Pitney Bowes (PBI): Logistics Meets Innovation

Soumya Eswaran

Mon, August 3, 2026 at 6:36 AM PDT 4 min read

Greystone Capital Management, an investment management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. During Q2 2026, Greystone Capital's median account return was +7.2%, trailing behind S&P 500 (+15.2%) and Russell 2000 (+21.5%). Year-to-date returns were +8.6%, compared to +10.2% and +22.5% for the respective indices. The firm's performance is not tied to indices, as they do not own the index-driving companies. The letter emphasizes that Greystone's strategy focuses on business fundamentals rather than chasing index-driven gains, particularly avoiding the current AI-driven market boom due to valuation risks. The investment strategy is based on recognizing opportunities amid market neglect rather than popularity, and the firm remains open to AI investments at appropriate valuations. Historically, the firm has outperformed with a cumulative +222.0% return since inception, compared to relevant indices, reflecting a commitment to fundamental business growth over time. In addition, please check the Fund's top five holdings to know its best picks in 2026.

In its Q2 2026 investor letter, Greystone Capital Management highlighted Pitney Bowes Inc. (NYSE:PBI). Pitney Bowes Inc. (NYSE:PBI) is a leading shipping and mailing company that operates through the SendTech Solutions and Presort Services segments. On July 31, 2026, Pitney Bowes Inc. (NYSE:PBI) closed at $17.53 per share, reflecting a market capitalization of $2.4 billion. Pitney Bowes Inc. (NYSE:PBI) posted a one-month return of 4.35%, while its shares gained 52.04% over the past 52 weeks.

Greystone Capital Management stated the following regarding Pitney Bowes Inc. (NYSE:PBI) in its Q2 2026 investor update:

"This is the first time I've written about our investment in Pitney Bowes Inc. (NYSE:PBI), which we started purchasing in 2025 and have continued adding through volatility. Our investment has increased nearly +70% on our average cost, but my view is that intrinsic value remains meaningfully above today's price. Pitney Bowes can be viewed as a turnaround story that began when a new management team and Board were brought in during 2023, and although much of the low-hanging fruit has been picked, the current valuation remains undemanding at a double-digit free cash flow yield. Continued share repurchases, debt paydown, the return of sell side coverage, potential monetization of the Pitney Bowes Bank, and a formal strategic review could result in a sale of the company from here, likely at a nice premium to today's price. I published a longer research report in May on the blog for those interested.

Pitney Bowes fits many of the criteria we look for in an investment, especially as a volume driven toll booth, and as mentioned, like Secure, the opportunity was born of neglect. PBI had a checkered past, poor management, no real ownership base, no public comps, and was a small cap with no top line growth operating in an industry associated with secular decline. The 'declining mail company' label deterred most buyers, and the strength of the business was masked due to years of reported GAAP losses driven by impairments, restructuring charges, and the now-divested Global E-commerce segment which was losing hundreds of millions of dollars annually..." (Click here to read the full text)