Deluxe Corporation
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Range $27 – $27
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About the company
Deluxe Corporation offers a wide array of technology-driven services tailored for large enterprises, small businesses, and financial institutions across a global footprint that includes the United States, Canada, Australia, South America, and Europe. The company's operations are strategically divided into four main segments: Payments, Cloud Solutions, Promotional Solutions, and Checks. Payments: This segment provides comprehensive treasury management solutions, including services for remittance and lockbox processing, remote deposit capture, efficient receivables management, diverse payment processing, and paperless treasury systems.
- CEO
- Barry C. McCarthy
- IPO
- 1980
- Employees
- 4,571
- HQ
- Minneapolis, MN, US
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- Market Cap
- $1.10B
- P/E
- 10.59
- Fwd P/E
- 6.33
- PEG
- 0.21
- P/S
- 0.52
- P/B
- 1.58
- EV/EBITDA
- 6.35
- Div Yield
- 5.01%
- Gross Margin
- 52.53%
- Op Margin
- 12.45%
- Net Margin
- 4.76%
- ROE
- 14.63%
- ROIC
- 8.14%
Latest fiscal year · YoY change
- Revenue
- $2.13B+0.5%
- Gross Profit
- $1.13B+0.5%
- Op Income
- $258.60M
- Net Income
- $82.10M+55.5%
- EPS
- $1.87+55.8%
- OCF Growth
- +39.3%
- FCF Growth
- +75.5%
- 52W High
- $32.07
- 52W Low
- $17.76
- 50D MA
- $24.67
- 200D MA
- $24.84
- Beta
- 1.25
- RSI (14)
- 43
- Avg Volume
- 425.90K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Deluxe posted a strong first quarter with double-digit growth in Payments and Data, expanding margins, and enough free cash flow to hit its 3x leverage target early.· May 6, 2026
- Payments and Data became 51% of revenue, marking a major mix shift away from Print.
- Comparable adjusted EBITDA rose 19.7% to $117.9 million, with margins up 310 basis points to 21.9%.
- Adjusted diluted EPS increased to $1.05 from $0.72 on a comparable adjusted basis.
- Free cash flow was $27.3 million in Q1, up $3 million year over year, and full-year FCF guidance stays at about $200 million.
- Management said the Safeguard divestiture was closed March 1 and updated full-year guidance to reflect it, while keeping growth expectations intact or improved.
Q1 revenue was $538.1 million, up 0.3% reported and up 2.7% on a comparable adjusted basis. GAAP net income was $35.8 million, or $0.77 per share, versus $14 million, or $0.31 per share, a year ago. Adjusted EBITDA was $117.9 million, up 19.7% comparable adjusted, and adjusted EBITDA margin was 21.9%, up 310 basis points. Adjusted diluted EPS was $1.05 versus $0.72 comparable adjusted last year. Free cash flow was $27.3 million, up $3 million year over year. For the full year 2026, management guided to revenue of $1.985 billion to $2.05 billion, adjusted EBITDA of $430 million to $455 million, adjusted EPS of $3.60 to $4.00, and free cash flow of approximately $200 million. They also assumed interest expense of approximately $110 million, an adjusted tax rate of 26%, depreciation and amortization of approximately $135 million, average diluted shares of about 46.5 million, and capital expenditures of $90 million to $100 million.
Barry McCarthy framed the quarter as evidence that Deluxe’s transformation is gaining traction, with payments and data now more than half of revenue. He emphasized the company’s three strategic priorities: shifting mix toward higher-growth businesses, improving operating efficiency, and using cash flow to reduce debt. His tone was confident and upbeat, citing 13 straight quarters of comparable adjusted EBITDA expansion and saying the company is well positioned for the rest of the year.
Chip Zint highlighted the quarter’s financial strength: total revenue of $538.1 million, adjusted EBITDA of $117.9 million, adjusted diluted EPS of $1.05, and free cash flow of $27.3 million. He said net debt fell to $1.37 billion, net debt to adjusted EBITDA reached 3x, and the company had $381 million of available revolver capacity at quarter-end. He also pointed to continued SG&A improvement, with management noting more than a 7% decline in SG&A, and reiterated full-year guidance of $1.985 billion to $2.05 billion revenue, $430 million to $455 million adjusted EBITDA, and about $200 million of free cash flow.
