Research Feed
DLX: Transformation On Track, Valuation Disconnect at 5.9x Forward P/E
Deluxe Corporation's Q4 2025 earnings call reveals a business transformation proceeding on schedule—Payments + Data now 47% of revenue (targeting 50% by year-end 2026), leverage approaching sub-3x milestone in H1 2026, and merchant growth accelerating to 6.3% exit rate. Yet the market prices DLX at