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Cimpress NV (CMPR)
NASDAQ:CMPR
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Cimpress
(NASDAQ:CMPR)
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Rating:62Neutral
Price Target:
$83.00
▲(4.94% Upside)
The score is held back primarily by balance-sheet risk (negative equity and high debt) and a high P/E, despite solid cash generation and a positive guidance raise. Technical momentum is supportive and helps offset some of the fundamental and valuation concerns.
Positive Factors
Consistent free cash flow generation
Sustained positive FCF and improving FCF growth provide durable internal funding for manufacturing investments, deleveraging and selective buybacks without relying solely on external capital. This strengthens operational resilience and supports multi‑year strategy execution even with volatile earnings.
Record revenue and upward guidance
Breaking the $1B quarterly revenue milestone and management's raise to FY26 guidance indicate sustainable demand expansion and execution at scale. Durable revenue momentum underpins margin leverage potential and validates strategic initiatives across elevated product categories.
Scale benefits from Cross‑Enterprise Fulfillment (XCF)
Rapid XCF scale implies structural improvements in utilization and COGS through focused production hubs. As volumes and hub efficiency grow, these benefits should sustainably lower unit costs and raise long‑term gross margin potential across brands.
Negative Factors
Negative shareholders' equity and elevated debt
Persistent negative equity and sizable debt constrain financial flexibility, increase insolvency risk in stress scenarios, and complicate capital allocation. Deleveraging progress matters materially for credit metrics and long‑run strategic optionality for acquisitions or large investments.
Thin, volatile net profitability
Very low and inconsistent net margins limit the company's ability to self‑fund growth and deleveraging, making returns sensitive to cyclical pressures or one‑time costs. Volatility reduces predictability of earnings power and elongates the path to stable shareholder returns.
Tariff pressure and elevated CapEx weighing margins
Tariff headwinds combined with elevated manufacturing and tech CapEx plus start‑up costs compress gross and EBITDA margins in the medium term. Until capacity utilization and productivity gains materialize, these structural cost pressures will slow FCF conversion and deleveraging progress.
Cimpress (CMPR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.92B
Dividend YieldN/A
Average Volume (3M)175.12K
Price to Earnings (P/E)82.1
Beta (1Y)1.07
Revenue Growth3.65%
EPS Growth-76.96%
CountryUS
Employees15,000
SectorIndustrials
Sector Strength72
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)1.95
Shares Outstanding24,285,192
10 Day Avg. Volume176,614
30 Day Avg. Volume175,120
Financial Highlights & Ratios
PEG Ratio-0.89
Price to Book (P/B)-2.08
Price to Sales (P/S)0.36
P/FCF Ratio8.36
Enterprise Value/Market Cap1.80
Enterprise Value/Revenue0.97
Enterprise Value/Gross Profit2.06
Enterprise Value/Ebitda9.66
Forecast
1Y Price Target
$91.50Price Target Upside15.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Cimpress Business Overview & Revenue Model
Company DescriptionCimpress plc provides various mass customization of printing and related products in North America, Europe, and internationally. The company operates through five segments: Vistaprint, PrintBrothers, The Print Group, National Pen, and All Other Businesses. It offers printed and digital marketing products; internet-based canvas-print wall décor, business signage, and other printed products; business cards; and marketing materials, such as flyers and postcards, digital and marketing services, writing instruments, decorated apparel, promotional products and gifts, packaging, design services, textiles, and magazines and catalogs. The company also manufactures and markets custom writing instruments and promotional products, apparels, and gifts; and provides professional desktop publishing skill sets for local printers, print resellers, graphic artists, advertising agencies, and other customers. In addition, it offers graphic design services, do-it-yourself (DIY) design services, website services, and corporate solutions under the VistaPrint, VistaCreate, 99designs by Vista, Vista Corporate Solutions, and Vista x Wix brand names; and online printing solutions. Further, the company provides promotional and packaging products, logo apparel, books and magazines, wall decors, photo merchandise, invitations and announcements, and other categories; and website design and hosting, and email marketing services, as well as order referral and other third-party offerings. The company serves various businesses, graphic designers, resellers, and printers, as well as teams, associations, groups, consumers, and families. Cimpress plc was founded in 1994 and is based in Dundalk, Ireland.
