At a glance
Deluxe Corporation is worth $1.05B, about 13 times its fiscal 2025 earnings. Revenue grew 0.5% to $2.13B in fiscal 2025, with 3.8% kept as profit; over 5 years it has grown 3.6% a year. It pays a 5.24% dividend yield, and returned $267.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +26.5% over the past year with dividends reinvested and −3.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.1% in the 2020 crash (S&P 500: 33.7%) and 50.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 40 months after the lows.
The business in plain English
Deluxe Corporation, which marked its 110th anniversary in 2025, has grown from a check printer into what it calls a Payments and Data company. Its customers are small and medium-sized businesses, banks and other financial institutions, and some of the world's largest consumer brands, mostly in North America. Revenue was $2.13 billion in 2025.
The Print segment is still the biggest piece, at 53.3% of revenue. Printed business and personal checks made up about 32%. The rest of Print came from business forms, envelopes and labels, plus branded promotional products and apparel. Merchant Services (18.7%) processes credit, debit and government benefit card payments for small and medium-sized shops, service firms, nonprofits and government bodies. It earns most of its money from fees set as a percentage of each sale or as a flat amount per transaction.
B2B Payments (13.6%) helps businesses collect and send money. Its services include lockbox processing (handling payments mailed to a company), software that matches incoming payments to invoices, and electronic checks. Data Solutions (14.4%) uses data and analytics to run targeted marketing campaigns. These help clients, led by banks, win new customers and grow business with existing ones. Deluxe sold its web hosting and logo design businesses in 2023 and exited payroll services. The goal was to focus on payments and data, funded by cash from printing.
Price history
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DLX +26.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Checks | $690.0M | 32.3% |
| Merchant services solutions | $398.6M | 18.7% |
| Data-driven marketing | $288.1M | 13.5% |
| Forms and other business products | $224.8M | 10.5% |
| Treasury management solutions | $224.7M | 10.5% |
| Promotional solutions | $222.0M | 10.4% |
| Other payment solutions | $65.8M | 3.1% |
| Other web-based solutions | $19.2M | 0.9% |
By business segment
| $1.14B | 53.3% | |
| Merchant Services | $398.6M | 18.7% |
| Data Solutions | $307.3M | 14.4% |
| B2B Payments | $290.5M | 13.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $499.3M, down 4.2% from a year earlier, and net income was $19.1M (-14.7%).
- For fiscal 2025, revenue was $2.13B (+0.5% year over year; +3.6% a year from FY2020 to FY2025) with a 3.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.6% watch |
|---|---|
| Operating margin | 10.9% watch |
| Free cash flow margin | 8.2% watch |
| Return on equity (FY2025) | 12.1% watch |
| Return on assets (FY2025) | 2.9% weak |
| Net cash (cash minus debt) | $-1.31B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.79B | $5.2M | — |
| FY2021 | $2.02B | $62.6M | — |
| FY2022 | $2.24B | $65.4M | — |
| FY2023 | $2.19B | $26.1M | $97.7M |
| FY2024 | $2.12B | $52.8M | $100.0M |
| FY2025 | $2.13B | $82.1M | $175.3M |
Valuation snapshot
| Market value | $1.05B |
|---|---|
| P/E ratio | 12.7 |
| Dividend yield | 5.24% |
Rank among 1514 US companies
Market value at each year end
Deluxe’s market value went from $3.48B at the end of 2016 to $1.05B on Oct 28, 2026, down 70%; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.05B | +4.6% |
| 2025 | $1.01B | +0.5% |
| 2024 | $1.00B | +6.7% |
| 2023 | $937.2M | +28.0% |
| 2022 | $732.5M | -46.5% |
| 2021 | $1.37B | +11.8% |
| 2020 | $1.22B | -41.8% |
| 2019 | $2.10B | +18.1% |
| 2018 | $1.78B | -51.9% |
| 2017 | $3.70B | +6.3% |
| 2016 | $3.48B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DLX price data to Oct 28, 2026 | +6.5% | +26.5% | +17.4% | -3.1% | -5.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.5% |
| 2025 | +5.8% |
| 2024 | +11.4% |
| 2023 | +35.0% |
| 2022 | -44.4% |
| 2021 | +13.4% |
| 2020 | -38.8% |
| 2019 | +33.3% |
| 2018 | -49.0% |
| 2017 | +9.2% |
| 2016 | +33.8% |
| 2015 | -10.7% |
| 2014 | +21.8% |
| 2013 | +65.8% |
| 2012 | +47.2% |
| 2011 | +3.2% |
| 2010 | +63.8% |
| 2009 | +6.4% |
| 2008 | -51.9% |
| 2007 | +34.2% |
| 2006 | -11.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 82.3% over that stretch · deepest drop along the way 83.1%, back to its old high 42.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43% over that stretch · deepest drop along the way 48.1%, back to its old high 10.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48.5% over that stretch · deepest drop along the way 50.1%, back to its old high 39.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.85% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.8% | Mar 31, 2025 |
| Dimensional Fund Advisors LP | 5.3% | Dec 31, 2024 |
| Vanguard Capital Management | 5.02% | Jun 30, 2026 |
ETFs with the most weight in DLX
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1.04% |
| WDIV SPDR S&P Global Dividend ETF | 0.72% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.72% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.5% |
| ROSC Hartford Multifactor Small Cap ETF | 0.39% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.31% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.29% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.28% |
What could go wrong
- Fewer people and businesses write checks. Print made up 53.3% of 2025 revenue, and checks alone about 32%. Fewer checks and business forms are being used, and Deluxe may not replace that revenue with profitable growth elsewhere.
