Pitney Bowes Inc. Financial Ratios — PBI Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	12.96	8.91	2.83	6.51	7.63	1.7	4.43	4.33	3.42	-3.2	-0.02	0.68	-8.77	-6.47	4.93
Return on Assets (%)	7.67	5.79	2.2	5.31	6.75	1.87	3.89	3.83	3.41	-3.37	-0.03	0.76	-8.56	-5.31	4.41
Return on Capital (%)	7.77	5.97	2.84	4.97	5.76	1.78	3.89	3.84	- -	- -	- -	1.3	- -	- -	4.4
Return on Invested Capital (%)	14.4	11.39	12.17	13.76	13.45	7.42	9.36	9.25	- -	- -	- -	8.25	- -	- -	20.92
Gross Margin (%)	58.57	58.62	56.46	56.02	56.44	58.77	52.3	44.25	40.02	32.34	30.54	44.36	49.57	52.42	54.1
EBITDA Margin (%)	23.56	23.35	21.67	22.25	22.43	22.76	17.69	15.83	12.06	8.68	8.55	15.77	15.98	21.07	26.34
Operating Margin (%)	16.96	16.67	16.09	17.07	17.59	16.92	13.14	11.2	7.09	4.16	4.11	11.29	10.56	15.42	20.45
Incremental Operating Margin (%)	13.34	20.7	83.78	139.8	9.46	20.92	70.3	-1.41	2,070.67	-22.82	2.8	-10.86	15.07	-177.6	-55.66
Pretax Margin (%)	11.91	13.38	10.13	11.28	17.07	6.77	6.96	5.86	0.83	-5.16	-0.2	7.6	-2.11	-2.58	10.17
Profit Margin (%)	15.41	12.12	4.25	9.21	11.91	3.75	8.75	7.53	6.06	-5.08	-0.04	1.49	-18.55	-10.05	7.65
Net Income to Common Margin (%)	14.97	11.64	3.77	8.73	11.4	3.11	8.75	7.53	6.06	-5.08	-0.04	1.49	-18.55	-10.05	7.65
Effective Tax Rate (%)	7.23	22.33	20.31	26.16	31.07	53.01	7.05	3.41	- -	- -	- -	22.77	- -	- -	24.84
Dvd Payout Ratio (%)	61.67	74.44	59.27	44.41	32.72	160.44	77.47	77.32	88.71	-18	992.3	23.83	-57.48	35.08	35.29
Sustainable Growth Rate (%)	4.97	2.28	1.15	3.62	5.13	-1.03	1	0.98	0.39	-3.77	0.22	0.51	-13.81	-4.2	3.19

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	4,234	4,017	3,346	3,252	2,951	3,365	3,830	3,426	2,953	2,784	2,556	2,524	2,302	2,047	2,121
ST Debt	550	375	- -	325	461	614	271	235	56	255	65	85	89	80	46
LT Debt	3,684	3,642	3,346	2,927	2,490	2,750	3,559	3,191	2,897	2,529	2,491	2,438	2,214	1,967	2,076
Total Debt/EBITDA	4.36	4.5	4.07	3.82	3.68	4.96	7.78	6.74	7.64	9.03	8.14	6.44	6.93	4.8	4.25
Net Debt/EBITDA	3.48	3.48	2.97	2.58	2.88	3.83	5.73	4.72	4.7	5.33	5.07	3.92	4.65	3.4	3.43
Total Debt/EBIT	6.05	6.3	5.48	4.98	4.69	6.67	10.47	9.52	12.99	18.85	16.92	9	10.49	6.55	5.48
Net Debt/EBIT	4.83	4.87	4	3.37	3.67	5.15	7.71	6.67	7.99	11.12	10.53	5.48	7.04	4.64	4.41
EBITDA to Interest Expense	8.42	7.75	7.52	9.36	9.16	7.63	4.18	4.41	3.48	2.92	3.24	4.49	3.36	3.88	4.91
EBITDA-CapEx/Interest Expense	8.42	7.75	7.52	9.36	9.16	7.63	4.18	4.41	3.48	2.92	3.24	4.49	3.36	3.88	4.91
