# Donnelley Financial Solutions, Inc. (DFIN)

> Source: Nexqual · https://nexqual.com/DFIN · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Donnelley Financial Solutions, Inc. (DFIN), nexqual.com/DFIN" · informational, not investment advice.

**Price:** USD 61.07 (+14.97% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 53.12 · day 56.25–61.29 · 52w 36.11–61.29 · market cap $1.50B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $787M, net income $97.4M (12.4% margin), free cash flow $179M (SEC filings).
- Valuation: P/E 15.4x (avg 28.1x at the last 3 fiscal year-ends), EV/EBITDA 7.6x, net debt $99.8M.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.3M; 3 not under a Rule 10b5-1 plan ($1.3M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $1000K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Strong Buy (mean 1.33 on a 1–5 scale) (3 analysts), mean target USD 64 (range 60–70).
- Total return with dividends: 1Y +16.3% vs S&P 500 +14.8%; 5Y +59.4% vs S&P 500 +79.1%.
- Next earnings: 2026-10-29, EPS estimate USD 0.75, revenue estimate $171M. All companies reporting that day: https://nexqual.com/earnings/2026-10-29
- Dividend: DFIN paid no cash dividend in the last five years.
- Short interest: 4.33% of float (as of 2026-10-15), 3.6 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $993M | $834M | $797M | $782M | $767M | $787M |
| Operating income | $219M | $145M | $110M | $137M | $141M | $151M |
| Net income | $146M | $103M | $82.2M | $92.4M | $32.4M | $97.4M |
| EPS (diluted) | $4.14 | $3.17 | $2.69 | $3.06 | $1.15 | — |
| Free cash flow | $138M | $96.0M | $62.2M | $105M | $108M | $179M |
| Operating margin | 22.1% | 17.4% | 13.8% | 17.5% | 18.4% | 19.2% |
| Net margin | 14.7% | 12.3% | 10.3% | 11.8% | 4.2% | 12.4% |
| Revenue growth | +11.0% | -16.1% | -4.4% | -1.9% | -1.9% | — |
| Cash + short-term investments | $54.5M | $34.2M | $23.1M | $57.3M | $24.5M | — |
| Total debt | $124M | $169M | $125M | $125M | $171M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 15.4x · P/S 1.9x · EV/EBITDA 7.6x · EV/Sales 2.0x · P/FCF 8.4x · P/B 3.7x · FCF yield 11.92% · Earnings yield 6.49% · Buyback yield (TTM) 9.66% · Net debt $99.8M · EV $1.60B
P/E at fiscal year-ends: Dec 2025 40.6x, Dec 2024 20.5x, Dec 2023 23.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Williams Robert Kirk | Chief People & Intl Officer | 16,450 | $802K | 27.1% | No | Too little history (no open-market trades in 2023) |
| 2026-08-19 | Leib Daniel | Chief Executive Officer | 9,787 | $489K | 1.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-14 | Leib Daniel | Chief Executive Officer | 213 | $11K | 0% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $1000K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-01…2026-09-02 | Binz Joseph Leo | Director | 20,780 | $1000K | 48.12 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Strong Buy (mean 1.33 on a 1–5 scale), 3 analysts; mean target USD 64 (low 60, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-21 | Needham | Reiterated | Buy | $60 |
| 2026-07-31 | Needham | Target raised | Buy | $57 → $60 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +16.3% | +59.4% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +16.4% | +9.7% |
| Volatility (annualized) | 44.9% | 45.6% |
| Max drawdown | -33.5% (Jan 2026→Jun 2026) | -47.5% (Nov 2021→May 2022) |

## Dividends
DFIN paid no cash dividend in the last five years.

## Short interest
842,410 shares sold short, 4.33% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 1,032,691 shares (-18.4%). Days to cover: 3.6 (short shares ÷ average daily volume).

