Donnelley Financial Solutions (DFIN) Financials

$42.74 -7.89 (-15.59%)

Closing price 03:59 PM Eastern

Extended Trading

$42.70 -0.03 (-0.08%)

As of 06:07 PM Eastern

Annual Income Statements for Donnelley Financial Solutions

This table shows Donnelley Financial Solutions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	104	59	9.70	74	38	-26	146	103	82	92	32
Consolidated Net Income / (Loss)	104	59	9.70	74	38	-26	146	103	82	92	32
Net Income / (Loss) Continuing Operations	104	59	9.70	74	38	-26	146	103	82	92	32
Total Pre-Tax Income	172	94	56	103	52	-18	198	139	102	125	43
Total Operating Income	173	105	96	121	79	3.60	219	145	110	137	141
Total Gross Profit	418	365	384	376	332	399	580	463	464	484	487
Total Revenue	1,050	984	1,005	963	875	895	993	834	797	782	767
Operating Revenue	1,050	984	1,005	963	875	895	993	834	797	782	767
Total Cost of Revenue	632	619	621	587	542	496	413	370	333	298	280
Operating Cost of Revenue	632	619	621	587	542	496	413	370	333	298	280
Total Operating Expenses	245	260	288	255	254	395	361	318	354	347	428
Selling, General & Admin Expense	199	211	236	258	206	265	308	264	282	291	278
Depreciation Expense	42	43	45	46	50	51	40	46	57	60	59
Other Operating Expenses / (Income)	-	0.00	0.00	-54	-15	0.00	-0.70	0.40	5.30	-10	-2.10
Restructuring Charge	4.40	5.40	7.10	4.40	14	79	14	7.70	9.80	6.60	10
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	83
Total Other Income / (Expense), net	-1.00	-11	-40	-18	-26	-21	-22	-5.70	-8.00	-12	-15
Interest & Investment Income	-1.10	-12	-43	-37	-38	-23	-27	-9.20	-16	-13	-13
Other Income / (Expense), net	0.10	1.00	3.40	18	12	1.70	5.10	3.50	7.80	1.40	-2.30
Income Tax Expense	67	35	47	29	15	8.40	52	37	20	33	11
Basic Earnings per Share	$3.22	$1.81	$0.29	$2.18	$1.10	($0.76)	$4.36	$3.33	$2.81	$3.16	$1.18
Weighted Average Basic Shares Outstanding	32.40M	32.60M	33.10M	33.80M	34.10M	33.90M	33.50M	30.80M	29.30M	29.20M	27.50M
Diluted Earnings per Share	$3.22	$1.80	$0.29	$2.16	$1.10	($0.76)	$4.14	$3.17	$2.69	$3.06	$1.15
Weighted Average Diluted Shares Outstanding	32.40M	32.80M	33.30M	34M	34.30M	33.90M	35.20M	32.30M	30.60M	30.20M	28.20M
Weighted Average Basic & Diluted Shares Outstanding	32.40M	32.70M	33.40M	33.80M	34.25M	33.29M	32.69M	28.90M	29.09M	28.61M	25.62M

This table shows Donnelley Financial Solutions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	38	18	11	33	44	8.70	6.30	31	36	-41	6.20
Consolidated Net Income / (Loss)	38	18	11	33	44	8.70	6.30	31	36	-41	6.20
Net Income / (Loss) Continuing Operations	38	18	11	33	44	8.70	6.30	31	36	-41	6.20
Total Pre-Tax Income	51	26	6.70	41	61	15	7.10	42	49	-58	10
Total Operating Income	56	30	9.80	45	65	18	9.30	46	53	28	14
Total Gross Profit	144	109	103	123	156	111	94	128	139	110	110
Total Revenue	242	180	177	203	243	180	156	201	218	175	173
Operating Revenue	242	180	177	203	243	180	156	201	218	175	173
Total Cost of Revenue	98	71	74	80	87	69	63	73	79	65	63
Operating Cost of Revenue	98	71	74	80	87	69	63	73	79	65	63
Total Operating Expenses	88	79	93	79	92	93	84	82	86	165	95
Selling, General & Admin Expense	76	65	70	73	76	74	68	66	70	67	75
Depreciation Expense	14	14	16	14	14	17	15	14	15	15	15
Restructuring Charge	-2.20	-0.30	1.40	1.80	1.30	1.40	2.10	2.90	1.00	0.90	5.60
Total Other Income / (Expense), net	-4.30	-4.00	-3.10	-3.20	-3.30	-2.80	-2.20	-3.60	-4.10	-3.30	-4.20
Interest & Investment Income	-4.60	-4.10	-3.60	-3.60	-3.70	-3.10	-2.50	-3.10	-3.80	-2.90	-3.10
Other Income / (Expense), net	0.30	0.10	0.50	0.40	0.40	0.30	0.30	-0.50	-0.30	-0.40	-1.10
Income Tax Expense	14	7.70	-3.90	8.10	17	6.70	0.80	11	13	-17	3.90
Basic Earnings per Share	$1.28	$0.62	$0.37	$1.14	$1.50	$0.30	$0.22	$1.08	$1.30	($1.49)	$0.29
Weighted Average Basic Shares Outstanding	29.50M	29.40M	29.30M	29.30M	29.40M	29.10M	29.20M	28.70M	27.70M	27.40M	27.50M
Diluted Earnings per Share	$1.24	$0.60	$0.33	$1.09	$1.47	$0.29	$0.21	$1.05	$1.28	($1.49)	$0.31
Weighted Average Diluted Shares Outstanding	30.40M	30.30M	30.60M	30.50M	30M	29.90M	30.20M	29.50M	28.20M	27.40M	28.20M
Weighted Average Basic & Diluted Shares Outstanding	29.32M	29.11M	29.09M	29.32M	29.03M	28.86M	28.61M	27.64M	27.49M	26.54M	25.62M