EBIT to Interest Expense	6.07	5.53	5.58	7.18	7.19	5.67	3.1	3.12	2.05	1.4	1.56	3.21	2.22	2.84	3.81
Interest Expense	115	115	109	91	88	89	118	115	111	106	97	87	99	110	101
Common Equity/Total Assets	60.43	64.48	74.4	80.33	89.48	93.04	83.04	94.35	105.4	105.83	110.76	114.93	78.38	86.6	92.33
Long-Term Debt/Equity (%)	- -	3,292.36	1,630.94	3,788.72	1,393	- -	1,887.6	3,133.65	1,012.71	3,580.6	2,211.8	4,019.91	- -	- -	- -
Long-Term Debt/Capital (%)	38.96	40.09	39.9	34.54	29.53	31.27	37.93	35.34	33.24	30.42	30.95	30.58	39.17	39.43	41.12
Long-Term Debt/Total Assets (%)	45.22	46.34	49.41	45.03	40.66	47.12	53.22	53.74	53	48.4	50.24	51.42	51.82	57.9	65.5
Total Debt/Equity (%)	-10,860.08	3,631.33	1,630.94	4,209.23	1,650.99	-3,246.08	2,031.35	3,364.14	1,032.34	3,941.98	2,269.54	4,160.62	-624.7	-353.96	-264.37
Total Debt/Capital (%)	44.78	44.21	39.9	38.38	35	38.25	40.82	37.94	33.89	33.49	31.76	31.65	40.75	41.03	42.03
Total Debt/Total Assets (%)	51.97	51.11	49.41	50.03	48.19	57.65	57.28	57.69	54.03	53.29	51.55	53.22	53.89	60.26	66.94
Net Debt to Equity	-8,663.8	2,805.81	1,188.49	2,844.83	1,292.78	-2,508.55	1,496.23	2,354.97	634.5	2,326.42	1,412.88	2,531.26	-419.45	-250.67	-212.89
Net Debt/Capital (%)	39.28	37.98	32.61	29.62	29.66	32.38	33.69	29.38	23.3	22.23	21.75	21.02	30.61	32.08	35.87
EBITDA	972	893	821	850	803	679	493	508	386	308	314	392	332	427	499
EBITDA-CapEx	972	893	821	850	803	679	493	508	386	308	314	392	332	427	499
Operating Income (Loss)	700	637	610	652	629	505	366	360	227	148	151	280	220	312	387

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.28	0.33	0.42	0.48	0.34	0.34	0.51	0.49	0.66	0.5	0.43	0.39	0.33	0.29	0.19
Current Ratio	1.05	1.12	1.27	1.19	1.02	1	1.37	1.43	1.42	1.13	1.09	1.04	1.08	0.79	0.71
Quick Ratio	0.95	1.01	1.14	1.11	0.95	0.93	1.15	1.04	1.31	1.03	0.96	0.93	0.73	0.71	0.62
CFO/Avg Current Liab	0.34	0.22	0.24	0.29	0.23	0.22	0.21	0.17	0.15	0.18	0.17	0.1	0.04	0.13	0.24
Common Equity/Total Assets	60.43	64.48	74.4	80.33	89.48	93.04	83.04	94.35	105.4	105.83	110.76	114.93	78.38	86.6	92.33
Long-Term Debt/Equity (%)	- -	3,292.36	1,630.94	3,788.72	1,393	- -	1,887.6	3,133.65	1,012.71	3,580.6	2,211.8	4,019.91	- -	- -	- -
Long-Term Debt/Capital (%)	38.96	40.09	39.9	34.54	29.53	31.27	37.93	35.34	33.24	30.42	30.95	30.58	39.17	39.43	41.12
Long-Term Debt/Total Assets (%)	45.22	46.34	49.41	45.03	40.66	47.12	53.22	53.74	53	48.4	50.24	51.42	51.82	57.9	65.5
