PBI NYSE Office Services & Supplies Financials FY2016βFY2025
Pitney Bowes had $1.9B of revenue in fiscal 2025, down 6.6% on the year before. Over five years, revenue changed β11.8% a year on average.
Hi! I read Pitney Bowesβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β6.6%
No. Sales fell 6.6% last year.
Does it make a profit?
7.7%
A little. It keeps 7.7% of every sale as profit.
Does profit turn into cash?
16.8%
Yes. 16.8% of sales ends up as free cash.
Is debt under control?
3.9x
Heavy. Repaying its debt would take 3.9 years of operating profit.
How healthy are the accounts?
6 / 8
Mixed. It passes 6 of 8 health tests.
How is the share priced?
14.0x
One share costs 14.0 times its yearly profit per share. Typical for its sector: 26.0x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Pitney Bowes' 2025 10-K does not report cost of revenue or gross profit in its structured data, so gross margin is blank for 2025.
Is it selling more, and how much does it keep?
KIRA Β· Pitney Bowes had $1.9B of revenue in fiscal 2025, down 6.6% on the year before. Over five years, revenue changed β11.8% a year on average.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Pitney Bowes made $145M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 6.2% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $317M in fiscal 2025, 16.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Pitney Bowes returned $429M to shareholders in fiscal 2025, 135% of free cash flow. The diluted share count fell 5.2%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.2M and sold $89.0M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.2M
2 insiders
Sold, 12 months
$89.0M
4 insiders
Of sales under plans
99%
$88.6M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 150,000 | $16.16 | $2.4M | Form 4 |
| Sep 17, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 23,887 | $17.43 | $0.4M | Form 4 |
| Sep 16, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 25,371 | $17.43 | $0.4M | Form 4 |
| Sep 15, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 150,000 | $17.31 | $2.6M | Form 4 |
| Sep 10, 2026 | Todd A. EverettEVP and President of SendTech | Sold plan | 10,000 | $16.90 | $0.2M | Form 4 |
| Sep 8, 2026 | Deborah PfeifferEVP & Pres, Presort Services | Sold plan | 20,000 | $17.11 | $0.3M | Form 4 |
| Aug 28, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 397 | $17.42 | $0.0M | Form 4 |
| Aug 27, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 1,920 | $17.42 | $0.0M | Form 4 |
| Aug 5, 2026 | Todd A. EverettEVP and President of SendTech | Sold | 25,000 | $18.07 | $0.5M | Form 4 |
| Aug 3, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 413,266 | $18.11 | $7.5M | Form 4 |
| Jul 31, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 211,483 | $17.53 | $3.7M | Form 4 |
| Jul 30, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 430,443 | $18.23 | $7.8M | Form 4 |
| Jul 7, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 316,280 | $17.10 | $5.4M | Form 4 |
| Jul 6, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 55,861 | $16.92 | $0.9M | Form 4 |
| Jul 2, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 150,000 | $16.83 | $2.5M | Form 4 |
| Jun 12, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 322,829 | $17.40 | $5.6M | Form 4 |
| Jun 11, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 210,871 | $17.02 | $3.6M | Form 4 |
| Jun 10, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 281,117 | $16.93 | $4.8M | Form 4 |