This table details how cash moves in and out of Donnelley Financial Solutions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-14	21	15	-2.50	-30	56	-19	-20	-11	34	-33
Net Cash From Operating Activities	121	106	91	66	55	154	180	150	124	171	165
Net Cash From Continuing Operating Activities	121	106	91	66	55	154	180	150	124	171	165
Net Income / (Loss) Continuing Operations	104	59	9.70	74	38	-26	146	103	82	92	32
Consolidated Net Income / (Loss)	104	59	9.70	74	38	-26	146	103	82	92	32
Depreciation Expense	42	43	45	46	50	51	40	46	57	60	59
Amortization Expense	-	-	0.00	0.00	22	23	17	16	15	9.30	6.80
Non-Cash Adjustments To Reconcile Net Income	2.30	4.60	5.20	-58	-8.80	73	29	26	33	31	116
Changes in Operating Assets and Liabilities, net	-27	-1.00	32	5.30	-46	33	-52	-41	-63	-22	-49
Net Cash From Investing Activities	-37	-29	-31	30	-12	-20	-45	-51	-51	-53	-57
Net Cash From Continuing Investing Activities	-37	-29	-31	30	-12	-20	-45	-51	-51	-53	-57
Purchase of Property, Plant & Equipment	-27	-26	-28	-37	-45	-31	-42	-54	-62	-66	-57
Sale of Property, Plant & Equipment	-	-	0.00	0.00	31	0.00	-	0.00	0.00	12	0.00
Divestitures	-	0.00	-	-	-	0.00	0.00	3.30	0.50	0.00	0.00
Sale and/or Maturity of Investments	-	-	0.00	3.10	13	13	0.00	0.00	10	0.20	0.10
Net Cash From Financing Activities	-95	-60	-46	-99	-75	-78	-155	-121	-85	-82	-142
Net Cash From Continuing Financing Activities	-95	-60	-46	-99	-75	-78	-155	-121	-85	-82	-142
Repayment of Debt	-39	-68	-434	-459	-588	-435	-594	-301	-347	-160	-380
Repurchase of Common Equity	0.00	0.00	-0.90	-1.50	-1.80	-12	-41	-165	-40	-82	-185
Issuance of Debt	0.00	348	302	360	516	369	478	346	302	160	425
Issuance of Common Equity	0.00	0.00	19	1.20	-	-	2.30	0.40	3.10	2.40	1.90
Other Financing Activities, net	-56	-340	68	-	0.00	0.00	-0.80	-1.80	-2.40	-2.90	-3.20
Effect of Exchange Rate Changes	-2.50	4.40	-	-	2.10	-0.50	0.80	1.50	0.80	-1.50	1.10
Cash Interest Paid	-	-	40	35	32	25	22	7.60	17	13	12
Cash Income Taxes Paid	-	-	31	10	25	22	65	38	38	41	25

This table details how cash moves in and out of Donnelley Financial Solutions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-9.40	-7.70	11	21	-8.70	-1.40	24	-41	18	-11	1.80
Net Cash From Operating Activities	20	81	75	-28	56	86	56	-38	68	74	60
Net Cash From Continuing Operating Activities	20	81	75	-28	56	86	56	-38	68	74	60
Net Income / (Loss) Continuing Operations	38	18	11	33	44	8.70	6.30	31	36	-41	6.20
Consolidated Net Income / (Loss)	38	18	11	33	44	8.70	6.30	31	36	-41	6.20
Depreciation Expense	14	14	16	14	14	17	15	14	15	15	15
Amortization Expense	3.00	2.80	5.90	2.30	2.30	2.30	2.40	1.70	1.70	1.60	1.80
Non-Cash Adjustments To Reconcile Net Income	9.90	8.30	14	-0.90	12	10	8.10	7.30	11	80	18
Changes in Operating Assets and Liabilities, net	-45	37	29	-77	-17	48	25	-92	5.00	19	19
Net Cash From Investing Activities	-12	-19	-18	0.20	-19	-19	-15	-13	-17	-15	-12
Net Cash From Continuing Investing Activities	-12	-19	-18	0.20	-19	-19	-15	-13	-17	-15	-12
Purchase of Property, Plant & Equipment	-13	-19	-19	-12	-19	-19	-15	-13	-17	-15	-12
Net Cash From Financing Activities	-18	-69	-46	49	-45	-69	-16	9.50	-35	-70	-46
Net Cash From Continuing Financing Activities	-18	-69	-46	49	-45	-69	-16	9.50	-35	-70	-46
Repayment of Debt	-85	-103	-126	-59	-26	-76	-	-196	-63	-65	-56
Repurchase of Common Equity	-2.20	-15	-4.90	-31	-20	-14	-17	-53	-36	-34	-62
Issuance of Debt	70	49	84	139	0.50	21	-	259	64	29	73
Other Financing Activities, net	-0.60	-0.50	-0.70	-0.60	-0.80	-0.70	-0.80	-0.90	-0.80	-0.70	-0.80
Cash Interest Paid	4.60	4.10	3.80	2.80	4.70	3.20	2.60	1.90	3.70	3.00	3.00
Cash Income Taxes Paid	18	12	5.90	1.90	19	12	7.30	3.00	18	2.80	1.00

This table presents Donnelley Financial Solutions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	818	979	894	869	887	866	883	828	807	842	800
Total Current Assets	191	330	270	249	211	267	280	228	209	233	211
Cash & Equivalents	15	36	52	47	17	74	55	34	23	57	25
Accounts Receivable	146	156	165	173	161	174	199	164	152	138	143
Prepaid Expenses	7.30	17	30	17	16	9.70	24	28	31	37	44
Plant, Property, & Equipment, net	33	36	35	32	18	12	19	18	14	8.90	8.80
Total Noncurrent Assets	594	614	589	588	658	586	585	582	585	600	580
Goodwill	447	446	447	450	450	410	410	406	406	405	406
Intangible Assets	113	96	81	85	77	61	72	83	88	97	93
Noncurrent Deferred & Refundable Income Taxes	11	37	22	9.70	9.00	34	32	33	46	56	44
Other Noncurrent Operating Assets	24	35	38	43	122	82	71	60	46	42	38
Total Liabilities & Shareholders' Equity	818	979	894	869	887	866	883	828	807	842	800
Total Liabilities	194	868	744	643	618	618	506	499	405	406	421
Total Current Liabilities	124	186	187	198	180	239	261	225	202	224	200
Short-Term Debt	8.80	-	-	-	-	-	-	-	-	0.00	5.80
Accounts Payable	40	85	68	72	59	54	36	49	34	29	24
Accrued Expenses	75	101	119	126	121	165	207	159	154	185	167
Other Current Liabilities	-	-	-	-	-	20	18	16	14	10	3.90
Total Noncurrent Liabilities	70	682	557	444	439	379	245	274	203	181	221
Long-Term Debt	29	587	458	363	296	231	124	169	125	125	166
Noncurrent Employee Benefit Liabilities	29	81	75	71	79	72	60	57	48	36	36
Other Noncurrent Operating Liabilities	13	14	24	11	64	77	61	48	31	21	19
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	624	111	149	226	269	248	377	330	402	436	379
Total Preferred & Common Equity	624	111	149	226	269	248	377	330	402	436	379
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	624	111	149	226	269	248	377	330	402	436	379
Common Stock	0.00	180	206	217	226	239	261	281	306	334	368
Retained Earnings	0.00	-0.80	8.90	94	132	106	251	354	436	529	561
Treasury Stock	-	-	-0.90	-2.40	-	-16	-57	-	-262	-344	-530
Accumulated Other Comprehensive Income / (Loss)	-16	-68	-65	-83	-85	-81	-78	-83	-78	-82	-20

