BGSF, INC. BGSF
BGSF, Inc. ("BGSF," "we," or the "Company") is a leading national provider of staffing and workforce solutions for the Property Management industry. We operate primarily within the U.S. through our Property Management segment, which provides maintenance and office field talent across 44 of the states and D.C. to property management companies responsible for the apartment communities and commercial buildings day to day operations.
We provide field talent to a variety of client partners that are seeking to match their workforce requirements to their business needs. We employ a diverse operating model, both from a skill set and a geographic standpoint, which we believe mitigates downside revenue risk.
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 | $93.3M | $104.4M | $125.1M | $298.4M | $239.0M | $207.1M | $219.8M | $286.9M | $272.6M | $253.9M |
| Cost of revenue | $60.0M | $66.0M | $75.3M | $194.9M | $158.1M | $141.1M | $149.9M | $210.3M | $204.2M | $193.8M |
| Gross profit | $33.3M | $38.4M | $49.8M | $103.5M | $80.9M | $66.0M | $69.8M | $76.6M | $68.4M | $60.1M |
| SG&A | $41.1M | $42.9M | $45.4M | $83.2M | $65.1M | $55.2M | $50.2M | $51.1M | $44.6M | $37.8M |
| Operating income | -$8.9M | -$5.9M | $3.1M | $16.3M | $14.5M | -$1.2M | $14.9M | $24.3M | $17.8M | $15.5M |
| Pre-tax income | -$13.4M | -$10.8M | -$2.9M | $14.9M | $13.1M | -$2.8M | $12.8M | $21.4M | $14.5M | $11.2M |
| Income tax | $1.3M | $370.0K | $2.9M | $8.5M | $3.6M | $513.1K | $4.3M | $3.9M | $8.7M | $4.3M |
| Net income | -$11.4M | -$3.3M | -$10.2M | $25.4M | $14.1M | $1.4M | $13.2M | $17.5M | $5.8M | $6.9M |
| EPS, basic | -1.04 | -0.31 | -0.95 | 2.43 | 1.36 | 0.14 | 1.29 | 1.83 | 0.67 | 0.85 |
| EPS, diluted | -1.04 | -0.31 | -0.95 | 2.42 | 1.35 | 0.14 | 1.28 | 1.79 | 0.65 | 0.82 |
| Shares, diluted (wtd. avg.) | $11.0M | $10.9M | $10.8M | $10.5M | $10.4M | $10.3M | $10.4M | $9.8M | $9.0M | $8.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $19.0M | $32.0K | $0 | $0 | $112.0K | $0 | $0 | $0 | $0 | $0 |
| Receivables | $11.9M | $17.1M | $29.6M | $66.3M | $48.1M | $32.8M | $39.4M | $37.6M | $36.7M | $33.3M |
| Total current assets | $38.5M | $45.3M | $66.9M | $76.2M | $60.2M | $43.6M | $40.7M | $38.6M | $38.0M | $34.4M |
| Property, plant and equipment | $244.0K | $608.0K | $1.2M | $2.1M | $4.3M | $3.5M | $3.5M | $2.6M | $2.0M | $1.9M |
| Goodwill | $1.1M | $1.1M | $59.6M | $55.2M | $29.1M | $27.1M | $20.2M | $18.0M | $18.0M | $9.2M |
| Other intangibles | $3.0M | $4.4M | $30.4M | $47.6M | $33.6M | $32.1M | $33.8M | $33.0M | $37.3M | $23.5M |
| Total assets | $57.8M | $150.1M | $178.5M | $194.7M | $148.3M | $130.3M | $115.6M | $100.3M | $104.6M | $81.2M |
| Accounts payable | $503.0K | $80.0K | $95.0K | $587.0K | $401.2K | $219.7K | $479.4K | $146.3K | $1.9M | $951.7K |
| Short-term debt | $0 | $3.8M | $34.0M | $4.0M | $3.6M | $2.6M | $375.0K | $4.2M | $2.9M | $0 |
| Total current liabilities | $9.3M | $25.9M | $85.1M | $28.2M | $28.4M | $18.3M | $13.7M | $18.1M | $21.7M | $15.2M |
| Long-term debt | $0 | $32.5M | $0 | $36.0M | $23.3M | $26.3M | $7.1M | $5.8M | $20.6M | $0 |
| Total liabilities | $9.7M | $67.8M | $93.0M | $93.9M | $71.7M | $64.8M | $47.1M | $34.6M | $65.5M | $40.7M |
| Retained earnings | -$21.9M | $12.0M | $16.9M | $33.7M | $14.6M | $5.0M | $8.8M | $8.0M | $1.4M | $4.3M |
| Total equity | $48.1M | $82.3M | $85.5M | $100.7M | $76.6M | $65.5M | $68.5M | $65.7M | $39.1M | $40.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $142.0K | $24.4M | $20.4M | -$7.1M | $6.7M | $22.3M | $18.0M | $18.4M | $18.1M | $9.5M |
| Depreciation and amortisation | $113.0K | $152.0K | $183.0K | $597.0K | $685.0K | $757.0K | $728.4K | $746.4K | $592.3K | $486.7K |
| Stock-based compensation | $1.0M | $908.0K | $957.0K | $1.1M | $1.1M | $785.7K | $849.7K | $1.1M | $447.3K | $314.0K |
| Capital expenditure | $138.0K | $1.2M | $2.2M | $5.7M | $3.2M | $2.1M | $2.1M | $924.0K | $1.1M | $938.9K |
| Investing cash flow | $91.2M | -$1.6M | -$9.5M | -$8.9M | -$7.0M | -$24.1M | -$9.7M | -$924.0K | -$25.6M | -$931.4K |
| Financing cash flow | -$72.5M | -$22.4M | -$10.9M | $15.9M | $473.0K | $1.9M | -$8.2M | -$17.5M | $7.6M | -$8.6M |
| Dividends paid | $22.4M | $1.6M | $6.5M | $6.3M | $4.6M | $5.2M | $12.3M | $10.9M | $8.7M | $8.0M |
| Buybacks | $1.5M | $0 | $0 | — | — | — | — | — | — | — |
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 0001474903-26-000030.
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