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TrueBlue, Inc.

TBI Industrials Staffing & Employment Services

TrueBlue, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 3.10% from fiscal 2024.

Revenue
+20.8%
EPS
+600.0%
Free cash flow
−20.9%
Total debt
+50.0%

Quarter to September 2026, against a year earlier

11.99 2.15 +21.85%
Market cap
$376.3M
P/E
0.0×
Fwd P/E
−18.4×
Dividend yield
—
F-score
4/9
Altman Z
3.46
Beneish M
−2.27
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.15
Sold, $m 0.01
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 3 — — — — — — — — —
Sell — — — — — — 1 — — — — —
Insider Ownership 17.11%

Capital & Financial Ratios $m

Size
Market Cap 376.29
Revenue ttm 1,780.48
Net income ttm (45.45)
Free cash flow ttm (72.31)
Net debt Q 82.53
Valuation
P/E 0.00
Forward P/E (18.40) (negative: loss-making)
Price / sales 0.22
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.47
Financial health
Current ratio Q 2.33 (at or above 1.5: strong)
Debt / equity Q 0.38 (at or below 0.5: strong)
Interest coverage Q 34.26
Growth
Revenue growth Q +20.75% (above 0%: growing)
Operating income growth Q +8,314.38% (above 0%: growing)
EPS, this year +109.80% (at or above 15%: strong)
EPS, next year A +1,189.99% (at or above 15%: strong)
Revenue, next year A +8.11%
EPS, past 5 yrs —
EPS, next 5 yrs A +48.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.3×, against a ten-year median of 0.3×; over the ten years it ranged from 0.1× in 2026 to 0.5× in 2021.
P/S against its own 10 years 27.80%
10-year low 10-year high
P/B against its own 10 years 54.05%
10-year low 10-year high
EV/Sales against its own 10 years 40.92%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 62 23 25 20
Receivables 264 223 242 328
Inventory — — — —
Other — — — —
355 277 298 375
2023 2024 2025 Q'26
Payables 56 46 36 43
ST’ Debt — — — —
Other 10 7 4 2
204 160 139 161

Compound Annual Growth %

10y 5y 3y
Sales (4.99%) (2.63%) (10.50%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (6.46%) (8.88%) (17.91%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.21 Actual 0.33

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.08 −0.25 Miss by 0.17
Q1 FY26 −0.45 −0.41 Beat by 0.04
Q2 FY26 −0.10 0.06 Beat by 0.16
Q3 FY26 0.21 0.33 Beat by 0.12
Q4 FY26 0.20 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.66) (0.11) 0.30 — —
’25 (0.48) (0.01) (0.06) (1.05) (1.61)
’24 (0.05) (3.45) (0.26) (0.40) (4.17)
’23 (0.13) (0.24) 0.00 (0.08) (0.45)
’22 0.30 0.72 0.63 0.21 1.86
’21 0.20 0.45 0.53 0.57 1.74
’20 (4.04) (0.23) 0.25 0.23 (4.01)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 399 443 521 — —
’25 370 396 431 418 1,616
’24 403 396 382 386 1,567
’23 465 476 473 492 1,906
’22 552 569 576 558 2,254
’21 459 516 577 622 2,174
’20 494 359 475 519 1,846
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) (21) (26) — —
’25 (22) (12) (20) (4) (58)
’24 (14) (2) (7) 6 (17)
’23 9 12 (1) 15 35
’22 26 27 27 40 121
’21 28 19 (47) 20 20
’20 28 76 (5) 54 153
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (13) (24) (28) — —
’25 (27) (16) (23) (7) (74)
’24 (22) (8) (13) 1 (41)
’23 1 4 (9) 7 3
’22 21 18 18 32 90
’21 18 10 (56) 14 (15)
’20 21 71 (9) 43 125
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,751 2,509 2,499 2,369 1,846 2,174 2,254 1,906 1,567 1,616 1,780 (5.7%) 1,747 1,805 — +5.7%
Gross margin, % 24.71 25.29 26.23 26.17 23.87 25.78 26.71 26.55 25.93 22.76 20.65 (1.9) pt
EBT (20) 78 76 70 (173) 74 73 (21) (89) (46) (42) +9.4%
EBT margin, % (0.74) 3.09 3.03 2.96 (9.38) 3.40 3.26 (1.08) (5.65) (2.82) (2.35) (2.1) pt
Net income (15) 55 66 63 (142) 62 62 (14) (126) (48) (45) +13.6%
Per share, $
Per share, $ Revenue 66.04 60.89 62.50 61.09 52.21 62.46 68.54 60.87 51.94 54.14 54.56 (2.2%)
Earnings (0.37) 1.35 1.64 1.63 (4.01) 1.77 1.89 (0.45) (4.17) (1.61) (1.52) +17.7%
Cash flow 6.26 2.43 3.14 2.41 4.31 0.59 3.66 1.11 (0.57) (1.94) (1.86) n/m
Capex (0.70) (0.53) (0.43) (0.73) (0.77) (1.01) (0.93) (1.00) (0.80) (0.53) (0.35) (3.1%)
Free cash flow 5.56 1.90 2.72 1.69 3.55 (0.42) 2.73 0.11 (1.37) (2.47) (2.22) n/m
Book value 12.61 13.47 14.79 16.14 12.36 14.17 15.09 14.62 10.45 9.20 8.17 (3.4%)
Shares, m 42 41 40 39 35 35 33 31 30 30 31 (3.6%)
Valuation, ×
Valuation, × P/E 0.00 20.11 13.48 14.76 0.00 15.63 10.46 0.00 0.00 0.00 0.00 7.4
P/S 0.38 0.45 0.36 0.39 0.36 0.44 0.29 0.25 0.16 0.08 0.22 0.3
P/B 1.98 2.03 1.50 1.49 1.51 1.95 1.32 1.05 0.80 0.49 1.47 1.4
EV/Sales 0.42 0.49 0.38 0.40 0.37 0.46 0.29 0.26 0.17 0.13 0.28 0.3
EV/FCF 4.93 15.84 8.71 14.47 5.42 (68.31) 7.34 142.52 (6.45) (2.77) (6.93) 12.2
Cash, $m
Cash, $m Operating cash flow 261 100 126 94 153 20 121 35 (17) (58) (61) n/m
Capex (29) (22) (17) (28) (27) (35) (31) (31) (24) (16) (12) (6.6%)
Free cash flow 232 78 109 65 125 (15) 90 3 (41) (74) (72) n/m
Balance, $m
Balance, $m Working capital 177 216 204 191 110 187 187 151 117 159 214 (1.2%)
Net debt 100 88 33 (1) (8) 5 (21) (62) (15) 41 83 (9.4%)
Shareholders’ equity 525 555 591 626 437 493 496 458 315 275 267 (7.0%)
Returns, %
Returns, % ROA (1.28) 4.95 5.91 5.60 (13.40) 6.12 6.07 (1.48) (15.97) (7.30) (6.68) (6.0) pt
ROIC (1.70) 7.54 7.40 6.61 (25.44) 8.59 9.49 (3.76) (19.30) (9.23) (6.52) (7.5) pt
ROE (2.88) 10.27 11.47 10.36 (26.68) 13.25 12.59 (2.97) (32.53) (16.26) (15.92) (13.4) pt
People
People Employees 6,000 5,500 6,700 6,200 5,200 6,400 6,500 5,000 4,200 3,500 — (5.8%)
Revenue/emp, $m 0.46 0.46 0.37 0.38 0.36 0.34 0.35 0.38 0.37 0.46 — +0.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

