Donnelley Financial Solutions, Inc.
- Open
- 42.66
- Day high
- 44.59
- Day low
- 42.51
- Prev close
- 41.95
- Volume
- 108K
- Mkt cap
- $1.1B
- P/E (TTM)
- 32.9
- EPS (TTM)
- $1.35
- P/B
- 2.9
- P/S
- 1.4
- Yield
- —
- Per share
- —
Donnelley Financial Solutions, Inc. (DFIN) is a Financial Services company listed on NYSE. The stock is down 32% over the past year.
Donnelley Financial Solutions, Inc. (DFIN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DFIN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $1.35 | $1.45 | +7.4% | $206M | +0.3% |
| Feb 17, 2026 | $0.40 | $0.70 | +75.0% | $173M | -15.8% |
| Oct 29, 2025 | $0.41 | $0.86 | +109.8% | $175M | +12.9% |
| Jul 31, 2025 | $0.56 | $1.49 | +163.7% | $218M | +23.6% |
| Apr 30, 2025 | $0.70 | $1.24 | +77.1% | $201M | -16.9% |
| Feb 18, 2025 | $0.48 | $0.40 | -16.7% | $156M | -23.2% |
| Oct 31, 2024 | $0.78 | $0.48 | -38.5% | $180M | +5.8% |
| Jul 31, 2024 | $1.41 | $1.66 | +17.7% | $243M | -0.8% |
| May 1, 2024 | $0.78 | $0.91 | +16.7% | $203M | -4.5% |
| Feb 20, 2024 | $0.62 | $0.61 | -1.6% | $177M | +4.2% |
| Nov 1, 2023 | $0.60 | $0.72 | +20.0% | $180M | -3.5% |
| Aug 2, 2023 | $1.00 | $1.34 | +34.0% | $242M | +5.6% |
DFIN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 15, 2026 | Aguilar Luis Adirector | Grant | 4,265 | — |
| May 15, 2026 | Pattabhiram Chandardirector | Grant | 4,265 | — |
| May 15, 2026 | Sayed Aymandirector | Grant | 4,265 | — |
| May 15, 2026 | GREENFIELD GARY Gdirector | Grant | 4,265 | — |
| May 15, 2026 | MARTIN LOIS Mdirector | Grant | 4,265 | — |
| May 15, 2026 | CRANDALL RICHARD Ldirector | Grant | 5,864 | — |
| May 15, 2026 | Ellis Juliet Sdirector | Grant | 4,265 | — |
| Mar 10, 2026 | Johnson Eric Jofficer: President, GIC | Sell | 20,280 | $50.16 |
| Mar 5, 2026 | Trzcinski Leah Marieofficer: Chief Legal Officer | Grant | 600 | — |
| Mar 5, 2026 | Leib Danieldirector, officer: Chief Executive Officer | Grant | 51,447 | $51.77 |
| Mar 5, 2026 | Williams Robert Kirkofficer: Chief People & Admin Officer | Sell | 4,237 | $52.29 |
| Mar 5, 2026 | Turner Kamiofficer: Chief Accounting Officer | Grant | 2,578 | — |
| Mar 5, 2026 | Johnson Eric Jofficer: President, GIC | Grant | 14,919 | $51.77 |
| Mar 5, 2026 | Clay Craigofficer: President, GCM | Grant | 19,516 | — |
| Mar 5, 2026 | Johnson Eric Jofficer: President, GIC | Grant | 1,463 | — |
Source: DFIN SEC Form 4 filings, latest May 15, 2026. For informational purposes only — not investment advice.
See the full DFIN insider & 13F page →Donnelley Financial Solutions, Inc. company profile
Overview
Donnelley Financial Solutions, Inc. (NYSE:DFIN) is a Chicago-based risk and compliance solutions company that has been serving the financial services industry since 1983. Originally spun off from R.R. Donnelley & Sons Company in 2016, DFIN has transformed from a traditional financial printing company into a technology-focused provider of regulatory compliance and deal management software. The company operates globally, helping public companies, investment firms, and financial institutions navigate complex regulatory requirements while managing critical business transactions.
Business
DFIN operates in the specialized niche of financial regulatory compliance and capital markets technology, serving as a critical intermediary between financial institutions and regulatory bodies like the SEC. The company provides both software solutions and tech-enabled services across four main business segments: Capital Markets Software Solutions (26% of revenue) develops and licenses cloud-based platforms for managing financial transactions and regulatory compliance. Their flagship product, Venue, is a virtual data room platform that enables secure document sharing during mergers, acquisitions, and other financial transactions. Companies use Venue to store, organize, and share confidential documents with potential buyers, investors, or partners during deal processes. ActiveDisclosure is another key product that helps public companies manage their SEC filing requirements, automating the creation, review, and submission of mandatory financial disclosures. Capital Markets Compliance and Communications Management (42% of revenue) provides tech-enabled services for companies going through major transactions like IPOs, mergers, or debt offerings. This includes traditional services like printing and distributing financial documents, as well as more sophisticated services like regulatory filing assistance and transaction support. Investment Companies Software Solutions (16% of revenue) offers the Arc Suite platform, a comprehensive cloud-based solution that helps investment management companies like mutual funds and ETFs manage their regulatory compliance requirements. The platform handles everything from document creation to regulatory submissions, serving as a central repository for compliance information. Investment Companies Compliance and Communications Management (16% of revenue) provides similar tech-enabled services specifically for investment management companies, including proxy services, shareholder communications, and regulatory filing assistance.
