DELUXE CORP (DLX): what the price requires
The current priced-in claim for DELUXE CORP (DLX) is temporarily suppressed because the live engine record is unavailable. The dated report remains a snapshot, not a current market read.
Generated: 2026-07-19 · Source: https://boothcheck.com/report/DLX
Headline
| Field | Value |
|---|---|
| Ticker | DLX |
| Company | DELUXE CORP |
| Current price | $25.12/sh |
| Composition | Merchant Services 19% / B2B Payments 14% / Data Solutions 14% / Print 53% |
What The Price Requires (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Operating margin needed | 8.0% |
| Operating margin today | 12.0% |
| Margin compression implied | -4.0pp |
| Multiple paid | 9x operating income |
The operating-margin requirement is derived from the framework's value band at year 12, a separately labeled basis from the headline growth/duration solve.
The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.
Solve inputs: computed at a 8.7% cost of capital with 4% terminal growth over a 5-year stage.
How unusual the bet is: within-range
| Reference | Value |
|---|---|
| vs own history | -0.66σ |
| cohort percentile (of 225 peers) | 5 |
| implied end-window share | 0% |
Valuation X-Ray
The price is supported by asset-based and earnings-power and relative-multiple and growth-DCF value. A value/asset-supported name, not a pure growth bet.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 0.91x | 5 | justifies |
| Earnings | 1.03x | 5 | expensive |
| Relative | 0.35x | 5 | justifies |
| Growth | 0.63x | 4 | justifies |
Families that justify the price: Asset, Earnings, Relative, Growth
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 4.9%); the inversion above states its own rate.
Per-Model Detail (n=19)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $59.65 | 0.42x | yes | FCF base $0.2B, growth 1% (input: historical growth), terminal g 0.6%, WACC 4.9%, 5yr projection |
| DCF Exit Multiple | Growth | $35.16 | 0.71x | yes | Exit EV/EBITDA: 4.6x / 6.6x / 8.6x (bear / base = today's held flat / bull), 5yr |
| Relative Valuation | Relative | $56.08 | 0.45x | yes | P/E 18x (static sector reference · 2026-04), scenarios: 15.3x / 18.0x / 20.7x (bear / base = reference held flat / bull), EV/EBITDA 12x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | $46.88 | 0.54x | yes | Stage 1: 20% for 5yr, Stage 2: 3.5% perpetual |
| Simple Excess Return | Asset | $24.26 | 1.04x | yes | BV/sh $15.04, ROE (TTM) 14.9%, ke 9.3% |
| Two-Stage Excess Return | Asset | $30.44 | 0.83x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $17.04 | 1.47x | yes | Rev $2.1B, growth 1% (input: historical growth; tapered), Terminal P/S: 0.5x / 0.5x / 0.6x (bear / base = today's held flat / bull, cap 8x) |
| Peter Lynch Fair Value | Relative | $27.12 | 0.93x | yes | EPS $2.26, growth 1% (input: historical EPS growth), PEG=10.76 (Overvalued) |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $52.63 | 0.48x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $0.24B × (1−23%) / WACC 4.9% → EPV (no growth) |
| Residual Income | Asset | $31.25 | 0.80x | yes | BV $15.04 + 5yr PV of (ROE (TTM) 14.9% − Kₑ 9.3%) × BV; BV grows 8.8%/yr |
| Graham Number | Asset | $27.66 | 0.91x | yes | √(22.5 × EPS $2.26 × BVPS $15.04) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | $71.49 | 0.35x | yes | EBITDA $0.40B × sector EV/EBITDA 12.0x |
| FCF Yield | Earnings | $10.62 | 2.37x | yes | FCF $178.3M / Kₑ 9.3% — zero-growth perpetuity |
| SBC-Adj FCF Yield | Earnings | $4.52 | 5.56x | yes | SBC-adj FCF $0.15B (FCF $0.18B − SBC $0.03B) capitalized at Kₑ |
| Ben Graham Formula | Earnings | $72.92 | 0.34x | yes | EPS $2.26 × (8.5 + 2×15.0%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $7.93 | 3.17x | yes | BV $15.04 × (ROIC 2.6% / WACC 4.9%) |
| P/Sales Sector | Relative | $115.27 | 0.22x | yes | Revenue $2.13B × sector P/S 2.5x |
| PEG Fair Value | Relative | $84.75 | 0.30x | yes | EPS $2.26 × (PEG 1.5 × growth 25.0% (input: historical EPS growth)) → PE 37.5x |
| Earnings Yield | Earnings | $24.43 | 1.03x | yes | EPS $2.26 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Solvency
| Field | Value |
|---|---|
| Net debt | $1.4b |
| Net debt / NOPAT (after-tax) | 7.09x |
| Net debt / operating income (pre-tax) | 5.45x |
| Interest coverage | 2.1x |
| Share count CAGR (dilution) | 1.7% |
| Burning cash | no |
Bullet Takeaways
Deluxe is using the steady cash from its legacy print and check business to pay down debt and fund a transition into payments and data. It hit its 3x leverage target three quarters early and now derives more than half its revenue from payments and data.
