, Adj EBITDA $240M, but $82.8M pension charge cut net income 65%
- 10-K Annual report2026-02-17
FY25: op income +3.3%, Adj EBITDA $240M, but $82.8M pension charge cut net income 65%
- 8-K Earnings results2025-10-29
Q3 2025 10-Q: ongoing software growth, capital markets compliance volumes still soft
- 10-Q Quarterly report2025-10-29
Q3 2025 10-Q: ongoing software growth, capital markets compliance volumes still soft
Recent filings
all on EDGAR ↗SDFiling2026-05-29open ↗4Period ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-15open ↗8-KPeriod ending 2026-05-132026-05-14open ↗10-QPeriod ending 2026-03-312026-05-05open ↗8-KPeriod ending 2026-05-052026-05-05open ↗SCHEDULE 13GFiling2026-04-29open ↗
Frequently asked
- Is Donnelley Financial Solutions, Inc. (DFIN) a buy?
- DFIN currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Quality software-led transition story masked by an $82.8M pension settlement charge; fair price, modest upside.
- What is DFIN's fair value?
- A Modified-Graham model based on DFIN's SEC fundamentals estimates a fair value of about $9.29. It is an estimate from reported earnings, not a price target.
- Is DFIN overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, DFIN currently appears overvalued relative to its SEC-grounded earnings power.
- What is Donnelley Financial Solutions, Inc.'s quality score?
- DFIN scores 57.778681137368935/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001669811, latest 10-Q filed 2026-05-05) · EODHD · Proprietary analysis · as of 6/25/2026, 2:17:54 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 10:17 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.