Kelly Services, Inc.
KELYB Industrials Staffing & Employment Services
Kelly Services, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.3 billion, down 1.87% from fiscal 2024. In the quarter to June 2026, revenue fell 5.77%, EPS fell 40.4%, free cash flow fell 48.9% and total debt rose 5.11%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Kelly Services, Inc. (KELYB) Altman Z-score
Kelly Services, Inc.'s Altman Z-score for fiscal 2025 is 2.77, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.77 | 0.03 |
| FY2024 | 2.74 | (0.47) |
| FY2023 | 3.21 | 0.15 |
| FY2022 | 3.07 | 0.22 |
| FY2021 | 2.85 | (0.07) |
| FY2020 | 2.92 | (0.71) |
| FY2019 | 3.64 | (0.26) |
| FY2018 | 3.90 | 0.18 |
| FY2017 | 3.72 | (0.39) |
| FY2016 | 4.11 | (0.05) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.20 | — | 0.24 | |
| Retained earnings / total assets | 0.43 | — | 0.60 | |
| EBIT / total assets | (0.03) | — | −0.10 | |
| Market value of equity / total liabilities | 0.24 | — | 0.14 | |
| Sales / total assets | 1.89 | — | 1.89 | |
| Altman Z-score | Grey zone | 2.77 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.30 | ||
Z and Z″ put Kelly Services, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| KFRC Kforce, Inc. compare | 7.9× |
| HQI HireQuest, Inc. compare | 5.9× |
| NSP Insperity, Inc. compare | 3.9× |
| TBI TrueBlue, Inc. compare | 3.5× |
| BBSI Barrett Business Services, Inc. compare | 3.4× |
| MAN ManpowerGroup Inc. compare | 2.8× |
| KELYA Kelly Services, Inc. compare | 2.8× |
| KELYB Kelly Services, Inc. | 2.8× |
| HHR HeadHunter Group PLC Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets