With many analysts seeing Pitney Bowes's (NYSE:PBI) business as being inextricably linked to the postal service, which is thought by many investors to be in secular decline, Pitney Bowes was thought to be written off for dead after an awful 2012, when shares fell 42%. But after a rally of more than 100% this year, including a rally of 30% for the last three months alone, could this be a turnaround story set to make investors rich?

Motley Fool industrials analyst Blake Bos cites an earnings beat and increased guidance as the main drivers of the company's most recent rally. He also notes that the stock has seen a run up this year due to an overall shift in market opinion about the company's outlook, and that it won't be going out of business in the near future, after all. Blake breaks down the company's turnaround plan into three main objectives: stabilize its cash-cow mailing business, invest in growth initiatives, and rationalize its portfolio of products and what countries the company operates in.

However, Blake also gives investors reason to be cautious with this stock. Despite the market's reversal of opinion, he sees the stock as being fairly expensive today, and points out that it still holds quite a bit of debt on its balance sheet. In the video below, Blake gives investors the key metrics they'll need to watch to know if Pitney Bowes is keeping this turnaround story on track.

Blake Bos has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.