# Cimpress NV (CMPR.US)

Canonical: https://gigainvestors.com/s/CMPR

Analysis as of: 2026-10-16T07:27:32.150Z. Financial observations: FY2001–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $76.72 per share; close as of 2026-10-15.

Estimated value: low $14.52 per share, central $15.54 per share, high $16.89 per share. Buy at or below the central value $15.54 per share. Valuation as of 2026-10-16T07:27:32.150Z; scenarios are not confidence intervals.

Expected annual return: 3.8% at the stated quote. About 3.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 0.71×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.02×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.02×

- FY2021: 0.05×

- FY2022: 0.02×

- FY2023: 0.02×

- FY2024: 0.08×

- FY2025: 0.07×

- FY2026: 0.07×

### moat: pass

- ROIC, median of available years: 25.4%

- ROIC, second-lowest year: 10.1%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 48.8%

- Recent gross margin (lower of latest and 3-year median): 46.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 6.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -7.0%

- FY2018: 22.3%

- FY2019: 41.7%

- FY2020: 10.1%

- FY2021: 26.1%

- FY2022: 15.1%

- FY2023: 24.7%

- FY2024: >100%

- FY2025: >100%

- FY2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 6.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $300M

- Net income, five-year total: $44M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.6 pp

- Working capital / revenue, final three-year average: -4.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: -0.04×

- FY2023: 0.73×

- FY2024: 1.56×

- FY2025: 1.00×

- FY2026: 1.54×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 22.3% vs 140.0%

- Per-share earnings: 1.36 to 3.79 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.6%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: -$494M

- Cumulative retained earnings: -$135M

- Diluted shares, 10-year annual growth: -2.6%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 13.7%

- Per-share value change: $2.43

- Per-share value, starting three-year median: $1.36

- Per-share value, ending three-year median: $3.79

- Buybacks concentrated in cheaper years (correlation): 0.85

- Average buyback yield: 5.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $543M

- Cumulative net income, 10 years: $109M

- ROIC, first three-year median: 22.3%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$2.29

- FY2018: $1.36

- FY2019: $3.00

- FY2020: $3.00

- FY2021: -$3.28

- FY2022: -$2.08

- FY2023: -$7.08

- FY2024: $6.43

- FY2025: $0.58

- FY2026: $3.79

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -8.5%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 21.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.96×

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2017: -13.6%

- FY2018: -9.0%

- FY2019: -12.6%

- FY2020: -14.1%

- FY2021: -16.1%

- FY2022: -12.6%

- FY2023: -17.1%

- FY2024: -9.4%

- FY2025: -14.4%

- FY2026: -8.5%

## Holders

- [Steven Check](https://gigainvestors.com/CHE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 25% since Jun 2026 · sales +9.8%

Story as of 2026-10-16T09:58:31.706Z; price observation 2026-10-15.

Price needs cash profits to grow 28.3% a year for ten years

- 2025-07-30: Cimpress outlines $70M–$80M EBITDA improvement plan as it accelerates elevated product investments ([seekingalpha.com](https://seekingalpha.com/news/4474588-cimpress-outlines-70m-80m-ebitda-improvement-plan-as-it-accelerates-elevated-product?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +9.8%; source https://www.sec.gov/Archives/edgar/data/1262976/000126297626000027/cmpr-20260630.htm; observed 2026-08-07.

- FY2017: $2.1B 

- FY2018: $2.6B 

- FY2019: $2.8B 

- FY2020: $2.5B 

- FY2021: $2.6B 

- FY2022: $2.9B 

- FY2023: $3.1B 

- FY2024: $3.3B 

- FY2025: $3.4B 

- FY2026: $3.7B 

### Gross margin · FY2026

gross margin 46.3%; source https://www.sec.gov/Archives/edgar/data/1262976/000126297626000027/cmpr-20260630.htm; observed 2026-08-07.

