Deluxe (DLX) Financials

$26.08 -4.77 (-15.45%)

As of 12:27 PM Eastern

Annual Income Statements for Deluxe

This table shows Deluxe's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	219	229	230	150	-224	5.24	63	65	26	53	82
Consolidated Net Income / (Loss)	219	229	230	150	-224	5.34	63	66	26	53	82
Net Income / (Loss) Continuing Operations	219	229	230	150	-224	5.34	63	66	26	53	82
Total Pre-Tax Income	328	340	313	213	-216	27	94	84	40	77	119
Total Operating Income	354	367	329	231	-188	41	142	169	161	192	232
Total Gross Profit	1,134	1,181	1,223	1,206	1,196	1,060	1,138	1,206	1,163	1,127	1,131
Total Revenue	1,773	1,849	1,966	1,998	2,009	1,791	2,022	2,238	2,192	2,122	2,133
Operating Revenue	1,773	1,849	1,966	1,998	2,009	1,791	2,022	2,238	2,192	2,122	2,133
Total Cost of Revenue	639	668	743	792	813	731	884	1,032	1,030	995	1,003
Operating Cost of Revenue	639	668	743	792	813	731	884	1,032	1,030	995	1,003
Total Operating Expenses	779	815	894	975	1,384	1,019	996	1,036	1,002	934	898
Selling, General & Admin Expense	775	807	830	854	892	840	941	993	956	909	873
Impairment Charge	0.00	0.00	55	101	421	102	-	0.00	0.00	7.70	5.70
Restructuring Charge	4.42	7.77	9.13	20	71	76	55	63	78	49	19
Other Special Charges / (Income)	-	-	-	-	-	1.85	0.00	-19	-32	-31	0.00
Total Other Income / (Expense), net	-26	-27	-16	-19	-27	-14	-48	-85	-121	-116	-113
Interest Expense	29	30	21	27	35	23	56	94	126	123	122
Other Income / (Expense), net	2.83	3.66	5.01	8.52	7.19	9.21	7.20	9.39	4.60	7.60	8.70
Income Tax Expense	109	111	83	63	8.04	21	31	19	14	24	37
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	0.09	0.14	0.14	0.10	0.10	0.10
Basic Earnings per Share	$4.39	$4.68	$4.75	$3.18	($5.20)	$0.12	$1.48	$1.52	$0.60	$1.20	$1.83
Weighted Average Basic Shares Outstanding	49.45M	48.56M	48.13M	43.68M	42.19M	42.03M	42.79M	43.27M	43.85M	44.43M	45.08M
Diluted Earnings per Share	$4.36	$4.65	$4.72	$3.16	($5.20)	$0.11	$1.45	$1.50	$0.59	$1.18	$1.80
Weighted Average Diluted Shares Outstanding	49.45M	48.56M	48.13M	43.68M	42.19M	42.03M	42.79M	43.27M	43.85M	44.43M	45.08M
Weighted Average Basic & Diluted Shares Outstanding	49.45M	48.56M	48.13M	43.68M	42.19M	42.03M	42.79M	43.27M	43.85M	44.43M	45.08M
Cash Dividends to Common per Share	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20	$1.20

This table shows Deluxe's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	16	-7.98	15	11	20	8.93	13	14	22	34	12
Consolidated Net Income / (Loss)	16	-7.96	15	11	20	8.97	13	14	22	34	12
Net Income / (Loss) Continuing Operations	16	-7.96	15	11	20	8.97	13	14	22	34	12
Total Pre-Tax Income	23	-9.15	19	16	31	14	16	19	32	47	21
Total Operating Income	54	22	51	44	59	42	47	48	61	76	48
Total Gross Profit	302	283	284	284	289	282	272	281	279	291	279
Total Revenue	572	538	537	535	538	528	521	536	521	540	535
Operating Revenue	572	538	537	535	538	528	521	536	521	540	535
Total Cost of Revenue	270	255	254	251	249	247	248	255	242	249	256
Operating Cost of Revenue	270	255	254	251	249	247	248	255	242	249	256
Total Operating Expenses	248	261	233	239	229	240	225	233	218	215	232
Selling, General & Admin Expense	245	234	229	234	234	228	213	225	214	212	221
Restructuring Charge	24	23	18	14	11	11	13	7.67	4.05	2.91	4.68
Total Other Income / (Expense), net	-31	-31	-32	-28	-28	-28	-31	-29	-29	-29	-27
Interest Expense	32	32	32	31	30	30	32	31	31	31	29
Other Income / (Expense), net	0.82	1.32	0.09	2.94	1.79	1.83	1.04	2.47	1.82	1.91	2.50
Income Tax Expense	6.62	-1.19	4.39	5.52	10	4.54	3.09	5.22	9.25	13	8.99
Net Income / (Loss) Attributable to Noncontrolling Interest	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.04	0.04	-0.01
Basic Earnings per Share	$0.38	($0.18)	$0.34	$0.25	$0.46	$0.20	$0.29	$0.31	$0.50	$0.75	$0.27
Weighted Average Basic Shares Outstanding	43.62M	43.69M	43.85M	44.05M	44.21M	44.27M	44.43M	44.74M	44.89M	45.01M	45.08M
Diluted Earnings per Share	$0.37	($0.18)	$0.34	$0.24	$0.46	$0.20	$0.28	$0.31	$0.50	$0.74	$0.25
Weighted Average Diluted Shares Outstanding	43.62M	43.69M	43.85M	44.05M	44.21M	44.27M	44.43M	44.74M	44.89M	45.01M	45.08M
Weighted Average Basic & Diluted Shares Outstanding	43.62M	43.69M	43.85M	44.05M	44.21M	44.27M	44.43M	44.74M	44.89M	45.01M	45.08M

This table details how cash moves in and out of Deluxe's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.89	48	-25	61	30	51	57	52	121	-149	3.80
Net Cash From Operating Activities	310	319	338	339	287	218	211	192	198	194	271
Net Cash From Continuing Operating Activities	310	319	338	339	287	218	211	192	198	194	271
Net Income / (Loss) Continuing Operations	219	229	230	150	-224	5.34	63	66	26	53	82
Consolidated Net Income / (Loss)	219	229	230	150	-224	5.34	63	66	26	53	82
Depreciation Expense	16	14	16	17	17	20	26	26	23	22	22
Amortization Expense	79	97	127	137	134	120	161	192	195	195	164
Non-Cash Adjustments To Reconcile Net Income	13	4.52	42	83	448	137	-24	-4.34	14	24	38
Changes in Operating Assets and Liabilities, net	-17	-26	-76	-48	-87	-64	-14	-88	-61	-100	-35
Net Cash From Investing Activities	-251	-280	-181	-253	-72	-56	-1,067	-80	-43	-70	-132
Net Cash From Continuing Investing Activities	-251	-280	-181	-253	-72	-56	-1,067	-80	-43	-70	-132
Purchase of Property, Plant & Equipment	-43	-47	-47	-	-	-63	-109	-105	-101	-94	-95
Acquisitions	-213	-240	-139	-192	-8.25	-11	-959	-	0.00	0.00	-48
Divestitures	-	-	-	-	-	9.71	2.65	25	54	23	2.00
Sale and/or Maturity of Investments	0.00	9.50	11	7.81	7.64	7.76	0.09	4.08	8.00	0.00	0.00
Other Investing Activities, net	5.11	5.13	2.28	-61	-64	4.07	-1.69	-5.05	-4.20	1.20	9.70
Net Cash From Financing Activities	-48	6.00	-183	-62	-190	-111	913	-49	-38	-267	-137
Net Cash From Continuing Financing Activities	-48	6.00	-183	-17	-190	-111	913	-49	-38	-267	-137
Repayment of Debt	-441	-444	-457	-1,083	-273	-358	-1,064	-692	-647	-1,913	-525
Payment of Dividends	-60	-59	-58	-57	-52	-51	-52	-53	-53	-54	-55
Issuance of Debt	506	559	403	1,280	242	309	1,885	640	584	1,808	441
Other Financing Activities, net	0.55	-3.87	-15	-10	8.66	-0.17	127	56	79	-108	2.20
Other Net Changes in Cash	-	2.36	-	-7.64	5.44	-	-	-11	3.20	-6.10	1.70