TrueBlue, 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
NSP Insperity, Inc. $1.9B 685× 48.9× +1.73% (above 0%: growing) n/m +15.00% (above 0%: growing) 12.54% (0.12%) Compare
KFRC Kforce, Inc. $997.7M 23.3× 21.0× +7.55% (above 0%: growing) +42.86% (above 0%: growing) −70.26% (below 0%: shrinking) 28.19% 6.29% Compare
BBSI Barrett Business Services, Inc. $736.5M 23.6× 24.3× +4.74% (above 0%: growing) −13.75% (below 0%: shrinking) −36.74% (below 0%: shrinking) 21.75% 6.36% Compare
KELYB Kelly Services, Inc. $659.7M — (loss-making) — −0.83% (below 0%: shrinking) n/m −97.46% (below 0%: shrinking) 20.97% 0.06% Compare
KELYA Kelly Services, Inc. $515.3M — (loss-making) 25.8× −0.83% (below 0%: shrinking) n/m −97.46% (below 0%: shrinking) 20.97% 0.06% Compare
TBI TrueBlue, Inc. $376.3M — (loss-making) — (loss-making) +20.75% (above 0%: growing) n/m −20.85% (below 0%: shrinking) 20.55% 2.30%
HQI HireQuest, Inc. $239.2M 29.2× 24.0× +6.04% (above 0%: growing) +150.00% (above 0%: growing) −37.48% (below 0%: shrinking) 100.00% 41.28% Compare
MHH Mastech Digital, Inc $76.6M 68.9× — (loss-making) −13.42% (below 0%: shrinking) −99.25% (below 0%: shrinking) −60.92% (below 0%: shrinking) 28.70% 0.03% Compare
BGSF BGSF, Inc. $37.7M — (loss-making) — (loss-making) −5.08% (below 0%: shrinking) n/m −110.71% (below 0%: shrinking) 35.49% (5.33%) Compare
Median of peers $587.5M 29.2× 24.3× +0.45% +14.55% −65.59% 24.97% 0.06%

All 18 Staffing & Employment Services stocks →

Pay and ownership Proxy statement filed 14 April 2026

Ownership

Directors and executive officers, together 8.00% of Common Stock
Pzena Investment Management, LLC 10.00% of Common Stock
Boston Partners 7.00% of Common Stock
BlackRock, Inc. 7.00% of Common Stock
Charles Schwab Investment Management Inc. 7.00% of Common Stock
Invesco Ltd. 7.00% of Common Stock
Royce & Associates LP 5.00% of Common Stock
The Vanguard Group 5.00% of Common Stock
Dimensional Fund Advisors LP 5.00% of Common Stock
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

TrueBlue, Inc. (TBI) Latest News

5 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com

4 Nov

Impact 3 · · Zacks
Impact 3 · · Business Wire

26 Oct

Impact 4 · · Business Wire
Impact 3 · · 24/7 Wall St.

22 Oct

Impact 4 · · Business Wire

21 Oct

Impact 3 · · Business Wire

20 Oct

Impact 4 · · Business Wire
Impact 3 ·

15 Oct

Impact 3 · · Business Wire

14 Oct

Impact 3 · · Business Wire

1 Oct

Impact 3 ·

30 Sep

Impact 4 · · Business Wire

23 Sep

Impact 3 · · Zacks

16 Sep

Impact 3 ·
Impact 3 ·

27 Aug

Impact 3 ·

22 Aug

Impact 3 ·

11 Aug

Impact 3 · · The Motley Fool transcript

9 Aug

Impact 3 · · MarketBeat transcript

5 Aug

Impact 4 ·
Impact 3 · · Moby transcript

4 Aug

Impact 3 ·
Impact 3 ·

27 Jul

Impact 3 ·

8 Jul

Impact 3 ·

28 May

Impact 3 · · Business Wire

23 May

Impact 3 · · Insider Monkey

15 May

Impact 4 · · Zacks
stockrow.com/TBI · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com