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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.

22.19 0.00 0.00%
Market cap
$659.7M
P/E
0.0×
Fwd P/E
—
Dividend yield
—
F-score
5/9
Altman Z
2.77
Beneish M
−3.36
Dividend safety
49/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.33
Total sells 106.29
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — 4 2 — — — — — — —
Sell — 1 1 — — — 1 — — — — —
Insider Ownership 11.24%

Capital & Financial Ratios $m

Market Cap 659.70
Revenue 4,063.10
Net Income (273.40)
Free Cash Flow 21.50
Net Debt 53.90
Current Ratio 1.50
Debt/Equity 0.08 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E —
P/S ratio 0.19
P/B ratio 0.78
Past 5Y EPS Growth —
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth —
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.2×, against a ten-year median of 0.1×; over the ten years it ranged from 0.1× in 2025 to 0.2× in 2026.
P/S against its own 10 years 85.70%
10-year low 10-year high
P/B against its own 10 years 76.54%
10-year low 10-year high
EV/Sales against its own 10 years 90.10%
10-year low 10-year high
EV/FCF against its own 10 years 85.83%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 0.38
0.08
0.08
0.08
0.08
0.08
2022 0.28
0.05
0.08
0.08
0.08
2021 0.10
0.05
0.05
2020 0.08
0.08
2019 0.30
0.08
0.08
0.08
0.08
2018 0.30
0.08
0.08
0.08
0.08
2017 0.30
0.08
0.08
0.08
0.08
2016 0.28
0.05
0.08
0.08
0.08
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 126 39 33 24
Receivables 1,161 1,256 1,189 1,225
Inventory — — — —
Other 291 — — —
1,627 1,366 1,268 1,297
2023 2024 2025 Q'26
Payables 646 614 631 662
ST’ Debt — — — —
Other 170 — — —
1,020 827 822 867

Compound Annual Growth %

10y 5y 3y
Sales (2.58%) (1.20%) (5.05%)
Cash Flow 17.09% (8.00%) 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.87% (4.09%) (8.00%)

Revenue $m

Mar Jun Sep Dec Year
’26 1,041 1,038 — — —
’25 1,165 1,102 935 1,049 4,251
’24 1,045 1,058 1,038 1,191 4,332
’23 1,268 1,217 1,118 1,232 4,836
’22 1,296 1,267 1,168 1,234 4,965
’21 1,206 1,258 1,195 1,250 4,910
’20 1,261 975 1,038 1,241 4,516
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (25) 49 — — —
’25 24 95 (25) 29 123
’24 (25) 58 (20) 15 27
’23 (13) 37 10 43 77
’22 (106) (1) (4) 35 (76)
’21 11 37 (17) 54 85
’20 8 170 38 (30) 186
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (26) 48 — — —
’25 21 93 (28) 28 115
’24 (29) 59 (23) 13 20
’23 (18) 32 7 40 61
’22 (107) 1 (6) 35 (78)
’21 8 35 (19) 50 74
’20 61 165 (3) 3 226
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.17) 0.31 — — —
’25 0.16 0.52 (4.26) (3.69) (7.24)
’24 0.70 0.12 0.02 (0.90) (0.02)
’23 0.29 0.20 0.18 0.31 0.98
’22 (1.23) 0.06 (0.43) (0.02) (1.64)
’21 0.64 0.60 0.87 1.80 3.91
’20 (3.91) 1.04 0.42 0.59 (1.83)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 15.04 20.18 21.50 20.66 10.35 16.63 13.64 14.86 13.93 8.38

