PITNEY BOWES INC /DE/

Mailing/shipping company in structural decline but generating strong free cash flow, against negative equity and weak liquidity.

Strengths

• Strong free cash flow — FCF $317.0M (70th), FCF margin 16.7%, OCF margin 20.2%
• Profitable at the net line — net margin 7.6% (62nd), ROA 4.6%

Risks

• Negative equity and weak liquidity — ROE -18.0% and D/E -2.46 reflect negative equity; current ratio 0.71 (6th), quick ratio 0.67
• Declining, USPS-dependent business — revenue -6.6% (20th); risk factors stress dependence on USPS financial viability
• Earnings volatility — net income growth -171.1% (9th)

Notable findings

• High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Negative equityNegative book equity (debt/equity -2.46)
• Weak liquidityCurrent ratio 0.71 (<1)
• Customer concentration~21% of revenue from one customer/distributor — Financial performance for the SendTech Solutions segment was as follows: Years Ended December 31, Favorable/(Unfavorable) 2025 2024 % change Services $ 569,403 $ 588,046 (3) % Products 364
• Strong balance sheetStrong balance sheet — $502M cash & investments
• Insider buyingInsider buying — 2 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, last 6mo) Form 4 ↗
• Insider sellingInsider selling — 36 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$54M, last 6mo) Form 4 ↗
• Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)