How the Company Makes MoneyCimpress generates revenue primarily through the sale of customized products and services to small and medium-sized businesses. The company's revenue model is built on a direct-to-consumer approach, where customers can design and order products online, leveraging Cimpress's proprietary technology and production capabilities. Key revenue streams include online sales of printed materials, promotional products, and other customizable goods. Additionally, Cimpress benefits from a subscription-based model in certain segments, which provides a steady stream of recurring revenue. Strategic partnerships with various suppliers and fulfillment centers enhance its production efficiency and cost management, further contributing to its profitability.
Cimpress Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive picture: record quarterly revenue, raised full-year guidance across revenue, EBITDA and free cash flow, strong growth in elevated product categories, accelerating cross-enterprise fulfillment, progress on deleveraging, and continued strategic investments (manufacturing, shared tech, AI) with confirmed FY28 targets. Near-term negatives include margin compression from tariffs (~110 bps), higher CapEx and start-up costs, some regional/legacy-product softness (Europe and legacy business cards), and temporary hurricane-related costs. Overall, the positives (record revenue, guidance raise, EBITDA progress, XCF momentum, balance sheet improvement) materially outweigh the near-term headwinds.Q2-2026 Updates
Positive Updates
Record Quarterly Revenue
Company exceeded $1,000,000,000 in quarterly revenue for the first time ever; Q2 revenue grew 11% on a reported basis and 4% on an organic constant-currency basis.
Raised Full-Year Guidance
Management raised FY26 guidance: revenue growth now expected 7%–8% (3%–4% organic constant currency); adjusted EBITDA at least $460,000,000 (up from $450,000,000); adjusted free cash flow ~ $145,000,000 (from $140,000,000); net income of at least $79,000,000.
Strong First-Half Organic Growth
Organic constant-currency growth through the half was 4%, ahead of prior annual guidance (2%–3%); year-to-date adjusted EBITDA dollar growth equals the prior full-year guidance dollar amount.
Elevated Product Strength and Customer Value
Elevated categories drove double-digit growth in promotional products, apparel & gifts, and packaging & labels; Vista organic constant-currency growth 5% (up from 3% prior year quarter); variable gross profit per customer grew 9% year-over-year, indicating improved wallet share with higher-value SMB customers.
Profitability and EBITDA Progress
Adjusted EBITDA increased by $6,000,000 year-over-year in Q2; consolidated profit dollars increased ~8% in Q2; Vista segment EBITDA improved ~10% (~$10,000,000).
Cross-Enterprise Fulfillment (XCF) Acceleration
XCF volume roughly doubled year-over-year in the first half (from ~ $40,000,000 to > $80,000,000), previously delivering ~ $15,000,000 of gross profit benefit annually; management expects continued meaningful COGS and utilization benefits from focused production hubs.
Tuck-in M&A and Strategic Acquisitions
Completed a tuck-in in Q2 (Austrian printing group) where equity paid was $10.4M; target company annual revenues ~ $70,000,000 and pre-synergy EBITDA ~ $5,000,000; enterprise value including debt was comfortably below 5x pre-synergy EBITDA and expected to deliver returns well above the firm's 15% hurdle.
Balance Sheet and Liquidity Improvement
Net leverage declined to 2.97x trailing twelve months EBITDA (down from ~3.1x prior); cash balance $258,000,000; $250,000,000 undrawn on credit facility; allocated > $25,000,000 to share repurchases in Q2 at an average price below $70.
Reaffirmed FY28 Targets
Management reiterated confidence in FY28 targets: 4%–6% organic growth, adjusted EBITDA of at least $600,000,000, ~45% adjusted EBITDA-to-free-cash-flow conversion, and significant deleveraging (target net leverage ~2.5x end FY27 and <2.0x end FY28).
Operational Resilience and Technology Investments
Company demonstrated operational resiliency after a hurricane in Jamaica by shifting volumes across care centers; management is investing in shared technology and AI to drive operating efficiencies and customer experience improvements.
Negative Updates
Gross Margin Pressure from Tariffs
Gross margins declined ~110 basis points in Q2, largely driven by tariff impacts at National Pen (tariff costs and associated pricing offsets).
Profitability Drag from One-Time and Startup Costs
Vista profitability was negatively impacted by approximately $2,000,000 related to the Jamaica hurricane, ~$1,500,000 of production start-up costs for North American production expansion, and ~$1,000,000 of net tariff pressure.