Total Debt/Equity (%)	-10,860.08	3,631.33	1,630.94	4,209.23	1,650.99	-3,246.08	2,031.35	3,364.14	1,032.34	3,941.98	2,269.54	4,160.62	-624.7	-353.96	-264.37
Total Debt/Capital (%)	44.78	44.21	39.9	38.38	35	38.25	40.82	37.94	33.89	33.49	31.76	31.65	40.75	41.03	42.03
Total Debt/Total Assets (%)	51.97	51.11	49.41	50.03	48.19	57.65	57.28	57.69	54.03	53.29	51.55	53.22	53.89	60.26	66.94
CFO/Total Liabilities	11.59	8.52	9.51	10.25	8.8	8.35	6.99	5.91	5.17	5.86	6.22	3.74	1.73	5.76	9.65
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.53	2.5	3.1	3.28	3.5	3.16	2.83	3.02	3.21	3.09	3.26	3.05	2.18	2.59	2.91

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	2.98	1.97	2.17	2.54	2.53	2.17	2.14	2.82	3.16	3.63	5.69	7.32	7.65	11.25	11.54
Days Sales Outstanding	122.4	185.72	167.96	143.76	144.47	168	170.73	129.57	115.48	100.67	64.18	49.85	47.74	32.44	31.63
Inventory Turnover	9.83	8.83	11.65	17.84	17.95	13.54	19.89	34.75	29.46	34.42	34.01	17.02	14.29	15.69	13.78
Days Inventory Outstanding	37.12	41.32	31.32	20.46	20.33	26.95	18.35	10.5	12.39	10.6	10.73	21.44	25.55	23.26	26.48
Accounts Payable Turnover	1.91	4.54	4.97	6.17	5.48	4.14	4.41	6.4	6.85	8.34	8.44	4.43	1.8	1.8	3.73
Accounts Payable Turnover Days	191.5	80.33	73.37	59.14	66.65	88.15	82.73	56.99	53.28	43.75	43.24	82.44	203.3	203.02	97.96
Cash Conversion Cycle	-31.98	146.72	125.91	105.08	98.16	106.8	106.35	83.08	74.59	67.52	31.68	-11.15	-130.01	-147.33	-39.85
Inventory to Cash Days	85.29	144.4	136.64	123.3	124.14	141.05	152.39	119.06	103.09	90.06	53.45	28.41	22.19	9.18	5.15
Inventories	179	180	104	85	89	93	41	62	68	71	79	84	63	60	66
Raw Materials	132	139	82	65	70	74	33	30	35	41	48	53	40	36	45
Work In Process	- -	- -	- -	6	6	6	5	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	72	68	39	27	25	25	13	37	37	31	30	31	23	24	21
Other Inventory	- -	- -	- -	- -	- -	- -	-5	- -	- -	6	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	3,741	2,134	4,687	4,929	4,129	2,839	2,087	1,111	713	1,055	896	668	771	1,300	1,814
- Cash & Cash Equivalents	856	913	908	1,054	640	765	1,009	867	924	921	732	670	600	470	285
+ Preferred Equity and Hybrid Capital	1	1	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	296	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	4,234	4,017	3,346	3,252	2,951	3,365	3,830	3,426	2,953	2,784	2,556	2,524	2,302	2,047	2,121
Enterprise Value	7,403	5,202	7,095	7,079	6,313	5,401	4,860	3,611	2,626	2,898	2,705	2,511	2,452	2,861	3,638
Total Capital	9,454	9,086	8,386	8,474	8,430	8,796	9,384	9,030	8,716	8,313	8,049	7,973	5,651	4,990	5,047
