- Dividend Brief
- Posts
- The Print Survivor Quietly Rebuilding Its Dividend Power
The Print Survivor Quietly Rebuilding Its Dividend Power
Print was written off years ago. But this cash-generating operator just raised its dividend by a third and is steadily cutting debt. Are you overlooking a turnaround in motion?
Noah Zelvis
February 20, 2026
The narrative says print is dying. The numbers suggest something more nuanced.
This is a leaner business, generating real cash, raising its dividend with confidence, and quietly rebuilding investor trust. Read on for everything you need to know about this unsung hero.
Unlimited Power (Sponsored)
A major energy breakthrough is unfolding — and it’s happening faster than most realize.
An MIT-trained scientist has unlocked a virtually inexhaustible energy source, now drawing attention from the Trump administration.
According to the U.S. Department of Energy, it could power the world for billions of years.
That’s why big techs are racing to get involved.
Once operational, the fuel itself costs nothing.
Which is why early positioning — even small — could matter more than people expect.
Print was supposed to die. Digital was meant to replace it. Marketing budgets were shifting. Pages were shrinking.
And yet, the companies that adapted rather than resisted have carved out something far more durable than the headlines ever suggested.
Quad/Graphics, Inc. (NYSE: QUAD) is one of those survivors. Leaner, more disciplined, and surprisingly cash generative, it sits at the center of a marketing ecosystem that still needs physical touchpoints.
If you’re the kind of dividend investor who keeps an open mind and is willing to look past the established narrative, this is where things get interesting.
Never Miss a Stock Recommendation Again!
We now send our dividend picks right to your phone via text, so you’ll get the same actionable moves without having to open your inbox.
Reinventing print for the digital generation
Quad Graphics understands something many legacy operators never did. Print is not coming back. But it is not disappearing either.
The company has reshaped itself into a marketing execution partner rather than just a commercial printer. Large-scale print remains the backbone, but it now sits alongside creative services, data targeting, logistics, and omnichannel campaign management.
That integration creates stickiness. Its more than 2,000 clients can consolidate spend instead of juggling multiple vendors.
Management has also done the hard work. Facilities were consolidated. Costs were stripped out. The footprint is leaner. This is a business built for durability, not expansion.
Next Wave (Sponsored)
In a bombshell interview, Elon Musk declared that AI and robotics are "the only thing" that can solve America's $38 trillion debt crisis.
He predicts it will happen within three years. One Wall Street veteran has identified
a single fund at the center of this AI buildout - and you can get in for less than $20.
See what Musk didn't tell you
A disciplined cash flow operator
Revenue is not the point here. Cash flow is.
Quad’s model today is about stabilizing sales, protecting margins, and converting earnings into free cash flow.
Capital spending is largely maintenance-focused, freeing up more cash for debt reduction and shareholder returns.
In a mature industry, discipline beats ambition. Quad is managing for survivability and steady cash extraction.
That is exactly what dividend investors should want from this type of business.
Action: This is not a buy for explosive upside. It is a selective opportunity if you’re comfortable with a mature, cash-generative business in a structurally challenged industry. |
Double Potential (Sponsored)
A new research report highlights 5 stocks with the strongest potential to double in the year ahead.
Each was selected from thousands of companies and shows a rare mix of:
Strong fundamentals
Bullish technical setups
Past versions of this report delivered gains of +175%, +498%, and even +673%¹ — and the latest edition is free for a short time.
Available only until MIDNIGHT TONIGHT.
Download the free report
*This free resource is being sent by Zacks. We identify investment resources you may choose to use in making your own decisions. Use of this resource is subject to the Zacks Terms of Service.
*Past performance is no guarantee of future results. Investing involves risk. This material does not constitute investment, legal, accounting, or tax advice. Zacks Investment Research is not a licensed dealer, broker, or investment adviser.
Execution is doing the heavy lifting
The latest results reinforce something important. Revenue is still facing pressure, but the engine underneath the hood is running better.
Full-year sales declined, reflecting softer volumes and portfolio shifts. That was expected. The real signal came below the top line.
Quad moved back into profitability. Adjusted earnings per share stepped higher. Margin discipline, productivity gains, and a tighter operating footprint carried the load.
In a mature industry, that is how value is built. You do not wait for demand to rescue you. You out-execute.
Poll: Which feels like the most successful upsell in history? |
Cash flow remains the anchor
Cash flow once again proved to be the stabiliser. Even with lower revenue, free cash flow stayed solid. Capital spending was controlled. Operating cash generation held up.
That allowed further debt reduction and steady balance sheet repair. Net leverage is moving lower, which strengthens flexibility and reduces risk.
For dividend investors, that is not background noise. It is the foundation.
Adjusted EBITDA softened year over year, but the decline was measured and tied to repositioning rather than deterioration.
Management is clearly choosing durability over short-term optics, and that is the right call for long-term income investors.
A confident raise
Quad did not tiptoe into its latest dividend increase. It raised the quarterly payout by 33.3% to $0.10 per share.
That is not a symbolic bump. It is a show of conviction.
Companies under pressure do not raise dividends by a third. They protect cash. They hesitate. Quad did the opposite.
Management is clearly signalling that cash flow visibility has improved and that the turnaround work is translating into real shareholder returns.
At current levels, the yield sits around 6.03%. That is the kind of income that gets attention, especially when it is backed by improving fundamentals rather than financial engineering.
Well covered and built to last
The forward payout ratio is just 12.90%.
That is not tight. That is comfortable.
It means the dividend is funded with room to spare.
There is the capacity to keep reducing debt, absorb volatility, and potentially grow the payout further if execution continues. This is what dividend durability looks like.
For investors worried about sustainability, the numbers provide reassurance. The dividend is not being stretched to support the share price. It is being supported by cash.
Action: For income-focused investors, this is where Quad becomes compelling. |
If the presses slow
The risks here are real.
Print demand is still structurally challenged. If volume declines accelerate rather than stabilise, cost discipline alone may not fully protect margins. Operating leverage works both ways.
Debt, while improving, is not gone. In a downturn, tighter cash flow could slow deleveraging and pressure investor confidence.
Thin margins, thick consequences
There is also execution risk. The repositioning toward integrated marketing services needs to continue gaining traction.
If clients pull back on spending or shift budgets aggressively toward digital-only channels, revenue stabilisation becomes harder.
Quad is not immune to industry pressure. The thesis depends on steady execution, margin control, and continued cash flow strength. If those slip, the income story weakens quickly.
Ink that still generates cash
It is easy to dismiss Quad because of the industry it operates in. That is exactly why the opportunity exists.
This is a company that has already done the painful work. Costs have been reset. The footprint is leaner. Debt is moving lower. Profitability has returned. And management just raised the dividend by a third.
That is not the behaviour of a business in decline. That is the behaviour of a management team that sees stability forming beneath the surface.
The yield is attractive. The payout is conservative. Cash flow is real. If revenue trends stabilise rather than deteriorate, operating leverage can work in shareholders' favour.
Quad will not become a high-growth darling. It does not need to. It needs to keep executing, keep generating cash, and keep rewarding shareholders.
If it does that, today’s scepticism becomes tomorrow’s re-rating.
That’s all for today’s edition of the Dividend Brief.
Thanks for reading, and if you have any feedback or dividend stocks you want me to take a look at, just reply to this email!
—Noah Zelvis
DividendBrief.com