DLXDELUXE CORP

Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work

Revenue: $2.1B; 0.5% YoY
Operating margin: 10.9%; 20% YoY
EBITDA: $370M; 3.5% YoY
Market cap: $1.0B
Employees: 4,571; $467K revenue each
Net debt / EBITDA: 3.6×; $1.3B net debt
AI in 10-K: 5.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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 cashNo
330% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
20% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
56% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$467K · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.0 per 10K words · 83rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$4K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.0B	$2.2B	$2.2B	$2.1B	$2.1B	0.5%
Operating income	$142M	$169M	$161M	$192M	$232M	21%
Net income	$63M	$65M	$26M	$53M	$82M	55%
Operating cash flow	$211M	$192M	$198M	$194M	$271M	39%
Capex	—	—	$101M	$94M	$95M	1.1%
Stock-based comp	$29M	$24M	$21M	$20M	$25M	25%
Buybacks	$0	$0	—	—	—
Dividends	$52M	$53M	$53M	$54M	$55M	1.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $4K · 1
Open-market sells, 12 mo: $0 · 0
Net: $4K

Pay vs performance

No pay-versus-performance disclosure yet.