Donnelley Financial Solutions

DFIN · NYSE · Financials · Financials, fiscal 2016 to 2025

DFIN · Last close · November 6, 2026

$66.98

Value Donnelley Financial Solutions yourself

Donnelley Financial Solutions' revenue fell 1.9% to $767 million in fiscal 2025. Its operating margin was 18.4%, up from 17.5% a year earlier. Free cash flow was $108 million, up 2.5%. It paid out $185 million in dividends and buybacks, 172% of free cash flow. The diluted share count fell 6.6%.

Donnelley Financial Solutions, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0001193125-26-054586 Updated November 5, 2026

Revenue

$767M

1.9%

Operating margin

18.4%

0.9 pts

Net income

$32M

64.9%

Free cash flow

$108M

2.5%

Return on capital

20.5%

0.6 pts

Market cap

$1.7B

Nov 6 close

P/E

17.7x

On $3.79 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Donnelley Financial Solutions does

Donnelley Financial Solutions, known as DFIN, sells software and services that help companies and investment funds meet securities regulations and file required reports with the SEC. Its clients include public and private companies, mutual funds and other regulated investment firms, mainly in North America, Europe and Asia. It became an independent public company on October 1, 2016, when R.R. Donnelley spun it off.

It reports four segments: software and services (compliance and communications) for each of two groups of clients, capital markets companies and investment companies. Its main software products are ActiveDisclosure, used to prepare and file SEC reports; Venue, a virtual data room for confidential deal documents; and Arc Suite, for investment company reporting. The services side includes filing agent work, document preparation, and print and distribution.

Software made up about 44% of capital markets net sales in 2025, and about 53% of investment companies net sales. DFIN says the compliance industry is highly competitive and fragmented, and that it expects more competition, including from AI-enabled or self-filing services.

Its biggest risks, as it describes them

Clients doing more of their own financial disclosure work, which changes the market for its services.
More competition from new entrants, including AI-enabled or self-filing tools.
Its business relies heavily on the global financial services industry, which can be uneven.
Changes in technology and regulation that could make its offerings less useful.
Exposure to currency swings and to credit markets, since it operates in many countries.

