{
  "@context": "https://orbyd.app/schemas/dossier.v1.json",
  "ticker": "DFIN",
  "name": "Donnelley Financial Solutions, Inc.",
  "url": "https://orbyd.app/dossiers/DFIN/",
  "json_url": "https://orbyd.app/dossiers/DFIN.json",
  "status": "DORMANT",
  "current_conviction": "MEDIUM",
  "graded_conviction": null,
  "archetype": {
    "code": "a4",
    "n": 4
  },
  "current_thesis": "",
  "invalidation_trigger": "A weekly close below $44 (gives back the $44.48 reaction low from the 2026-07-30 Q2 print and both disclosed 2026 repurchase averages); secondarily, a Q3 print at or under the $175M guide floor with transactional revenue below $45M.",
  "catalyst_date": null,
  "outcome": "OPEN",
  "outcome_date": null,
  "invalidation_fired": null,
  "themes": [
    "ai-enterprise-software",
    "cyclical-industrials"
  ],
  "tags": [],
  "sources": [],
  "notes": [
    "Seasonality is structural: Q2 2026 net sales $224.2M at 36.7% adj EBITDA margin vs Q3 guide $175-185M at 26-28%. Sequential comparisons distort; use YoY.",
    "55.7% of Q2 2026 net sales came from non-software compliance/print, including print & distribution at $34.6M, -15.0% YoY - a structurally declining base inside the mix.",
    "Capital-markets transactional revenue is issuance-window dependent and non-recurring; guided to $45-50M for Q3 2026.",
    "$150M repurchase authorization commenced 2026-04-17 with $125.4M remaining after Q2 2026; net leverage 0.7x."
  ],
  "body_markdown": "",
  "first_seen": "2026-07-29",
  "last_analyzed": "2026-08-08T07:36:41+00:00",
  "last_synthesized": "2026-08-08",
  "last_update_source": "watchlist_research",
  "license": "Content © orbyd. Cite the canonical URL."
}