| May 29, 2026 | Deborah PfeifferEVP & Pres, Presort Services | Sold plan | 18,750 | $16.06 | $0.3M | Form 4 |
| May 27, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 243,938 | $15.67 | $3.8M | Form 4 |
| May 22, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 40,476 | $15.62 | $0.6M | Form 4 |
| May 22, 2026 | Deborah PfeifferEVP & Pres, Presort Services | Sold plan | 23,075 | $15.48 | $0.4M | Form 4 |
| May 8, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 389,161 | $15.69 | $6.1M | Form 4 |
| May 7, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 597,224 | $15.59 | $9.3M | Form 4 |
| May 6, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 966,561 | $14.58 | $14.1M | Form 4 |
| Apr 21, 2026 | Lauren Freemen-BosworthEVP/Gen Counsel & Corp Sec | Sold plan | 169 | $14.25 | $0.0M | Form 4 |
| Apr 17, 2026 | Lauren Freemen-BosworthEVP/Gen Counsel & Corp Sec | Sold plan | 1,387 | $12.53 | $0.0M | Form 4 |
| Apr 16, 2026 | Lauren Freemen-BosworthEVP/Gen Counsel & Corp Sec | Sold plan | 651 | $12.00 | $0.0M | Form 4 |
| Apr 10, 2026 | Lauren Freemen-BosworthEVP/Gen Counsel & Corp Sec | Sold plan | 693 | $11.50 | $0.0M | Form 4 |
| Apr 2, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 39,919 | $11.14 | $0.4M | Form 4 |
| Apr 1, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 160,289 | $11.06 | $1.8M | Form 4 |
| Mar 13, 2026 | Brent D RosenthalDirector | Bought | 4,000 | $10.23 | $0.0M | Form 4 |
| Mar 11, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 150,000 | $10.38 | $1.6M | Form 4 |
| Mar 2, 2026 | Lauren Freemen-BosworthEVP/Gen Counsel & Corp Sec | Sold plan | 271 | $10.60 | $0.0M | Form 4 |
| Feb 27, 2026 | Lauren Freemen-BosworthEVP/Gen Counsel & Corp Sec | Sold plan | 28,253 | $10.70 | $0.3M | Form 4 |
| Feb 27, 2026 | Peter C BrimmDirector | Bought | 4,000 | $10.79 | $0.0M | Form 4 |
| Feb 23, 2026 | Kurt James WolfPresident & CEO, Director | Sold plan | 150,000 | $10.31 | $1.5M | Form 4 |
| Nov 25, 2025 | Brent D RosenthalDirector | Bought | 2,000 | $10.00 | $0.0M | Form 4 |
| Oct 31, 2025 | Peter C BrimmDirector | Bought | 12,500 | $10.16 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Pitney Bowes owes $1.7B more than it holds in cash, about 3.9 years of operating profit.
Cash, debt and the ratios that show how comfortably Pitney Bowes can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $747M | $680M | $622M | $486M | $297M |
| Debt incl. finance leases | $2.4B | $2.3B | $2.2B | $2.0B | $2.0B |
| Net debt / EBITDA | 6.5x | 4.1x | 9.3x | 6.4x | 3.9x |
| Interest coverage | 0.9x | 3.1x | 0.6x | 0.7x | 2.4x |
| Current ratio | 1.1x | 1.0x | 1.1x | 0.8x | 0.7x |
| Quick ratio | 1.1x | 1.0x | 1.1x | 0.8x | 0.7x |
| Total assets | $5.0B | $4.7B | $4.3B | $3.4B | $3.2B |
| Total liabilities | $4.8B | $4.7B | $4.6B | $4.0B | $4.0B |
| Shareholders' equity | $113M | $60.7M | β$369M | β$578M | β$802M |
| Net debt (β = net cash) | $1.6B | $1.6B | $1.6B | $1.5B | $1.7B |
KIRA Β· Its return on capital was 27.7%: every 100 invested in the business earned about 28 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Pitney Bowes passes 6 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 4 / 8 | 5 / 9 | 6 / 8 |
| Accruals ratio | β10.3% | β11.3% | β7.3% |
| Altman Z'' | 2.60 | 1.95 | 2.30 |
What does the share cost, and how does it compare?
KIRA Β· At $17.26 a share, the company is worth $2.4B: 14.0 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$1.7B and divides by 173.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 14.1x Β· peers 29.3x Β· sector 26.0x.
