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Pitney Bowes

NYSE:PBI
Snowflake Description

Good value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PBI
NYSE
$714M
Market Cap
  1. Home
  2. US
  3. Commercial Services
Company description

Pitney Bowes Inc. offers customer information management, location intelligence, and customer engagement products and solutions in the United States and internationally. The last earnings update was 76 days ago. More info.


Add to Portfolio Compare Print
  • Pitney Bowes has significant price volatility in the past 3 months.
PBI Share Price and Events
7 Day Returns
-2.9%
NYSE:PBI
1.7%
US Commercial Services
-0.3%
US Market
1 Year Returns
-54.4%
NYSE:PBI
11.9%
US Commercial Services
3.4%
US Market
PBI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Pitney Bowes (PBI) -2.9% -4.1% -44.2% -54.4% -79% -85.4%
US Commercial Services 1.7% 1.6% 5.3% 11.9% 52.3% 80%
US Market -0.3% 2.9% 2.1% 3.4% 36.2% 41.3%
1 Year Return vs Industry and Market
  • PBI underperformed the Commercial Services industry which returned 11.9% over the past year.
  • PBI underperformed the Market in United States of America which returned 3.4% over the past year.
Price Volatility
PBI
Industry
5yr Volatility vs Market
Related Companies

PBI Value

 Is Pitney Bowes undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Pitney Bowes to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Pitney Bowes.

NYSE:PBI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:PBI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.67
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.671 (1 + (1- 21%) (479.85%))
2.484
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (2 * 5.96%)
14.65%

Discounted Cash Flow Calculation for NYSE:PBI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Pitney Bowes is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:PBI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 14.65%)
2020 163.79 Analyst x1 142.86
2021 167.29 Analyst x1 127.27
2022 155.39 Est @ -7.11% 103.11
2023 148.92 Est @ -4.16% 86.19
2024 145.81 Est @ -2.09% 73.61
2025 144.86 Est @ -0.65% 63.78
2026 145.40 Est @ 0.37% 55.84
2027 146.96 Est @ 1.08% 49.23
2028 149.27 Est @ 1.57% 43.61
2029 152.13 Est @ 1.92% 38.77
Present value of next 10 years cash flows $784.27
NYSE:PBI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $152.13 × (1 + 2.73%) ÷ (14.65% – 2.73%)
$1,311.14
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $1,311.14 ÷ (1 + 14.65%)10
$334.12
NYSE:PBI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $784.27 + $334.12
$1,118.39
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,118.39 / 180.73
$6.19
NYSE:PBI Discount to Share Price
Calculation Result
Value per share (USD) From above. $6.19
Current discount Discount to share price of $3.95
= -1 x ($3.95 - $6.19) / $6.19
36.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Pitney Bowes is available for.
Intrinsic value
36%
Share price is $3.95 vs Future cash flow value of $6.19
Current Discount Checks
For Pitney Bowes to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Pitney Bowes's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Pitney Bowes's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Pitney Bowes's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Pitney Bowes's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:PBI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.79
NYSE:PBI Share Price ** NYSE (2019-07-18) in USD $3.95
United States of America Commercial Services Industry PE Ratio Median Figure of 46 Publicly-Listed Commercial Services Companies 23.11x
United States of America Market PE Ratio Median Figure of 3,083 Publicly-Listed Companies 17.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Pitney Bowes.

NYSE:PBI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PBI Share Price ÷ EPS (both in USD)

= 3.95 ÷ 0.79

5.03x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pitney Bowes is good value based on earnings compared to the US Commercial Services industry average.
  • Pitney Bowes is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Pitney Bowes's expected growth come at a high price?
Raw Data
NYSE:PBI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
18.2%per year
United States of America Commercial Services Industry PEG Ratio Median Figure of 34 Publicly-Listed Commercial Services Companies 1.64x
United States of America Market PEG Ratio Median Figure of 2,124 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

NYSE:PBI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.03x ÷ 18.2%

0.28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pitney Bowes is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Pitney Bowes's assets?
Raw Data
NYSE:PBI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $0.47
NYSE:PBI Share Price * NYSE (2019-07-18) in USD $3.95
United States of America Commercial Services Industry PB Ratio Median Figure of 86 Publicly-Listed Commercial Services Companies 1.83x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.8x
NYSE:PBI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PBI Share Price ÷ Book Value per Share (both in USD)

= 3.95 ÷ 0.47

8.39x

* Primary Listing of Pitney Bowes.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pitney Bowes is overvalued based on assets compared to the US Commercial Services industry average.
X
Value checks
We assess Pitney Bowes's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Commercial Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Commercial Services industry average (and greater than 0)? (1 check)
  5. Pitney Bowes has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PBI Future Performance