Analyst estimates 2026–2028

Powerpack
High 27.80 28.50 34.30 29.43 90.36 60.00 26.64 21.65 25.00 15.15
People
People Employees 1,100 1,100 1,100 440,000 370,000 350,000 300,000 3,700 4,200 3,600
Revenue/emp, $m 4.80 4.89 5.01 0.01 0.01 0.01 0.02 1.31 1.03 1.18
Income, $m
Income, $m Revenue 5,277 5,374 5,514 5,356 4,516 4,910 4,965 4,836 4,332 4,251
Gross margin, % 17.18 17.75 17.63 18.08 18.33 18.72 20.38 19.88 20.37 20.07
EBT 150 82 (9) 116 (107) 186 (71) 25 (22) (79)
EBT margin, % 2.84 1.52 (0.17) 2.17 (2.36) 3.78 (1.43) 0.51 (0.51) (1.85)
Net income 121 72 23 112 (72) 156 (62) 36 (1) (254)
Depreciation 21 23 26 54 193 51 93 50 124 155
Per share, $
Per share, $ Revenue 138.50 140.32 142.11 136.97 114.91 124.61 130.33 134.70 122.02 121.11
Earnings 3.15 1.84 0.59 2.85 (1.83) 3.93 (1.64) 0.99 (0.02) (7.24)
Cash flow 1.05 1.85 1.58 2.61 4.73 2.16 (2.00) 2.14 0.76 3.49
Capex (0.33) (0.64) (0.66) (0.16) 1.02 (0.28) (0.05) (0.43) (0.19) (0.21)
Free cash flow 0.72 1.21 0.92 2.46 5.75 1.87 (2.05) 1.71 0.57 3.28
Book value 26.56 30.07 29.88 32.34 30.61 33.91 32.92 34.92 34.78 27.82
Shares, m 38 38 39 39 39 39 38 36 36 35
Valuation, ×
Valuation, × P/E 7.10 15.49 39.30 7.67 0.00 4.34 0.00 21.92 0.00 0.00
P/S 0.16 0.20 0.15 0.16 0.18 0.14 0.13 0.16 0.11 0.07
P/B 0.84 0.95 0.74 0.67 0.67 0.50 0.52 0.62 0.40 0.31
EV/Sales 0.16 0.20 0.15 0.16 0.14 0.13 0.11 0.15 0.16 0.09
EV/FCF 30.44 23.14 22.93 9.09 2.88 8.66 (7.16) 11.70 34.58 3.26
Cash, $m
Cash, $m Operating cash flow 40 71 61 102 186 85 (76) 77 27 123
Capex (13) (25) (26) (6) 40 (11) (2) (15) (7) (7)
Free cash flow 27 46 36 96 226 74 (78) 61 20 115
Balance, $m
Balance, $m Working capital 444 458 503 522 624 494 586 607 539 447
Total debt — 10 2 47 70 82 56 — 239 102
Net debt (30) (22) (33) 21 (153) (31) (98) (126) 200 69
Shareholders’ equity 1,012 1,152 1,160 1,265 1,203 1,336 1,254 1,254 1,235 977
Returns, %
Returns, % ROA 5.96 3.20 0.98 4.64 (2.86) 5.67 (2.25) 1.39 (0.02) (10.41)
ROIC 4.02 4.61 4.85 3.98 (5.57) 2.33 0.80 1.35 (0.66) (4.17)
ROE 12.39 6.52 1.98 9.18 (5.84) 12.18 (4.83) 2.90 (0.05) (22.98)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Kelly Services, Inc. vs peers in Staffing & Employment Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MAN ManpowerGroup Inc. $2.5B 23.7× 12.0× +7.54% (above 0%: growing) n/m +96.09% (above 0%: growing) 16.05% 2.30% Compare
NSP Insperity, Inc. $1.9B — (loss-making) 40.1× +1.69% (above 0%: growing) n/m +147.67% (above 0%: growing) 12.87% 0.36% Compare
KFRC Kforce, Inc. $937.5M 24.2× 19.4× +4.49% (above 0%: growing) +23.73% (above 0%: growing) −145.85% (below 0%: shrinking) 28.47% 5.37% Compare
BBSI Barrett Business Services, Inc. $779.9M 22.8× 21.5× +3.77% (above 0%: growing) −26.39% (below 0%: shrinking) −5.41% (below 0%: shrinking) 20.31% 4.82% Compare
HHR HeadHunter Group PLC Sponsored ADR $761.1M 6.5× 7.9× +4.60% (above 0%: growing) n/m +41.15% (above 0%: growing) 56.09% 51.95% Compare
KELYB Kelly Services, Inc. $659.7M — (loss-making) — −5.77% (below 0%: shrinking) −40.38% (below 0%: shrinking) −48.93% (below 0%: shrinking) 20.42% 1.55%
KELYA Kelly Services, Inc. $582.7M — (loss-making) 19.2× −5.77% (below 0%: shrinking) −40.38% (below 0%: shrinking) −48.93% (below 0%: shrinking) 20.42% 1.55% Compare
TBI TrueBlue, Inc. $278.9M — (loss-making) — (loss-making) +11.78% (above 0%: growing) n/m −49.23% (below 0%: shrinking) 20.67% (0.26%) Compare
HQI HireQuest, Inc. $252.7M 29.2× 25.2× +6.04% (above 0%: growing) +150.00% (above 0%: growing) −37.48% (below 0%: shrinking) 100.00% 41.28% Compare
Median of peers $770.5M 23.7× 19.4× +4.55% −1.33% −21.44% 20.55% 3.56%

All 19 Staffing & Employment Services stocks →

Kelly Services, Inc. (KELYB) key facts

  • Concern: Kelly Services, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.3 billion, down 1.87% from fiscal 2024.
  • Kelly Services, Inc. (KELYB) is a Staffing & Employment Services company in the Industrials sector, listed on Nasdaq.
  • As of October 9, 2026, KELYB traded at $22.19, a market capitalization of $659.7 million.
  • Return on equity was −23.0% and debt-to-equity 0.08.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.77 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Kelly Services, Inc. (KELYB) Latest News

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stockrow.com/KELYB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com