Pitney Bowes (PBI) Stock Analysis & Winston Score

Pitney Bowes is a company that helps businesses send mail, packages, and documents. Its core products include postage meters, mailing machines, and shipping software. It also runs a parcel delivery service for e-commerce retailers, making it one of the older names in the shipping and logistics industry with roots going back over 100 years.

The company earns money through equipment leases, software subscriptions, shipping fees, and financing services tied to its mailing products. It operates mainly in the United States, with some presence in Canada and Europe. Its large installed base of postage meters gives it a recurring revenue stream, but the long-term decline in physical mail volume is a serious risk to that side of the business. Growth depends on whether its e-commerce shipping segment can expand fast enough to offset shrinking demand for traditional mailing equipment.

Winston Score History

Score breakdown

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Quality

Gross Margin

54.4%

Healthy — 54.4% gross margin

Operating Margin

25.7%

Excellent — 25.7% operating margin

ROCE

9.6%

Below par — 9.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

-6.1%

Shrinking sales (-6.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

272%

Turns 272% of profit into real cash

FCF Margin

20.8%

Converts sales into free cash efficiently (20.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

3.95x

Tight — interest eats into profit (4.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

18.1x

no trend

Fair value — P/E 18.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+7.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.1 → 10.4)

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Dividends

Dividend Yield

2.14%

no trend

Moderate income — 2.14% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+56.5%

no trend

Dividend growing fast (56.5% YoY)

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