 How is Pitney Bowes expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pitney Bowes expected to grow at an attractive rate?
  • Pitney Bowes's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Pitney Bowes's earnings growth is expected to exceed the United States of America market average.
  • Pitney Bowes's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:PBI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:PBI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 18.2%
NYSE:PBI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 4.1%
United States of America Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 15.3%
United States of America Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 5.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:PBI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:PBI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 3,898 372 213 1
2020-12-31 3,748 366 156 3
2019-12-31 3,586 383 119 4
NYSE:PBI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 3,494 392 147
2018-12-31 3,522 392 200
2018-09-30 3,507 456 223
2018-06-30 3,408 486 221
2018-03-31 3,277 411 215
2017-12-31 3,123 496 221
2017-09-30 3,094 530 61
2017-06-30 3,200 522 81
2017-03-31 3,305 587 95
2016-12-31 2,981 496 76
2016-09-30 3,456 460 259
2016-06-30 3,487 473 283

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Pitney Bowes's earnings are expected to grow by 18.2% yearly, however this is not considered high growth (20% yearly).
  • Pitney Bowes's revenue is expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:PBI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Pitney Bowes Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PBI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.17 1.17 1.17 1.00
2020-12-31 0.86 0.95 0.75 3.00
2019-12-31 0.65 0.79 0.57 3.00
NYSE:PBI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.79
2018-12-31 1.07
2018-09-30 1.19
2018-06-30 1.18
2018-03-31 1.15
2017-12-31 1.19
2017-09-30 0.33
2017-06-30 0.44
2017-03-31 0.51
2016-12-31 0.40
2016-09-30 1.36
2016-06-30 1.46

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Pitney Bowes is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Pitney Bowes's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Pitney Bowes has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PBI Past Performance

  How has Pitney Bowes performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Pitney Bowes's growth in the last year to its industry (Commercial Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Pitney Bowes's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Pitney Bowes's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Pitney Bowes's 1-year earnings growth is negative, it can't be compared to the US Commercial Services industry average.
Earnings and Revenue History
Pitney Bowes's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Pitney Bowes Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PBI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 3,494.20 147.03 1,144.79 122.87
2018-12-31 3,522.38 199.95 1,145.54 125.59
2018-09-30 3,507.28 222.60 1,155.08 118.43
2018-06-30 3,407.70 220.93 1,177.00 114.99
2018-03-31 3,276.68 215.39 1,181.38 114.24
2017-12-31 3,123.27 221.33 1,172.32 118.70
2017-09-30 3,093.94 60.69 1,149.16 120.14
2017-06-30 3,199.69 81.06 1,160.70 119.51
2017-03-31 3,305.17 94.85 1,170.47 123.69
2016-12-31 2,981.32 75.73 1,145.38 107.38
2016-09-30 3,456.45 259.49 1,258.11 116.22
2016-06-30 3,486.96 282.97 1,255.85 116.70
2016-03-31 3,531.97 380.22 1,277.31 110.68
2015-12-31 3,578.06 402.63 1,269.96 110.16
2015-09-30 3,625.03 381.16 1,275.74 112.72
2015-06-30 3,697.13 403.51 1,318.75 109.63
2015-03-31 3,774.69 338.55 1,341.55 109.79
2014-12-31 3,821.50 299.96 1,378.40 109.93
2014-09-30 3,848.41 316.15 1,393.72 109.96
2014-06-30 3,827.26 277.49 1,404.28 108.67
2014-03-31 3,819.47 269.96 1,419.82 107.35
2013-12-31 3,791.34 287.57 1,420.10 110.41
2013-09-30 3,796.03 298.54 1,449.84 107.79
2013-06-30 3,825.33 313.51 1,468.47 113.25
2013-03-31 3,654.78 315.10 1,455.56 109.43
2012-12-31 3,823.71 379.06 1,489.74 114.25
2012-09-30 4,084.88 407.98 1,514.77 128.68

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Pitney Bowes made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Pitney Bowes used its assets less efficiently than the US Commercial Services industry average last year based on Return on Assets.
  • Pitney Bowes's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Pitney Bowes's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Commercial Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Pitney Bowes has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PBI Health

 How is Pitney Bowes's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Pitney Bowes's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Pitney Bowes is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Pitney Bowes's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Pitney Bowes's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Pitney Bowes Company Filings, last reported 3 months ago.

