Recent News
On July 17, 2025 DFIN announced a July 31 conference call and Q2 results release date. On August 19, 2025 DFIN detailed readiness and client offerings for the SEC’s EDGAR Next enrollment deadline. On September 6, 2025 a filing summary reported Comerica Bank reduced its stake in DFIN, trimming holdings during the most recent reporting period. On August 13, 2025 commentary noted a new shelf registration to offer up to 1,950,000 shares and updated guidance issued alongside the quarter.
Technical Analysis
ADX at 16.12 indicates no established trend strength; the market currently lacks directional conviction and remains prone to range-bound swings.
DI- shows a dip-and-reversal at 23.05 (bearish) while DI+ sits at 17.62 and trending decreasing (bearish). Both directional indicators point toward downside pressure, amplifying short-term negative bias against valuation support levels.
MACD at -0.79 with a decreasing trajectory and a signal line at -0.63 indicates bearish momentum; MACD remains below its signal line, so momentum currently favors continued downside rather than a sustained breakout.
MRO at -23.55 registers negative, implying the current price sits below modeled target and therefore carries potential for mean reversion upward toward fair-value targets.
RSI at 48.15 and decreasing places the stock in neutral-to-weak momentum territory; it neither signals a clear oversold bounce nor an overbought extension, so short-term momentum remains tilted toward consolidation.
Price sits at $53.15, below the 50-day average ($56.94) and the 200-day average ($55.50), with the 12-day EMA trending lower—this alignment reinforces a bearish envelope versus longer-term averages. The super trend lower support near $52.98 provides a nearby technical floor; Bollinger bands place the lower 1σ at $53.42 and lower 2σ at $51.93, leaving current price just below the 1σ lower band and suggesting limited downside before mean-reversion pressure may appear. Volume of 795,980 notably exceeds the 10-day average of 310,292, signaling higher participation on recent moves.
Fundamental Analysis
Total revenue stands at $218,100,000 with net income of $36,100,000 and non‑GAAP EPS of $1.49 versus an estimate of $1.42, producing an EPS surprise of 4.93%. The company reported record quarterly software solutions net sales of $92.2 million and continues to shift mix toward recurring offerings.
Operating performance shows an EBIT margin of 24.21%, up QoQ by 6.996% but down YoY by 10.297%. That EBIT margin sits above the industry peer mean of 17.11% and above the industry peer high of 21.74%, signaling relatively stronger operating profitability versus peers. Adjusted EBITDA improved in the quarter even as total net sales declined, reflecting cost controls and a higher software mix.
Cash flow metrics reinforce coverage and flexibility: free cash flow of $51,700,000 yields 3.31% and free cash to net income equals 143.21%, while operating cash flow reached $68,400,000. Interest coverage at 12.88x and debt to EBITDA of 2.90x indicate manageable leverage and strong ability to service interest. Capital expenditures totaled $16,700,000; cash and short-term investments total $33,800,000.
Balance-sheet and efficiency snapshots: current ratio 1.29 (slightly above the industry peer mean of 1.17), asset turnover 0.2525 (above the industry peer mean of 0.1420), and return on equity of 8.36% with return on assets at 4.18%. Revenue growth shows mixed signals—reported total revenue with a year-over-year decline noted in company materials—while software solutions revenue grew year-over-year, pointing to ongoing portfolio rebalancing.