KIRA Β· Pitney Bowes grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 0 of 4.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Pitney Bowes PBI | $2.4B | β6.6% | β | 16.8% | 27.7% | 14.0x | 6 | |
| MSA Safety MSA | $7.1B | 3.7% | 19.8% | 15.8% | 17.3% | 22.7x | 6 | Compare β |
| MillerKnoll MLKN | $1.5B | 4.7% | 5.2% | 2.0% | 6.1% | 14.9x | 7 | Compare β |
| Hexcel HXL | $6.1B | β0.5% | 9.1% | 8.3% | 6.5% | 35.9x | 6 | Compare β |
| RBC Bearings RBC | $15.1B | 14.3% | 22.5% | 18.3% | 8.0% | 47.2x | 6 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $3.0B | $2.8B | $3.2B | $3.2B | $3.6B | $3.7B | $2.5B | $2.1B | $2.0B | $1.9B |
| Gross profit | $1.5B | $1.4B | $1.4B | $1.3B | $1.1B | $1.1B | β | $1.0B | $1.1B | β |
| Research and development | $107M | $60.9M | $58.5M | $51.3M | $38.4M | $46.8M | $35.5M | $29.5M | $32.0M | $15.3M |
| Interest expense | $89.0M | $118M | $115M | $111M | $106M | $96.9M | $90.0M | $100M | $168M | $142M |
| Pretax income | $202M | $194M | $212M | $26.7M | β$183M | β$7.4M | $189M | β$43.9M | β$52.3M | $193M |
| Income tax | $107M | $13.7M | $6.4M | β$13.1M | $7.1M | β$10.9M | $43.0M | $17.3M | β$155M | $47.8M |
| Net income | $92.8M | $244M | $242M | $194M | β$180M | β$1.4M | $36.9M | β$386M | β$204M | $145M |
| Diluted EPS | $0.49 | $1.30 | $1.28 | $1.10 | β$1.05 | β$0.01 | $0.21 | β$2.20 | β$1.12 | $0.84 |
| Diluted shares | 0.19B | 0.19B | 0.19B | 0.18B | 0.17B | 0.18B | 0.18B | 0.18B | 0.18B | 0.17B |
| Cash flow | ||||||||||
| Cash from operations | $496M | $454M | $345M | $268M | $302M | $302M | $175M | $80.1M | $229M | $383M |
| Capital expenditure | $159M | $118M | $138M | $137M | $105M | $184M | $82.6M | $78.1M | $72.4M | $66.3M |
| Free cash flow | $337M | $336M | $207M | $131M | $197M | $117M | $92.4M | $2.0M | $157M | $317M |
| Depreciation and amortization | $174M | $127M | $149M | $159M | $161M | $163M | $111M | $113M | $115M | $112M |
| Stock-based compensation | $14.9M | $24.4M | $21.0M | $23.1M | $17.5M | $20.9M | $16.3M | $8.9M | $16.5M | $14.2M |
| Acquisitions | $37.8M | $483M | $10.5M | $22.1M | $6.6M | $15.0M | $5.1M | $0.0M | $0.0M | $2.2M |
| Share buybacks | $197M | $0.0M | $0.0M | $105M | $0.0M | $0.0M | $13.4M | $0.0M | $0.0M | $378M |
| Dividends paid | $141M | $140M | $141M | $35.4M | $34.3M | $34.8M | $34.7M | $35.2M | $36.0M | $51.1M |
| Dividends and buybacks | $338M | $139M | $141M | $140M | $34.3M | $34.8M | $48.2M | $35.2M | $36.0M | $429M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $803M | $1.1B | $927M | $1.0B | $940M | $747M | $680M | $622M | $486M | $297M |
| Total debt | $3.4B | $3.8B | $3.3B | $2.7B | $2.6B | $2.3B | $2.2B | $2.1B | $1.9B | $2.0B |
| Finance lease liabilities | $0.0M | $0.0M | $9.8M | $10.8M | $23.6M | $50.2M | $55.5M | $53.5M | $32.6M | $36.9M |
| Current assets | $2.3B | $2.8B | $2.7B | $2.2B | $2.1B | $1.9B | $1.8B | $2.1B | $1.3B | $1.1B |