Revenue model
DFIN operates a hybrid business model combining software licensing with professional services. The company generates revenue through several streams: subscription-based software licensing for platforms like Venue, ActiveDisclosure, and Arc Suite; project-based fees for transaction services during IPOs, mergers, and acquisitions; and ongoing compliance services for regulatory filing and document management. The company's primary customers are public companies, investment management firms, law firms, and investment banks. Software solutions generate recurring revenue through annual subscriptions, while compliance services operate on a project or retainer basis. DFIN has been strategically shifting toward higher-margin software revenue, which now represents approximately 42% of total sales compared to 33% in 2022. Several factors influence DFIN's profitability margins. Positive margin drivers include the ongoing shift toward higher-margin software solutions, regulatory changes that create new compliance requirements (such as the Tailored Shareholder Reports regulation), and the company's ability to leverage existing platforms for new regulatory requirements with minimal additional investment. Negative margin pressures come from cyclical downturns in capital markets activity that reduce transaction-based revenue, competitive pricing pressure in traditional compliance services, and the need for continued investment in software development and platform modernization. The company's margins are also sensitive to broader economic conditions, as M&A activity and IPO volumes directly impact demand for their transaction-related services.
Competitive moat
DFIN's competitive moat is moderately strong, built primarily on regulatory expertise, switching costs, and network effects. The company benefits from deep institutional knowledge of SEC regulations and compliance requirements, which creates high barriers to entry for new competitors. Once clients integrate DFIN's software platforms into their compliance workflows, switching costs become significant due to the mission-critical nature of regulatory filings and the complexity of migrating compliance data. The company's Venue platform has achieved strong market penetration in the virtual data room space, benefiting from network effects as more participants in the M&A ecosystem become familiar with the platform. Similarly, ActiveDisclosure has built a loyal customer base among public companies who rely on it for SEC filings. However, DFIN's moat faces several challenges. The regulatory compliance software market is becoming increasingly competitive, with both established players and fintech startups developing alternative solutions. Large technology companies with substantial resources could potentially enter this market and compete on price and functionality. Additionally, regulatory changes, while often creating opportunities, can also disrupt existing business models if new requirements favor different technological approaches. The company's traditional compliance services business faces margin pressure from commoditization, though DFIN is actively transitioning away from these lower-margin offerings toward software solutions.
Risks & safety
DFIN presents a moderate margin of safety with some concerns around cash flow volatility and valuation metrics. • Liquidity and Solvency: The company maintains adequate liquidity with $57.3 million in cash and short-term investments as of Q1 2025, though this represents a significant decrease from prior quarters. Current ratio of 1.24 indicates sufficient short-term liquidity. Total debt of approximately $125 million with a debt-to-equity ratio of 0.49 is manageable but not conservative. • Cash Flow Concerns: Q1 2025 showed negative operating cash flow of -$37.7 million and negative free cash flow of -$51 million, representing a significant deterioration from the positive $56.4 million operating cash flow in Q4 2024. This volatility appears related to working capital timing and seasonal factors. • Valuation Metrics: Trading at 10.1x P/E ratio based on recent earnings, which appears reasonable. EV/EBITDA of 5.88x suggests moderate valuation. Price-to-book ratio of 2.99x is elevated but not excessive for a technology-focused company. • Other Considerations: The company has been actively repurchasing shares and maintaining dividend payments, indicating management confidence. However, the cyclical nature of capital markets activity creates earnings volatility that could impact financial stability during prolonged market downturns.
Recent development
Over the past few years, DFIN has executed a strategic transformation from a traditional financial printing company to a software-focused compliance technology provider. The company has successfully grown its software solutions segment from $136 million in 2016 to $330 million by 2024, with software now representing over 42% of total revenue. Key strategic developments include the continued expansion of the Venue virtual data room platform, which has grown to nearly $140 million in annual revenue with approximately 26% growth in 2024. The company has also invested heavily in ActiveDisclosure, which has shown seven consecutive quarters of net client growth, and the Arc Suite platform for investment companies. A significant recent development is DFIN's preparation for the Tailored Shareholder Reports (TSR) regulation, which became effective in July 2024. The company has developed comprehensive TSR solutions and expects this regulation to generate $11-12 million in recurring software revenue annually. This demonstrates DFIN's ability to capitalize on new regulatory requirements by quickly developing compliant software solutions. The company has also focused on operational efficiency, consolidating print operations, reducing costs, and implementing more aggressive capital allocation strategies including share repurchases. Management has set ambitious targets to achieve 60% software solutions revenue by 2028 and maintain adjusted EBITDA margins exceeding 30%.
DFIN company profile · for informational purposes only — not investment advice.
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