At about $23 the price sits at or below where most valuation methods land. Asset-based, earnings-power, relative, and growth-DCF frames all support the price or exceed it, making this a value-and-asset story rather than a growth bet.
The core risk is structural decline. The print segment is still 53% of revenue, and check volumes have fallen in the U.S. since the 1990s, a trend the company expects to continue, so the whole thesis is a race between the new businesses growing and the old one shrinking.
Bull Case
The bull case for Deluxe is a capital-allocation story. The company runs a declining but highly cash-generative print and check franchise and is deliberately harvesting that cash to deleverage and to build out higher-growth payments and data businesses. In the first quarter of 2026 it reached its long-term 3x leverage target, three quarters ahead of the timeline it set at its December 2023 Investor Day, and total debt fell to about $1.40 billion from $1.43 billion as net debt declined toward $1.37 billion. Free cash flow guidance is held near $200 million for 2026, roughly 14% growth, and the board declared a $0.30 quarterly dividend. That is the textbook playbook for a cash cow in transition: take the reliable cash, retire debt, return some to shareholders, and fund the pivot.
The pivot is now past the halfway mark. In the first quarter, Merchant Services revenue grew to $104.9 million, B2B Payments to $73.5 million, and Data Solutions to $97.5 million, and combined, payments and data crossed 50% of total revenue, which management framed as a major inflection in the transformation into a payments and data company. Total revenue was essentially flat at $538.1 million, with the growth in payments and data offsetting the decline in print, which is exactly the crossover a turnaround needs to show. Net income more than doubled to $35.8 million and diluted EPS rose to $0.77 from $0.31, helped by cost controls, lower interest expense, and a small divestiture gain. Adjusted EBITDA margin improved to 21.9%.
The value case is that the market still prices Deluxe like a melting ice cube while the methods say it is worth more. At about $23 the price sits at or below where nearly every valuation frame lands: asset-based, earnings-power, relative-multiple, and growth-DCF all support or exceed it, which is why the priced-in read is value-and-asset supported rather than a growth gamble. Trailing return on equity is about 15%, well above the cost of equity, and full-year guidance calls for adjusted EPS of $3.60 to $4.00 against a $23 price, a high-single-digit earnings yield. If the payments and data businesses keep growing and the deleveraging continues, the stock is a re-rating candidate as the market stops valuing it purely as a print company.
Bear Case
The advantage being chipped away is the cash engine itself, and the erosion is not cyclical, it is secular. Deluxe's largest segment is still print at $262.2 million, or 53% of revenue, and the company's own filings are blunt about its trajectory: the overall volume of checks written in the U.S. has been declining since the 1990s, a trend it expects to continue as payment methods become increasingly digital through debit and credit cards, direct deposits, and wire transfers (Deluxe FY2025 10-K, accession 0000027996-26-000037). The entire thesis is a race between the payments and data businesses growing and the print business shrinking, and the bear case is simply that the melt accelerates faster than the new growth can replace it. Every dollar of print revenue lost is a dollar of high-margin cash that funded the deleveraging.