This table presents Donnelley Financial Solutions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	851	871	902	839	868	883	844	853	875	816
Total Current Assets	252	266	296	230	268	279	237	243	267	218
Cash & Equivalents	11	29	19	12	44	35	34	16	34	23
Accounts Receivable	211	200	243	190	194	217	178	198	202	161
Prepaid Expenses	28	35	31	26	30	27	26	29	31	34
Plant, Property, & Equipment, net	18	18	16	15	13	13	12	8.10	7.50	6.80
Total Noncurrent Assets	581	587	590	595	587	592	595	602	601	592
Goodwill	409	406	406	406	406	406	406	405	406	406
Intangible Assets	80	87	89	92	91	95	95	97	98	97
Noncurrent Deferred & Refundable Income Taxes	31	36	39	43	47	49	51	57	57	48
Other Noncurrent Operating Assets	62	57	56	53	44	42	43	42	41	41
Total Liabilities & Shareholders' Equity	851	871	902	839	868	883	844	853	875	816
Total Liabilities	519	539	526	454	459	441	399	433	443	393
Total Current Liabilities	222	202	209	197	180	193	207	196	207	193
Short-Term Debt	-	-	-	-	-	-	-	5.80	5.80	5.80
Accounts Payable	42	54	52	37	44	36	34	38	38	28
Accrued Expenses	163	132	142	145	123	145	162	142	155	154
Other Current Liabilities	17	16	15	15	13	12	11	10	8.90	5.40
Total Noncurrent Liabilities	297	337	317	257	279	249	192	237	236	200
Long-Term Debt	192	235	220	166	205	180	125	184	184	149
Noncurrent Employee Benefit Liabilities	55	56	56	55	47	46	45	34	35	35
Other Noncurrent Operating Liabilities	51	46	42	37	28	24	22	19	17	16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	332	333	376	385	409	442	445	420	432	423
Total Preferred & Common Equity	332	333	376	385	409	442	445	420	432	423
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	332	333	376	385	409	442	445	420	432	423
Common Stock	275	286	293	300	311	319	326	340	349	356
Retained Earnings	343	370	407	426	469	514	522	560	596	555
Treasury Stock	-208	-240	-242	-257	-293	-313	-327	-398	-433	-469
Accumulated Other Comprehensive Income / (Loss)	-79	-83	-82	-83	-78	-78	-77	-81	-80	-19