Adjusted Free Cash Flow Decline
Adjusted free cash flow decreased by $9,200,000 year-over-year to an inflow of $124,000,000 (timing-related lower working capital inflows and higher CapEx for manufacturing expansion contributed).
Legacy Product Pressure and Regional Weakness
Legacy business cards and stationery declined ~1% in the quarter; consumer/holiday volumes were flat in the U.S. (holiday cards/calendars) and down in Europe for the quarter, indicating pockets of demand softness and challenging comps.
Elevated Capital Expenditures
Company is in a period of elevated CapEx (manufacturing equipment and production network expansion) which weighed on near-term cash flow and added start-up costs that affected margins and EBITDA flow-through.
Higher Ongoing OpEx (Technology)
Trailing 12-month EBITDA is down vs peak FY24 ($469M to $451M); management attributes part of the gap to higher technology OpEx and plant start-up costs, plus some non-recurring benefits in FY24 that did not repeat.
North America Print Group Early-Stage Profitability
Pixartprinting North America revenues remain small (approx. $3,000,000 in first half) and are growth-stage with fixed costs and CapEx currently weighing on Print Group EBITDA.
Tariff and Supply-Chain Remediation Timeline
Tariff impacts at National Pen and ongoing supply-chain remediation are expected to lessen over future quarters, but remain a near-term headwind to margins.
Uncertain Timing of Insurance Recoveries
Some hurricane-related costs may be recoverable through insurance, but timing and amount of recoveries are uncertain and could extend into subsequent fiscal periods.
Company Guidance
Management raised FY26 guidance after a strong H1 and now expects revenue growth of 7–8% (3–4% organic constant‑currency), net income of at least $79.0M, adjusted EBITDA of at least $460.0M (up from $450.0M), operating cash flow ≈ $313.0M and adjusted free cash flow ≈ $145.0M (up from $140.0M). Key quarterly/half‑year metrics backing the raise include a record Q2 with >$1.0B revenue (Q2 reported +11%, organic cc +4%), H1 organic cc growth of 4% (above prior 2–3% guide), Q2 adjusted free cash flow of $124.0M (down $9.2M Y/Y), trailing‑12‑month net leverage of 2.97x at quarter end, $258.0M cash and $250.0M undrawn on the credit facility. Management reiterated FY28 targets of 4–6% organic cc growth, roughly $200.0M net income, adjusted EBITDA ≥ $600.0M, ~45% EBITDA→FCF conversion, and net leverage of ~2.5x at FY27 exit and below 2.0x at FY28 exit (subject to capital allocation).Cimpress Financial Statement Overview
Summary
Mixed fundamentals: steady revenue growth and solid operating/EBITDA margins plus positive, growing free cash flow, but very thin and historically volatile net profitability. The biggest drag is the capital structure—persistently negative equity and sizable debt reduce financial flexibility and raise equity risk despite recent deleveraging progress.Income Statement
CMPR shows steady top-line momentum, with revenue up ~3.0% in TTM (Trailing-Twelve-Months) and a multi-year upward trajectory. Profitability at the operating level is acceptable (TTM operating margin ~6.8%, EBITDA margin ~10.9%) and gross margin remains solid (~47%). However, bottom-line profitability is thin (TTM net margin ~1.0%) and has been volatile historically (losses in 2021–2023, stronger profitability in 2024, then a sharp step-down in 2025), which limits the score despite improving earnings versus the prior-year loss period.56
Neutral
Balance Sheet
The balance sheet is the key weak spot: stockholders’ equity is negative across all periods shown (about -$531M in TTM), which meaningfully reduces financial flexibility and increases risk for equity holders. Debt remains high at roughly $1.71B in TTM (Trailing-Twelve-Months) and has not materially delevered over time, while negative equity makes leverage indicators difficult to interpret in a conventional way. Overall, the combination of sizable debt and negative equity drives a low balance-sheet score.28
Negative
Cash Flow
