Pitney Bowes Inc. /DE/ (PBI) intrinsic value & 10-year financials
Pitney Bowes Inc. /DE/ (PBI) has a Graham intrinsic value of $15.10 per share. At $17.04 on Oct 17, 2026, the stock trades 13% above that value. Over the last 10 fiscal years revenue shrank 6.3% a year to $1.9B, with an average return on invested capital of -0.3%.
- Graham intrinsic value
- $15.10
- Share price (Oct 17, 2026)
- $17.04
- Price vs Graham value
- 13% above
- Market cap
- $2.9B
- Revenue (FY2025)
- $1.9B
- Revenue growth (10-yr CAGR)
- -6.3%
- ROIC (10-yr avg)
- -0.3%
- Free cash flow (FY2025)
- $317.0M
PBI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.9B | $144.7M | $0.84 | $317.0M | — | 14.3% |
| FY2024 | $2.0B | -$203.6M | -$1.12 | $156.8M | — | -16.3% |
| FY2023 | $3.3B | -$385.6M | -$2.20 | -$22.8M | — | -22.7% |
| FY2022 | $3.5B | $36.9M | $0.21 | $51.1M | — | 1.9% |
| FY2021 | $3.7B | -$1.4M | -$0.01 | $117.5M | — | -0.1% |
| FY2020 | $3.6B | -$181.5M | -$1.06 | $197.0M | — | -8.7% |
| FY2019 | $3.2B | $194.6M | $1.10 | $115.0M | — | 7.7% |
| FY2018 | $2.6B | $223.7M | $1.19 | $200.8M | — | 7.7% |
| FY2017 | $3.5B | $261.3M | $1.39 | $324.8M | — | 9.5% |
| FY2016 | $3.4B | $92.8M | $0.49 | $329.9M | — | 3.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PITNEY BOWES INC /DE/ is facing top-line stagnation, with revenue contracting over the decade.
PITNEY BOWES INC /DE/ has historically struggled to out-earn its cost of capital, averaging just -0.3% ROIC.
PITNEY BOWES INC /DE/ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PITNEY BOWES INC /DE/ is modeled at 6.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $15.10 per share.