This table details how cash moves in and out of Deluxe's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	5.64	-0.20	269	-323	-57	7.59	224	-242	-26	22	249
Net Cash From Operating Activities	54	68	83	27	40	68	60	50	51	67	102
Net Cash From Continuing Operating Activities	54	68	83	27	40	68	60	50	51	67	102
Net Income / (Loss) Continuing Operations	16	-7.96	15	11	20	8.97	13	14	22	34	12
Consolidated Net Income / (Loss)	16	-7.96	15	11	20	8.97	13	14	22	34	12
Depreciation Expense	5.75	3.92	8.46	6.05	4.33	5.65	6.17	5.60	5.58	5.61	4.91
Amortization Expense	50	47	48	48	50	51	46	42	40	38	44
Non-Cash Adjustments To Reconcile Net Income	-12	13	-3.88	1.56	1.24	11	6.38	5.22	9.12	7.73	16
Changes in Operating Assets and Liabilities, net	-5.83	11	15	-40	-36	-9.44	-11	-17	-26	-18	26
Net Cash From Investing Activities	-12	-13	7.43	-21	-23	-7.39	-19	-25	-20	-32	-56
Net Cash From Continuing Investing Activities	-12	-13	7.43	-21	-23	-7.39	-19	-25	-20	-32	-56
Purchase of Property, Plant & Equipment	-30	-25	-20	-20	-28	-21	-25	-26	-23	-23	-23
Acquisitions	-	-	-	-	-	-	-	-	-	-	-36
Divestitures	-	12	14	0.00	-	14	4.97	1.97	-	-	0.03
Other Investing Activities, net	-9.91	0.08	5.60	-0.12	0.07	0.18	1.12	-0.60	3.61	3.65	3.03
Net Cash From Financing Activities	-38	-53	176	-327	-72	-53	185	-269	-58	-13	202
Net Cash From Continuing Financing Activities	-38	-53	176	-327	-72	-53	185	-269	-58	-13	202
Repayment of Debt	-241	-131	-93	-205	-304	-193	-1,210	-185	-110	-80	-151
Payment of Dividends	-13	-13	-13	-14	-14	-13	-13	-15	-14	-14	-14
Issuance of Debt	220	94	53	166	301	164	1,177	168	87	58	129
Other Financing Activities, net	-3.72	-1.60	230	-273	-56	-11	231	-237	-21	22	238

This table presents Deluxe's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,842	2,184	2,209	2,305	1,943	1,842	3,074	3,077	3,081	2,831	2,864
Total Current Assets	324	398	393	450	472	507	620	704	761	612	666
Cash & Equivalents	62	77	59	60	74	123	41	40	72	34	37
Accounts Receivable	124	153	150	174	163	162	198	207	191	174	188
Inventories, net	42	40	42	46	40	40	35	52	42	36	34
Prepaid Expenses	-	-	-	-	-	27	38	37	30	33	33
Other Current Assets	43	41	55	69	78	34	54	66	426	334	375
Plant, Property, & Equipment, net	86	87	85	90	96	89	126	125	117	112	101
Total Noncurrent Assets	1,432	1,699	1,731	1,765	1,375	1,247	2,328	2,248	2,203	2,108	2,097
Long-Term Investments	42	42	43	44	45	46	47	48	62	61	26
Goodwill	976	1,106	1,131	1,161	804	703	1,430	1,431	1,431	1,423	1,423
Intangible Assets	285	410	384	360	276	247	511	459	392	331	348
Noncurrent Deferred & Refundable Income Taxes	1.24	1.61	1.43	2.89	3.91	6.64	2.18	1.96	8.69	7.00	1.80
Other Noncurrent Operating Assets	114	125	160	196	245	245	338	307	310	286	297
Total Liabilities & Shareholders' Equity	1,842	2,184	2,209	2,305	1,943	1,842	3,074	3,077	3,081	2,831	2,864
Total Liabilities	1,097	1,303	1,194	1,390	1,372	1,329	2,500	2,472	2,476	2,210	2,183
Total Current Liabilities	317	416	426	392	408	412	683	752	819	626	643
Short-Term Debt	1.05	36	44	0.79	-	0.00	57	72	86	37	16
Accounts Payable	88	107	104	107	112	117	153	157	155	165	161
Accrued Expenses	228	273	277	184	179	177	217	218	191	150	191
Other Current Liabilities	-	-	-	100	116	118	256	305	387	274	275
Total Noncurrent Liabilities	780	888	768	998	965	917	1,816	1,720	1,657	1,585	1,540
Long-Term Debt	699	803	718	911	884	840	1,626	1,573	1,507	1,466	1,413
Noncurrent Deferred & Payable Income Tax Liabilities	81	85	51	47	15	5.40	75	46	23	2.10	27
Other Noncurrent Operating Liabilities	-	-	-	40	66	72	116	102	128	117	100
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	745	881	1,015	915	571	513	575	604	605	621	681
Total Preferred & Common Equity	745	881	1,015	915	571	513	574	604	604	621	680
Total Common Equity	745	881	1,015	915	571	513	574	604	604	621	680
Common Stock	49	49	48	45	46	60	100	122	143	161	183
Retained Earnings	751	883	1,005	927	573	495	506	519	491	489	516
Accumulated Other Comprehensive Income / (Loss)	-55	-50	-38	-57	-48	-41	-31	-37	-30	-30	-19
Noncontrolling Interest	-	-	-	-	0.00	0.14	0.28	0.42	0.52	0.20	0.30