Total Debt/Capital (%)	44.78	44.21	39.9	38.38	35	38.25	40.82	37.94	33.89	33.49	31.76	31.65	40.75	41.03	42.03
Total Debt / EV	0.57	0.77	0.47	0.46	0.47	0.62	0.79	0.95	1.12	0.96	0.94	1.01	0.94	0.72	0.58
EV/Sales	1.79	1.36	1.87	1.85	1.76	1.81	1.75	1.12	0.82	0.82	0.74	1.01	1.18	1.41	1.92
EV/EBITDA	7.62	5.83	8.64	8.32	7.87	7.96	9.87	7.1	6.8	9.4	8.62	6.41	7.38	6.7	7.3
EV/EBIT	10.58	8.16	11.63	10.85	10.03	10.71	13.29	10.04	11.55	19.62	17.91	8.95	11.17	9.16	9.4
EV/Cash Flow to Firm	7.01	6.94	9.97	9.76	10.82	10.04	8.62	7.92	6.06	7.04	10.58	10.36	11.25	211.77	7.92
EV/Free Cash Flow to Firm	7.01	6.94	9.97	9.76	10.82	10.04	8.62	7.92	6.06	7.04	10.58	10.36	11.25	211.77	7.92
Diluted Market Cap	3,753	2,143	4,754	4,971	4,150	2,871	2,096	1,113	715	1,057	1,187	674	773	1,321	1,829
Diluted Enterprise Value	7,428	5,248	7,193	7,169	6,460	5,471	4,917	3,673	2,744	2,919	3,011	2,527	2,475	2,899	3,665
EV per Share	36.69	25.94	35.27	35	31.57	28.9	26.03	19.21	14.84	16.92	20.02	14.27	13.99	15.94	21.2
TTM Sales	4,125	3,824	3,791	3,822	3,578	2,981	2,784	3,212	3,205	3,554	3,674	2,483	2,079	2,027	1,893
TTM EBITDA	972	893	821	850	803	679	493	508	386	308	314	392	332	427	499
TTM Operating Income	700	637	610	652	629	505	366	360	227	148	151	280	220	312	387
TTM Cash Flow to Firm	1,056	750	712	725	583	538	564	456	433	412	256	242	218	14	460
TTM Free Cash Flow to Firm	1,056	750	712	725	583	538	564	456	433	412	256	242	218	14	460

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	3.96	3.25	7.61	7.55	7.93	5.79	4.61	3.23	2.67	3.5	3.94	3.85	9.65	5.77	4.77
EV/EBIT	10.58	8.16	11.63	10.85	10.03	10.71	13.29	10.04	11.55	19.62	17.91	8.95	11.17	9.16	9.4
Enterprise Value	7,403	5,202	7,095	7,079	6,313	5,401	4,860	3,611	2,626	2,898	2,705	2,511	2,452	2,861	3,638
Low Price	17.33	10.34	10.71	21.01	18.59	14.22	9.5	5.51	3.14	1.67	6.15	2.3	2.8	3.68	6.88
EV/Sales	1.79	1.36	1.87	1.85	1.76	1.81	1.75	1.12	0.82	0.82	0.74	1.01	1.18	1.41	1.92
EV/EBITDA	7.62	5.83	8.64	8.32	7.87	7.96	9.87	7.1	6.8	9.4	8.62	6.41	7.38	6.7	7.3
Price/Earnings	6.06	4.79	32.82	14.77	10.12	30.59	8.57	4.59	3.67	- -	- -	18.1	- -	- -	12.54
Price/Earnings Average	7.21	6.75	23.31	15.53	10.65	36.51	10.4	7.23	4.73	-3.94	-794.88	19.66	-1.7	-5.11	12.03
Price/Earnings High	8.61	8.85	34.06	17.19	12.06	43.92	12.73	11.51	7.58	-7.31	-1,550	32.95	-2.2	-7.76	15.55
Price/Earnings Low	5.66	4.66	15.08	12.73	9.11	28.63	7.28	4.28	2.86	-1.59	-615	10.95	-1.27	-3.24	8.16
