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Pitney Bowes Inc. ("we, us, our, or the company") is a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world - including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels.
Operating margin is thin at 9.93%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 6.9% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $1.86B represents 5.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.87B
▼ -6.9% YoY
Net Income (TTM)
$167M
▲ +171.1% YoY
Op. Margin
11.83%
▲ +12.5pp YoY
ROIC
7.50%
▲ +8.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$379M
▲ +102.2% YoY
Op. Cash Flow (TTM)
$444M
▲ +67.2% YoY
Net Debt
$1.95B
Cash & Equiv.
$314M
5Y CAGR: -11.9%
5Y CAGR: +10.0%
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