This table presents Deluxe's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	2,957	2,941	2,923	2,885	2,729	2,666	2,623	2,574	2,535	2,587
Total Current Assets	550	555	549	537	430	391	393	368	346	399
Cash & Equivalents	46	25	39	42	24	23	41	30	26	26
Accounts Receivable	195	222	212	204	171	175	172	174	177	190
Inventories, net	45	54	55	49	39	38	40	35	34	34
Prepaid Expenses	35	34	33	32	35	38	37	35	36	37
Other Current Assets	74	63	54	58	53	66	61	94	73	112
Plant, Property, & Equipment, net	122	125	127	121	111	112	111	107	104	103
Total Noncurrent Assets	2,284	2,261	2,247	2,226	2,187	2,163	2,120	2,099	2,085	2,085
Long-Term Investments	48	64	66	62	62	62	62	58	56	56
Goodwill	1,431	1,431	1,431	1,431	1,431	1,431	1,424	1,423	1,423	1,423
Intangible Assets	476	436	430	411	374	358	338	322	314	333
Noncurrent Deferred & Refundable Income Taxes	1.92	1.26	1.34	1.47	8.18	8.13	8.75	9.37	15	4.25
Other Noncurrent Operating Assets	328	329	319	322	312	304	287	287	278	269
Total Liabilities & Shareholders' Equity	2,957	2,941	2,923	2,885	2,729	2,666	2,623	2,574	2,535	2,587
Total Liabilities	2,355	2,345	2,309	2,285	2,120	2,046	2,010	1,951	1,896	1,923
Total Current Liabilities	586	579	571	588	445	404	428	397	367	402
Short-Term Debt	65	79	86	86	22	43	72	37	37	37
Accounts Payable	148	158	175	163	159	160	161	175	160	155
Accrued Expenses	217	186	155	187	155	149	152	149	155	174
Other Current Liabilities	155	157	155	152	109	52	43	36	14	36
Total Noncurrent Liabilities	1,769	1,766	1,738	1,697	1,676	1,641	1,582	1,555	1,529	1,521
Long-Term Debt	1,606	1,608	1,581	1,546	1,539	1,515	1,460	1,455	1,433	1,413
Noncurrent Deferred & Payable Income Tax Liabilities	56	39	38	28	18	12	3.97	0.00	0.00	15
Other Noncurrent Operating Liabilities	107	119	120	123	119	114	119	99	96	93
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	602	596	614	599	608	620	613	622	639	664
Total Preferred & Common Equity	602	595	613	599	608	620	613	622	638	664
Total Common Equity	602	595	613	599	608	620	613	622	638	664
Common Stock	117	127	133	138	145	151	156	163	169	176
Retained Earnings	512	508	511	490	488	495	490	490	498	518
Accumulated Other Comprehensive Income / (Loss)	-28	-40	-31	-29	-26	-26	-34	-30	-29	-29
Noncontrolling Interest	0.39	0.44	0.47	0.50	0.55	0.59	0.13	0.20	0.24	0.28

