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 $765.8M against $290.1M — 2.6× the size. TrueBlue, Inc. has negative trailing earnings, so its P/E is not meaningful; Barrett Business Services, Inc. trades at 22.4×. TrueBlue, Inc. grew revenue faster over the last twelve months: 10.2% against 5.59%. Barrett Business Services, Inc. has the higher net margin (2.77% vs −3.35%) and the higher return on invested capital (24.0% vs −9.68%). 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 22.40 n/m 24.32
P/S 0.60 0.17 0.41
P/B 3.72 1.13 1.28
Price to free cash flow 48.84 n/m 18.57
EV/EBITDA 12.87 n/m 10.55
EV/Sales 0.62 0.21 0.40
Earnings yield 4.46% (19.87%) 0.99%
Free cash flow yield 2.05% (23.44%) 2.79%

Profitability

Metric BBSI TBI Staffing & Employment Services median
Gross margin 19.98% 21.20% 23.11%
Operating margin 4.13% (2.87%) 0.08%
Net margin 2.77% (3.35%) 0.23%
Free cash flow margin 1.23% (3.99%) 1.23%
Return on equity 16.33% (20.23%) 2.31%
Return on assets 4.92% (8.74%) 0.00%
Return on invested capital 24.03% (9.68%) 0.00%

Growth

Metric BBSI TBI Staffing & Employment Services median
Revenue growth (TTM) 5.59% 10.17% 0.69%
EPS growth (last fiscal year) 5.05% 61.39% —
Revenue growth, 5-year CAGR 7.08% (2.63%) 1.23%
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 0.32 0.08
Current ratio 1.14 2.28 1.50
Net debt to EBITDA (2.23) (2.35) (0.22)

Dividend

Metric BBSI TBI Staffing & Employment Services median
Dividend yield 1.07% — 2.16%
Payout ratio 0.18 0.00 0.30

Size

Metric BBSI TBI Staffing & Employment Services median
Market cap 765.83m 290.13m 590.17m

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