This table displays calculated financial ratios and metrics derived from Donnelley Financial Solutions' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.83%	-6.29%	2.18%	-4.17%	-9.17%	2.26%	11.05%	-16.08%	-4.37%	-1.92%	-1.91%
EBITDA Growth	59.36%	-30.40%	-3.82%	28.97%	-12.58%	-50.90%	254.72%	-25.11%	-10.09%	9.27%	-1.25%
EBIT Growth	84.03%	-38.66%	-6.51%	40.67%	-35.29%	-94.12%	4,133.96%	-33.82%	-20.67%	17.15%	0.58%
NOPAT Growth	85.99%	-37.27%	-74.90%	425.42%	-34.72%	-95.55%	6,319.00%	-34.04%	-16.91%	13.82%	5.13%
Net Income Growth	81.71%	-43.34%	-83.59%	658.76%	-48.91%	-168.88%	663.32%	-29.75%	-19.80%	12.41%	-64.94%
EPS Growth	81.92%	-44.10%	-83.89%	644.83%	-49.07%	-169.09%	644.74%	-23.43%	-15.14%	13.75%	-62.42%
Operating Cash Flow Growth	-3.51%	-12.32%	-13.77%	-27.46%	-17.80%	182.94%	16.73%	-16.56%	-17.44%	37.98%	-3.62%
Free Cash Flow Firm Growth	0.00%	109.29%	143.94%	-17.63%	-49.89%	186.70%	-17.40%	-26.06%	-44.14%	103.83%	-17.25%
Invested Capital Growth	0.00%	2.40%	-16.04%	-2.57%	1.11%	-26.07%	10.33%	4.03%	8.42%	-0.02%	4.47%
Revenue Q/Q Growth	0.00%	0.00%	0.38%	-2.48%	-1.13%	2.29%	2.32%	-7.24%	1.12%	-2.52%	2.16%
EBITDA Q/Q Growth	0.00%	0.00%	5.59%	-2.63%	25.21%	-36.50%	31.90%	-9.82%	-1.35%	-2.31%	1.54%
EBIT Q/Q Growth	0.00%	0.00%	8.78%	-3.40%	13.03%	-89.14%	44.87%	-14.51%	-5.61%	-0.50%	2.66%
NOPAT Q/Q Growth	0.00%	0.00%	-71.91%	42.62%	10.78%	-91.83%	67.64%	-14.88%	0.12%	-5.10%	-3.84%
Net Income Q/Q Growth	0.00%	0.00%	-70.25%	44.60%	27.03%	-253.25%	72.66%	-12.54%	-0.36%	-4.45%	-0.31%
EPS Q/Q Growth	0.00%	0.00%	-70.10%	46.94%	26.44%	-255.10%	70.37%	-8.65%	-1.10%	-3.77%	9.52%
Operating Cash Flow Q/Q Growth	0.00%	-10.70%	10.25%	-2.64%	5.42%	38.67%	-12.15%	-2.28%	1.22%	-9.71%	2.11%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-14.30%	96.79%	44.88%	-24.17%	10.95%	-19.35%	-8.45%	-7.87%
Invested Capital Q/Q Growth	0.00%	0.00%	-11.77%	-5.47%	-8.48%	-23.45%	-4.39%	-9.35%	-6.65%	-5.98%	-5.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.83%	37.06%	38.16%	39.01%	37.99%	44.55%	58.41%	55.59%	58.19%	61.90%	63.44%
EBITDA Margin	20.44%	15.18%	14.29%	19.23%	18.51%	8.89%	28.39%	25.34%	23.82%	26.54%	26.71%
Operating Margin	16.46%	10.68%	9.52%	12.58%	8.97%	0.40%	22.08%	17.39%	13.80%	17.47%	18.40%
EBIT Margin	16.47%	10.78%	9.86%	14.48%	10.31%	0.59%	22.59%	17.81%	14.78%	17.65%	18.10%
Profit (Net Income) Margin	9.94%	6.01%	0.97%	7.64%	4.30%	-2.90%	14.69%	12.30%	10.31%	11.82%	4.22%
Tax Burden Percent	60.75%	62.67%	17.26%	71.67%	72.17%	148.00%	73.76%	73.58%	80.59%	73.86%	75.17%
Interest Burden Percent	99.36%	88.96%	56.71%	73.67%	57.76%	-330.19%	88.15%	93.80%	86.59%	90.65%	31.05%
Effective Tax Rate	39.25%	37.33%	82.74%	28.34%	27.83%	0.00%	26.24%	26.42%	19.41%	26.14%	24.83%
Return on Invested Capital (ROIC)	32.46%	10.06%	2.71%	15.82%	10.41%	0.53%	38.01%	23.42%	18.31%	20.04%	20.61%
ROIC Less NNEP Spread (ROIC-NNEP)	27.15%	7.72%	1.29%	12.17%	3.99%	-12.52%	24.00%	19.32%	12.86%	9.97%	-48.18%
Return on Net Nonoperating Assets (RNNOA)	1.00%	6.03%	4.73%	23.39%	4.80%	-10.56%	8.70%	5.59%	4.15%	2.01%	-12.66%
Return on Equity (ROE)	33.46%	16.09%	7.45%	39.21%	15.20%	-10.03%	46.70%	29.02%	22.47%	22.04%	7.95%
Cash Return on Invested Capital (CROIC)	-167.54%	7.69%	20.16%	18.43%	9.30%	30.51%	28.19%	19.47%	10.24%	20.06%	16.24%
Operating Return on Assets (OROA)	21.14%	11.80%	10.59%	15.82%	10.28%	0.60%	25.66%	17.35%	14.41%	16.74%	16.91%
Return on Assets (ROA)	12.76%	6.58%	1.04%	8.35%	4.28%	-2.96%	16.68%	11.98%	10.05%	11.21%	3.95%
Return on Common Equity (ROCE)	33.46%	16.09%	7.45%	39.21%	15.20%	-10.03%	46.70%	29.02%	22.47%	22.04%	7.95%
Return on Equity Simple (ROE_SIMPLE)	16.73%	53.20%	6.49%	32.57%	14.00%	-10.45%	38.70%	31.11%	20.44%	21.19%	0.00%
Net Operating Profit after Tax (NOPAT)	105	66	17	87	57	2.52	162	107	89	101	106
NOPAT Margin	10.00%	6.69%	1.64%	9.01%	6.48%	0.28%	16.29%	12.80%	11.12%	12.90%	13.83%
Net Nonoperating Expense Percent (NNEP)	5.31%	2.34%	1.42%	3.65%	6.41%	13.05%	14.01%	4.10%	5.45%	10.06%	68.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	21.39%	16.83%	17.99%	19.27%
Cost of Revenue to Revenue	60.17%	62.94%	61.84%	60.99%	62.01%	55.45%	41.59%	44.41%	41.81%	38.10%	36.56%
SG&A Expenses to Revenue	18.98%	21.43%	23.50%	26.81%	23.53%	29.60%	30.98%	31.67%	35.39%	37.20%	36.23%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.37%	26.39%	28.64%	26.44%	29.02%	44.15%	36.33%	38.20%	44.39%	44.43%	55.84%
Earnings before Interest and Taxes (EBIT)	173	106	99	139	90	5.30	224	149	118	138	139
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	215	149	144	185	162	80	282	211	190	208	205
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	6.74	4.40	2.12	1.34	2.29	4.14	3.41	4.51	4.15	3.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.76	0.65	0.50	0.41	0.63	1.57	1.35	2.28	2.32	1.62
Price to Earnings (P/E)	0.00	12.68	67.71	6.50	9.55	0.00	10.71	10.97	22.09	19.59	38.24
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	7.89%	1.48%	15.38%	10.47%	0.00%	9.34%	9.11%	4.53%	5.10%	2.62%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.96	1.91	1.47	1.17	1.79	3.65	2.71	3.81	3.73	2.63
Enterprise Value to Revenue (EV/Rev)	0.00	1.32	1.06	0.82	0.73	0.81	1.64	1.51	2.40	2.40	1.81
Enterprise Value to EBITDA (EV/EBITDA)	0.00	8.71	7.40	4.29	3.94	9.10	5.79	5.97	10.09	9.05	6.76
Enterprise Value to EBIT (EV/EBIT)	0.00	12.26	10.73	5.69	7.07	136.47	7.27	8.48	16.27	13.61	9.98
Enterprise Value to NOPAT (EV/NOPAT)	0.00	19.75	64.36	9.15	11.26	287.02	10.09	11.81	21.62	18.61	13.07
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	12.26	11.63	11.97	11.71	4.69	9.07	8.39	15.46	10.97	8.40
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	25.84	8.66	7.85	12.59	4.98	13.60	14.20	38.69	18.59	16.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.06	5.28	3.07	1.60	1.10	0.93	0.33	0.51	0.31	0.29	0.45
Long-Term Debt to Equity	0.05	5.28	3.07	1.60	1.10	0.93	0.33	0.51	0.31	0.29	0.44
Financial Leverage	0.04	0.78	3.67	1.92	1.20	0.84	0.36	0.29	0.32	0.20	0.26
Leverage Ratio	1.31	2.45	7.19	4.69	3.55	3.39	2.80	2.42	2.23	1.97	2.01
Compound Leverage Factor	1.30	2.18	4.08	3.46	2.05	-11.21	2.47	2.27	1.94	1.78	0.63
Debt to Total Capital	5.74%	84.09%	75.42%	61.61%	52.43%	48.19%	24.75%	33.93%	23.64%	22.24%	31.12%
Short-Term Debt to Total Capital	1.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.05%
Long-Term Debt to Total Capital	4.41%	84.09%	75.42%	61.61%	52.43%	48.19%	24.75%	33.93%	23.64%	22.24%	30.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	94.26%	15.91%	24.58%	38.39%	47.57%	51.81%	75.25%	66.07%	76.36%	77.76%	68.88%
Debt to EBITDA	0.18	3.93	3.19	1.96	1.83	2.90	0.44	0.80	0.66	0.60	0.84
Net Debt to EBITDA	0.11	3.69	2.83	1.70	1.72	1.97	0.25	0.64	0.53	0.32	0.72
Long-Term Debt to EBITDA	0.14	3.93	3.19	1.96	1.83	2.90	0.44	0.80	0.66	0.60	0.81
Debt to NOPAT	0.36	8.92	27.75	4.18	5.22	91.47	0.77	1.59	1.40	1.24	1.62
Net Debt to NOPAT	0.22	8.37	24.60	3.63	4.92	62.26	0.43	1.27	1.14	0.67	1.38
Long-Term Debt to NOPAT	0.28	8.92	27.75	4.18	5.22	91.47	0.77	1.59	1.40	1.24	1.56
Altman Z-Score	0.00	2.05	2.15	2.31	1.92	1.81	4.24	3.55	4.93	5.04	4.29
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.54	1.77	1.44	1.26	1.18	1.12	1.07	1.02	1.03	1.04	1.06
Quick Ratio	1.30	1.03	1.16	1.11	1.00	1.04	0.97	0.88	0.87	0.87	0.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-541	50	123	101	51	145	120	89	50	101	84
Operating Cash Flow to CapEx	446.13%	404.58%	328.78%	178.71%	383.80%	495.82%	425.53%	277.12%	200.65%	319.81%	288.79%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.28	1.09	1.07	1.09	1.00	1.02	1.14	0.97	0.98	0.95	0.93
Accounts Receivable Turnover	7.18	6.50	6.25	5.70	5.23	5.34	5.33	4.60	5.06	5.40	5.46
Inventory Turnover	28.45	26.74	26.22	33.18	46.76	62.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	31.80	28.72	28.63	28.79	35.20	60.64	64.71	45.93	51.27	69.81	86.67
Accounts Payable Turnover	15.99	9.92	8.12	8.38	8.29	8.80	9.13	8.66	8.02	9.52	10.70
Days Sales Outstanding (DSO)	50.85	56.11	58.37	64.07	69.75	68.33	68.46	79.38	72.18	67.64	66.86
Days Inventory Outstanding (DIO)	12.83	13.65	13.92	11.00	7.81	5.89	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	22.83	36.79	44.96	43.57	44.04	41.47	39.98	42.15	45.50	38.35	34.10
Cash Conversion Cycle (CCC)	40.85	32.97	27.33	31.51	33.51	32.75	28.48	37.23	26.68	29.29	32.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	646	662	556	541	547	405	447	465	504	504	526
Invested Capital Turnover	3.25	1.50	1.65	1.76	1.61	1.88	2.33	1.83	1.65	1.55	1.49
Increase / (Decrease) in Invested Capital	646	16	-106	-14	6.00	-143	42	18	39	-0.10	23
Enterprise Value (EV)	0.00	1,300	1,063	794	638	723	1,632	1,260	1,917	1,878	1,386
Market Capitalization	0.00	749	657	478	359	566	1,562	1,125	1,815	1,810	1,239
Book Value per Share	$19.24	$3.41	$4.43	$6.63	$7.83	$7.42	$11.37	$11.32	$13.82	$15.11	$14.29
Tangible Book Value per Share	$1.98	($13.23)	($11.25)	($9.06)	($7.54)	($6.68)	($3.18)	($5.49)	($3.13)	($2.28)	($4.50)
Total Capital	662	698	608	589	565	478	501	499	527	561	551
Total Debt	38	587	458	363	296	231	124	169	125	125	171
Total Long-Term Debt	29	587	458	363	296	231	124	169	125	125	166
Net Debt	23	551	406	315	279	157	70	135	101	67	147
Capital Expenditures (CapEx)	27	26	28	37	14	31	42	54	62	54	57
Debt-free, Cash-free Net Working Capital (DFCFNWC)	61	107	31	3.30	15	-45	-36	-31	-16	-49	-7.30
Debt-free Net Working Capital (DFNWC)	76	144	83	51	32	29	18	3.60	6.90	8.40	17
Net Working Capital (NWC)	67	144	83	51	32	29	18	3.60	6.90	8.40	11
Net Nonoperating Expense (NNE)	0.61	6.71	6.82	13	19	28	16	4.19	6.45	8.49	74
Net Nonoperating Obligations (NNO)	23	551	406	315	279	157	70	135	101	67	147
Total Depreciation and Amortization (D&A)	42	43	45	46	72	74	58	63	72	70	66
Debt-free, Cash-free Net Working Capital to Revenue	5.79%	10.92%	3.09%	0.34%	1.66%	-5.02%	-3.64%	-3.67%	-2.03%	-6.25%	-0.95%
Debt-free Net Working Capital to Revenue	7.23%	14.60%	8.27%	5.25%	3.62%	3.21%	1.84%	0.43%	0.87%	1.07%	2.24%
Net Working Capital to Revenue	6.39%	14.60%	8.27%	5.25%	3.62%	3.21%	1.84%	0.43%	0.87%	1.07%	1.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.22	$1.81	$0.29	$2.18	$1.10	($0.76)	$4.36	$3.33	$2.81	$3.16	$1.18
Adjusted Weighted Average Basic Shares Outstanding	32.40M	32.60M	33.10M	33.80M	34.10M	33.90M	33.50M	30.80M	29.30M	29.20M	27.50M
Adjusted Diluted Earnings per Share	$3.22	$1.80	$0.29	$2.16	$1.10	($0.76)	$4.14	$3.17	$2.69	$3.06	$1.15
Adjusted Weighted Average Diluted Shares Outstanding	32.40M	32.80M	33.30M	34M	34.30M	33.90M	35.20M	32.30M	30.60M	30.20M	28.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	32.40M	32.61M	33.84M	34.12M	34.25M	33.29M	32.69M	28.90M	29.09M	28.61M	25.62M
Normalized Net Operating Profit after Tax (NOPAT)	108	69	72	90	66	58	172	112	97	106	176
Normalized NOPAT Margin	10.25%	7.04%	7.16%	9.34%	7.60%	6.48%	17.29%	13.48%	12.11%	13.53%	22.96%
Pre Tax Income Margin	16.36%	9.59%	5.59%	10.66%	5.96%	-1.96%	19.91%	16.71%	12.79%	16.00%	5.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	9.28%	2.04%	4.79%	-45.56%	28.03%	160.68%	49.03%	88.31%	570.99%