- FY2017: 51.5% 

- FY2018: 50.6% 

- FY2019: 49.1% 

- FY2020: 49.7% 

- FY2021: 49.5% 

- FY2022: 48.3% 

- FY2023: 46.7% 

- FY2024: 48.5% 

- FY2025: 47.5% 

- FY2026: 46.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty business services; annual sales are USD 3.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1262976/000126297626000027/cmpr-20260630.htm (filed 2026-08-07); FY2026: revenue 3736643000; grossProfit 1729702000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 46.3% to 48.5% during 2024–26; it earns 25.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); FY2024: grossProfit / revenue = 48.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); FY2025: grossProfit / revenue = 47.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1262976/000126297626000027/cmpr-20260630.htm (filed 2026-08-07); FY2026: grossProfit / revenue = 46.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); 10-year return on capital observations [[2017,-0.06975369058405992],[2018,0.2232219894704301],[2019,0.417035142481096],[2020,0.10055587894990262],[2021,0.2606113782051282],[2022,0.1507162326456977],[2023,0.24685453970469565],[2024,1.4004302901627743],[2025,2.315529700710046],[2026,1.0340394182325168]]; median 0.25373295895491194. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years; bought back USD 50.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); FY2018: growth capex 0; upkeep 102085000; owner earnings 110653000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); FY2019: growth capex 0; upkeep 119279000; owner earnings 149544000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); FY2020: growth capex 0; upkeep 94459000; owner earnings 156849000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); FY2022: growth capex 0; upkeep 119337000; owner earnings 2013000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); FY2024: growth capex 0; upkeep 54927000; owner earnings 270519000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); FY2025: growth capex 11986000; upkeep 141131000; owner earnings 14952000. Growth capex / owner earnings = 0.8016318887105404.

- Source: https://www.sec.gov/Archives/edgar/data/1262976/000126297626000027/cmpr-20260630.htm (filed 2026-08-07); FY2026: growth capex 0; upkeep 100243000; owner earnings 147467000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); Dividend observations: [[2017,737075000],[2018,1205995000],[2019,1140607000],[2020,1785990000],[2021,2280000],[2022,0],[2023,4121000],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1262976/000126297626000027/cmpr-20260630.htm (filed 2026-08-07); FY2026: cash repurchases 50077000 USD.

### Are managers owners

Insiders own 10.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CMPR.US SharesStats.PercentInsiders = 10.129000000000001 percentage points; cache date 2026-10-15.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1262976/000126297626000027/cmpr-20260630.htm (filed 2026-08-07); our products and provide our services, including the effects of inflation and increased energy costs

•our ability to attract and retain customers and generate purchases

•shifts in revenue mix toward products and brands with lower profit margins, such as the decline of business cards and faster growth in elevated products like promotional products and packaging

•supply chain challenges

•our pricing and marketing strategies and those of our competitors

•variations in the demand for our products and services, including potential declines from pricing changes, whether generally or related to tariffs, import duties, surcharges, or other trade policies of the U.S. or other countries

•currency and interest rate fluctuations, which affect our revenue, costs, and fair value of our assets and liabilities

•our hedging activity

•the commencement or termination of agreements with our strategic partners, suppliers, and others

•our ability to manage our production, fulfillment, and support operations

•general economic conditions, including volatility or economic downturns in some or all of our markets

•expenses and charges related to our compensation arrangements with our executives and employees

•costs and charges resulting from pending or threatened litigation

•changes in our effective income tax rate or tax-related benefits or costs

•costs to acquire businesses or integrate our acquired businesses

•financing costs

•impairments of our tangible and intangible assets including goodwill

•the outcomes of our minority investments and joint ventures

Some of our expenses, such as building leases, depreciation related to previously acquired property and equipment, and personnel costs, are relatively fixed. As a result, we sometimes have been, and may in the future be, unable or unwilling to adjust operating expenses to offset any revenue shortfall. Accordingly, any shortfall in revenue may cause significant variation in operating results in any period. Our operating results have, at times, fallen below the expectations of public market analysts and investors, which has led to declines in the price of our ordinary shares and may do so again in the future.

13

If we do not promote, strengthen, and evolve our brands, we could lose customers and revenue and fail to acquire new customers.

A primary component of our business strategy is to promote, strengthen, and evolve our brands to attract new and repeat customers, and we face significant competition from other companies in our markets who also seek to establish strong brands. To promote, strengthen, and evolve our brands, we must incur substantial marketing expenses and establish a relationship of trust with our customers by providing a high-quality customer experience, which requires us to invest substantial amounts of our resources. A negative incident or circumstance involving our products, service

### What the price says

The price assumes cash profits grow 28.3% yearly over ten years; actual growth was 13.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-07); Ten-year compound average after fade. Initial solved rate 0.40276383166150176. Price 76.72; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.6247011147271848 → FY2026 5.822610160205387. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $83.25 per share