NYSE:PBI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 86.36 3,254.89 904.31
2018-12-31 239.47 3,265.61 926.65
2018-09-30 251.67 3,269.62 815.16
2018-06-30 195.92 3,572.81 745.57
2018-03-31 214.89 3,576.14 775.48
2017-12-31 188.56 3,830.34 1,058.01
2017-09-30 100.83 4,182.93 1,742.41
2017-06-30 29.37 3,528.77 1,005.28
2017-03-31 -46.34 3,284.31 783.45
2016-12-31 -103.66 3,364.89 802.97
2016-09-30 426.82 3,367.65 1,016.35
2016-06-30 375.18 3,093.82 750.78
2016-03-31 419.64 3,044.95 735.13
2015-12-31 475.09 2,950.67 767.58
2015-09-30 438.40 2,992.15 750.29
2015-06-30 487.73 2,994.19 800.43
2015-03-31 351.31 3,075.23 913.43
2014-12-31 373.63 3,252.01 1,103.25
2014-09-30 574.72 3,237.88 959.02
2014-06-30 578.13 3,239.72 1,029.88
2014-03-31 486.15 3,341.57 930.40
2013-12-31 501.55 3,346.30 938.93
2013-09-30 307.61 3,650.59 780.11
2013-06-30 318.71 3,654.03 631.47
2013-03-31 369.56 4,032.63 947.38
2012-12-31 407.00 4,017.38 949.89
2012-09-30 421.00 3,680.50 461.03
  • Pitney Bowes's level of debt (3781.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (685.7% vs 3781.3% today).
  • Debt is not well covered by operating cash flow (12%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Pitney Bowes's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Pitney Bowes has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PBI Dividends

 What is Pitney Bowes's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.06%
Current annual income from Pitney Bowes dividends. Estimated to be 5.06% next year.
If you bought $2,000 of Pitney Bowes shares you are expected to receive $101 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Pitney Bowes's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Pitney Bowes's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:PBI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 1.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:PBI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31 0.20 1.00
2019-12-31 0.20 1.00
NYSE:PBI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-06 0.200 4.556
2019-05-03 0.200 3.478
2019-05-01 0.200 3.667
2019-02-20 0.200 2.909
2019-02-05 0.200 2.869
2018-11-09 0.750 10.662
2018-08-02 0.750 10.100
2018-05-07 0.750 8.361
2018-02-05 0.750 6.566
2017-11-10 0.750 6.658
2017-08-04 0.750 5.798
2017-05-08 0.750 4.949
2017-02-06 0.750 5.619
2016-11-11 0.750 4.896
2016-08-05 0.750 4.289
2016-05-09 0.750 4.107
2016-02-09 0.750 3.795
2015-11-06 0.750 3.803
2015-08-06 0.750 3.662
2015-05-11 0.750 3.480
2015-02-09 0.750 3.260
2014-11-07 0.750 3.097
2014-08-06 0.750 2.956
2014-05-12 0.750 2.750
2014-01-30 0.750 2.933
2013-11-08 0.750 3.281
2013-04-30 0.750 4.582
2013-01-31 1.500 10.520
2012-11-02 1.500 13.157
2012-07-09 1.500 10.881
2012-04-09 1.500 9.967
2012-02-01 1.500 8.262
2011-11-04 1.480 7.868
2011-07-11 1.480 7.400
2011-04-11 1.480 6.193
2011-02-08 1.480 5.913
2010-11-05 1.460 6.166
2010-07-12 1.460 6.806
2010-04-12 1.460 6.246
2010-02-04 1.460 6.220
2009-11-06 1.440 6.320
2009-07-13 1.440 6.145
2009-04-13 1.440 6.413
2009-02-05 1.440 6.676
2008-11-07 1.400 5.852

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Pitney Bowes's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Pitney Bowes's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Pitney Bowes afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Pitney Bowes has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PBI Management

 What is the CEO of Pitney Bowes's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marc Lautenbach
COMPENSATION $8,056,939
AGE 58
TENURE AS CEO 6.6 years
CEO Bio

Mr. Marc B. Lautenbach has been the Chief Executive Officer and President of Pitney Bowes Inc. since December 3, 2012. Mr. Lautenbach is 27-Year IBM Veteran and has an extensive experience and proven track record in Technology Services. He joined Pitney Bowes Inc., with nearly 30 years of experience in the technology and business services industry. He served in Senior Leadership Positions at IBM. At different stages of his 27-year career at IBM, Mr. Lautenbach oversaw the small- and medium-size (SMB) customer segment. He served as an Executive and was responsible for sales in the Americas at IBM. He has substantial experience in the enterprise and federal government segments. Mr. Lautenbach served as the Managing Partner of IBM North America Global Business Services from 2010 to 2012. He served in various senior management positions of increasing responsibility, including General Manager of IBM North America from 2005 to 2010. He served as General Manager of IBM Global Small and Medium Business and Vice President of IBM Asia-Pacific Small and Medium Business. He has been a Director of Pitney Bowes Inc. since December 3, 2012. He has been an Independent Director of Campbell Soup Company since June 11, 2014. Mr. Lautenbach graduated magna cum laude and Phi Beta Kappa at Denison University in 1983 and went on to receive an MBA from the Kellogg Graduate School of Management at Northwestern University in 1985.

