ROBERT HALF INC. RHI
Robert Half Inc. (the "Company") provides specialized talent solutions and business consulting services through the Robert Half® and Protiviti® company names. The Company's business was originally founded in 1948. Prior to 1986, the Company was primarily a franchisor, under the names Accountemps and Robert Half, with offices providing contract and permanent professionals in the fields of accounting and finance. Beginning in 1986, the Company embarked on a strategy of acquiring the franchised locations. All franchises have since been acquired. The Company believes that direct ownership of offices allows it to better monitor and protect the image of its trade names, promote a more consistent and higher level of quality and service throughout its network of offices, and improve profitability by centralizing many of its administrative functions. Since 1986, the Company has significantly expanded operations at many of the acquired locations, opened hundreds of new locations, and acquired other local or regional providers of specialized contract personnel. The Company has also broadened the scope of its services by expanding product offerings to include administrative and customer support, technology, financial project, consulting, legal, and marketing and creative talent solutions.
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 | $5.38B | $5.80B | $6.39B | $7.24B | $6.46B | $5.11B | $6.07B | $5.80B | $5.27B | $5.25B |
| Cost of revenue | $3.38B | $3.55B | $3.82B | $4.14B | $3.77B | $3.10B | $3.55B | $3.39B | $3.10B | $3.09B |
| Gross profit | $2.00B | $2.25B | $2.58B | $3.09B | $2.70B | $2.01B | $2.53B | $2.41B | $2.16B | $2.16B |
| SG&A | $1.93B | $2.01B | $2.11B | $2.12B | $1.95B | $1.67B | $1.96B | $1.81B | $1.65B | $1.61B |
| Operating income | $76.5M | $241.5M | $464.6M | $890.6M | $805.8M | $421.8M | $621.8M | $588.9M | $517.3M | $554.5M |
| Interest expense | — | — | $24.0M | $8.0M | $197.0K | $1.3M | $5.1M | $4.4M | $1.8M | $888.0K |
| Pre-tax income | $194.4M | $357.7M | $576.6M | $897.0M | $803.8M | $421.9M | $625.5M | $591.6M | $517.5M | $554.1M |
| Income tax | $61.4M | $106.1M | $165.4M | $239.0M | $205.2M | $115.6M | $171.1M | $157.3M | $226.9M | $210.7M |
| Net income | $133.0M | $251.6M | $411.1M | $657.9M | $598.6M | $306.3M | $454.4M | $434.3M | $290.6M | $343.4M |
| EPS, basic | 1.33 | 2.45 | 3.90 | 6.08 | 5.42 | 2.72 | 3.93 | 3.60 | 2.34 | 2.68 |
| EPS, diluted | 1.33 | 2.44 | 3.88 | 6.03 | 5.36 | 2.70 | 3.90 | 3.57 | 2.33 | 2.67 |
| Shares, diluted (wtd. avg.) | $100.3M | $103.0M | $106.1M | $109.2M | $111.7M | $113.3M | $116.4M | $121.6M | $124.9M | $128.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $464.4M | $537.6M | $731.7M | $658.6M | $619.0M | $574.4M | $270.5M | $276.6M | $294.8M | $260.2M |
| Receivables | $748.5M | $772.3M | $860.9M | $1.02B | $984.7M | $714.2M | $832.8M | $794.4M | $732.4M | $703.2M |
| Total current assets | $2.12B | $2.13B | $2.30B | $2.29B | $2.27B | $1.84B | $1.63B | $1.47B | $1.43B | $1.28B |
| Property, plant and equipment | $128.8M | $119.6M | $108.8M | $109.7M | $93.4M | $109.8M | $128.4M | $125.2M | $144.9M | $161.5M |
| Goodwill | $251.5M | $237.2M | $238.0M | $237.8M | $222.9M | $223.1M | $210.4M | $210.0M | $210.9M | $209.8M |
| Other intangibles | — | — | — | $5.3M | $3.3M | $5.6M | $1.8M | $3.1M | $4.9M | $3.7M |
| Total assets | $2.86B | $2.85B | $3.01B | $2.96B | $2.95B | $2.56B | $2.31B | $1.90B | $1.87B | $1.78B |
| Accounts payable | $159.4M | $167.0M | $156.7M | $168.2M | $183.8M | $130.8M | $123.8M | $168.0M | $126.9M | $135.5M |
| Short-term debt | — | — | — | — | $0 | $239.0K | $218.0K | $200.0K | $183.0K | $167.0K |
| Total current liabilities | $1.38B | $1.29B | $1.24B | $1.22B | $1.36B | $1.05B | $940.7M | $819.5M | $747.9M | $679.9M |
| Long-term debt | — | — | — | — | — | $0 | $239.0K | $457.0K | $657.0K | $840.0K |
| Total liabilities | $1.58B | $1.48B | $1.42B | $1.40B | $1.57B | $1.35B | $1.17B | $839.9M | $762.2M | $691.4M |
| Retained earnings | $0 | $24.9M | $266.2M | $318.5M | $167.7M | $29.9M | $36.1M | $0 | $37.0M | $84.6M |
| Total equity | $1.28B | $1.38B | $1.59B | $1.57B | $1.38B | $1.21B | $1.14B | $1.06B | $1.11B | $1.09B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $320.0M | $410.5M | $636.9M | $683.8M | $603.1M | $596.5M | $519.6M | $572.3M | $453.0M | $442.1M |
| Depreciation and amortisation | $50.0M | $52.1M | $51.4M | $47.4M | $52.2M | $62.3M | $64.3M | $64.2M | $63.9M | $63.1M |
| Capital expenditure | $53.2M | $56.3M | $45.9M | $61.1M | $36.6M | $33.4M | $59.5M | $42.5M | $40.8M | $83.0M |
| Investing cash flow | -$85.7M | -$87.1M | -$112.2M | -$116.6M | -$87.6M | $9.5M | -$102.1M | -$88.5M | -$78.5M | -$112.2M |
| Financing cash flow | -$330.3M | -$496.4M | -$460.5M | -$509.2M | -$458.6M | -$315.3M | -$423.4M | -$490.1M | -$352.9M | -$288.3M |
| Dividends paid | $238.2M | $220.4M | $205.9M | $189.3M | $170.6M | $155.9M | $145.6M | $136.4M | $121.0M | $114.2M |
| Buybacks | $92.1M | $276.0M | $254.6M | $319.9M | $287.7M | $159.2M | $277.5M | $353.5M | $231.7M | $176.0M |
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 0000315213-26-000010.
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