DFINDonnelley Financial Solutions, Inc.
Services-Miscellaneous Business Services
- Revenue
- $767M
- 1.9% YoY
- Operating margin
- 18.4%
- 5.3% YoY
- EBITDA
- $200M
- 1.8% YoY
- Market cap
- $1.6B
- Employees
- 1,750
- $438K revenue each
- Net debt / EBITDA
- 0.5×
- $100M net debt
- AI in 10-K
- 4.1
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo509% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowYes112% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes51% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$438K · 50th pctBottom quartile of its SIC industry
- Quiet on AINo4.1 per 10K words · 79th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $993M | $834M | $797M | $782M | $767M | 1.9% |
| Operating income | $219M | $145M | $110M | $137M | $141M | 3.3% |
| Net income | $146M | $103M | $82M | $92M | $32M | 65% |
| Operating cash flow | $180M | $150M | $124M | $171M | $165M | 3.6% |
| Capex | $42M | $54M | $62M | $66M | $57M | 13% |
| Stock-based comp | $20M | $19M | $23M | $25M | $31M | 25% |
| Buybacks | $41M | $165M | $40M | $82M | $185M | 127% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 16, 2024 | Simcoe Capital Management, LLC | SC 13D/A | 4.9% | Passive |
| May 9, 2024 | Simcoe Capital Management, LLC | SC 13D/A | 5.6% | Passive |
| Mar 8, 2024 | Simcoe Capital Management, LLC | SC 13D/A | 7.7% | Passive |
| Nov 7, 2023 | Simcoe Capital Management, LLC | SC 13D/A | 9.3% | Passive |
| Aug 28, 2023 | Simcoe Capital Management, LLC | SC 13D/A | 10.4% | Passive |
| May 10, 2023 | Simcoe Capital Management, LLC | SC 13D/A | 11.7% | Passive |
| Nov 14, 2022 | Simcoe Capital Management, LLC | SC 13D/A | 13.2% | Passive |
| May 11, 2022 | Simcoe Capital Management, LLC | SC 13D/A | 11.9% | Passive |
| Dec 2, 2019 | Simcoe Capital Management, LLC | SC 13D/A | 9.6% | Passive |
| Feb 19, 2019 | Simcoe Capital Management, LLC | SC 13D/A | 7.9% | Active |
Insider trading
- Open-market buys, 12 mo
- $1000K · 3
- Open-market sells, 12 mo
- $3M · 7
- Net
- −$2M
Pay vs performance
No pay-versus-performance disclosure yet.