Valuation context: P/E sits at 39.50 and price-to-book at 3.61 versus an industry peer mean P/B of 5.44; enterprise multiple equals 24.85 while EV/R (EVR) reads 7.93. WMDST values the stock as under-valued given current cash generation, above‑peer operating margins, and a discounted market multiple relative to intrinsic cash-flow metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-31 |
| NEXT REPORT DATE: | 2025-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 16.2 M |
| Operating Cash Flow | $ 68.4 M | |
| Capital Expenditures | $ -16.70 M | |
| Change In Working Capital | $ 6.1 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 17.6 M | |
| End Period Cash Flow | $ 33.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 218.1 M | |
| Forward Revenue | $ 42.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 79.2 M | |
| Depreciation | $ 3.0 M | |
| Depreciation and Amortization | $ 16.8 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 164.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 138.9 M | |
| EBITDA | $ 69.6 M | |
| EBIT | $ 52.8 M | |
| Operating Income | $ 53.8 M | |
| Interest Income | $ 300.0 K | |
| Interest Expense | $ 4.1 M | |
| Net Interest Income | $ -3.80 M | |
| Income Before Tax | $ 48.7 M | |
| Tax Provision | $ 12.6 M | |
| Tax Rate | 25.873 % | |
| Net Income | $ 36.1 M | |
| Net Income From Continuing Operations | $ 36.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.42 | |
| EPS Actual | $ 1.49 | |
| EPS Difference | $ 0.07 | |
| EPS Surprise | 4.93 % | |
| Forward EPS | $ 1.01 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 874.7 M | |
| Intangible Assets | $ 503.4 M | |
| Net Tangible Assets | $ -71.30 M | |
| Total Current Assets | $ 266.6 M | |
| Cash and Short-Term Investments | $ 33.8 M | |
| Cash | $ 33.8 M | |
| Net Receivables | $ 202.0 M | |
| Inventory | — | |
| Long-Term Investments | $ 31.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 37.9 M | |
| Short-Term Debt | $ 5.8 M | |
| Total Current Liabilities | $ 207.1 M | |
| Net Debt | $ 156.3 M | |
| Total Debt | $ 202.1 M | |
| Total Liabilities | $ 442.6 M | |
| EQUITY | ||
| Total Equity | $ 432.1 M | |
| Retained Earnings | $ 595.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.71 | |
| Shares Outstanding | 27.500 M | |
| Revenue Per-Share | $ 7.93 | |
| VALUATION | Market Capitalization | $ 1.6 B |
| Enterprise Value | $ 1.7 B | |
| Enterprise Multiple | 24.851 | |
| Enterprise Multiple QoQ | -1.124 % | |
| Enterprise Multiple YoY | 13.699 % | |
| Enterprise Multiple IPRWA | high: 171.369 mean: 96.415 median: 72.34 DFIN: 24.851 low: -118.296 |
|
| EV/R | 7.93 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.024 | |
| Asset To Liability | 1.976 | |
| Debt To Capital | 0.319 | |
| Debt To Assets | 0.231 | |
| Debt To Assets QoQ | -3.363 % | |
| Debt To Assets YoY | 1268.78 % | |
| Debt To Assets IPRWA | high: 0.943 mean: 0.245 DFIN: 0.231 median: 0.147 low: 0.012 |
|
| Debt To Equity | 0.468 | |
| Debt To Equity QoQ | -3.68 % | |
| Debt To Equity YoY | 1285.837 % | |
| Debt To Equity IPRWA | high: 2.453 mean: 0.546 DFIN: 0.468 median: 0.225 low: 0.013 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.613 | |
| Price To Book QoQ | 12.14 % | |
| Price To Book YoY | -12.083 % | |
| Price To Book IPRWA | high: 12.431 median: 6.075 mean: 5.443 DFIN: 3.613 low: 0.627 |
|
| Price To Earnings (P/E) | 39.495 | |
| Price To Earnings QoQ | 2.075 % | |
| Price To Earnings YoY | 5.142 % | |
| Price To Earnings IPRWA | high: 226.006 mean: 155.235 median: 129.666 DFIN: 39.495 low: -61.189 |
|
| PE/G Ratio | 1.959 | |
| Price To Sales (P/S) | 7.159 | |
| Price To Sales QoQ | 6.403 % | |
| Price To Sales YoY | -4.25 % | |
| Price To Sales IPRWA | high: 47.117 mean: 28.48 median: 20.173 DFIN: 7.159 low: 0.602 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 53.674 | |
| Forward PE/G | 2.662 | |
| Forward P/S | 37.035 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.898 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.253 | |