The second concern is the balance sheet that the deleveraging is meant to fix. Even after hitting the 3x target, net debt is about $1.40 billion against only $27 million of liquid assets, roughly five and a half times trailing operating income, and interest coverage is about 2.2 times. That is still a leveraged company, and the leverage was built to acquire the payments and data businesses now expected to carry the future. If those businesses underdeliver, or if rates stay high and refinancing costs rise, the debt that looks manageable on growing cash flow looks heavier on shrinking cash flow. The dividend and the deleveraging both compete for the same free cash flow that the print decline is steadily reducing.
The third caution is that the new businesses are not obviously moated. Merchant Services, B2B Payments, and Data Solutions operate in crowded markets against larger, better-capitalized fintech and data competitors, and Deluxe is the smaller player in each. The transformation has crossed 50% of revenue, but reaching parity is different from establishing durable competitive advantage. The valuation reflects this ambivalence: the price sits near the floor of where the methods land, which is cheap if the transition works but appropriate if print keeps melting and the payments growth stays modest. The bet at $23 (June 27, 2026) is that a leveraged company can out-grow the structural decline of its biggest segment while servicing its debt, and the cautious reading is that the cheapness is the market's honest price for that uncertainty, not a mispricing.
Valuation
Trailing operating margin is about 12%, and the implied figure carries no growth premium; the price is supported by the value frames rather than reaching for a forward story.
The model X-ray leans favorable. The asset-based methods cluster near or above the price: simple excess return near $24, two-stage excess return near $30, the Graham number near $28, all at or above $23 off a $15 book value and a 15% return on equity. The earnings-power value at zero growth lands near $56, and the relative methods are higher still, with the sector-P/E method near $56 and EV/EBITDA near $71, because the stock trades at a low multiple of its earnings and EBITDA. The growth methods split, with the perpetual-growth DCF high and the future-market-cap projection near $16 on a flat top line. The FCF-yield method lands near $11 on a conservative zero-growth capitalization, a reminder that the cash flow is real but the market assigns it little growth.
The pattern is consistent: a value-and-asset-supported name where nearly every frame lands at or above the price. The bet at $23 is not that the business compounds; it is that the payments and data transition holds the cash flow roughly flat while the company deleverages, in which case the methods say the stock is worth more than its price. The risk the methods cannot fully capture is the speed of the print decline, which is why the price sits at the cautious end despite the supportive multiples.
Catalysts
First-quarter 2026 results, reported May 6, were the most recent catalyst. Revenue was essentially flat at $538.1 million as payments and data growth offset print declines, net income rose to $35.8 million from $14.0 million, and diluted EPS jumped to $0.77 from $0.31, aided by cost controls, lower interest expense, and a gain on the Safeguard divestiture. Adjusted EBITDA margin improved to 21.9%, and payments and data combined crossed 50% of revenue. The company hit its 3x leverage target three quarters early, total debt fell to about $1.40 billion, and the board declared a $0.30 quarterly dividend.
The forward catalysts center on the North Star transformation and continued deleveraging. Full-year 2026 guidance calls for revenue of $1.985 billion to $2.050 billion, adjusted EBITDA of $430 million to $455 million, adjusted diluted EPS of $3.60 to $4.00, and free cash flow near $200 million. The watch items are the growth rates of Merchant Services, B2B Payments, and Data Solutions against the ongoing print decline, the pace of further debt reduction, margin trends as the mix shifts, and whether the market begins to re-rate the stock from a print company toward a payments and data company as the transition matures.
Peer Cohorts (Per Segment, With Filing Citations)
Merchant Services (reported)
- FISV (FISERV INC)
- FY2025 10-K: …aggregated within the Merchant segment consist of the following: • Small Business - provides products and services to small businesses and independent software vendors ("ISV"), including Clover, our POS and business management platform for small business clients • Enterprise - provides products and services to large…
- FY2025 10-K: …- provides products and services to financial institutions, joint ventures, and other third party resellers which have direct relationships with merchants The Company distributes the products and services in the Merchant segment businesses through a variety of channels, including direct sales teams, strategic…
- FIS (Fidelity National Information Services, Inc.)
