Pitney Bowes Inc. (PBI) 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

-139.7%

-$6.44

vs $16.21 price

Levered DCF

-$5.22

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.47

Grey zone

Rating

C+

Overall 2 / 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	12.58×	120.67×	-2×	18.1×	328.22×	-5.81×	16.79×	4.97×
P/B	-2.28×	-2.25×	-2.1×	10.9×	10.24×	14.96×	2.48×	10.87×
P/S	0.97×	0.64×	0.37×	0.19×	0.31×	0.3×	0.22×	0.34×
EV / EBITDA	9.28×	15.78×	13.96×	8.55×	11.81×	35.45×	9.22×	8.11×
Gross margin	54.1%	52.4%	49.6%	30.5%	30.5%	32.3%	40.0%	44.3%
Operating margin	20.4%	15.4%	10.8%	4.5%	4.2%	4.0%	6.9%	12.2%
Net margin	7.6%	0.5%	-18.5%	1.0%	0.1%	-5.4%	0.4%	5.6%
Current ratio	0.71×	0.79×	1.08×	1.04×	1.09×	1.13×	1.42×	1.43×
Debt / equity	-2.77×	-3.54×	-6.25×	41.61×	22.7×	39.75×	10.32×	33.64×
Interest coverage	3.81×	2.84×	1.38×	1.15×	1.08×	0.92×	1.43×	2.46×
Dividend yield	2.8%	2.8%	4.6%	5.3%	3.0%	3.2%	5.0%	12.7%
Payout ratio	35.3%	351.0%	-9.1%	94.0%	992.3%	-18.0%	266.0%	77.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-18.0%	-1.8%	104.6%	60.9%	3.1%	-269.7%	4.6%	177.9%
Return on invested capital	17.5%	-33.9%	9.1%	4.8%	-2.2%	3.9%	5.6%	8.9%
Return on assets	4.6%	0.3%	-9.0%	0.8%	0.1%	-3.6%	0.2%	3.1%
Free cash flow yield	16.4%	12.1%	-3.0%	7.7%	10.2%	18.6%	18.4%	18.7%
Earnings yield	7.9%	0.8%	-49.9%	5.6%	0.3%	-18.0%	1.9%	16.4%
Enterprise value	$3.8B	$2.9B	$2.5B	$2.5B	$3B	$2.9B	$2.7B	$3.7B
Net debt / EBITDA	4.77×	8.65×	9.6×	6.3×	7.24×	22.72×	6.83×	5.66×
Cash conversion cycle (days)	-199	59	-133	60	57	67	2	-2