Barrett Business Services, Inc. (BBSI) vs TrueBlue, Inc. (TBI)

Barrett Business Services, Inc. and TrueBlue, Inc. are both Staffing & Employment Services companies. Barrett Business Services, Inc. is the larger, with a market value of $736.5M against $376.3M — 2.0× the size. TrueBlue, Inc. has negative trailing earnings, so its P/E is not meaningful; Barrett Business Services, Inc. trades at 23.2×. TrueBlue, Inc. grew revenue faster over the last twelve months: 12.4% against 4.70%. Barrett Business Services, Inc. has the higher net margin (2.44% vs −2.55%) and the higher return on invested capital (14.7% vs −6.52%). Across the 19 metrics below, Barrett Business Services, Inc. leads on 11 and TrueBlue, Inc. on 8.

Valuation

Metric BBSI TBI Staffing & Employment Services median
P/E 23.23 n/m 23.23
P/S 0.56 0.21 0.27
P/B 3.45 1.45 1.21
Price to free cash flow 238.86 n/m 17.28
EV/EBITDA 12.85 n/m 11.32
EV/Sales 0.58 0.27 0.33
Earnings yield 4.31% (12.50%) 0.15%
Free cash flow yield 0.42% (19.58%) 0.40%

Profitability

Metric BBSI TBI Staffing & Employment Services median
Gross margin 19.43% 20.65% 25.01%
Operating margin 3.80% (2.05%) 0.29%
Net margin 2.44% (2.55%) 0.04%
Free cash flow margin 0.23% (4.06%) 0.14%
Return on equity 13.94% (15.92%) 2.93%
Return on assets 4.09% (6.68%) 0.07%
Return on invested capital 14.65% (6.52%) 0.32%

Growth

Metric BBSI TBI Staffing & Employment Services median
Revenue growth (TTM) 4.70% 12.42% (2.94%)
EPS growth (last fiscal year) 5.05% 61.39% (21.61%)
Revenue growth, 5-year CAGR 7.08% (2.63%) 1.03%
Net income growth, 5-year CAGR 10.03% 0.00% 0.00%

Health

Metric BBSI TBI Staffing & Employment Services median
Debt to equity 0.00 0.38 0.04
Current ratio 1.18 2.33 1.75
Net debt to EBITDA (2.23) (2.35) (0.08)

Dividend

Metric BBSI TBI Staffing & Employment Services median
Dividend yield 1.08% — 2.50%
Payout ratio 0.25 — 0.50

Size

Metric BBSI TBI Staffing & Employment Services median
Market cap 736.50m 376.29m 445.82m

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