From Donnelley Financial Solutions's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 4.9% a year and net income 6.5% a year, while buybacks cut the share count by 14%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	54	34	23	57	24
Debt incl. finance leases	132	176	132	128	174
Net debt (negative means net cash)	77	142	109	70	150
Net debt to EBITDA	0.3x	0.7x	0.7x	0.4x	0.8x
Debt to equity	0.3x	0.5x	0.3x	0.3x	0.5x
Interest coverage	8.2x	15.8x	7.0x	10.6x	10.9x
Current ratio	1.1x	1.0x	1.0x	1.0x	1.1x
Quick ratio	1.1x	1.0x	1.0x	1.0x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Donnelley Financial Solutions' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Donnelley Financial Solutions' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $999,945 of Donnelley Financial Solutions shares on the open market, and 5 insiders sold $11.4 million, $1.5 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 4, 2026	Daniel LeibChief Executive Officer, Director	Sold plan	5,000	$70.76	$353,799	Form 4
Nov 3, 2026	Craig ClaySenior Advisor	Sold	36,028	$67.62	$2.4 million	Form 4
Nov 3, 2026	Daniel LeibChief Executive Officer, Director	Sold plan	10,000	$67.35	$673,488	Form 4
Nov 2, 2026	Craig ClaySenior Advisor	Sold	54,018	$67.58	$3.7 million	Form 4
Nov 2, 2026	Kami TurnerChief Accounting Officer	Sold	12,100	$67.06	$811,464	Form 4
Sep 3, 2026	Robert Kirk WilliamsChief People & Intl Officer	Sold	16,450	$48.77	$802,266	Form 4
Sep 2, 2026	Joseph Leo BinzDirector	Bought	5,780	$47.75	$275,995	Form 4
Sep 1, 2026	Joseph Leo BinzDirector	Bought	15,000	$48.26	$723,950	Form 4
Aug 19, 2026	Daniel LeibChief Executive Officer, Director	Sold	9,787	$50.00	$489,350	Form 4
Aug 14, 2026	Daniel LeibChief Executive Officer, Director	Sold	213	$50.00	$10,650	Form 4
Mar 6, 2026	Eric J JohnsonPresident, Gic	Sold	20,280	$50.16	$1.0 million	Form 4
Mar 4, 2026	Robert Kirk WilliamsChief People & Admin Officer	Sold	7,684	$52.03	$399,799	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	7 of 8	8 of 8	5 of 8
Rule of 40	3.4%	11.5%	12.2%
Altman Z''	3.78	4.33	4.51
Accruals ratio	−5.1%	−9.6%	−16.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	7 of 8	8 of 8	5 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Donnelley Financial Solutions side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Donnelley Financial Solutions	FY25	−1.9%	18.4%	14.1%	20.5%	0.8x	5
MarketAxess	FY25	3.6%	40.4%	44.2%	—	—	—	Compare
Morningstar	FY25	7.5%	21.5%	18.1%	22.5%	0.8x	6	Compare
FactSet	FY26	6.7%	28.3%	28.6%	18.2%	1.2x	6	Compare
MSCI	FY25	9.8%	54.7%	49.4%	44.5%	3.3x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	984	1,005	963	875	894	993	834	797	782	767
Revenue growth	−6.3%	2.2%	−4.2%	−9.2%	2.3%	11.1%	−16.1%	−4.4%	−1.9%	−1.9%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	105	96	121	78	4	219	145	110	137	141
Net income	59	10	74	38	−26	146	102	82	92	32
Diluted EPS (US$)	1.80	0.29	2.16	1.10	−0.76	4.14	3.17	2.69	3.06	1.15
Diluted shares (millions)	33	33	34	34	34	35	32	31	30	28
Cash flow
Cash from operations	106	91	66	54	154	180	150	124	171	165
Capital expenditure	26	28	37	45	31	42	54	62	66	57
Free cash flow	80	64	29	10	123	138	96	62	105	108
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	1	2	2	12	41	165	40	82	185
Acquisitions	0	0	12	4	0	4	0	0	0	0
Stock-based compensation	2	7	9	9	14	20	19	22	25	31
Balance sheet at fiscal year end
Cash and short-term investments	36	52	47	17	74	54	34	23	57	24
Debt incl. finance leases	587	458	363	296	230	132	176	132	128	174
Total assets	979	894	869	887	866	883	828	807	842	800
Total liabilities	868	744	643	618	618	506	499	405	406	421
Shareholders' equity	111	149	226	269	248	377	330	402	436	379
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	10.7%	9.5%	12.6%	9.0%	0.4%	22.1%	17.4%	13.8%	17.5%	18.4%
Net margin	6.0%	1.0%	7.6%	4.3%	−2.9%	14.7%	12.3%	10.3%	11.8%	4.2%
Free cash flow margin	8.1%	6.3%	3.0%	1.1%	13.8%	13.9%	11.5%	7.8%	13.4%	14.1%
Rule of 40 (growth + FCF margin)	1.8%	8.5%	−1.1%	−8.1%	16.0%	24.9%	−4.6%	3.4%	11.5%	12.2%
Return on capital	10.2%	7.9%	15.8%	10.4%	0.6%	37.7%	23.1%	18.1%	19.8%	20.5%
Return on equity	16.1%	7.5%	39.2%	15.2%	−10.0%	46.7%	29.0%	22.5%	22.0%	8.0%
Return on assets	6.6%	1.0%	8.3%	4.3%	−3.0%	16.7%	12.0%	10.1%	11.2%	4.0%
Net debt to EBITDA	3.7x	2.9x	1.9x	2.2x	2.9x	0.3x	0.7x	0.7x	0.4x	0.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Donnelley Financial Solutions' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Donnelley Financial Solutions.