Pitney Bowes

PBI

Integrated Freight & Logistics · Industrials

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

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.

Score breakdown

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Quality

Profit per sale

Gross Margin

53.7%

Healthy — 53.7% gross margin

Profit after running costs

Operating Margin

21.7%

Excellent — 21.7% operating margin

Return on the money invested

ROCE

8.2%

Below par — 8.2% 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 growth

Sales YoY

-5.3%

Shrinking sales (-5.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

263%

Turns 263% of profit into real cash

Spare cash per sale

FCF Margin

22.6%

Converts sales into free cash efficiently (22.6%)

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

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

4.01x

Adequate interest coverage (4.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

13.3x

no trend

Attractive valuation — P/E 13.3

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

Cheaper or dearer next year

P/E vs Forward

+2.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.95%

no trend

Small dividend — 1.95% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+46.2%

no trend

Dividend growing fast (46.2% YoY)

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