Forensic Analysis · Technology / Software · as of Aug 11, 2026

Pitney Bowes Inc /De/ (PBI)

A forensic read on Pitney Bowes Inc /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

2.8

Distress distance

Clean

Earnings quality

Forensic signals

13.1

P / E (ttm)

$2.4B

Market cap

2.23%

Dividend yield

-6.6%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Pitney Bowes Inc /De/ earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

135% of FCF

FY2025

Shareholder returns. Returned $429M to shareholders (buybacks + dividends) in FY2025 — 135% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $14M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 140%.

10.7%

FY2025

Return on invested capital. Return on invested capital is 10.7% in the latest fiscal year and rising from 9% — around its ~10% cost of capital, so growth is roughly value-neutral.

$322M

FY2020–FY2023

Goodwill impairments. Took $322M of goodwill writedowns across 2 years (FY2020 ($198M), FY2023 ($124M)). Writedowns mean past acquisitions underperformed what was paid for them.

-73%

FY2018→FY2019

Dividend — cut. The payout was CUT ~73% in FY2019 (from FY2018) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$1.89B

Revenue Growth YoY-6.6%

Revenue CAGR (3yr)-8.6%

Net Margin7.6%

Free Cash Flow$317.0M

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.