This table displays calculated financial ratios and metrics derived from Donnelley Financial Solutions' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.05%	-4.61%	5.25%	2.42%	0.25%	-0.28%	-11.44%	-1.13%	-10.14%	-2.34%	10.36%
EBITDA Growth	-9.84%	3.97%	-7.58%	61.90%	11.19%	-19.32%	-15.46%	-0.16%	-14.97%	17.37%	11.57%
EBIT Growth	-15.56%	1.36%	-40.46%	107.37%	16.10%	-38.13%	-6.80%	0.67%	-19.11%	50.27%	37.50%
NOPAT Growth	-13.60%	10.93%	16.46%	179.21%	13.75%	-50.82%	-46.78%	-6.21%	-15.79%	91.99%	6.38%
Net Income Growth	-18.04%	-5.73%	-2.75%	110.76%	16.98%	-51.93%	-40.57%	-6.91%	-18.14%	-570.11%	-1.59%
EPS Growth	-12.68%	-3.23%	-8.33%	109.62%	18.55%	-51.67%	-36.36%	-3.67%	-12.93%	-613.79%	47.62%
Operating Cash Flow Growth	-55.90%	-3.36%	2.05%	45.83%	178.22%	7.33%	-24.60%	-35.13%	21.71%	-13.89%	6.03%
Free Cash Flow Firm Growth	117.43%	76.67%	-403.49%	-58.51%	65.97%	330.58%	135.40%	108.14%	0.17%	-99.02%	-264.29%
Invested Capital Growth	3.35%	5.29%	8.42%	5.75%	1.68%	-0.74%	-0.02%	4.13%	0.39%	3.66%	4.47%
Revenue Q/Q Growth	21.90%	-25.65%	-1.94%	15.24%	19.32%	-26.04%	-12.92%	28.66%	8.45%	-19.62%	-1.60%
EBITDA Q/Q Growth	93.92%	-35.74%	-32.70%	93.06%	33.17%	-53.37%	-29.47%	127.99%	13.42%	-35.64%	-32.96%
EBIT Q/Q Growth	157.60%	-46.51%	-65.55%	336.89%	44.22%	-71.49%	-48.11%	371.88%	15.89%	-47.05%	-52.52%
NOPAT Q/Q Growth	218.02%	-48.83%	-25.84%	131.38%	29.56%	-77.88%	-19.74%	307.71%	16.33%	-49.56%	-55.53%
Net Income Q/Q Growth	138.61%	-51.99%	-41.44%	214.15%	32.43%	-80.27%	-27.59%	392.06%	16.45%	-213.30%	115.16%
EPS Q/Q Growth	138.46%	-51.61%	-45.00%	230.30%	34.86%	-80.27%	-27.59%	400.00%	21.90%	-216.41%	120.81%
Operating Cash Flow Q/Q Growth	139.22%	298.51%	-7.08%	-137.30%	301.43%	53.74%	-34.72%	-166.84%	281.43%	8.77%	-19.62%
Free Cash Flow Firm Q/Q Growth	88.62%	-127.95%	-280.95%	120.66%	654.59%	-61.17%	-41.52%	21.46%	263.14%	-99.62%	-9,901.27%
Invested Capital Q/Q Growth	7.00%	-6.40%	-6.65%	13.13%	2.88%	-8.63%	-5.98%	17.82%	-0.81%	-5.66%	-5.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.44%	60.61%	58.13%	60.62%	64.36%	61.73%	59.95%	63.70%	63.69%	62.75%	63.54%
EBITDA Margin	30.28%	26.17%	17.96%	30.09%	33.58%	21.17%	17.15%	30.38%	31.77%	25.44%	17.33%
Operating Margin	22.97%	16.56%	5.55%	21.93%	26.58%	10.14%	5.95%	22.77%	24.21%	16.09%	8.29%
EBIT Margin	23.09%	16.61%	5.84%	22.12%	26.74%	10.31%	6.14%	22.53%	24.07%	15.86%	7.65%
Profit (Net Income) Margin	15.57%	10.06%	6.01%	16.37%	18.17%	4.85%	4.03%	15.42%	16.55%	-23.33%	3.59%
Tax Burden Percent	73.49%	70.16%	158.21%	80.43%	72.06%	56.49%	88.73%	73.46%	74.13%	70.64%	61.39%
Interest Burden Percent	91.77%	86.29%	65.05%	92.00%	94.30%	83.24%	73.96%	93.16%	92.76%	-208.27%	76.52%
Effective Tax Rate	26.51%	29.85%	-58.21%	19.57%	27.94%	43.51%	11.27%	26.54%	25.87%	0.00%	38.61%
Return on Invested Capital (ROIC)	23.72%	17.41%	14.47%	25.52%	26.44%	8.55%	8.20%	22.43%	23.07%	15.50%	7.58%
ROIC Less NNEP Spread (ROIC-NNEP)	22.21%	15.74%	10.32%	24.12%	25.06%	7.26%	5.89%	20.85%	21.05%	-38.88%	5.18%
Return on Net Nonoperating Assets (RNNOA)	12.90%	7.36%	3.33%	11.93%	10.58%	2.14%	1.19%	8.40%	7.25%	-9.99%	1.36%
Return on Equity (ROE)	36.62%	24.77%	17.80%	37.45%	37.02%	10.69%	9.38%	30.84%	30.32%	5.51%	8.94%
Cash Return on Invested Capital (CROIC)	11.91%	11.68%	10.24%	14.49%	18.42%	20.52%	20.06%	12.92%	15.15%	16.63%	16.24%
Operating Return on Assets (OROA)	20.14%	15.50%	5.69%	20.41%	24.05%	9.82%	5.83%	20.41%	20.68%	14.35%	7.15%
Return on Assets (ROA)	13.58%	9.38%	5.86%	15.10%	16.34%	4.62%	3.82%	13.97%	14.22%	-21.11%	3.36%
Return on Common Equity (ROCE)	36.62%	24.77%	17.80%	37.45%	37.02%	10.69%	9.38%	30.84%	30.32%	5.51%	8.94%
Return on Equity Simple (ROE_SIMPLE)	22.23%	21.41%	0.00%	24.38%	24.03%	21.75%	0.00%	21.46%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	41	21	16	36	46	10	8.25	34	39	20	8.78
NOPAT Margin	16.88%	11.61%	8.78%	17.64%	19.15%	5.73%	5.28%	16.73%	17.95%	11.26%	5.09%
Net Nonoperating Expense Percent (NNEP)	1.52%	1.67%	4.15%	1.40%	1.38%	1.29%	2.31%	1.58%	2.02%	54.39%	2.41%
Return On Investment Capital (ROIC_SIMPLE)	-	-	2.94%	-	-	-	1.47%	5.52%	6.29%	3.42%	1.59%
Cost of Revenue to Revenue	40.56%	39.39%	41.87%	39.38%	35.64%	38.27%	40.05%	36.30%	36.31%	37.25%	36.46%
SG&A Expenses to Revenue	31.47%	36.33%	39.66%	35.79%	31.36%	41.23%	43.51%	32.72%	32.10%	38.39%	43.36%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.47%	44.06%	52.58%	38.69%	37.78%	51.59%	54.00%	40.92%	39.48%	93.90%	55.25%
Earnings before Interest and Taxes (EBIT)	56	30	10	45	65	19	9.60	45	53	28	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	73	47	32	61	82	38	27	61	69	45	30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.56	4.28	4.51	4.41	3.96	4.30	4.15	2.98	3.94	3.34	3.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.68	2.09	2.28	2.25	2.18	2.38	2.32	1.60	2.26	1.88	1.62
Price to Earnings (P/E)	16.03	20.00	22.09	18.10	16.47	19.77	19.59	13.88	20.75	43.51	38.24
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.24%	5.00%	4.53%	5.52%	6.07%	5.06%	5.10%	7.21%	4.82%	2.30%	2.62%
Enterprise Value to Invested Capital (EV/IC)	2.67	3.34	3.81	3.45	3.23	3.74	3.73	2.40	3.16	2.79	2.63
Enterprise Value to Revenue (EV/Rev)	1.93	2.29	2.40	2.45	2.36	2.50	2.40	1.83	2.46	2.06	1.81
Enterprise Value to EBITDA (EV/EBITDA)	8.08	9.37	10.09	9.22	8.54	9.43	9.05	6.87	9.53	7.66	6.76
Enterprise Value to EBIT (EV/EBIT)	12.38	14.46	16.27	13.93	12.61	14.44	13.61	10.30	14.78	11.44	9.98
Enterprise Value to NOPAT (EV/NOPAT)	17.86	20.38	21.62	17.66	16.20	18.83	18.61	14.44	20.38	14.02	13.07
Enterprise Value to Operating Cash Flow (EV/OCF)	12.29	14.73	15.46	13.32	10.31	10.57	10.97	8.83	10.72	9.57	8.40
