# Deluxe Corporation (DLX)

> Source: Nexqual · https://nexqual.com/DLX · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Deluxe Corporation (DLX), nexqual.com/DLX" · informational, not investment advice.

**Price:** USD 22.92 (-0.30% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 22.99 · day 22.64–23.24 · 52w 17.76–32.07 · market cap $1.05B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.11B, net income $101M (4.8% margin), free cash flow $209M (SEC filings).
- Valuation: P/E 10.4x (avg 22.5x at the last 3 fiscal year-ends), EV/EBITDA 6.0x, net debt $1.32B.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 32.25 (range 31–35).
- Total return with dividends: 1Y +31.6% vs S&P 500 +13.6%; 5Y -14.9% vs S&P 500 +79.8%.
- Next earnings: 2026-11-04, EPS estimate USD 0.95, revenue estimate $532M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.02B | $2.24B | $2.19B | $2.12B | $2.13B | $2.11B |
| Gross profit | $1.14B | $1.21B | $1.16B | $1.13B | $1.13B | — |
| Operating income | $142M | $169M | $161M | $192M | $232M | $251M |
| Net income | $62.6M | $65.4M | $26.1M | $52.8M | $82.1M | $101M |
| EPS (diluted) | $1.45 | $1.50 | $0.59 | $1.18 | $1.80 | — |
| Free cash flow | — | — | $97.7M | $100M | $175M | $209M |
| Gross margin | 56.3% | 53.9% | 53.0% | 53.1% | 53.0% | — |
| Operating margin | 7.0% | 7.6% | 7.3% | 9.1% | 10.9% | 11.9% |
| Net margin | 3.1% | 2.9% | 1.2% | 2.5% | 3.8% | 4.8% |
| Revenue growth | +12.9% | +10.7% | -2.0% | -3.2% | +0.5% | — |
| Cash + short-term investments | $41.2M | $40.4M | $72.0M | $34.4M | $36.9M | — |
| Total debt | $1.68B | $1.64B | $1.59B | $1.50B | $1.43B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.4x · P/S 0.5x · EV/EBITDA 6.0x · EV/Sales 1.1x · P/FCF 5.0x · P/B 1.5x · FCF yield 19.89% · Earnings yield 9.57% · Dividend yield (paid, TTM) 5.36% · Net debt $1.32B · EV $2.37B
P/E at fiscal year-ends: Dec 2025 12.4x, Dec 2024 19.1x, Dec 2023 36.0x.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 32.25 (low 31, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | Barrington Research | Initiated | Outperform | $31 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +31.6% | -14.9% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +31.8% | -3.2% |
| Volatility (annualized) | 39.6% | 39.1% |
| Max drawdown | -29.4% (May 2026→Jun 2026) | -58.9% (Nov 2021→May 2023) |

## Peers (Conglomerates)
VMI (Valmont Industries, Inc.) USD 434.6 -0.54% · HON (Honeywell International Inc.) USD 219.26 +0.21% · MMM (3M Company) USD 172.8 +0.71% · CNI (Canadian National Railway Compa) USD 124.31 -0.97% · NSC (Norfolk Southern Corporation) USD 338.09 -0.49% · HWM (Howmet Aerospace Inc.) USD 195.19 +1.67%

## More
Full page: https://nexqual.com/DLX · 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

## Supply chain and relationships (SEC annual reports)

Named in DLX's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/27996/000002799626000037/dlx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Visa (V) | "Our ability to generate revenue from services provided to merchants that accept Visa and Mastercard is contingent upon maintaining ongoing registrations with these card networks, securing sponsorship from financial insti…" |
| Customer | Mastercard (MA) | "Our ability to generate revenue from services provided to merchants that accept Visa and Mastercard is contingent upon maintaining ongoing registrations with these card networks, securing sponsorship from financial insti…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Print | $235.9M | 47.2% | -16.1% |
| Merchant Services | $107.6M | 21.6% | +6.1% |
| Data Solutions | $82.3M | 16.5% | +21.4% |
| B2B Payments | $73.5M | 14.7% | +3.5% |
| Total revenue | $499.3M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $262.3M | 52.5% | +9.3% |
| — Checks (part of Service) | $165.5M | 33.1% | -4.7% |
| — Treasury management solutions (part of Service) | $57.1M | 11.4% | +4.8% |
| — Forms and other business products (part of Service) | $39.4M | 7.9% | -27.3% |
| Product | $237.0M | 47.5% | -15.8% |
| — Merchant services revenue (part of Product) | $107.6M | 21.6% | +6.1% |
| — Data-driven marketing (part of Product) | $77.7M | 15.6% | +23.3% |
| — Promotional solutions (part of Product) | $31.0M | 6.2% | -41.7% |
| — Other payment solutions (part of Product) | $16.4M | 3.3% | -0.6% |
| — Other web based solutions (part of Product) | $4.6M | 0.9% | -4.2% |
| Total revenue | $499.3M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.95 | $0.99 | -3.7% | $532.2M | 3 |
| Next quarter (ends 2026-12-31) | $0.91 | $0.92 | -1.4% | $531.6M | 3 |
| Current fiscal year (ends 2026-12-31) | $3.78 | $3.77 | +0.2% | $2.10B | 4 |
| Next fiscal year (ends 2027-12-31) | $4.08 | $4.11 | -0.9% | $2.21B | 4 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.87 | $0.81 | Beat +7.4% | — |
| — | Quarter ended Mar 31, 2026 | $1.05 | $0.91 | Beat +15.4% | — |
| — | Quarter ended Dec 31, 2025 | $0.96 | $0.83 | Beat +15.7% | — |
| — | Quarter ended Sep 30, 2025 | $1.09 | $0.90 | Beat +21.1% | — |
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 |
|---|---|---|---|
| 2026-10-16 | 8-K/A | Current report | https://www.sec.gov/Archives/edgar/data/27996/000002799626000129/0000027996-26-000129-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/27996/000002799626000112/0000027996-26-000112-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/27996/000002799626000109/0000027996-26-000109-index.htm |
| 2026-07-31 | 8-K | Entered a material agreement; Completed an acquisition or sale of assets; New debt or off-balance-sheet obligation; Regulation FD disclosure — “On July 31, 2026, Deluxe Corporation (the "Company") and certain subsidiaries of the Company party thereto, as guarantors, entered into a Refinancing Facility Agreement No. 2 effecting a Second Amended and Restated Credit Agreement (the "Credit Agreement") with certain financial institutions party thereto, as lenders, and JPMorgan Chase Bank, N.A., as administrative agent, amending the Company's existing credit agreement. The Credit Agreement provides for (i) a senior secured first lien revolving credit facility…” | https://www.sec.gov/Archives/edgar/data/27996/000110465926089269/0001104659-26-089269-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Capital Management: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/27996/000210011926001387/0002100119-26-001387-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.