CEO Compensation
  • Marc's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Marc's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Pitney Bowes management team in years:

3
Average Tenure
57
Average Age
  • The tenure for the Pitney Bowes management team is about average.
Management Team

Marc Lautenbach

TITLE
President
COMPENSATION
$8M
AGE
58
TENURE
6.6 yrs

Stan Sutula

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
53
TENURE
2.4 yrs

Lila Snyder

TITLE
Executive VP & President of Commerce Services
COMPENSATION
$3M
AGE
46
TENURE
6.3 yrs

Bob Guidotti

TITLE
Executive VP & President of Software Solutions
COMPENSATION
$2M
AGE
61
TENURE
3.5 yrs

Jason Dies

TITLE
Executive VP & President of SMB Solutions
COMPENSATION
$2M
AGE
49
TENURE
1.8 yrs

Joe Catapano

TITLE
VP & Chief Accounting Officer
TENURE
1.9 yrs

Adam David

TITLE
Vice President of Investor Relations

Dan Goldstein

TITLE
Executive VP
COMPENSATION
$2M
AGE
57
TENURE
3.5 yrs

Bill Hughes

TITLE
Chief Communications Officer
AGE
59

Bill Borrelle

TITLE
Senior VP & Chief Marketing Officer
TENURE
1 yrs
Board of Directors Tenure

Average tenure and age of the Pitney Bowes board of directors in years:

6.8
Average Tenure
66
Average Age
  • The tenure for the Pitney Bowes board of directors is about average.
Board of Directors

Michael Roth

TITLE
Non-Executive Chairman
COMPENSATION
$320K
AGE
74
TENURE
6.6 yrs

Marc Lautenbach

TITLE
President
COMPENSATION
$8M
AGE
58
TENURE
6.6 yrs

David Shedlarz

TITLE
Director
COMPENSATION
$221K
AGE
71
TENURE
18.5 yrs

Anne Fuchs

TITLE
Director
COMPENSATION
$202K
AGE
71
TENURE
13.8 yrs

Anne Busquet

TITLE
Director
COMPENSATION
$209K
AGE
69
TENURE
11.7 yrs

Roger Fradin

TITLE
Director
COMPENSATION
$209K
AGE
66
TENURE
7.4 yrs

Doug Hutcheson

TITLE
Director
COMPENSATION
$217K
AGE
63
TENURE
7 yrs

Linda Sanford

TITLE
Director
COMPENSATION
$205K
AGE
66
TENURE
3.8 yrs

Mary J. Guilfoile

TITLE
Non-Employee Director
COMPENSATION
$134K
AGE
64
TENURE
1 yrs

Bob Dutkowsky

TITLE
Non-Employee Director
COMPENSATION
$134K
AGE
64
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Pitney Bowes individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
01. Jul 19 Buy Jason Dies Individual 30. Jun 19 30. Jun 19 1,500 $4.03 $6,045
09. May 19 Buy Robert Dutkowsky Individual 09. May 19 09. May 19 10,000 $5.22 $52,150
06. May 19 Buy Jason Dies Individual 03. May 19 03. May 19 3,600 $5.72 $20,592
03. May 19 Buy Stanley Sutula Individual 01. May 19 01. May 19 5,000 $5.34 $26,700
X
Management checks
We assess Pitney Bowes's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Pitney Bowes has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PBI News

Simply Wall St News

Pitney Bowes (NYSE:PBI) Has A Somewhat Strained Balance Sheet

During the last three years, Pitney Bowes produced sturdy free cash flow equating to 70% of its EBIT, about what we'd expect. … This free cash flow puts the company in a good position to pay down debt, when appropriate. … Overall, it seems to us that Pitney Bowes's debt load is really quite a risk to the business.

Simply Wall St -

Is It Too Late To Buy Pitney Bowes Inc. (NYSE:PBI) At Its June Price?

The excitement around Pitney Bowes's growth potential is not unfounded. … However, seeing as Pitney Bowes is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio. … This tells us that when we include its growth in our analysis Pitney Bowes's stock can be considered relatively cheap , based on its fundamentals.