Cash generation is a relative strength. Operating cash flow is solid at ~$307M in TTM (Trailing-Twelve-Months), and free cash flow is positive at ~$193M with strong growth (about +13.7% in TTM). That said, conversion metrics are not consistently strong versus accounting earnings (for example, free cash flow is only ~0.53x net income in TTM), and cash flow coverage versus obligations appears moderate rather than robust (operating cash flow coverage ~0.42 in TTM). Still, consistent positive free cash flow supports a better score than earnings quality and the balance sheet.67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.40B | 3.29B | 3.08B | 2.89B | 2.58B |
| Gross Profit | 1.62B | 1.60B | 1.44B | 1.39B | 1.28B |
| EBITDA | 353.32M | 400.03M | 245.00M | 284.44M | 229.03M |
| Net Income | 14.95M | 173.68M | -185.98M | -54.33M | -85.23M |
Balance Sheet | |||||
| Total Assets | 1.97B | 1.89B | 1.85B | 2.17B | 2.18B |
| Cash, Cash Equivalents and Short-Term Investments | 233.98M | 208.28M | 168.85M | 327.00M | 335.27M |
| Total Debt | 1.71B | 1.72B | 1.76B | 1.79B | 1.89B |
| Total Liabilities | 2.53B | 2.41B | 2.47B | 2.53B | 2.56B |
| Stockholders Equity | -583.49M | -550.15M | -623.14M | -494.92M | -449.37M |
Cash Flow | |||||
| Free Cash Flow | 144.95M | 295.79M | 18.73M | 100.20M | 165.76M |
| Operating Cash Flow | 298.07M | 350.72M | 130.29M | 219.54M | 265.22M |
| Investing Cash Flow | -140.76M | -54.61M | -103.72M | -4.00M | -354.32M |
| Financing Cash Flow | -135.92M | -222.55M | -177.11M | -106.57M | 224.13M |
Cimpress Technical Analysis
Positive
79.09
Price Trends
72.89
Positive
68.48
Positive
58.61
Positive
Market Momentum
2.03
Positive
59.60
Neutral
59.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CMPR, the sentiment is Positive. The current price of 79.09 is above the 20-day moving average (MA) of 76.14, above the 50-day MA of 72.89, and above the 200-day MA of 58.61, indicating a bullish trend. The MACD of 2.03 indicates Positive momentum. The RSI at 59.60 is Neutral, neither overbought nor oversold. The STOCH value of 59.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CMPR.
Cimpress Risk Analysis
Cimpress disclosed 35 risk factors in its most recent earnings report. Cimpress reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cimpress Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.01B | 6.44 | 15.37% | ― | 0.32% | 69.78% | |
69 Neutral | $1.51B | 15.47 | 6.26% | ― | 5.70% | 97.88% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $1.92B | 82.10 | ― | ― | 3.65% | -76.96% | |
62 Neutral | $996.95M | 233.33 | 1.21% | 1.29% | 11.18% | ― | |
61 Neutral | $673.66M | -14.92 | ― | ― | 31.28% | -22.05% |
* Industrials Sector Average
CMPR
Cimpress
79.09
16.20
25.76%
ZD
Ziff Davis
38.22
-14.30
-27.23%
CRTO
Criteo SA
19.17
-18.49
-49.10%
EEX
Emerald Expositions Events
5.04
0.57
12.75%
MNTN
MNTN, Inc Class A
9.20
-18.51
-66.80%
Cimpress Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Cimpress Shareholders Approve 2025 Governance and Capital Measures
Positive
Dec 22, 2025
On 17 December 2025, Cimpress plc, a Dublin‑registered mass‑customization and printing company, held its 2025 Annual General Meeting of Shareholders, with 24.7 million ordinary shares eligible to vote as of the 16 October 2025 record date. Shareholders reappointed Robert S. Keane and Scott J. Vassalluzzo to the board for three‑year terms ending at the 2028 AGM, approved on a non‑binding basis the compensation of named executive officers, renewed the board’s authority until 17 June 2027 to issue up to 20% of the company’s share capital and to disapply statutory pre‑emption rights for cash issuances up to the same limit, and reappointed PricewaterhouseCoopers Ireland as statutory auditor through the 2026 AGM with its remuneration to be set by the board or audit committee, thereby reinforcing management’s strategic flexibility in capital raising and confirming continuity in governance and audit oversight.
The most recent analyst rating on (CMPR) stock is a Buy with a $83.00 price target. To see the full list of analyst forecasts on Cimpress stock, see the CMPR Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.