Analysts focused on AI, SG&A efficiency, customer demand drivers, and whether macro/geopolitical uncertainty was affecting the promo business. Management said AI is a net positive, helping improve data marketing models and reducing manual intervention in B2B lockbox processing by about 2/3. On free cash flow guidance, Chip Zint said the Safeguard divestiture was relatively low margin, so the impact on cash flow was immaterial, and the company’s underlying execution supported holding the roughly $200 million target. Barry also said promo remains soft, but not specifically because of global conflict or current uncertainty.
The bull case is that Deluxe is showing consistent execution across both growth and efficiency levers: payments and data grew 12.5% combined, margins expanded, and cash flow remained strong enough to hit the 3x leverage goal early. Management sounded confident that AI, new merchant wins like Washington Trust Bank and MRI Software, and continued FI and ISV momentum can keep the growth profile intact.
The main risks discussed were continued softness in the promo/print side and the need for growth to moderate in the back half of the year, especially in data as management laps tougher comps and sees some marketing spend pulled forward. Management also flagged macro variables in guidance, including interest rates, labor supply issues, inflation, and the impact of any additional portfolio additions or exits.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 96.7%
- Shares Outstanding
- 45.78M
- Float Shares
- 44.29M
of shares held by institutions
260 13F filers
Buy/sell ratio 2.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 6.97M | ▲ 232.42K |
| Vanguard Group Inc | 4.96M | ▲ 35.03K |
| State Street Corp | 2.86M | ▲ 91.35K |
| Dimensional Fund Advisors LP | 2.85M | ▲ 93.74K |
| Lsv Asset Management | 2.05M | ▲ 24.90K |
| Deprince Race & Zollo Inc | 1.98M | ▼ 104.95K |
| Vanguard Capital Management LLC | 1.96M | ▲ 112.23K |
| Geode Capital Management, LLC | 1.37M | ▲ 222.15K |
| Goldman Sachs Group Inc | 913.24K | ▼ 172.70K |
| Charles Schwab Investment Management Inc | 858.41K | ▼ 209.61K |
| Sixth Street Partners Management Company, L.P. | 858.41K | ▲ 858.41K |
| Prudential Financial Inc | 707.70K | ▼ 215.21K |
Held by 299 ETFs
Biggest fund positions in DLX by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 20, 26 | Collins Michelle T | other | 6,279 |
| Aug 20, 26 | Collins Michelle T | other | 6,279 |
| Aug 17, 26 | Jones Kevin Grant | other | 0 |
| Jun 15, 26 | Brown Angela L | other | 1,205 |
| Jun 15, 26 | Cummins Hugh S. III | other | 1,205 |
| Jun 15, 26 | Yancy Telisa L | other | 1,168 |
| May 13, 26 | Jeyaprakasam Yogaraj | other | 4,163 |
| May 13, 26 | Jeyaprakasam Yogaraj | other | 1,688 |
| May 13, 26 | Jeyaprakasam Yogaraj | other | 4,163 |
| Apr 23, 26 | REDDIN THOMAS | other | 10,349 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our DLX coverage
Recent articles, reports, and earnings notes.
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Generate DLX report →Kevin Jones named President of Deluxe Merchant Services
businesswire.com · Aug 17
Deluxe Q2 Earnings Call Highlights
marketbeat.com · Aug 8
Deluxe (DLX) Q2 Earnings and Revenues Beat Estimates
zacks.com · Aug 5
Deluxe Corporation (DLX) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 5
Deluxe Corporation Second Quarter 2026 Financial Results Available on Company's Website
businesswire.com · Aug 5
Deluxe Closes Transformative Acquisition of Celero Commerce
businesswire.com · Jul 31
Analysts Estimate Deluxe (DLX) to Report a Decline in Earnings: What to Look Out for
zacks.com · Jul 29
Deluxe to Report Second Quarter 2026 Results on August 5, 2026
businesswire.com · Jul 22
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