Pitney Bowes Inc. — Earnings Quality Grade F
PBI · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 32 days, change +4 days YoY
AR growth 5.1% vs revenue growth -6.6%
Revenue -6.6%, CFFO 67.2%. Cash follows revenue
Expense Quality
Inventory growth 10.7% exceeds COGS -9.9%
CapEx growth -8.5% vs revenue -6.6%. Normal
SG&A/Gross Profit = 60.7%. Normal
Gross margin 54.1%, change +1.7pp. Stable
Cash Flow Quality
CFFO/NI = 2.65. Profits backed by cash
FCF $0.3B, FCF/NI = 2.19
Accruals ratio = -7.5%. Low accruals
Cash $0.3B covers only 14% of debt $2.1B
Balance Sheet Health
Goodwill+Intangibles $0.8B = -95% of equity. Manageable
Debt/EBITDA = 5.2x (>4x). Financial stress
Other assets -1.2% vs revenue -6.6%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 3% YoY. Normal
Manipulation Score
M-Score = -2.77 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25