This table displays calculated financial ratios and metrics derived from Deluxe's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.90%	4.30%	6.30%	1.65%	0.54%	-10.85%	12.92%	10.67%	-2.04%	-3.22%	0.54%
EBITDA Growth	8.37%	6.56%	-1.14%	-17.41%	-107.86%	713.46%	76.81%	18.22%	-3.23%	8.53%	2.37%
EBIT Growth	7.03%	3.75%	-9.81%	-28.26%	-175.52%	127.58%	199.05%	19.73%	-7.49%	20.75%	20.67%
NOPAT Growth	5.63%	4.67%	-2.05%	-32.81%	-180.99%	106.15%	1,073.42%	38.34%	-19.48%	25.53%	20.68%
Net Income Growth	9.43%	4.92%	0.34%	-34.99%	-249.55%	102.38%	1,076.61%	4.39%	-59.98%	101.87%	55.39%
EPS Growth	10.10%	6.65%	1.51%	-33.05%	-264.56%	102.12%	1,218.18%	3.45%	-60.67%	100.00%	52.54%
Operating Cash Flow Growth	8.61%	3.13%	5.99%	0.26%	-15.52%	-24.11%	-3.09%	-9.15%	3.57%	-2.06%	39.27%
Free Cash Flow Firm Growth	-108.89%	262.22%	620.31%	-28.32%	130.98%	-40.49%	-566.92%	124.90%	-153.02%	268.57%	-15.30%
Invested Capital Growth	24.45%	17.62%	5.22%	2.86%	-24.87%	-12.60%	79.82%	-2.94%	11.07%	-1.69%	0.90%
Revenue Q/Q Growth	0.85%	0.91%	0.75%	1.51%	-0.13%	-3.64%	6.09%	-0.29%	-1.20%	-0.79%	0.69%
EBITDA Q/Q Growth	1.29%	0.90%	2.88%	-3.78%	-308.15%	-3.03%	11.83%	1.54%	-0.63%	-1.76%	-0.41%
EBIT Q/Q Growth	0.29%	0.51%	1.85%	-7.34%	-30.68%	-8.05%	7.63%	1.80%	2.33%	-1.45%	0.88%
NOPAT Q/Q Growth	-0.22%	0.03%	11.98%	-14.39%	-27.96%	1.02%	1.41%	17.47%	-12.54%	-1.68%	-4.90%
Net Income Q/Q Growth	0.81%	-2.33%	15.27%	-15.54%	-19.32%	3.94%	-10.45%	8.58%	-13.20%	-4.26%	-0.83%
EPS Q/Q Growth	1.16%	-2.31%	15.97%	-13.19%	-14.54%	-47.62%	-11.59%	8.70%	-14.49%	-4.84%	-1.64%
Operating Cash Flow Q/Q Growth	2.91%	6.93%	0.40%	2.32%	-12.67%	-11.36%	5.43%	3.52%	8.39%	-10.71%	18.33%
Free Cash Flow Firm Q/Q Growth	-112.02%	-70.03%	240.14%	85.17%	-16.79%	-14.43%	10.23%	68.87%	-158.62%	50.60%	4.85%
Invested Capital Q/Q Growth	19.21%	20.86%	0.21%	-4.59%	-4.10%	-2.27%	-5.40%	-8.22%	4.45%	1.46%	0.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.94%	63.88%	62.21%	60.37%	59.53%	59.19%	56.27%	53.88%	53.04%	53.09%	53.00%
EBITDA Margin	25.53%	26.08%	24.26%	19.71%	-1.54%	10.61%	16.61%	17.74%	17.53%	19.66%	20.01%
Operating Margin	19.99%	19.84%	16.75%	11.57%	-9.37%	2.27%	7.03%	7.57%	7.33%	9.06%	10.89%
EBIT Margin	20.15%	20.04%	17.00%	12.00%	-9.01%	2.79%	7.39%	7.99%	7.55%	9.42%	11.30%
Profit (Net Income) Margin	12.33%	12.41%	11.71%	7.49%	-11.14%	0.30%	3.10%	2.93%	1.20%	2.50%	3.85%
Tax Burden Percent	66.67%	67.39%	73.57%	70.37%	103.73%	19.90%	66.92%	77.66%	65.90%	69.21%	69.02%
Interest Burden Percent	91.82%	91.86%	93.61%	88.69%	119.16%	53.67%	62.80%	47.18%	24.06%	38.29%	49.40%
Effective Tax Rate	33.33%	32.61%	26.43%	29.63%	0.00%	80.10%	33.08%	22.34%	34.10%	30.79%	30.98%
Return on Invested Capital (ROIC)	20.57%	17.84%	15.75%	10.18%	-9.28%	0.71%	6.39%	6.98%	5.40%	6.50%	7.87%
ROIC Less NNEP Spread (ROIC-NNEP)	16.68%	14.72%	13.71%	8.11%	-22.88%	0.25%	2.96%	1.88%	-0.47%	0.91%	2.23%
Return on Net Nonoperating Assets (RNNOA)	10.83%	10.37%	8.52%	5.33%	-20.83%	0.27%	5.15%	4.14%	-1.06%	2.14%	4.76%
Return on Equity (ROE)	31.40%	28.21%	24.28%	15.50%	-30.11%	0.98%	11.54%	11.12%	4.34%	8.64%	12.63%
Cash Return on Invested Capital (CROIC)	-1.22%	1.64%	10.67%	7.35%	19.13%	14.16%	-50.66%	9.96%	-5.08%	8.21%	6.98%
Operating Return on Assets (OROA)	20.23%	18.41%	15.21%	10.62%	-8.52%	2.64%	6.08%	5.81%	5.37%	6.76%	8.47%
Return on Assets (ROA)	12.39%	11.39%	10.48%	6.63%	-10.53%	0.28%	2.55%	2.13%	0.85%	1.79%	2.89%
Return on Common Equity (ROCE)	31.40%	28.21%	24.28%	15.50%	-30.11%	0.98%	11.53%	11.11%	4.34%	8.64%	12.63%
Return on Equity Simple (ROE_SIMPLE)	29.34%	26.04%	22.68%	16.35%	-39.20%	1.04%	10.93%	10.85%	4.34%	8.53%	0.00%
Net Operating Profit after Tax (NOPAT)	236	247	242	163	-132	8.11	95	132	106	133	160
NOPAT Margin	13.32%	13.37%	12.32%	8.14%	-6.56%	0.45%	4.70%	5.88%	4.83%	6.27%	7.52%
Net Nonoperating Expense Percent (NNEP)	3.89%	3.12%	2.04%	2.06%	13.60%	0.46%	3.42%	5.09%	5.88%	5.59%	5.64%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.85%	4.82%	6.26%	7.60%
Cost of Revenue to Revenue	36.06%	36.12%	37.79%	39.63%	40.47%	40.81%	43.73%	46.12%	46.96%	46.91%	47.00%
SG&A Expenses to Revenue	43.71%	43.66%	42.24%	42.74%	44.39%	46.90%	46.53%	44.38%	43.61%	42.85%	40.94%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.96%	44.08%	45.50%	48.80%	68.90%	56.92%	49.24%	46.31%	45.70%	44.03%	42.11%
Earnings before Interest and Taxes (EBIT)	357	371	334	240	-181	50	149	179	165	200	241
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	453	482	477	394	-31	190	336	397	384	417	427
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.63	2.94	2.76	1.50	2.92	1.97	2.03	1.06	1.44	1.59	1.46
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.11	1.40	1.42	0.69	0.83	0.57	0.58	0.29	0.40	0.46	0.47
Price to Earnings (P/E)	8.96	11.29	12.16	9.18	0.00	193.10	18.64	9.76	33.41	18.64	12.11
Dividend Yield	3.01%	2.25%	2.06%	4.04%	3.03%	4.96%	4.38%	8.11%	6.01%	5.40%	5.43%
Earnings Yield	11.16%	8.86%	8.22%	10.89%	0.00%	0.52%	5.36%	10.24%	2.99%	5.36%	8.26%
Enterprise Value to Invested Capital (EV/IC)	1.96	2.15	2.14	1.28	1.90	1.47	1.31	1.02	1.13	1.18	1.15
Enterprise Value to Revenue (EV/Rev)	1.41	1.74	1.72	1.04	1.15	0.87	1.24	0.85	1.06	1.13	1.11
Enterprise Value to EBITDA (EV/EBITDA)	5.53	6.68	7.07	5.29	0.00	8.23	7.47	4.77	6.07	5.74	5.53
Enterprise Value to EBIT (EV/EBIT)	7.00	8.69	10.09	8.68	0.00	31.32	16.79	10.58	14.10	11.97	9.79
Enterprise Value to NOPAT (EV/NOPAT)	10.59	13.03	13.93	12.79	0.00	192.92	26.36	14.38	22.01	17.98	14.72
Enterprise Value to Operating Cash Flow (EV/OCF)	8.08	10.09	9.97	6.13	8.07	7.19	11.89	9.88	11.76	12.31	8.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	141.46	20.56	17.71	8.52	9.68	0.00	10.07	0.00	14.24	16.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.94	0.95	0.75	1.00	1.55	1.64	2.93	2.72	2.63	2.42	2.10
Long-Term Debt to Equity	0.94	0.91	0.71	1.00	1.55	1.64	2.83	2.60	2.49	2.36	2.08
Financial Leverage	0.65	0.70	0.62	0.66	0.91	1.11	1.74	2.20	2.24	2.34	2.13
Leverage Ratio	2.54	2.48	2.32	2.34	2.86	3.49	4.52	5.22	5.09	4.82	4.38
Compound Leverage Factor	2.33	2.27	2.17	2.07	3.41	1.87	2.84	2.46	1.23	1.85	2.16
Debt to Total Capital	48.44%	48.76%	42.87%	49.90%	60.75%	62.07%	74.55%	73.13%	72.49%	70.77%	67.74%
Short-Term Debt to Total Capital	0.07%	2.08%	2.48%	0.04%	0.00%	0.00%	2.53%	3.19%	3.92%	1.75%	0.77%
Long-Term Debt to Total Capital	48.37%	46.68%	40.39%	49.86%	60.75%	62.07%	72.01%	69.94%	68.57%	69.02%	66.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%
Common Equity to Total Capital	51.56%	51.24%	57.13%	50.10%	39.25%	37.92%	25.44%	26.85%	27.49%	29.22%	32.24%
Debt to EBITDA	1.55	1.74	1.60	2.32	-28.53	4.42	5.01	4.14	4.15	3.60	3.35
Net Debt to EBITDA	1.20	1.31	1.20	1.80	-20.90	2.90	3.99	3.16	3.80	3.38	3.20
Long-Term Debt to EBITDA	1.54	1.66	1.50	2.31	-28.53	4.42	4.84	3.96	3.92	3.52	3.31
Debt to NOPAT	2.96	3.39	3.14	5.60	-6.70	103.62	17.69	12.49	15.03	11.30	8.91
Net Debt to NOPAT	2.30	2.56	2.37	4.35	-4.91	67.99	14.08	9.53	13.77	10.58	8.52
Long-Term Debt to NOPAT	2.96	3.25	2.96	5.60	-6.70	103.62	17.09	11.95	14.22	11.02	8.81
Altman Z-Score	3.25	3.15	3.42	2.40	1.91	1.96	1.30	1.29	1.30	1.49	1.56
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.04%	0.06%	0.08%	0.06%	0.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.02	0.96	0.92	1.15	1.16	1.23	0.91	0.94	0.93	0.98	1.04
Quick Ratio	0.59	0.55	0.49	0.60	0.58	0.69	0.35	0.33	0.32	0.33	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-14	23	164	118	272	162	-755	188	-100	168	142
Operating Cash Flow to CapEx	715.73%	685.01%	713.24%	0.00%	0.00%	347.32%	193.17%	183.11%	196.90%	205.83%	283.95%
Free Cash Flow to Firm to Interest Expense	-0.48	0.76	7.68	4.34	7.83	6.98	-13.58	1.99	-0.79	1.36	1.17
Operating Cash Flow to Interest Expense	10.60	10.59	15.84	12.52	8.27	9.40	3.79	2.03	1.58	1.58	2.22
Operating Cash Flow Less CapEx to Interest Expense	9.12	9.04	13.62	12.52	8.27	6.69	1.83	0.92	0.78	0.81	1.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.00	0.92	0.89	0.89	0.95	0.95	0.82	0.73	0.71	0.72	0.75
Accounts Receivable Turnover	14.94	13.38	13.00	12.34	11.91	11.01	11.24	11.06	11.03	11.62	11.80
Inventory Turnover	15.71	16.26	18.02	17.85	18.83	18.26	23.56	23.67	21.82	25.36	28.68
Fixed Asset Turnover	20.45	21.42	22.92	22.84	21.51	19.34	18.84	17.84	18.16	18.60	20.07
Accounts Payable Turnover	7.31	6.87	7.03	7.49	7.42	6.38	6.55	6.66	6.60	6.23	6.15
Days Sales Outstanding (DSO)	24.43	27.27	28.09	29.57	30.64	33.16	32.48	32.99	33.10	31.40	30.94
Days Inventory Outstanding (DIO)	23.23	22.45	20.26	20.44	19.39	19.99	15.49	15.42	16.73	14.39	12.72
Days Payable Outstanding (DPO)	49.90	53.12	51.91	48.74	49.20	57.24	55.74	54.84	55.29	58.63	59.38
Cash Conversion Cycle (CCC)	-2.24	-3.40	-3.57	1.27	0.83	-4.09	-7.77	-6.43	-5.46	-12.84	-15.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,274	1,498	1,576	1,621	1,218	1,065	1,914	1,858	2,064	2,029	2,047
Invested Capital Turnover	1.54	1.33	1.28	1.25	1.41	1.57	1.36	1.19	1.12	1.04	1.05
Increase / (Decrease) in Invested Capital	250	224	78	45	-403	-154	850	-56	206	-35	18
Enterprise Value (EV)	2,502	3,221	3,373	2,082	2,313	1,564	2,508	1,893	2,332	2,392	2,361
Market Capitalization	1,959	2,589	2,799	1,374	1,666	1,013	1,168	639	873	984	994
Book Value per Share	$15.14	$18.13	$21.09	$19.77	$13.56	$12.25	$13.48	$14.00	$13.83	$14.02	$15.12
Tangible Book Value per Share	($10.50)	($13.06)	($10.39)	($13.07)	($12.11)	($10.42)	($32.07)	($29.83)	($27.88)	($25.59)	($24.24)
Total Capital	1,445	1,719	1,777	1,827	1,454	1,353	2,258	2,249	2,197	2,124	2,110
Total Debt	700	838	762	912	884	840	1,683	1,644	1,593	1,503	1,429
Total Long-Term Debt	699	803	718	911	884	840	1,626	1,573	1,507	1,466	1,413
Net Debt	543	632	574	707	647	551	1,340	1,254	1,459	1,408	1,366
Capital Expenditures (CapEx)	43	47	47	0.00	0.00	63	109	105	101	94	95
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-108	-146	-134	-102	-127	-148	-302	-319	-44	-11	2.00
Debt-free Net Working Capital (DFNWC)	7.99	18	11	59	64	95	-5.69	23	28	23	39
Net Working Capital (NWC)	6.94	-17	-33	58	64	95	-63	-48	-58	-14	23
Net Nonoperating Expense (NNE)	18	18	12	13	92	2.77	32	66	80	80	78
Net Nonoperating Obligations (NNO)	529	617	561	706	647	551	1,340	1,254	1,459	1,408	1,366
Total Depreciation and Amortization (D&A)	95	112	143	154	150	140	187	218	219	217	186
Debt-free, Cash-free Net Working Capital to Revenue	-6.08%	-7.90%	-6.83%	-5.10%	-6.32%	-8.27%	-14.92%	-14.27%	-2.00%	-0.53%	0.09%
Debt-free Net Working Capital to Revenue	0.45%	0.99%	0.57%	2.94%	3.20%	5.29%	-0.28%	1.05%	1.28%	1.10%	1.82%
Net Working Capital to Revenue	0.39%	-0.94%	-1.67%	2.90%	3.20%	5.29%	-3.11%	-2.16%	-2.65%	-0.65%	1.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.39	$4.68	$4.75	$3.18	($4.65)	$0.21	$1.48	$1.52	$0.60	$1.20	$1.83
Adjusted Weighted Average Basic Shares Outstanding	48.96M	48.51M	47.92M	43.68M	42.19M	42.03M	42.79M	43.27M	43.85M	44.43M	45.08M
Adjusted Diluted Earnings per Share	$4.36	$4.65	$4.72	$3.16	($4.65)	$0.19	$1.45	$1.50	$0.59	$1.18	$1.80
Adjusted Weighted Average Diluted Shares Outstanding	48.96M	48.51M	47.92M	43.68M	42.19M	42.03M	42.79M	43.27M	43.85M	44.43M	45.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	48.96M	48.51M	47.92M	43.68M	42.19M	42.03M	42.79M	43.27M	43.85M	44.43M	45.08M
Normalized Net Operating Profit after Tax (NOPAT)	239	252	289	248	213	154	132	165	136	150	178
Normalized NOPAT Margin	13.49%	13.65%	14.72%	12.41%	10.60%	8.61%	6.52%	7.38%	6.21%	7.09%	8.33%
Pre Tax Income Margin	18.50%	18.41%	15.92%	10.64%	-10.74%	1.50%	4.64%	3.77%	1.82%	3.61%	5.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.22	12.29	15.65	8.84	-5.22	2.16	2.69	1.89	1.32	1.62	1.98
NOPAT to Interest Expense	8.09	8.20	11.34	6.00	-3.80	0.35	1.71	1.39	0.84	1.08	1.31
EBIT Less CapEx to Interest Expense	10.74	10.74	13.42	8.84	-5.22	-0.55	0.72	0.79	0.51	0.85	1.20
NOPAT Less CapEx to Interest Expense	6.60	6.65	9.12	6.00	-3.80	-2.36	-0.25	0.29	0.04	0.31	0.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.33%	25.60%	25.24%	37.87%	-23.12%	951.19%	82.29%	80.34%	203.32%	102.29%	67.15%
Augmented Payout Ratio	54.75%	49.67%	53.48%	171.54%	-76.10%	1,213.61%	82.29%	80.34%	203.32%	102.29%	67.15%