- FY2025 10-K: …dividends or for other corporate purposes. 3 Table of Contents Segment Information FIS reports its financial performance based on the following segments: Banking Solutions ("Banking"), Capital Market Solutions ("Capital Markets") and Corporate and Other. The Worldpay Merchant Solutions business included the former…
- FY2025 10-K: …the trade receivables credit risk. The Company seeks to minimize credit risk for derivatives by selecting counterparties with investment grade credit ratings. The Company also manages credit risk exposure through monitoring procedures. (22) Segment Information The Company reports its financial performance based on…
- GPN (GLOBAL PAYMENTS INC.)
- FY2025 10-K: …to improve operating income and operating margin by generating synergies to lower the cost base of those businesses. Revenues Merchant Solutions. The majority of our Merchant Solutions revenues are generated by services priced as a percentage of transaction value or a specified fee per transaction, depending on card…
- FY2025 10-K: …in determining segment operating income. Interest and other income, interest and other expense, income tax expense and equity in income of equity method investments are not allocated to the individual segments. The CODM does not evaluate the performance of or allocate resources to our operating segment using asset…
- FOUR (SHIFT4 PAYMENTS, INC.)
- FY2025 10-K: …all periods presented. Accounts Receivable Accounts receivable are primarily comprised of amounts due from the Company's customers. Most receivables are typically received within ten business days following the end of the month. In addition, accounts receivable includes amounts due from merchants for point-of-sale…
- FY2025 10-K: …conversion, and payments solutions to many of the world's largest retail brands. We power billions of transactions annually for hundreds of thousands of businesses in virtually every industry. We achieved our leadership position through decades of solving business and operational challenges facing our customers'…
- TOST (Toast, Inc.)
- FY2025 10-K: …and regulations. The customers who utilize our gift card processing products and services may be subject to these laws and regulations, which may include the Credit Card Accountability Responsibility and Disclosure Act of 2009. In addition, the payroll cards that are offered to our customers' workers are issued by a…
- FY2025 10-K: …obligation to provide a managed payment solution because we control the payment processing services before the customer receives them, perform authorization and fraud check procedures prior to submitting transactions for processing in the payment network, have sole discretion over which third-party acquiring payment…
- XYZ (Block, Inc.)
- FY2025 10-K: …of record and payment service provider, settling funds with sellers and managing associated payment-related risk. Square generates payment processing fees on each completed transaction, which represent a significant component of Commerce Enablement revenue. As merchant of record, Square maintains contractual…
- FY2025 10-K: …and requirements of the payments industry. The Company satisfies its performance obligations and therefore recognizes the transaction fees as revenue upon authorization of a transaction by the seller's customer's bank. Revenue is recognized net of refunds, which arise from reversals of transactions initiated by…
- PAY (Paymentus Holdings, Inc.)
- FY2025 10-K: …to act as collection and paying agents, whereby a merchant processor receives funds from customers and forwards such funds to the respective Paymentus client, based on the instructions received from the Company. These merchant processors act as custodians of the cash received, and the Company has no legal ownership…
- FY2025 10-K: …the customers, contracts directly with customers, controls the product specifications and defines the value proposal from the Company's services. The Company therefore bears full margin risk when completing a payment transaction, and on that basis, controls those services prior to being transferred to the customer.…
B2B Payments (reported)
- BILL (BILL HOLDINGS, INC.)
- FY2025 10-K: …funds rapidly to meet urgent funding needs. We also facilitate near real-time payments to customers' debit cards via a service offered with a partner. • Checks - We issue checks if our customer prefers or needs to pay via this method. By design, we protect our SMB customers against check fraud by never disclosing…
- FY2025 10-K: …at the end of each fiscal year. Total Payment Volume To grow revenue from businesses using our solutions, we must deliver a product experience that helps them automate their back-office financial operations. The more they use and rely upon our product offerings to automate their operations, the more transactions they…
- WEX (WEX Inc.)