Price/Book Value	0.76	0.42	0.93	0.94	0.75	0.52	0.38	0.2	0.12	0.19	0.16	0.12	0.23	0.44	0.62
Price/Book Value Average	0.9	0.59	0.66	0.99	0.79	0.62	0.46	0.31	0.16	0.13	0.2	0.13	0.2	0.35	0.59
Price/Book Value High	1.08	0.78	0.97	1.1	0.9	0.75	0.56	0.5	0.26	0.24	0.38	0.22	0.25	0.54	0.77
Price/Book Value Low	0.71	0.41	0.43	0.81	0.68	0.49	0.32	0.18	0.1	0.05	0.15	0.07	0.15	0.22	0.4
Price/Tangible Book Value	-1.56	-0.97	-2.84	-2.94	-2.35	-1.54	-1.12	-0.77	-0.58	-0.85	-0.78	-0.62	-0.69	-0.99	-1.16
Price/Tangible Book Value Average	-1.85	-1.37	-2.02	-3.09	-2.48	-1.84	-1.36	-1.21	-0.75	-0.57	-0.93	-0.67	-0.58	-0.79	-1.11
Price/Tangible Book Value High	-2.22	-1.8	-2.95	-3.42	-2.8	-2.21	-1.67	-1.93	-1.2	-1.06	-1.81	-1.12	-0.76	-1.2	-1.44
Price/Tangible Book Value Low	-1.46	-0.95	-1.31	-2.53	-2.12	-1.44	-0.95	-0.72	-0.45	-0.23	-0.72	-0.37	-0.44	-0.5	-0.75
Price/Sales	0.91	0.56	1.24	1.29	1.15	0.95	0.75	0.35	0.22	0.3	0.24	0.27	0.37	0.64	0.96
Price/Sales Average	1.08	0.79	0.88	1.36	1.21	1.14	0.91	0.54	0.29	0.2	0.29	0.29	0.32	0.51	0.92
Price/Sales High	1.29	1.03	1.28	1.5	1.37	1.37	1.11	0.87	0.46	0.37	0.57	0.49	0.41	0.78	1.19
Price/Sales Low	0.85	0.54	0.57	1.11	1.04	0.89	0.64	0.32	0.17	0.08	0.23	0.16	0.24	0.33	0.62
Price/Cash Flow	3.94	3.23	7.5	7.49	7.9	5.72	4.6	3.22	2.66	3.49	2.97	3.82	9.63	5.67	4.73
Price/Cash Flow Average	4.69	4.55	5.33	7.87	8.31	6.83	5.57	5.08	3.43	2.35	3.56	4.15	8.19	4.54	4.54
Price/Cash Flow High	5.61	5.97	7.79	8.72	9.41	8.21	6.82	8.07	5.49	4.37	6.95	6.95	10.61	6.89	5.87
Price/Cash Flow Low	3.69	3.14	3.45	6.46	7.11	5.36	3.9	3	2.07	0.95	2.76	2.31	6.13	2.88	3.08
Price/Free Cash Flow Average	4.7	4.57	5.4	7.94	8.35	6.91	5.6	5.09	3.44	2.36	4.72	4.18	8.2	4.61	4.58
Price/Free Cash Flow High	5.62	6	7.9	8.79	9.45	8.31	6.85	8.09	5.51	4.37	9.21	7.01	10.64	7.01	5.92
Price/Free Cash Flow Low	3.7	3.15	3.5	6.51	7.14	5.42	3.92	3.01	2.08	0.95	3.65	2.33	6.14	2.93	3.11
EV/Sales Average	1.97	1.6	1.52	1.93	1.86	2.01	1.92	1.34	0.92	0.72	0.79	1.04	1.13	1.29	1.89
EV/Sales High	2.18	1.84	1.93	2.08	2.02	2.24	2.13	1.66	1.09	0.9	1.07	1.24	1.23	1.56	2.16
EV/Sales Low	1.74	1.35	1.21	1.69	1.68	1.76	1.65	1.12	0.81	0.6	0.72	0.91	1.05	1.1	1.59
EV/EBITDA Average	8.36	6.84	7.02	8.68	8.29	8.83	10.87	8.48	7.63	8.34	9.23	6.59	7.1	6.13	7.17
EV/EBITDA High	9.25	7.89	8.89	9.33	9.01	9.84	12.02	10.51	9.06	10.32	12.48	7.84	7.68	7.4	8.2
EV/EBITDA Low	7.38	5.8	5.59	7.58	7.51	7.75	9.33	7.07	6.69	6.97	8.46	5.77	6.6	5.24	6.05