This table displays calculated financial ratios and metrics derived from Deluxe's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.55%	-3.10%	-4.72%	-1.91%	-5.92%	-1.75%	-3.13%	0.28%	-3.08%	2.23%	2.81%
EBITDA Growth	2.94%	-22.91%	-2.21%	10.18%	4.22%	35.41%	-6.92%	-2.88%	-5.91%	21.30%	-1.73%
EBIT Growth	1.82%	-48.79%	7.95%	29.01%	11.17%	89.72%	-5.76%	7.15%	2.49%	79.07%	4.32%
NOPAT Growth	10.42%	-48.66%	-16.27%	101.84%	2.03%	82.86%	-4.08%	19.65%	9.39%	96.47%	-27.74%
Net Income Growth	-25.78%	-153.91%	-21.01%	289.57%	24.97%	212.72%	-15.69%	29.71%	9.39%	276.47%	-5.08%
EPS Growth	-26.00%	-152.94%	-22.73%	300.00%	24.32%	211.11%	-17.65%	29.17%	8.70%	270.00%	-10.71%
Operating Cash Flow Growth	42.51%	31.89%	22.53%	496.51%	-26.67%	0.49%	-27.92%	89.10%	28.92%	-1.11%	69.63%
Free Cash Flow Firm Growth	7.27%	122.97%	-260.65%	6,440.66%	-65.71%	-93.99%	143.79%	-119.12%	244.19%	451.83%	-87.56%
Invested Capital Growth	-0.50%	-2.41%	11.07%	-3.04%	1.12%	1.20%	-1.69%	2.66%	-0.71%	1.65%	0.90%
Revenue Q/Q Growth	4.83%	-5.92%	-0.09%	-0.45%	0.53%	-1.74%	-1.49%	3.06%	-2.84%	3.64%	-0.93%
EBITDA Q/Q Growth	20.22%	-32.92%	45.68%	-15.37%	13.72%	-12.85%	0.14%	-2.14%	10.16%	12.35%	-18.90%
EBIT Q/Q Growth	50.34%	-58.36%	123.09%	-7.62%	29.55%	-28.94%	10.81%	5.04%	23.90%	24.16%	-35.41%
NOPAT Q/Q Growth	165.75%	-60.85%	161.22%	-25.73%	34.34%	-29.83%	37.03%	-7.36%	22.82%	26.02%	-49.77%
Net Income Q/Q Growth	489.96%	-148.52%	288.55%	-27.81%	89.26%	-56.24%	41.03%	11.06%	59.61%	50.59%	-64.57%
EPS Q/Q Growth	516.67%	-148.65%	288.89%	-29.41%	91.67%	-56.52%	40.00%	10.71%	61.29%	48.00%	-66.22%
Operating Cash Flow Q/Q Growth	905.89%	25.03%	23.52%	-68.14%	49.05%	71.33%	-11.40%	-16.42%	1.61%	31.42%	52.02%
Free Cash Flow Firm Q/Q Growth	3,396.12%	31.07%	-360.02%	-57.96%	-81.67%	-77.03%	1,795.33%	-123.97%	429.90%	-63.18%	-57.31%
Invested Capital Q/Q Growth	-0.83%	-2.18%	4.45%	17.49%	3.43%	-2.10%	1.46%	-0.09%	0.04%	0.23%	0.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.78%	52.56%	52.76%	53.00%	53.70%	53.34%	52.30%	52.39%	53.57%	53.88%	52.18%
EBITDA Margin	19.32%	13.77%	20.08%	18.92%	21.40%	18.98%	19.30%	18.32%	20.77%	22.52%	18.43%
Operating Margin	9.47%	4.01%	9.48%	8.27%	11.03%	7.87%	9.04%	8.96%	11.66%	14.04%	8.91%
EBIT Margin	9.61%	4.25%	9.50%	8.82%	11.36%	8.22%	9.24%	9.42%	12.01%	14.39%	9.38%
Profit (Net Income) Margin	2.87%	-1.48%	2.79%	2.02%	3.81%	1.70%	2.43%	2.62%	4.30%	6.25%	2.24%
Tax Burden Percent	71.24%	86.95%	77.38%	66.23%	66.34%	66.39%	80.37%	72.90%	70.80%	71.52%	57.11%
Interest Burden Percent	41.89%	-39.99%	37.98%	34.67%	50.57%	31.12%	32.71%	38.13%	50.58%	60.73%	41.72%
Effective Tax Rate	28.76%	0.00%	22.62%	33.77%	33.66%	33.61%	19.63%	27.10%	29.20%	28.48%	42.89%
Return on Invested Capital (ROIC)	7.45%	3.11%	8.21%	5.96%	7.74%	5.62%	7.54%	6.93%	8.55%	10.55%	5.33%
ROIC Less NNEP Spread (ROIC-NNEP)	5.89%	1.47%	6.40%	4.64%	6.40%	4.27%	5.78%	5.42%	7.08%	9.06%	4.23%
Return on Net Nonoperating Assets (RNNOA)	13.81%	3.42%	14.37%	10.82%	14.67%	9.74%	13.52%	12.19%	15.81%	19.56%	9.01%
Return on Equity (ROE)	21.26%	6.53%	22.58%	16.78%	22.41%	15.36%	21.05%	19.13%	24.35%	30.11%	14.34%
Cash Return on Invested Capital (CROIC)	7.17%	8.50%	-5.08%	8.98%	4.67%	5.61%	8.21%	4.31%	7.74%	6.73%	6.98%
Operating Return on Assets (OROA)	7.33%	3.23%	6.76%	6.79%	8.73%	6.38%	6.63%	7.54%	9.73%	11.70%	7.03%
Return on Assets (ROA)	2.19%	-1.12%	1.99%	1.56%	2.93%	1.32%	1.74%	2.10%	3.48%	5.08%	1.67%
Return on Common Equity (ROCE)	21.25%	6.53%	22.56%	16.76%	22.39%	15.35%	21.04%	19.11%	24.34%	30.10%	14.33%
Return on Equity Simple (ROE_SIMPLE)	8.63%	5.05%	0.00%	5.64%	6.19%	9.03%	0.00%	9.03%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	39	15	39	29	39	28	38	35	43	54	27
NOPAT Margin	6.75%	2.81%	7.34%	5.47%	7.32%	5.22%	7.27%	6.53%	8.26%	10.04%	5.09%
Net Nonoperating Expense Percent (NNEP)	1.56%	1.65%	1.80%	1.32%	1.33%	1.35%	1.76%	1.52%	1.47%	1.49%	1.10%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.79%	-	-	-	1.78%	1.66%	2.04%	2.57%	1.29%
Cost of Revenue to Revenue	47.22%	47.44%	47.24%	47.00%	46.30%	46.66%	47.70%	47.61%	46.43%	46.12%	47.82%
SG&A Expenses to Revenue	42.92%	43.49%	42.65%	43.76%	43.48%	43.10%	41.01%	42.00%	41.14%	39.31%	41.33%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.31%	48.56%	43.28%	44.74%	42.67%	45.47%	43.26%	43.43%	41.91%	39.85%	43.27%
Earnings before Interest and Taxes (EBIT)	55	23	51	47	61	43	48	51	63	78	50
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	110	74	108	101	115	100	100	98	108	122	99
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.15	1.30	1.44	1.44	1.57	1.41	1.59	1.13	1.11	1.31	1.46
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.32	0.35	0.40	0.40	0.45	0.40	0.46	0.33	0.34	0.41	0.47
Price to Earnings (P/E)	13.37	25.81	33.41	25.60	25.47	15.62	18.64	12.54	12.29	10.50	12.11
Dividend Yield	7.39%	6.74%	6.01%	5.99%	5.42%	6.16%	5.40%	7.59%	7.54%	6.20%	5.43%
Earnings Yield	7.48%	3.87%	2.99%	3.91%	3.93%	6.40%	5.36%	7.97%	8.14%	9.52%	8.26%
Enterprise Value to Invested Capital (EV/IC)	1.05	1.09	1.13	1.14	1.17	1.12	1.18	1.04	1.04	1.10	1.15
Enterprise Value to Revenue (EV/Rev)	0.94	0.97	1.06	1.03	1.12	1.05	1.13	0.99	1.00	1.06	1.11
Enterprise Value to EBITDA (EV/EBITDA)	5.17	5.57	6.07	5.69	6.02	5.30	5.74	5.09	5.16	5.22	5.53
Enterprise Value to EBIT (EV/EBIT)	11.51	13.32	14.10	12.73	13.16	11.09	11.97	10.37	10.27	9.36	9.79
Enterprise Value to NOPAT (EV/NOPAT)	15.65	17.78	22.01	18.99	20.39	16.62	17.98	15.20	14.68	13.27	14.72
Enterprise Value to Operating Cash Flow (EV/OCF)	12.67	11.77	11.76	9.68	11.03	10.33	12.31	9.67	9.16	9.78	8.72
Enterprise Value to Free Cash Flow (EV/FCFF)	14.55	12.67	0.00	12.45	25.26	20.16	14.24	24.46	13.33	16.50	16.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.72	2.72	2.63	2.56	2.51	2.50	2.42	2.40	2.30	2.18	2.10
Long-Term Debt to Equity	2.58	2.58	2.49	2.53	2.44	2.38	2.36	2.34	2.24	2.13	2.08
Financial Leverage	2.35	2.33	2.24	2.33	2.29	2.28	2.34	2.25	2.23	2.16	2.13
Leverage Ratio	4.84	4.86	5.09	4.71	4.53	4.54	4.82	4.31	4.13	4.08	4.38
Compound Leverage Factor	2.03	-1.94	1.93	1.63	2.29	1.41	1.58	1.64	2.09	2.48	1.83
Debt to Total Capital	73.10%	73.14%	72.49%	71.94%	71.52%	71.43%	70.77%	70.57%	69.72%	68.58%	67.74%