## Peers (Software - Application)
CVLT (Commvault Systems, Inc.) USD 171.61 +3.09% · APPF (AppFolio, Inc.) USD 207.05 +1.00% · TTAN (ServiceTitan, Inc.) USD 80.73 -0.16% · DSGX (The Descartes Systems Group Inc) USD 92.03 -0.36% · YMM (Full Truck Alliance Co. Ltd.) USD 8.09 +0.12% · IDCC (InterDigital, Inc.) USD 334.27 +4.28%

## More
Full page: https://nexqual.com/DFIN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Capital Markets Software Solutions | $64.1M | 34.6% | +8.6% |
| Capital Markets Compliance & Communications Management | $61.9M | 33.5% | +8.2% |
| Investment Companies Software Solutions | $31.1M | 16.8% | -1.9% |
| Investment Companies Compliance & Communications Management | $27.9M | 15.1% | +1.8% |
| Total revenue | $185.0M | 100% | — |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Software Solutions | $95.2M | 51.5% | +5.0% |
| Technology Service | $72.3M | 39.1% | +5.4% |
| Print & Distribution Service | $17.5M | 9.5% | +9.4% |
| Total revenue | $185.0M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $684.8M | 89.3% | -2.1% |
| Europe | $29.5M | 3.8% | +2.8% |
| Canada | $26.1M | 3.4% | -1.9% |
| Asia | $24.7M | 3.2% | -3.5% |
| Other Geographic Area | $1.9M | 0.2% | +5.6% |
| Total revenue | $767.0M | 100% | — |

## Company outlook (8-K filed 2026-10-29)

- "The Company provides the following guidance for the fourth quarter of 2026."
- "Total net sales $175 million to $180 million Adjusted EBITDA margin 26% to 27% Capital markets transactional net sales $50 million The guidance provided above constitutes forward-looking statements and actual results may differ materially."

Analysts expect $170.9M for the current quarter, -3.7% vs the guidance midpoint $177.5M. Source: https://www.sec.gov/Archives/edgar/data/1669811/000119312526436951/dfin-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.75 | $0.76 | -1.8% | $170.9M | 3 |
| Next quarter (ends 2027-03-31) | $1.66 | $0.00 | +$1.66 | $211.5M | 1 |
| Current fiscal year (ends 2026-12-31) | $4.81 | $4.76 | +1.0% | $780.5M | 3 |
| Next fiscal year (ends 2027-12-31) | $5.46 | $5.26 | +3.7% | $808.5M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±9.9%; last 8 reports averaged ±15%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 50.2% | ±9.9% |
| 2027-01-15 | 78 | 37.2% | ±13.5% |
| 2027-04-16 | 169 | 39.5% | ±21.3% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jul 30, 2026 | Quarter ended Jun 30, 2026 | $1.76 | $1.63 | Beat +8.0% | -8.0% |
| May 5, 2026 | Quarter ended Mar 31, 2026 | $1.45 | $1.35 | Beat +7.4% | -15.1% |
| Feb 17, 2026 | Quarter ended Dec 31, 2025 | $0.70 | $0.41 | Beat +70.7% | +26.2% |
| Oct 29, 2025 | — | — | — | — | -11.7% |
| Oct 23, 2025 | — | — | — | — | +3.4% |
| Jul 31, 2025 | — | — | — | — | -20.0% |
| Apr 30, 2025 | — | — | — | — | +9.2% |
| Feb 18, 2025 | — | — | — | — | -26.4% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1669811/000119312526437777/0001193125-26-437777-index.htm |
| 2026-10-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1669811/000119312526436951/0001193125-26-436951-index.htm |
| 2026-07-31 | Schedule 13G/A | Vanguard Capital Management: 5.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1669811/000210011926001377/0002100119-26-001377-index.htm |
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1669811/000119312526326099/0001193125-26-326099-index.htm |
| 2026-07-30 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1669811/000119312526324858/0001193125-26-324858-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.