- FY2025 10-K: …team, we optimize revenue for our customers. Our capabilities and solutions broadly fall into two categories: • Embedded Payments . Our customizable Embedded Payments solution integrates virtual payment capabilities into existing workflows, whether payments are core to the business, part of critical operations, or an…
- FY2025 10-K: …reduction initiatives. 59 Table of Contents PART II Corporate Payments Revenues The following table reflects comparative revenue and key operating statistics within Corporate Payments: Twelve Months Ended December 31, Increase (Decrease) (in millions, except per transaction data) 2025 2024 Amount Percent Revenues…
- PAY (Paymentus Holdings, Inc.)
- FY2025 10-K: …billers' revenue recognition through the following characteristics: • Scalable: Our mission-critical platform is designed to support high velocity throughput of daily, non-discretionary consumer bill payments. Our platform is capable of scaling up market to serve large enterprise billers, each processing payments for…
- FY2025 10-K: …no additional cost, or pay exit or termination costs to acquire customers. Customer information system providers often leverage their broader relationships to cross-sell bill payment services. Legacy providers offer various payment solutions, including in-person cash payments, check-based mail payments,…
- PAYO (Payoneer Global Inc.)
- FY2025 10-K: …patterns. Historically, we have seen revenues increase in the fourth quarter of every year, primarily as a result of higher e-commerce sales during the holiday season. Competition Payoneer operates on a global scale and faces a very broad set of competitors. There are many types of payment providers that offer global…
- FY2025 10-K: …business license issued by the People's Bank of China. Customers receiving regulated financial services are onboarded to and receive terms and conditions from one or more of the regulated entities in our group, depending on the customer's country of residence or incorporation and the products provided. Each of our…
- FLYW (FLYWIRE CORPORATION)
- FY2025 10-K: …and allow our clients to tailor their offerings. For example, our clients can see when a payment plan may be helpful to one of their customers, allowing them or their customers to initiate a payment plan. This insight and functionality can ultimately increase the speed and frequency of collection and improve customer…
- FY2025 10-K: …could be adversely affected and we may be required to reconsider our growth strategy. Our growth strategy is influenced, in part, on our ability to expand into new client verticals and sub-verticals, including our relatively new B2B payment vertical. The B2B payment vertical represents a relatively new market for us,…
Data Solutions (reported)
- ZETA (ZETA GLOBAL HOLDINGS CORP.)
- FY2025 10-K: …Leading Indicators, and Journey Insights. Competitors providers marketers with actionable insights on the business's competitive set, as synthesized by Zeta data and generative AI, and various applications to capture market share and prevent customer attrition. Example applications include CompetitorPulse, and…
- FY2025 10-K: …data based on their unique needs and performance metrics. By leveraging AI-driven identity resolution, Zeta CDP+ enables customers to better recognize and engage anonymous website visitors, activating individualized experiences across multiple channels. Zeta CDP+ maintains extensive technical flexibility, adapting to…
- RAMP (LiveRamp Holdings, Inc.)