Simply Wall St -

Does Pitney Bowes Inc. (NYSE:PBI) Have A High Beta?

(NYSE:PBI), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … What this means for you: Since Pitney Bowes has a reasonably high beta, it's worth considering why it is so heavily influenced by broader market sentiment.

Simply Wall St -

How Do Pitney Bowes Inc.’s (NYSE:PBI) Returns Compare To Its Industry?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Pitney Bowes: 0.077 = US$311m ÷ (US$5.8b - US$1.8b) (Based on the trailing twelve months to March 2019.) Therefore, Pitney Bowes has an ROCE of 7.7%. … Pitney Bowes's Current Liabilities And Their Impact On Its ROCE Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. … Pitney Bowes's middling level of current liabilities have the effect of boosting its ROCE a bit.

Simply Wall St -

Does Pitney Bowes Inc.'s (NYSE:PBI) CEO Pay Matter?

In 2012 Marc Lautenbach was appointed CEO of Pitney Bowes Inc. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Marc Lautenbach's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Pitney Bowes Inc. (NYSE:PBI) Insiders Increased Their Holdings

The Last 12 Months Of Insider Transactions At Pitney Bowes. … As a general rule, we feel more positive about a stock if insiders have bought shares at above current prices, because that suggests they viewed the stock as good value, even at a higher price … Pitney Bowes may have bought shares in the last year, but they didn't sell any

Simply Wall St -

Did You Manage To Avoid Pitney Bowes's (NYSE:PBI) Devastating 75% Share Price Drop?

(NYSE:PBI) share price up 16% in a single quarter. … The share price has failed to impress anyone , down a sizable 75% during that time. … During the five years over which the share price declined, Pitney Bowes's earnings per share (EPS) dropped by 5.6% each year.

Simply Wall St -

Is Pitney Bowes Inc.'s (NYSE:PBI) P/E Ratio Really That Good?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … We'll look at Pitney Bowes Inc.'s (NYSE:PBI) P/E ratio and reflect on what it tells us about the company's share price. … Pitney Bowes has a price to earnings ratio of 6.42, based on the last twelve months.

Simply Wall St -

Could Pitney Bowes Inc.'s (NYSE:PBI) Investor Composition Influence The Stock Price?

Generally speaking, as a company grows, institutions will increase their ownership. … Conversely, insiders often decrease their ownership over time. … We can zoom in on the different ownership groups, to learn more about PBI

Simply Wall St -

Is There An Opportunity With Pitney Bowes Inc.'s (NYSE:PBI) 35.68% Undervaluation?

In this article I am going to calculate the intrinsic value of Pitney Bowes Inc. … by estimating the company's future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.

Simply Wall St -

PBI Company Info

Description

Pitney Bowes Inc. offers customer information management, location intelligence, and customer engagement products and solutions in the United States and internationally. The company operates in three segments: Commerce Services; Small & Medium Business Solutions; and Software Solutions. The Commerce Services segment provides cross-border e-commerce solutions, domestic retail and e-commerce shipping solutions, fulfillment, and delivery and return services; and mail sortation services that allow clients to qualify large volumes of first class mail, marketing mail, and bound and packet mail for postal work sharing discounts. The Small & Medium Business Solutions segment offers mailing and shipping solutions, financing, services, and supplies for small and medium businesses to create mail and evidence postage, as well as for sending, tracking, and receiving of letters, parcels, and flats. The Software Solutions segment provides customer engagement, customer information, and location intelligence software, as well as data solutions and related support services. Pitney Bowes Inc. also provides revolving credit and interest-bearing deposit solutions. The company markets its products through sales force, partner channels, direct mailings, and Web and partner channels. Pitney Bowes Inc. has a strategic partnership with Shyplite to develop a multicarrier shipping platform for small businesses that simplifies office shipping; and has collaboration with Accenture plc. The company was formerly known as Pitney Bowes Postage Meter Company. Pitney Bowes Inc. was founded in 1920 and is headquartered in Stamford, Connecticut.

Details
Name: Pitney Bowes Inc.
PBI
Exchange: NYSE
Founded: 1920
$713,866,637
180,725,731
Website: http://www.pitneybowes.com
Address: Pitney Bowes Inc.
3001 Summer Street,
Stamford,
Connecticut, 06926,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PBI Common Stock New York Stock Exchange US USD 02. Jan 1968
DB PBW Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
BASE PBI CEDEAR EACH REP 1/3 ORD USD1 Buenos Aires Stock Exchange AR ARS 04. Feb 2003
Number of employees
Current staff
Staff numbers
13,300
Pitney Bowes employees.
Industry
Office Services and Supplies
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 23:47
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/07/18
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.