Enterprise Value to Free Cash Flow (EV/FCFF)	22.80	29.37	38.69	24.47	17.67	18.15	18.59	18.95	20.90	17.04	16.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.43	0.31	0.50	0.41	0.28	0.29	0.45	0.44	0.37	0.45
Long-Term Debt to Equity	0.58	0.43	0.31	0.50	0.41	0.28	0.29	0.44	0.43	0.35	0.44
Financial Leverage	0.58	0.47	0.32	0.49	0.42	0.30	0.20	0.40	0.34	0.26	0.26
Leverage Ratio	2.55	2.36	2.23	2.35	2.18	2.03	1.97	2.08	2.01	1.91	2.01
Compound Leverage Factor	2.34	2.03	1.45	2.16	2.06	1.69	1.45	1.93	1.87	-3.98	1.54
Debt to Total Capital	36.89%	30.10%	23.64%	33.34%	28.92%	21.89%	22.24%	31.10%	30.55%	26.77%	31.12%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.95%	0.93%	1.00%	1.05%
Long-Term Debt to Total Capital	36.89%	30.10%	23.64%	33.34%	28.92%	21.89%	22.24%	30.14%	29.62%	25.77%	30.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	63.11%	69.90%	76.36%	66.66%	71.08%	78.11%	77.76%	68.90%	69.45%	73.23%	68.88%
Debt to EBITDA	1.15	0.86	0.66	0.96	0.81	0.59	0.60	0.91	0.97	0.77	0.84
Net Debt to EBITDA	1.05	0.80	0.53	0.75	0.65	0.43	0.32	0.84	0.80	0.65	0.72
Long-Term Debt to EBITDA	1.15	0.86	0.66	0.96	0.81	0.59	0.60	0.89	0.94	0.74	0.81
Debt to NOPAT	2.55	1.87	1.40	1.84	1.54	1.17	1.24	1.92	2.08	1.40	1.62
Net Debt to NOPAT	2.32	1.74	1.14	1.44	1.24	0.86	0.67	1.76	1.71	1.20	1.38
Long-Term Debt to NOPAT	2.55	1.87	1.40	1.84	1.54	1.17	1.24	1.86	2.02	1.35	1.56
Altman Z-Score	3.36	4.00	4.49	4.33	4.46	4.81	4.54	3.81	4.41	4.18	3.78
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.42	1.17	1.03	1.49	1.45	1.15	1.04	1.24	1.29	1.13	1.06
Quick Ratio	1.26	1.02	0.87	1.32	1.31	1.02	0.87	1.10	1.14	0.95	0.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	22	-6.19	-24	4.87	37	14	8.35	10	37	0.14	-14
Operating Cash Flow to CapEx	153.03%	419.27%	397.87%	0.00%	289.69%	452.36%	373.51%	-283.46%	409.58%	489.47%	502.52%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.87	0.93	0.98	0.92	0.90	0.95	0.95	0.91	0.86	0.90	0.93
Accounts Receivable Turnover	3.09	3.94	5.06	4.07	3.49	4.36	5.40	3.97	3.60	4.43	5.46
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	42.85	48.52	51.27	51.91	55.54	61.00	69.81	74.96	75.50	82.05	86.67
Accounts Payable Turnover	6.20	8.45	8.02	6.62	7.14	8.71	9.52	7.06	7.71	9.09	10.70
Days Sales Outstanding (DSO)	118.26	92.71	72.18	89.63	104.62	83.66	67.64	91.86	101.28	82.40	66.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	58.88	43.19	45.50	55.13	51.10	41.91	38.35	51.71	47.31	40.14	34.10
Cash Conversion Cycle (CCC)	59.38	49.52	26.68	34.51	53.52	41.76	29.29	40.15	53.97	42.27	32.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	576	540	504	570	586	536	504	593	588	555	526
Invested Capital Turnover	1.41	1.50	1.65	1.45	1.38	1.49	1.55	1.34	1.29	1.38	1.49
Increase / (Decrease) in Invested Capital	19	27	39	31	9.70	-4.00	-0.10	24	2.30	20	23
Enterprise Value (EV)	1,540	1,805	1,917	1,966	1,892	2,002	1,878	1,424	1,860	1,546	1,386
Market Capitalization	1,340	1,650	1,815	1,805	1,748	1,911	1,810	1,251	1,704	1,414	1,239
Book Value per Share	$12.78	$13.14	$13.82	$13.96	$15.06	$15.31	$15.11	$14.68	$15.63	$15.39	$14.29
Tangible Book Value per Share	($4.05)	($3.84)	($3.13)	($2.98)	($2.02)	($1.94)	($2.28)	($2.90)	($2.58)	($2.91)	($4.50)
Total Capital	596	551	527	613	621	569	561	609	622	578	551
Total Debt	220	166	125	205	180	125	125	190	190	155	171
Total Long-Term Debt	220	166	125	205	180	125	125	184	184	149	166
Net Debt	200	154	101	161	145	91	67	173	156	132	147
Capital Expenditures (CapEx)	13	19	19	-0.10	19	19	15	13	17	15	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	68	21	-16	45	51	-3.40	-49	37	32	7.50	-7.30
Debt-free Net Working Capital (DFNWC)	87	33	6.90	88	86	30	8.40	53	65	30	17
Net Working Capital (NWC)	87	33	6.90	88	86	30	8.40	47	60	24	11
Net Nonoperating Expense (NNE)	3.16	2.81	4.90	2.57	2.38	1.58	1.95	2.64	3.04	61	2.58
Net Nonoperating Obligations (NNO)	200	154	101	161	145	91	67	173	156	132	147
Total Depreciation and Amortization (D&A)	17	17	21	16	17	20	17	16	17	17	17
Debt-free, Cash-free Net Working Capital to Revenue	8.47%	2.71%	-2.03%	5.55%	6.37%	-0.42%	-6.25%	4.71%	4.17%	1.00%	-0.95%
Debt-free Net Working Capital to Revenue	10.90%	4.20%	0.87%	11.00%	10.73%	3.77%	1.07%	6.79%	8.65%	4.02%	2.24%
Net Working Capital to Revenue	10.90%	4.20%	0.87%	11.00%	10.73%	3.77%	1.07%	6.04%	7.88%	3.25%	1.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.28	$0.62	$0.37	$1.14	$1.50	$0.30	$0.22	$1.08	$1.30	($1.49)	$0.29
Adjusted Weighted Average Basic Shares Outstanding	29.50M	29.40M	29.30M	29.30M	29.40M	29.10M	29.20M	28.70M	27.70M	27.40M	27.50M
Adjusted Diluted Earnings per Share	$1.24	$0.60	$0.33	$1.09	$1.47	$0.29	$0.21	$1.05	$1.28	($1.49)	$0.31
Adjusted Weighted Average Diluted Shares Outstanding	30.40M	30.30M	30.60M	30.50M	30M	29.90M	30.20M	29.50M	28.20M	27.40M	28.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	29.32M	29.11M	29.09M	29.32M	29.03M	28.86M	28.61M	27.64M	27.49M	26.54M	25.62M
Normalized Net Operating Profit after Tax (NOPAT)	39	21	7.84	37	47	11	10	36	40	78	12
Normalized NOPAT Margin	16.21%	11.50%	4.44%	18.35%	19.54%	6.17%	6.47%	17.79%	18.29%	44.68%	7.08%
Pre Tax Income Margin	21.19%	14.33%	3.80%	20.35%	25.22%	8.58%	4.54%	20.98%	22.33%	-33.03%	5.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	82.18%	60.73%	49.03%	52.86%	66.35%	71.66%	88.31%	115.21%	145.68%	431.69%	570.99%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, markets-focused read on Donnelley Financial Solutions (NYSE: DFIN) using the four most recent years of quarterly results provided. The notes focus on trend signals that a retail investor might consider when thinking about growth, profitability, and balance-sheet health.