EV/EBIT Average	11.61	9.58	9.45	11.31	10.58	11.87	14.63	11.97	12.97	17.42	19.18	9.2	10.74	8.38	9.24
EV/EBIT High	12.85	11.05	11.97	12.17	11.49	13.23	16.19	14.84	15.4	21.54	25.94	10.95	11.63	10.11	10.56
EV/EBIT Low	10.25	8.12	7.53	9.88	9.58	10.42	12.56	9.99	11.37	14.55	17.57	8.05	9.99	7.16	7.8
Last Price	18.54	10.64	23.3	24.37	20.65	15.19	11.18	5.91	4.03	6.16	6.63	3.8	4.4	7.24	10.57
High Price	26.36	19.65	24.18	28.37	24.6	21.81	16.6	14.8	8.32	7.7	15.5	6.92	4.85	8.8	13.11
Enterprise Value Average	8,125	6,109	5,768	7,381	6,657	5,989	5,353	4,308	2,949	2,573	2,898	2,580	2,358	2,617	3,577
Enterprise Value High	8,994	7,045	7,304	7,937	7,230	6,676	5,921	5,341	3,501	3,181	3,918	3,071	2,553	3,157	4,086
Enterprise Value Low	7,172	5,178	4,594	6,448	6,028	5,258	4,595	3,595	2,585	2,148	2,655	2,258	2,193	2,238	3,017

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	200	201	202	201	196	186	187	188	170	172	175	174	176	182	151
Diluted Weighted Avg Shares	202	201	204	204	201	189	187	188	177	172	179	177	176	183	173
Basic Weighted Avg Shares	202	201	201	202	200	187	187	188	177	171	135	176	175	180	172
Revenue per Share	20.44	19.07	18.85	18.89	17.89	15.95	14.91	17.09	18.12	20.75	27.19	14.11	11.86	11.29	11.03
EBITDA per Share	4.82	4.45	4.08	4.2	4.01	3.63	2.64	2.7	2.18	1.8	2.32	2.23	1.9	2.38	2.91
Operating Income per Share	3.47	3.18	3.03	3.23	3.15	2.7	1.96	1.91	1.28	0.86	1.12	1.59	1.25	1.74	2.26
Basic EPS, GAAP	3.06	2.22	0.71	1.65	2.04	0.5	1.3	1.29	1.1	-1.05	-0.01	0.21	-2.2	-1.13	0.84
Basic EPS from Cont Ops	2.26	1.98	1.52	1.57	2.11	0.51	0.96	0.97	0.23	-1.11	0.03	0.83	-0.35	0.57	0.84
Diluted EPS, GAAP	3.05	2.21	0.7	1.64	2.03	0.49	1.3	1.28	1.1	-1.05	-0.01	0.21	-2.2	-1.12	0.84
Diluted EPS from Cont Ops	2.25	1.97	1.5	1.56	2.1	0.5	0.96	0.96	0.22	-1.11	0.02	0.82	-0.35	0.56	0.84
Dividend per Share	1.48	1.5	0.94	0.75	0.75	0.75	0.75	0.75	0.2	0.2	0.26	0.2	0.2	0.2	0.3
Cash Flow per Share	4.7	3.29	3.11	3.25	2.62	2.65	2.43	1.83	1.51	1.76	2.23	1	0.46	1.28	2.23
Free Cash Flow per Basic Share	4.7	3.29	3.11	3.25	2.62	2.65	2.43	1.83	1.51	1.76	2.23	1	0.46	1.28	2.23
Cash & Equivalents per Share	4.31	4.74	4.67	5.45	3.84	4.3	5.67	4.93	5.88	5.49	5.53	3.87	3.55	2.71	1.73
Book Value per Share	24.4	25.27	25.05	25.81	27.4	29.06	29.75	29.81	32.57	32.28	40.66	30.98	19.1	16.39	17.05
Tangible Book Value per Share	-11.89	-10.93	-8.21	-8.3	-8.78	-9.85	-9.96	-7.68	-6.95	-7.25	-8.55	-6.16	-6.41	-7.33	-9.11

Pitney Bowes Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)