Donnelley Financial Solutions, Inc. (DFIN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-4.2%

$66.17

vs $69.04 price

Levered DCF

$75.57

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.39

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	39.57×	19.85×	22.2×	11.61×	10.81×	-22.33×	9.52×	6.44×
P/B	3.39×	4.2×	4.54×	3.61×	4.19×	2.32×	1.33×	2.1×
P/S	1.67×	2.34×	2.29×	1.43×	1.59×	0.64×	0.41×	0.49×
EV / EBITDA	11.7×	9.15×	10.2×	6.47×	6.22×	9.77×	4.54×	4.26×
Gross margin	63.4%	61.9%	58.2%	55.6%	58.4%	44.6%	38.0%	39.0%
Operating margin	19.8%	18.3%	15.0%	18.3%	22.1%	0.4%	9.0%	12.6%
Net margin	4.2%	11.8%	10.3%	12.3%	14.7%	-2.9%	4.3%	7.6%
Current ratio	1.06×	1.04×	1.03×	1.02×	1.07×	1.12×	1.18×	1.26×
Debt / equity	0.48×	0.33×	0.38×	0.66×	0.5×	1.22×	1.4×	1.6×
Interest coverage	10.82×	9.48×	6.69×	15.27×	11.08×	0.14×	2.31×	3.3×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.5%	21.2%	20.4%	31.1%	38.7%	-10.5%	14.0%	32.6%
Return on invested capital	18.7%	16.4%	15.5%	18.1%	25.3%	0.5%	7.8%	12.9%
Return on assets	4.0%	10.8%	10.2%	12.4%	16.5%	-2.9%	4.2%	8.5%
Free cash flow yield	8.4%	5.7%	3.4%	8.1%	8.7%	21.4%	2.7%	6.2%
Earnings yield	2.5%	5.0%	4.5%	8.6%	9.2%	-4.5%	10.5%	15.5%
Enterprise value	$1.4B	$1.9B	$2B	$1.4B	$1.7B	$803M	$716.3M	$789.6M
Net debt / EBITDA	1.28×	0.42×	0.68×	0.86×	0.48×	2.77×	2.28×	1.7×
Cash conversion cycle (days)	37	35	32	31	46	35	35	28