Short-Term Debt to Total Capital	3.77%	3.86%	3.92%	0.99%	1.98%	3.35%	1.75%	1.76%	1.76%	1.76%	0.77%
Long-Term Debt to Total Capital	69.32%	69.29%	68.57%	70.95%	69.54%	68.07%	69.02%	68.81%	67.96%	66.82%	66.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.02%	0.02%	0.02%	0.03%	0.03%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Common Equity to Total Capital	26.88%	26.83%	27.49%	28.03%	28.46%	28.57%	29.22%	29.42%	30.27%	31.40%	32.24%
Debt to EBITDA	4.08	4.22	4.15	3.96	3.91	3.61	3.60	3.60	3.61	3.38	3.35
Net Debt to EBITDA	3.44	3.56	3.80	3.47	3.57	3.27	3.38	3.39	3.41	3.19	3.20
Long-Term Debt to EBITDA	3.87	4.00	3.92	3.91	3.80	3.44	3.52	3.51	3.52	3.30	3.31
Debt to NOPAT	12.36	13.48	15.03	13.21	13.26	11.32	11.30	10.77	10.28	8.60	8.91
Net Debt to NOPAT	10.42	11.36	13.77	11.57	12.10	10.25	10.58	10.13	9.71	8.11	8.52
Long-Term Debt to NOPAT	11.72	12.76	14.22	13.03	12.89	10.79	11.02	10.50	10.02	8.37	8.81
Altman Z-Score	1.25	1.22	1.18	1.35	1.42	1.37	1.31	1.36	1.40	1.47	1.34
Noncontrolling Interest Sharing Ratio	0.07%	0.07%	0.08%	0.08%	0.09%	0.05%	0.06%	0.06%	0.07%	0.03%	0.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.96	0.91	0.93	0.97	0.97	0.92	0.98	0.93	0.94	0.99	1.04
Quick Ratio	0.44	0.42	0.32	0.44	0.49	0.50	0.33	0.51	0.55	0.54	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	49	64	-166	91	17	3.84	73	-17	58	21	9.04
Operating Cash Flow to CapEx	177.85%	271.31%	418.60%	130.08%	140.62%	321.03%	244.43%	193.63%	219.36%	288.23%	448.82%
Free Cash Flow to Firm to Interest Expense	1.53	1.99	-5.25	2.96	0.55	0.13	2.25	-0.56	1.86	0.69	0.31
Operating Cash Flow to Interest Expense	1.69	2.11	2.64	0.86	1.31	2.27	1.86	1.61	1.65	2.20	3.49
Operating Cash Flow Less CapEx to Interest Expense	0.74	1.33	2.01	0.20	0.38	1.56	1.10	0.78	0.90	1.44	2.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.76	0.71	0.77	0.77	0.78	0.72	0.80	0.81	0.81	0.75
Accounts Receivable Turnover	11.21	11.12	11.03	11.10	11.09	11.37	11.62	12.31	11.97	11.70	11.80
Inventory Turnover	22.50	21.97	21.82	22.26	21.72	22.53	25.36	27.31	27.65	27.07	28.68
Fixed Asset Turnover	17.56	18.22	18.16	18.45	17.95	18.46	18.60	19.47	19.44	19.82	20.07
Accounts Payable Turnover	6.44	6.67	6.60	6.49	6.03	6.17	6.23	5.98	6.19	6.29	6.15
Days Sales Outstanding (DSO)	32.55	32.83	33.10	32.89	32.92	32.11	31.40	29.65	30.50	31.20	30.94
Days Inventory Outstanding (DIO)	16.22	16.61	16.73	16.40	16.80	16.20	14.39	13.36	13.20	13.49	12.72
Days Payable Outstanding (DPO)	56.65	54.76	55.29	56.21	60.55	59.12	58.63	61.08	58.95	58.04	59.38
Cash Conversion Cycle (CCC)	-7.87	-5.32	-5.46	-6.93	-10.83	-10.81	-12.84	-18.06	-15.25	-13.35	-15.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,020	1,976	2,064	1,974	2,042	1,999	2,029	2,027	2,028	2,032	2,047
Invested Capital Turnover	1.10	1.11	1.12	1.09	1.06	1.08	1.04	1.06	1.04	1.05	1.05
Increase / (Decrease) in Invested Capital	-10	-49	206	-62	23	24	-35	52	-14	33	18
Enterprise Value (EV)	2,112	2,154	2,332	2,241	2,397	2,248	2,392	2,107	2,101	2,238	2,361
Market Capitalization	706	777	873	875	974	862	984	702	712	869	994
Book Value per Share	$14.11	$13.73	$13.83	$13.80	$14.07	$13.86	$14.02	$14.01	$14.27	$14.79	$15.12
Tangible Book Value per Share	($28.70)	($28.48)	($27.88)	($27.17)	($26.53)	($25.99)	($25.59)	($25.27)	($24.55)	($24.33)	($24.24)
Total Capital	2,281	2,232	2,197	2,168	2,178	2,144	2,124	2,115	2,109	2,114	2,110
Total Debt	1,667	1,632	1,593	1,560	1,558	1,532	1,503	1,493	1,471	1,450	1,429
Total Long-Term Debt	1,581	1,546	1,507	1,539	1,515	1,460	1,466	1,455	1,433	1,413	1,413
Net Debt	1,406	1,376	1,459	1,366	1,422	1,387	1,408	1,404	1,389	1,368	1,366
Capital Expenditures (CapEx)	30	25	20	20	28	21	25	26	23	23	23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-131	-159	-44	-125	-44	-46	-11	-22	-9.96	8.16	2.00
Debt-free Net Working Capital (DFNWC)	64	35	28	7.14	30	37	23	8.04	16	34	39
Net Working Capital (NWC)	-22	-51	-58	-14	-13	-35	-14	-29	-21	-3.25	23
Net Nonoperating Expense (NNE)	22	23	24	18	19	19	25	21	21	20	15
Net Nonoperating Obligations (NNO)	1,406	1,376	1,459	1,366	1,422	1,387	1,408	1,404	1,389	1,368	1,366
Total Depreciation and Amortization (D&A)	55	51	57	54	54	57	52	48	46	44	48
Debt-free, Cash-free Net Working Capital to Revenue	-5.87%	-7.16%	-2.00%	-5.71%	-2.04%	-2.14%	-0.53%	-1.05%	-0.47%	0.39%	0.09%
Debt-free Net Working Capital to Revenue	2.84%	1.59%	1.28%	0.33%	1.40%	1.72%	1.10%	0.38%	0.76%	1.60%	1.82%
Net Working Capital to Revenue	-1.00%	-2.29%	-2.65%	-0.66%	-0.61%	-1.64%	-0.65%	-1.37%	-1.00%	-0.15%	1.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.38	($0.18)	$0.34	$0.25	$0.46	$0.20	$0.29	$0.31	$0.50	$0.75	$0.27
Adjusted Weighted Average Basic Shares Outstanding	43.62M	43.69M	43.85M	44.05M	44.21M	44.27M	44.43M	44.74M	44.89M	45.01M	45.08M
Adjusted Diluted Earnings per Share	$0.37	($0.18)	$0.34	$0.24	$0.46	$0.20	$0.28	$0.31	$0.50	$0.74	$0.25
Adjusted Weighted Average Diluted Shares Outstanding	43.62M	43.69M	43.85M	44.05M	44.21M	44.27M	44.43M	44.74M	44.89M	45.01M	45.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	43.62M	43.69M	43.85M	44.05M	44.21M	44.27M	44.43M	44.74M	44.89M	45.01M	45.08M
Normalized Net Operating Profit after Tax (NOPAT)	40	34	42	33	36	36	46	41	46	56	30
Normalized NOPAT Margin	7.03%	6.35%	7.82%	6.12%	6.78%	6.80%	8.91%	7.57%	8.81%	10.42%	5.59%
Pre Tax Income Margin	4.03%	-1.70%	3.61%	3.06%	5.75%	2.56%	3.02%	3.59%	6.08%	8.74%	3.91%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.72	0.71	1.61	1.53	2.02	1.45	1.49	1.62	2.02	2.55	1.72
NOPAT to Interest Expense	1.21	0.47	1.25	0.95	1.30	0.92	1.17	1.12	1.39	1.78	0.93
EBIT Less CapEx to Interest Expense	0.77	-0.06	0.98	0.87	1.09	0.74	0.73	0.79	1.27	1.78	0.94
NOPAT Less CapEx to Interest Expense	0.26	-0.31	0.62	0.29	0.37	0.22	0.41	0.29	0.64	1.01	0.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	99.95%	175.97%	203.32%	156.56%	140.57%	97.67%	102.29%	97.45%	94.26%	66.31%	67.15%
Augmented Payout Ratio	99.95%	175.97%	203.32%	156.56%	140.57%	97.67%	102.29%	97.45%	94.26%	66.31%	67.15%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused read on Deluxe Corp (DLX) using the latest quarterly cash flow, income statement, and balance sheet data from the past four years. The focus is on key trends that may influence the stock’s prospects for retail investors.

