Donnelley Financial Solutions (DFIN)
SEC filing software and fund-compliance platform spun out of R.R. Donnelley in 2016.
Something off on this page? Send us feedback.
Regulatory and compliance platform for US-listed companies and investment funds — offering SEC filing software (ActiveDisclosure, Arc Suite) and a virtual data room (Venue) alongside legacy managed-services work. Spun out of R.R. Donnelley in 2016, the business now earns roughly half of its revenue from SaaS products.
Spun out of R.R. Donnelley in 2016, the company operates as a regulatory and compliance platform for US capital markets — managing SEC filings, capital-market transactions, and fund-disclosure workflows for corporate filers, deal teams, and investment companies.
Two client franchises — Capital Markets and Investment Companies — each split into a SaaS tier (ActiveDisclosure for SEC reporting, Venue for M&A and deal transactions, and the Arc Suite for fund compliance and reporting) and a managed-services tier covering transactional and print work.
Revenue is US-concentrated and tied predominantly to clients with ongoing SEC disclosure obligations; the managed-services side moves with deal volumes and regulatory-event cycles. The business structurally depends on the continuity of SEC disclosure requirements, which recent rule changes — including Tailored Shareholder Reports effective mid-2024 — have reinforced as a product tailwind.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 31, 2026 | Needham | Reiterate | Rating: —Target: $57 | Target: $60 |
| May 6, 2026 | DA Davidson | Reiterate | Rating: —Target: $66 | Target: $62 |
| Jan 8, 2026 | D.A. Davidson | Target | Target: $70 | Target: $66 |
| Oct 30, 2025 | Needham | Reiterate | Rating: —Target: $65 | Target: $57 |
| Oct 24, 2025 | D.A. Davidson | Target | Target: $72 | Target: $70 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $25.3M · Total debt $211.7M · Total assets $834.3M · Shareholders' equity $387.4M
- Revenue
- $224.2M
- Operating income
- $56.0M
- Net income
- $36.4M
No dividends on record.
| Institutions | ≈ 94.80% | 23.31M shares | |
|---|---|---|---|
| 248 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 9.96% | 2.45M shares | |
| 17 holders · as of Sep 17, 2026 | |||
| Strategic holders | 11.13% | 2.74M shares | |
| 1 holder · as of Nov 6, 2023 | |||
| Adds to | 115.89% | ||
24.59M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 115.89%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 16.02% | 3.94M | as of Jun 30, 2026 |
Simcoe Capital Management, LLC1Strategic | 11.13% | 3.84M | filed Nov 6, 2023 |
State Street CorpInstitution | 4.88% | 1.20M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.30% | 1.06M | as of Jun 30, 2026 |
Alberta Investment Management CorpInstitution | 4.28% | 1.05M | as of Jun 30, 2026 |
- Simcoe Capital Management, LLC's transaction reports restate only vehicles that traded; the 2022 ownership statement (3.84M) less the 1.10M net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 3, 2026 | Robert Kirk Williams | officer: Chief People & Intl Officer | −16,450 | $48.77 |
| Sep 2, 2026 | Joseph Leo Binz | director | +5,780 | $47.75 |
| Sep 1, 2026 | Joseph Leo Binz | director | +15,000 | $48.27 |
| Aug 19, 2026 | Daniel Leib | director, officer: Chief Executive Officer | −9,787 | $50.00 |
| Aug 14, 2026 | Daniel Leib | director, officer: Chief Executive Officer | −213 | $50.00 |
- Workiva
Primary cloud rival in SEC regulatory filing and ESG disclosure software.
- Broadridge Financial Solutions
Dominant proxy intermediary; competes on fund communications, EDGAR filing, VDR
- SS&C Technologies
Owner of Intralinks VDR; world's largest fund administrator and transfer agent
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Donnelley Financial Solutions | $48.49 | 0.00% | $1.19B | 33.4 | 9.1 | 1.5 | +2.8% |
| Workiva | $69.83 | −0.03% | $3.96B | 88.8 | 19.0 | 4.1 | +18.6% |
| Broadridge Financial Solutions | $163.02 | +0.01% | $19.04B | 17.1 | 15.4 | 2.5 | +7.5% |
| SS&C Technologies | $79.26 | +0.04% | $18.87B | 23.1 | 10.6 | 2.9 | +10.4% |
| Median | 23.1 | 15.4 | 2.9 | +10.4% |