Gross margin stability: Across the period, gross margin has stayed in the low-to-mid 60s% (for example, Q4 2025 gross profit of $109.6M on $172.5M revenue ≈ 63.5%), with similar margins in Q2–Q4 2024–2025. This indicates relatively stable core profitability on revenue.
Positive 2025 net income on a quarterly basis: While quarterly results fluctuated, the four quarters add up to a roughly $31.5M net income for 2025 (Q1 30.1M, Q2 36.1M, Q3 -40.9M, Q4 6.2M). This suggests a positive annual footing despite some volatility.
Robust operating cash flow in 2025: Operating cash flow was strong in several 2025 quarters, notably $74.4M (Q3) and $59.8M (Q4) from continuing operations, signaling tangible cash-generation capability alongside reported profitability.
Balance-sheet leverage modestly improving in 2025: Long-term debt declined from around $184.3M (mid-2025) to about $149M by Q3 2025, while equity remains solid (Total Common Equity around $423M–$432M in the period). This points to deleveraging and a stable capital base.
One-off charges create earnings volatility: Q3 2025 includes notable non-operating items (e.g., Other Special Charges totaling about $82.8M and a restructuring charge), which can distort quarterly earnings and complicate apples-to-apples comparisons.
Earnings variability tied to non-operating items: The company posted a meaningful net loss in some quarters (for example Q3 2025 and Q3 2024 episodes) even amid revenue strength, highlighting earnings volatility driven by non-operational items rather than pure operating performance.
Financing activities show cashout pressures at times: 2025 financing cash flow has included redemptions and buybacks that produced negative net cash from financing in several quarters, which can compress near-term liquidity metrics despite operating-cash generation.
Q3 2025 net loss: Net income for the quarter was negative at approximately -$40.9M driven by non-operating items and charges, signaling a quarterly delta that may affect investor confidence during down-tide periods.
2024 revenue softness vs. prior peaks: Revenue softened in 2024 (e.g., Q4 2024 revenue $156.3M vs. periods in 2022–2023 closer to the $170M–$180M range), indicating a cyclical or competitive headwind that could recur if market conditions deteriorate.
Balance-sheet concentration risk via intangible assets: The company carries substantial goodwill and intangibles (e.g., Goodwill around $405–406M and Intangible Assets near $92–98M in mid-2025), which can pose impairment risk if the business environment worsens or strategic shifts underperform expectations.