- FY2025 10-K: …Data Collaboration using clean room technology enables advanced measurement and analytics that helps produce insight-driven innovation. We enable data collaboration between organizations and their trusted partners in a neutral, manageable environment. Our platform provides customers with collaborative opportunities…
- FY2025 10-K: …our coverage beyond programmatic, we expect to see this number grow. • Expand Sales Channel Partnerships . A growth opportunity for our business is forging sales partnerships and product integrations with adjacent technology platforms and service providers. We are actively expanding our channel sales efforts with…
- EFX (EQUIFAX INC)
- FY2025 10-K: ), credit and other marketing products and services. In Asia Pacific, Europe and Latin America, we also provide information, technology and services to support debt collections and recovery management. In Europe and Canada, we also provide credit monitoring products to resellers or directly to consumers. Segment…
- FY2025 10-K: …delivery platforms. We strive to advance these capabilities and bring our customers multi-data solutions at scale by expanding our unique and differentiated data assets and analytics through organic growth, business acquisitions and partnerships. • Foster a culture of putting customers and consumers first. We are…
- TRU (TransUnion)
- FY2025 10-K: …and gaining new customers. We have a diversified portfolio across the markets we serve, reducing our exposure to cyclical trends in any particular vertical, product or geography. We operate primarily on contributory data models in which we typically obtain updated information at little or no cost. 1 Table of Contents…
- FY2025 10-K: Analytics, Inc. in the Insurance vertical, and with LiveRamp and Experian in the marketing solutions space. We also compete with LifeLock as well as personal finance websites in the Consumer Interactive vertical, some of whom offer free credit information. In our International segment, we generally compete with…
- NIQ (NIQ Global Intelligence plc)
- FY2025 10-K: …perspectives. As a result, clients gain a comprehensive insight from one "source of truth," a unified system of intelligence for what consumers buy, think and feel and who buys, why, where and how. These insights enable clients to make better decisions, identify growth opportunities and innovate. The Full View TM is…
- FY2025 10-K: …marketplaces like Temu and Shein and thousands of online retailers. Our strategic investments have generated significant benefits in data collection and enrichment scale and capabilities, while reducing our Cash Data Costs as a percentage of revenue from 22% in 2021 to 15% in 2025. We believe our vast datasets allow…
- DV (DoubleVerify Holdings, Inc.)
- FY2025 10-K: …signals, DV Authentic AdVantage enables advertisers to actively optimize media performance to drive greater efficiency, suitability, and return on advertising spend at scale. Supply-Side Solutions We provide our software solutions and data analytics to publishers and other supply-side customers, such as retail media…
- FY2025 10-K: …revenue retention rates across our customer base and in 2025 retained 99% of our top 75 customers. With this foundation, we were able to drive net revenue retention of 109% in 2025, 112% in 2024 and 124% in 2023 through increased advertising volume and the successful launch of newly-introduced solutions. Scaled and…
Print (reported)
- CMPR (Cimpress plc)
- FY2025 10-K: …different working capital needs compared to our other businesses. 5. All Other Businesses : A collection of businesses combined into one reportable segment based on materiality, including BuildASign, a larger and profitable business, with strong profitability and cash flow, and Printi, a small early-stage business…
- FY2025 10-K: …and magazines that was influenced by macroeconomic softness in the German market and the nonrecurrence of election-related demand during the prior year. Segment Profitability PrintBrothers' segment EBITDA for the year ended June 30, 2025 decreased $8.2 million, partially due to an increase in advertising spend of…
- DFIN (Donnelley Financial Solutions, Inc.)
- FY2025 10-K: SharesMember dfin:PSURemainingPerformancePeriodMember dfin:PerformancePeriodYearGranted2023Member 2025-12-31 0001669811 dfin:SoftwareSolutionsMember 2025-01-01 2025-12-31 0001669811 dfin:CapitalMarketsSoftwareSolutionsMember dfin:PrintAndDistributionServiceMember 2023-01-01 2023-12-31 0001669811…
- FY2025 10-K: 10-K 186 0001669811 FY false http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent…
- PBI (PITNEY BOWES INC)
- FY2025 10-K: …pbi:SendTechSolutionsMember 2023-01-01 2023-12-31 0000078814 us-gaap:OperatingSegmentsMember pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:PresortServicesMember 2023-01-01 2023-12-31 0000078814 us-gaap:MaterialReconcilingItemsMember pbi:RevenueFromLeasingTransactionsAndFinancingMember 2023-01-01 2023-12-31…
- FY2025 10-K: …us-gaap:NotesPayableOtherPayablesMember 2025-01-01 2025-12-31 0000078814 pbi:DebtDueMarch2027AndDebtDueMarch2029Member us-gaap:NotesPayableOtherPayablesMember 2025-12-31 0000078814 pbi:DebtDueMarch2027AndDebtDueMarch2029Member us-gaap:NotesPayableOtherPayablesMember 2025-01-01 2025-12-31 0000078814…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.