| Current liabilities | $2.3B | $2.1B | $1.9B | $1.6B | $1.9B | $1.7B | $1.7B | $1.9B | $1.7B | $1.5B |
| Inventory | $92.7M | $40.8M | $62.3M | $68.3M | $71.5M | $78.6M | $83.7M | $63.0M | $59.8M | $66.2M |
| Property and equipment, net | $315M | $374M | $399M | $376M | $391M | $429M | $421M | $254M | $219M | $186M |
| Total assets | $5.8B | $6.6B | $5.9B | $5.5B | $5.2B | $5.0B | $4.7B | $4.3B | $3.4B | $3.2B |
| Total liabilities | $5.9B | $6.5B | $5.8B | $5.2B | $5.2B | $4.8B | $4.7B | $4.6B | $4.0B | $4.0B |
| Shareholders' equity | β$104M | $30.6M | $102M | $289M | $70.6M | $113M | $60.7M | β$369M | β$578M | β$802M |
| Margins | ||||||||||
| Gross margin | 49.2% | 48.5% | 44.3% | 40.0% | 32.3% | 30.5% | β | 49.6% | 52.4% | β |
| EBITDA margin | 15.6% | 15.8% | 14.8% | 9.3% | 2.3% | 6.9% | 15.7% | 8.1% | 11.4% | 23.6% |
| Net margin | 3.1% | 8.8% | 7.5% | 6.1% | β5.1% | β0.0% | 1.5% | β18.6% | β10.1% | 7.7% |
| FCF margin | 11.3% | 12.1% | 6.4% | 4.1% | 5.5% | 3.2% | 3.7% | 0.1% | 7.7% | 16.8% |
| Returns | ||||||||||
| Return on capital | 6.0% | 11.0% | 12.1% | 6.2% | β3.3% | 4.1% | 12.7% | 3.1% | 8.7% | 27.7% |
| Return on capital employed | 7.9% | 7.7% | 7.6% | 3.5% | β2.1% | 2.7% | 8.9% | 2.1% | 5.6% | 20.0% |
| Return on assets | 1.6% | 3.9% | 3.9% | 3.4% | β3.4% | β0.0% | 0.8% | β8.6% | β5.3% | 4.4% |
| Growth | ||||||||||
| Revenue growth | β16.7% | β6.6% | 15.4% | β0.2% | 10.9% | 3.4% | β32.4% | β16.3% | β2.5% | β6.6% |
| Net income growth | β77.3% | 162.4% | β0.7% | β19.6% | β192.8% | β | β | β1,143.9% | β | β |
| EPS growth | β75.9% | 165.3% | β1.5% | β14.1% | β195.5% | β | β | β1,147.6% | β | β |
| FCF growth | β5.4% | β0.3% | β38.4% | β36.9% | 50.8% | β40.4% | β21.3% | β97.9% | 7,809.5% | 102.2% |
| Share count change | β6.0% | β0.8% | 0.5% | β5.8% | β3.3% | 4.4% | β1.0% | β0.9% | 3.9% | β5.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.5x | 6.3x | 4.9x | 5.8x | 19.9x | 6.5x | 4.1x | 9.3x | 6.4x | 3.9x |
| Debt / equity | β | β | β | 9.5x | β | β | β | β | β | β |
| Interest coverage | 3.3x | 2.6x | 2.8x | 1.2x | β0.7x | 0.9x | 3.1x | 0.6x | 0.7x | 2.4x |
| Current ratio | 1.0x | 1.4x | 1.4x | 1.4x | 1.1x | 1.1x | 1.0x | 1.1x | 0.8x | 0.7x |
| Quick ratio | 1.0x | 1.4x | 1.4x | 1.4x | 1.1x | 1.1x | 1.0x | 1.1x | 0.8x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.3% | 4.3% | 4.3% | 4.3% | 3.0% | 5.0% | 3.3% | 3.8% | 3.6% | 3.5% |
| Stock comp / revenue | 0.5% | 0.9% | 0.7% | 0.7% | 0.5% | 0.6% | 0.7% | 0.4% | 0.8% | 0.8% |
| Payouts / FCF | 100.3% | 41.5% | 67.9% | 107.5% | 17.4% | 29.6% | 52.1% | 1,776.7% | 22.9% | 135.5% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 6.0 | 6.0 | 6.0 | 5.0 | 5.0 | 6.0 | 4.0 | 5.0 | 6.0 |
| Altman Z'' | 3.2 | 3.6 | 4.2 | 4.3 | 3.5 | 3.8 | 4.0 | 2.6 | 2.0 | 2.3 |
| Accruals ratio | β6.7% | β3.4% | β1.6% | β1.3% | β9.0% | β6.0% | β2.9% | β10.3% | β11.3% | β7.3% |
Source: SEC EDGAR XBRL filings (CIK 0000078814). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