| Asset Turnover Ratio QoQ | 6.374 % | |
| Asset Turnover Ratio YoY | -8.93 % | |
| Asset Turnover Ratio IPRWA | high: 0.495 DFIN: 0.253 mean: 0.142 median: 0.101 low: 0.019 |
|
| Receivables Turnover | 1.09 | |
| Receivables Turnover Ratio QoQ | -8.89 % | |
| Receivables Turnover Ratio YoY | -7.666 % | |
| Receivables Turnover Ratio IPRWA | high: 4.437 median: 1.666 mean: 1.599 DFIN: 1.09 low: 0.685 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 83.719 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.666 | |
| CapEx To Revenue | -0.077 | |
| CapEx To Depreciation | -5.567 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 616.4 M | |
| Net Invested Capital | $ 622.2 M | |
| Invested Capital | $ 622.2 M | |
| Net Tangible Assets | $ -71.30 M | |
| Net Working Capital | $ 59.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.163 | |
| Current Ratio | 1.287 | |
| Current Ratio QoQ | 3.768 % | |
| Current Ratio YoY | -11.053 % | |
| Current Ratio IPRWA | high: 8.802 DFIN: 1.287 mean: 1.169 median: 0.79 low: 0.417 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.904 | |
| Cost Of Debt | 1.497 % | |
| Interest Coverage Ratio | 12.878 | |
| Interest Coverage Ratio QoQ | -6.599 % | |
| Interest Coverage Ratio YoY | -15.457 % | |
| Interest Coverage Ratio IPRWA | high: 38.382 DFIN: 12.878 median: 11.086 mean: 8.624 low: -21.373 |
|
| Operating Cash Flow Ratio | 0.235 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 47.688 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.568 % | |
| Revenue Growth | 8.454 % | |
| Revenue Growth QoQ | -70.506 % | |
| Revenue Growth YoY | -56.247 % | |
| Revenue Growth IPRWA | high: 32.288 % DFIN: 8.454 % median: 0.931 % mean: -0.374 % low: -18.439 % |
|
| Earnings Growth | 20.161 % | |
| Earnings Growth QoQ | -90.4 % | |
| Earnings Growth YoY | -75.538 % | |
| Earnings Growth IPRWA | high: 141.176 % DFIN: 20.161 % mean: 4.806 % median: -9.375 % low: -117.647 % |
|
| MARGINS | ||
| Gross Margin | 63.686 % | |
| Gross Margin QoQ | -0.022 % | |
| Gross Margin YoY | -1.046 % | |
| Gross Margin IPRWA | high: 89.341 % DFIN: 63.686 % median: 61.648 % mean: 60.758 % low: 1.685 % |
|
| EBIT Margin | 24.209 % | |
| EBIT Margin QoQ | 6.996 % | |
| EBIT Margin YoY | -10.297 % | |
| EBIT Margin IPRWA | DFIN: 24.209 % high: 21.737 % median: 20.455 % mean: 17.11 % low: -41.816 % |
|
| Return On Sales (ROS) | 24.668 % | |
| Return On Sales QoQ | 9.025 % | |
| Return On Sales YoY | -8.596 % | |
| Return On Sales IPRWA | DFIN: 24.668 % high: 24.426 % median: 20.221 % mean: 18.034 % low: -31.925 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 51.7 M | |
| Free Cash Flow Yield | 3.311 % | |
| Free Cash Flow Yield QoQ | -187.848 % | |
| Free Cash Flow Yield YoY | 63.264 % | |
| Free Cash Flow Yield IPRWA | high: 8.815 % DFIN: 3.311 % mean: 1.164 % median: 0.7 % low: -2.825 % |
|
| Free Cash Growth | -201.373 % | |
| Free Cash Growth QoQ | -9.895 % | |
| Free Cash Growth YoY | 5.133 % | |
| Free Cash Growth IPRWA | high: 193.85 % median: 98.299 % mean: 47.331 % DFIN: -201.373 % low: -688.42 % |
|
| Free Cash To Net Income | 1.432 | |
| Cash Flow Margin | 22.283 % | |
| Cash Flow To Earnings | 1.346 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.179 % | |
| Return On Assets QoQ | 14.212 % | |
| Return On Assets YoY | -17.05 % | |
| Return On Assets IPRWA | DFIN: 4.179 % high: 3.229 % median: 1.718 % mean: 1.463 % low: -6.317 % |
|
| Return On Capital Employed (ROCE) | 7.909 % | |
| Return On Equity (ROE) | 0.084 | |
| Return On Equity QoQ | 13.165 % | |
| Return On Equity YoY | -16.358 % | |
| Return On Equity IPRWA | high: 0.144 DFIN: 0.084 mean: 0.025 median: 0.025 low: -0.317 |
|
| DuPont ROE | 8.474 % | |
| Return On Invested Capital (ROIC) | 6.29 % | |
| Return On Invested Capital QoQ | 14.676 % | |
| Return On Invested Capital YoY | -102.677 % | |
| Return On Invested Capital IPRWA | DFIN: 6.29 % high: 5.491 % median: 2.288 % mean: 2.153 % low: -4.278 % |
|