Operating cash flow improved notably in Q4 2025, with net cash from continuing operating activities around $102.1 million, up from roughly $50–$67 million in the prior quarters—indicating stronger cash generation from ongoing operations.
Revenue held up well in late 2025, with Q4 2025 operating revenue near $535.2 million and Q3 2025 at about $540.2 million, showing solid and stable demand.
Gross margins remained solid, with Q4 2025 gross profit around $279.3 million on $535.2 million of revenue (roughly a mid-50% gross margin), continuing a trend of healthy profitability.
The balance sheet shows an increasing equity base, with total equity around $663.9 million in Q3 2025 (up from about $638.4 million in Q2 2025), supporting financial flexibility and potential for shareholder value.
Dividends to common shareholders per share remain steady at $0.30, providing a predictable income stream for investors.
Capital expenditure remains moderate, with purchases of property, plant, and equipment typically in the low $20s millions per quarter, suggesting ongoing investment without excessive cash burn.
Earnings per share and net income fluctuate quarterly (for example, Q3 2025 net income continuing operations was higher than Q4 2025), indicating earnings volatility that may reflect timing of charges and taxes.
Non-cash adjustments and heavy amortization contribute to non-cash items in the income statement, which can affect the interpretation of cash flow reconciliation but may not reflect immediate cash outlays.
Investing activities remain a cash drain, with net cash from investing activities frequently negative (e.g., Q4 2025 net investing cash flow around -$55.7 million), reflecting ongoing capex and strategic investments.
Early-2025 quarters showed substantial cash outflows tied to financing and investing activities, contributing to negative net changes in cash during those periods and signaling a temporary cash balance drag.