- Heavy debt and interest rate exposure. Total debt was $1.35 billion against $42.7 million in cash as of June 30, 2026. Some of the debt has variable rates, so higher interest rates could squeeze profits and limit flexibility.
- The growth plan may fall short. Deluxe uses cash from printing to fund growth in merchant services, B2B payments and data. If those businesses don't grow profitably as print shrinks, results and the share price could suffer.
- Chargebacks and card network rules. When a cardholder disputes a purchase and the merchant can't repay it, Deluxe may absorb the loss. Card network rule changes, or losing network registrations and sponsorships, could also hurt results.
- Cyberattacks on sensitive financial data. Deluxe handles payment data and keeps a large marketing database that includes credit and property information. A breach could damage its reputation and bring lawsuits and regulatory action.
- Intense competition in payments and checks. Financial technology firms, payment processors, card companies and banks all compete for merchants. When check supply contracts expire, customers may renegotiate terms or switch suppliers, which could cut revenue.
Recent events
- Quarterly results released
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Executive or board change
- Major agreement signed
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
Deluxe paid $1.20 a share in dividends every year from 2020 through 2025, with no increases. The yield was 5.24% as of October 28, 2026. In 2025 the dividend used 67.2% of earnings but only 31.5% of free cash flow (the cash left after operating costs and capital spending). The company bought back no shares from 2021 through 2025. The share count rose 7.6% between October 2021 and July 2026, so each share is a slightly smaller slice of the company.
The stock has fallen hard in downturns. It dropped 83% in the 2008 financial crisis and took about 42 months from its low to regain its earlier peak. It fell 48% in the 2020 COVID crash and recovered in about 11 months. In the 2022 bear market it lost 50% and did not get back to its prior peak until January 2026. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Deluxe make money?
Mostly from printing. In 2025, the Print segment brought in 53.3% of Deluxe's $2.13 billion in revenue, from checks, business forms and branded promotional products. The rest came from processing card payments for small and medium-sized merchants (18.7%) and data-driven marketing for clients led by banks (14.4%). B2B Payments services added 13.6%. They include lockbox processing, where Deluxe handles payments mailed to a business.
Does Deluxe still make checks?
Yes. Printed business and personal checks were Deluxe's largest single product line in 2025, at about 32% of revenue. The company now calls itself a Payments and Data company. It uses cash from printing to fund growth in merchant services, B2B payments and data. Its annual report warns that fewer checks and business forms are being used, and that Deluxe may not make up for that decline with profitable growth elsewhere.
Does Deluxe raise its dividend every year?
No. Deluxe paid $1.20 per share in each year from 2020 through 2025, with no increases. The yield was 5.24% as of October 28, 2026. In 2025 the dividend took 67.2% of earnings and 31.5% of free cash flow. Deluxe bought back no shares from 2021 through 2025. That means all of the roughly $267 million it returned to shareholders over that span came through dividends.
How much debt does Deluxe have?
About $1.35 billion of total debt as of June 30, 2026, against $42.7 million in cash and investments. That is more than the company's stock market value of about $1.05 billion as of October 28, 2026. Deluxe cut total debt by $73.7 million during 2025 and calls a stronger balance sheet a priority. Some of its debt has variable interest rates, so higher rates could raise borrowing costs. Filings in June and July 2026 reported new debt or other financial obligations.
How has Deluxe stock performed over the long term?
It has lost value over the long run, with big swings. As of October 28, 2026, the share price was down 43% over 10 years and 15% over five years. It was up 62% over three years and 26.5% over one year. These price-only figures leave out dividends. The stock has also had deep drops, including an 84.7% fall from peak to low across about 21 years of price history and a 29.4% drop in the 12 months to that date.