- 2016-11: $86.95 per share

- 2016-12: $91.61 per share

- 2017-01: $84.39 per share

- 2017-02: $80.21 per share

- 2017-03: $86.19 per share

- 2017-04: $82.08 per share

- 2017-05: $88.34 per share

- 2017-06: $94.53 per share

- 2017-07: $88.24 per share

- 2017-08: $92.44 per share

- 2017-09: $97.66 per share

- 2017-10: $109.14 per share

- 2017-11: $121.80 per share

- 2017-12: $119.88 per share

- 2018-01: $127.41 per share

- 2018-02: $162.75 per share

- 2018-03: $154.70 per share

- 2018-04: $143.81 per share

- 2018-05: $139.23 per share

- 2018-06: $144.96 per share

- 2018-07: $146.07 per share

- 2018-08: $140.00 per share

- 2018-09: $136.61 per share

- 2018-10: $124.99 per share

- 2018-11: $120.66 per share

- 2018-12: $103.42 per share

- 2019-01: $83.17 per share

- 2019-02: $82.50 per share

- 2019-03: $80.13 per share

- 2019-04: $90.40 per share

- 2019-05: $87.50 per share

- 2019-06: $90.89 per share

- 2019-07: $96.45 per share

- 2019-08: $114.69 per share

- 2019-09: $131.84 per share

- 2019-10: $132.12 per share

- 2019-11: $128.14 per share

- 2019-12: $125.77 per share

- 2020-01: $119.63 per share

- 2020-02: $116.41 per share

- 2020-03: $53.20 per share

- 2020-04: $72.79 per share

- 2020-05: $90.13 per share

- 2020-06: $76.34 per share

- 2020-07: $100.00 per share

- 2020-08: $92.70 per share

- 2020-09: $75.16 per share

- 2020-10: $73.40 per share

- 2020-11: $89.63 per share

- 2020-12: $87.74 per share

- 2021-01: $91.39 per share

- 2021-02: $99.08 per share

- 2021-03: $100.13 per share

- 2021-04: $95.26 per share

- 2021-05: $99.31 per share

- 2021-06: $108.41 per share

- 2021-07: $102.25 per share

- 2021-08: $94.98 per share

- 2021-09: $86.83 per share

- 2021-10: $89.32 per share

- 2021-11: $77.83 per share

- 2021-12: $71.61 per share

- 2022-01: $67.22 per share

- 2022-02: $62.99 per share

- 2022-03: $63.59 per share

- 2022-04: $50.51 per share

- 2022-05: $43.58 per share

- 2022-06: $38.90 per share

- 2022-07: $40.19 per share

- 2022-08: $33.58 per share

- 2022-09: $24.48 per share

- 2022-10: $23.28 per share

- 2022-11: $29.59 per share

- 2022-12: $27.61 per share

- 2023-01: $32.69 per share

- 2023-02: $35.12 per share

- 2023-03: $43.82 per share

- 2023-04: $51.95 per share

- 2023-05: $47.78 per share

- 2023-06: $59.48 per share

- 2023-07: $69.50 per share

- 2023-08: $64.61 per share

- 2023-09: $70.01 per share

- 2023-10: $59.67 per share

- 2023-11: $70.49 per share

- 2023-12: $80.05 per share

- 2024-01: $75.22 per share

- 2024-02: $98.01 per share

- 2024-03: $88.51 per share

- 2024-04: $85.27 per share

- 2024-05: $82.51 per share

- 2024-06: $87.61 per share

- 2024-07: $91.27 per share

- 2024-08: $98.88 per share

- 2024-09: $81.92 per share

- 2024-10: $69.01 per share

- 2024-11: $80.30 per share

- 2024-12: $71.72 per share

- 2025-01: $66.48 per share

- 2025-02: $48.08 per share

- 2025-03: $45.23 per share

- 2025-04: $42.02 per share

- 2025-05: $44.26 per share

- 2025-06: $47.00 per share

- 2025-07: $55.31 per share

- 2025-08: $63.12 per share

- 2025-09: $63.04 per share

- 2025-10: $69.21 per share

- 2025-11: $68.85 per share

- 2025-12: $66.59 per share

- 2026-01: $79.09 per share

- 2026-02: $73.05 per share

- 2026-03: $73.00 per share

- 2026-04: $88.46 per share

- 2026-05: $98.56 per share

- 2026-06: $101.70 per share

- 2026-07: $98.70 per share

- 2026-08: $89.11 per share

- 2026-09: $77.12 per share

- 2026-10: $76.72 per share

## Annual estimated value (USD per share)

- FY2017: low $22.40 per share, central $25.49 per share, high $29.60 per share

- FY2018: low $37.63 per share, central $53.76 per share, high $63.14 per share

- FY2019: low $40.53 per share, central $46.12 per share, high $53.56 per share

- FY2020: low $41.68 per share, central $47.43 per share, high $55.08 per share

- FY2021: low $57.14 per share, central $63.52 per share, high $72.00 per share

- FY2022: low $61.94 per share, central $69.06 per share, high $78.53 per share

- FY2023: low $4.98 per share, central $5.10 per share, high $5.27 per share

- FY2024: low $6.20 per share, central $6.33 per share, high $6.50 per share

- FY2025: low $7.48 per share, central $7.62 per share, high $7.81 per share

- FY2026: low $13.96 per share, central $14.94 per share, high $16.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1262976/000126297626000027/cmpr-20260630.htm); period 2026-06-30, filed 2026-08-07.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.