05/06/26 10:45 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Deluxe's Financials

When does Deluxe's fiscal year end?

According to the most recent income statement we have on file, Deluxe's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Deluxe's net income changed over the last 10 years?

Deluxe's net income appears to be on a downward trend, with a most recent value of $82.20 million in 2025, falling from $218.63 million in 2015. The previous period was $52.90 million in 2024. View Deluxe's forecast to see where analysts expect Deluxe to go next.

What is Deluxe's operating income?

Deluxe's total operating income in 2025 was $232.40 million, based on the following breakdown:

Total Gross Profit: $1.13 billion
Total Operating Expenses: $898.30 million

How has Deluxe's revenue changed over the last 10 years?

Over the last 10 years, Deluxe's total revenue changed from $1.77 billion in 2015 to $2.13 billion in 2025, a change of 20.3%.

How much debt does Deluxe have?

Deluxe's total liabilities were at $2.18 billion at the end of 2025, a 1.2% decrease from 2024, and a 99.0% increase since 2015.

How much cash does Deluxe have?

In the past 10 years, Deluxe's cash and equivalents has ranged from $34.40 million in 2024 to $123.12 million in 2020, and is currently $36.90 million as of their latest financial filing in 2025.

How has Deluxe's book value per share changed over the last 10 years?

Over the last 10 years, Deluxe's book value per share changed from 15.14 in 2015 to 15.12 in 2025, a change of -0.1%.

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Financial statements for NYSE:DLX last updated on 4/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Deluxe (DLX) Financials

Financials Breakdown Chart

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Frequently Asked Questions About Deluxe's Financials

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Deluxe (DLX) Financials

Annual Income Statements for Deluxe

Quarterly Income Statements for Deluxe

Annual Cash Flow Statements for Deluxe

Quarterly Cash Flow Statements for Deluxe

Annual Balance Sheets for Deluxe

Quarterly Balance Sheets for Deluxe

Annual Metrics And Ratios for Deluxe

Quarterly Metrics And Ratios for Deluxe

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Deluxe's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools