PBIPITNEY BOWES INC /DE/
Office Machines, NEC
- Revenue
- $1.9B
- 6.6% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.3B
- Employees
- 6,600
- $287K revenue each
- Net debt / EBITDA
- —
- $3.0B net debt
- AI in 10-K
- 1.0
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 0 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 cashNo265% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo39% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo25% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$287K · 19th pctBottom quartile of its SIC industry
- Quiet on AINo1.0 per 10K words · 34th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.3B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$89M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.7B | $2.5B | $2.1B | $2.0B | $1.9B | 6.6% |
| Net income | −$1M | $37M | −$386M | −$204M | $145M | 171% |
| Operating cash flow | $302M | $175M | $80M | $229M | $383M | 67% |
| Capex | $184M | $83M | $78M | $72M | $66M | 8.5% |
| Stock-based comp | $21M | $16M | $9M | $17M | $14M | 14% |
| Dividends | $35M | $35M | $35M | $36M | $51M | 42% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 11, 2026 | HESTIA CAPITAL PARTNERS LP | SCHEDULE 13D/A | 9.3% | Passive |
| Nov 7, 2025 | HESTIA CAPITAL PARTNERS LP | SCHEDULE 13D/A | 5.3% | Active |
| Jun 18, 2025 | HESTIA CAPITAL PARTNERS LP | SCHEDULE 13D/A | 6.6% | Active |
| May 23, 2025 | HESTIA CAPITAL PARTNERS LP | SCHEDULE 13D/A | 7.6% | Passive |
| Feb 18, 2025 | HESTIA CAPITAL PARTNERS LP | SCHEDULE 13D/A | 7.8% | Passive |
| Apr 8, 2024 | HESTIA CAPITAL PARTNERS LP | SC 13D/A | 3.2% | Passive |
| Feb 1, 2024 | HESTIA CAPITAL PARTNERS LP | SC 13D/A | 9.0% | Active |
| May 10, 2023 | HESTIA CAPITAL PARTNERS LP | SC 13D/A | 15.1% | Active |
| Mar 8, 2023 | HESTIA CAPITAL PARTNERS LP | SC 13D/A | 2.6% | Passive |
| Mar 2, 2023 | HESTIA CAPITAL PARTNERS LP | SC 13D/A | 8.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $104K · 4
- Open-market sells, 12 mo
- $89M · 65
- Net
- −$89M
Pay vs performance
No pay-versus-performance disclosure yet.