05/05/26 08:32 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Donnelley Financial Solutions' Financials

When does Donnelley Financial Solutions' financial year end?

According to the most recent income statement we have on file, Donnelley Financial Solutions' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Donnelley Financial Solutions' net income changed over the last 10 years?

Donnelley Financial Solutions' net income appears to be on an upward trend, with a most recent value of $32.40 million in 2025, falling from $104.30 million in 2015. The previous period was $92.40 million in 2024. See where experts think Donnelley Financial Solutions is headed by visiting Donnelley Financial Solutions' forecast page.

What is Donnelley Financial Solutions' operating income?

Donnelley Financial Solutions' total operating income in 2025 was $141.10 million, based on the following breakdown:

Total Gross Profit: $486.60 million
Total Operating Expenses: $428.30 million

How has Donnelley Financial Solutions' revenue changed over the last 10 years?

Over the last 10 years, Donnelley Financial Solutions' total revenue changed from $1.05 billion in 2015 to $767 million in 2025, a change of -26.9%.

How much debt does Donnelley Financial Solutions have?

Donnelley Financial Solutions' total liabilities were at $421.20 million at the end of 2025, a 3.9% increase from 2024, and a 117.0% increase since 2015.

How much cash does Donnelley Financial Solutions have?

In the past 10 years, Donnelley Financial Solutions' cash and equivalents has ranged from $15.10 million in 2015 to $73.60 million in 2020, and is currently $24.50 million as of their latest financial filing in 2025.

How has Donnelley Financial Solutions' book value per share changed over the last 10 years?

Over the last 10 years, Donnelley Financial Solutions' book value per share changed from 19.24 in 2015 to 14.29 in 2025, a change of -25.7%.

Related Companies

Financial statements for NYSE:DFIN last updated on 2/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Donnelley Financial Solutions (DFIN) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Donnelley Financial Solutions' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Donnelley Financial Solutions (DFIN) Financials

Annual Income Statements for Donnelley Financial Solutions

Quarterly Income Statements for Donnelley Financial Solutions

Annual Cash Flow Statements for Donnelley Financial Solutions

Quarterly Cash Flow Statements for Donnelley Financial Solutions

Annual Balance Sheets for Donnelley Financial Solutions

Quarterly Balance Sheets for Donnelley Financial Solutions

Annual Metrics And Ratios for Donnelley Financial Solutions

Quarterly Metrics And Ratios for Donnelley Financial Solutions

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Donnelley Financial Solutions' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools