BARRETT BUSINESS SERVICES INC BBSI
Barrett Business Services, Inc. ("BBSI," the "Company," "our" or "we"), is a leading provider of business management solutions for small and mid-sized companies. The Company has developed a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry. This platform, through the effective leveraging of human capital, helps our business owner clients run their businesses more effectively. We believe this platform, delivered through a decentralized organizational structure, differentiates BBSI from our competitors. BBSI was incorporated in Maryland in 1965.
Certain statements below contain forward-looking information that is subject to risks and uncertainties. See "Forward-Looking Information" in Item 7 of Part II of this report and "Risk Factors" in Item 1A of Part I of this report.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.24B | $1.14B | $1.07B | $1.05B | $955.2M | $880.8M | $942.3M | $940.7M | $920.4M | $840.6M |
| Cost of revenue | $979.4M | $891.3M | $826.8M | $819.5M | $750.7M | $697.9M | $734.1M | $754.0M | $761.9M | $695.0M |
| Gross profit | $260.9M | $253.3M | $242.5M | $234.8M | $204.5M | $182.9M | $208.3M | $186.7M | $158.5M | $145.5M |
| SG&A | $190.5M | $185.9M | $174.8M | $169.6M | $155.3M | $141.9M | $153.9M | $145.5M | $123.1M | $113.3M |
| Operating income | $62.2M | $59.8M | $60.6M | $59.0M | $43.9M | $36.1M | $50.5M | $37.0M | $29.9M | $28.9M |
| Interest expense | $171.0K | $178.0K | $166.0K | $141.0K | $372.0K | $1.2M | $1.8M | $1.1M | $313.0K | $807.0K |
| Pre-tax income | $71.4M | $70.8M | $69.0M | $65.3M | $50.7M | $42.6M | $61.1M | $44.8M | $34.4M | $25.6M |
| Income tax | $17.0M | $17.8M | $18.4M | $18.0M | $12.6M | $8.8M | $12.8M | $6.7M | $9.2M | $6.8M |
| Net income | $54.4M | $53.0M | $50.6M | $47.3M | $38.1M | $33.8M | $48.3M | $38.1M | $25.2M | $18.8M |
| EPS, basic | 2.13 | 2.03 | 1.88 | 1.66 | 5.05 | 4.46 | 6.48 | 5.18 | 3.46 | 2.60 |
| EPS, diluted | 2.08 | 1.98 | 1.85 | 1.64 | 5.00 | 4.39 | 6.27 | 4.98 | 3.33 | 2.55 |
| Shares, diluted (wtd. avg.) | $26.1M | $26.7M | $27.4M | $28.9M | $7.6M | $7.7M | $7.7M | $7.6M | $7.6M | $7.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $95.0M | $55.4M | $71.2M | $91.4M | $69.4M | $68.7M | $44.6M | $35.4M | $59.8M | $50.8M |
| Short-term investments | $62.2M | $66.5M | $81.0M | $68.3M | $96.8M | $101.2M | $82.6M | $416.0K | $674.0K | — |
| Receivables | $248.6M | $234.5M | $171.4M | $163.8M | $155.7M | $118.5M | $163.6M | $151.6M | $136.7M | $126.5M |
| Total current assets | $524.6M | $475.4M | $447.5M | $454.4M | $406.7M | $407.9M | $423.8M | $321.7M | $308.2M | $235.4M |
| Property, plant and equipment | $67.2M | $56.8M | $50.3M | $46.0M | $36.3M | $34.9M | $31.7M | $24.8M | $24.9M | $26.7M |
| Goodwill | $47.8M | $47.8M | $47.8M | $47.8M | $47.8M | $47.8M | $47.8M | $47.8M | $47.8M | $47.8M |
| Total assets | $779.1M | $745.5M | $721.5M | $686.9M | $747.0M | $775.0M | $860.9M | $756.1M | $682.5M | $581.9M |
| Accounts payable | $7.4M | $6.8M | $6.6M | $8.3M | $4.5M | $4.7M | $6.0M | $4.3M | $5.2M | $4.9M |
| Total current liabilities | $405.9M | $358.9M | $343.3M | $334.7M | $315.4M | $290.6M | $342.1M | $326.7M | $322.3M | $275.2M |
| Long-term debt | — | — | — | — | — | $3.5M | $3.7M | $4.0M | $4.2M | $4.4M |
| Total liabilities | $538.1M | $524.1M | $522.4M | $509.1M | $538.4M | $576.7M | $689.1M | $637.1M | $593.7M | $512.2M |
| Retained earnings | $206.1M | $200.0M | $182.9M | $172.6M | $178.3M | $165.7M | $148.7M | $108.6M | $77.9M | $60.0M |
| Total equity | $241.0M | $221.4M | $199.1M | $177.8M | $208.5M | $198.2M | $171.8M | $119.0M | $88.8M | $69.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $66.0M | $10.1M | $67.2M | $27.8M | -$15.5M | -$27.9M | $77.1M | $69.8M | $112.9M | $80.3M |
| Depreciation and amortisation | $3.6M | $3.7M | $3.6M | $3.4M | $3.1M | $3.4M | $3.3M | $3.8M | — | — |
| Stock-based compensation | $10.4M | $8.8M | $8.5M | $7.4M | $5.4M | $3.4M | $7.2M | $5.5M | $4.2M | $2.8M |
| Capital expenditure | $18.8M | $14.2M | $11.8M | $16.0M | $6.8M | $8.6M | $10.8M | $5.7M | $3.7M | $7.1M |
| Investing cash flow | $30.8M | $38.8M | -$55.2M | $61.2M | -$112.9M | $4.1M | $66.3M | -$39.3M | -$325.0M | $5.7M |
| Financing cash flow | -$53.0M | -$41.1M | -$44.6M | -$60.2M | -$26.9M | -$15.7M | -$10.8M | -$9.9M | -$9.0M | -$21.7M |
| Dividends paid | $8.2M | $8.1M | $8.1M | $8.5M | $9.1M | $9.1M | $8.2M | $7.3M | $7.3M | $6.4M |
| Buybacks | $42.0M | $29.1M | $34.2M | $47.2M | $17.3M | $8.1M | $17.3M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-163963.
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