TrueBlue, Inc. TBI
TrueBlue, Inc. (the "company," "TrueBlue," "we," "us" and "our") began operations in 1989 and is a leading provider of specialized workforce solutions that connect employers and talent. Backed by decades of experience, an extensive national footprint, expansive talent network, deep local market insight, and global recruitment process outsourcing ("RPO") reach, TrueBlue delivers total workforce solutions helping clients improve quality, streamline operations and meet evolving talent demands.
In fiscal 2025, we connected approximately 291,000 people with work and served approximately 53,000 clients. Our operations are managed as three business segments: PeopleReady, PeopleManagement and PeopleSolutions.
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 | $1.62B | $1.57B | $1.91B | $2.25B | $2.17B | $1.85B | $2.37B | $2.50B | $2.51B | $2.75B |
| Cost of revenue | $1.25B | $1.16B | $1.40B | $1.65B | $1.61B | $1.41B | $1.75B | $1.84B | $1.87B | $2.07B |
| Gross profit | $367.8M | $406.4M | $506.1M | $602.1M | $560.3M | $440.6M | $619.9M | $655.4M | $634.5M | $679.7M |
| SG&A | $371.1M | $410.9M | $494.6M | $500.7M | $464.3M | $408.3M | $516.2M | $540.5M | $510.8M | $546.5M |
| Operating income | -$46.6M | -$92.8M | -$23.9M | $72.2M | $68.4M | -$174.9M | $66.2M | $73.9M | $77.6M | -$17.0M |
| Interest expense | — | — | — | — | — | — | $2.8M | $4.9M | $5.5M | $7.2M |
| Pre-tax income | -$45.6M | -$88.5M | -$20.6M | $73.4M | $73.8M | -$173.3M | $70.0M | $75.7M | $77.5M | -$20.3M |
| Income tax | $2.3M | $37.2M | $6.5M | $11.1M | $12.2M | $31.4M | $7.0M | $9.9M | $22.1M | $5.1M |
| Net income | -$48.0M | -$125.7M | -$14.2M | $62.3M | $61.6M | -$141.8M | $63.1M | $65.8M | $55.5M | -$15.3M |
| EPS, basic | -1.61 | -4.17 | -0.45 | 1.89 | 1.77 | -4.01 | 1.63 | 1.64 | 1.35 | -0.37 |
| EPS, diluted | -1.61 | -4.17 | -0.45 | 1.86 | 1.74 | -4.01 | 1.61 | 1.63 | 1.34 | -0.37 |
| Shares, diluted (wtd. avg.) | $29.8M | $30.2M | $31.3M | $33.4M | $35.4M | $35.4M | $39.2M | $40.3M | $41.4M | $41.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $24.5M | $22.5M | $99.3M | $135.6M | $103.2M | $118.6M | $92.4M | $102.5M | $73.8M | $103.2M |
| Receivables | $241.2M | $214.7M | $252.5M | $314.3M | $353.9M | $278.3M | $342.3M | $355.4M | $374.3M | $352.6M |
| Total current assets | $297.6M | $277.1M | $355.0M | $430.2M | $445.1M | $378.9M | $421.7M | $429.8M | $428.3M | $427.8M |
| Property, plant and equipment | $73.1M | $89.6M | $104.9M | $95.8M | $88.1M | $71.7M | $66.2M | $57.7M | $60.2M | $64.0M |
| Goodwill | $42.5M | $24.5M | $84.1M | $93.8M | $94.5M | $94.9M | $237.5M | $237.3M | $226.7M | $224.2M |
| Other intangibles | $18.1M | $5.9M | $10.5M | $16.2M | $22.2M | $28.9M | $73.7M | $91.4M | $104.6M | $125.7M |
| Total assets | $638.7M | $675.4M | $899.4M | $1.02B | $1.03B | $980.6M | $1.14B | $1.11B | $1.11B | $1.13B |
| Accounts payable | $36.1M | $45.6M | $56.4M | $76.6M | $77.2M | $58.4M | $68.4M | $62.0M | $55.1M | $66.8M |
| Total current liabilities | $138.5M | $160.1M | $204.1M | $242.9M | $258.5M | $269.0M | $230.8M | $225.5M | $212.4M | $251.1M |
| Long-term debt | $65.8M | $7.6M | $0 | — | — | $0 | $37.1M | $80.0M | $116.5M | $135.4M |
| Total liabilities | $364.1M | $360.0M | $441.5M | $523.1M | $540.2M | $543.4M | $510.2M | $523.4M | $554.2M | $605.3M |
| Retained earnings | $296.2M | $337.6M | $478.6M | $516.3M | $508.8M | $452.0M | $639.2M | $606.1M | $561.6M | $536.6M |
| Total equity | $274.6M | $315.4M | $457.9M | $496.3M | $493.1M | $437.2M | $626.0M | $591.4M | $554.8M | $525.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$58.0M | -$17.1M | $34.8M | $120.5M | $20.4M | $152.5M | $93.5M | $125.7M | $100.1M | $260.7M |
| Depreciation and amortisation | $28.9M | $29.6M | $25.8M | $29.3M | — | — | — | — | — | — |
| Stock-based compensation | $7.3M | $7.6M | $13.9M | $9.7M | $13.9M | $9.1M | $9.8M | $13.9M | $7.7M | $9.4M |
| Capital expenditure | $15.7M | $24.2M | $31.3M | $30.6M | $35.0M | $27.1M | $28.1M | $17.1M | $22.0M | $29.0M |
| Investing cash flow | -$16.1M | -$2.5M | -$32.3M | -$20.9M | -$16.2M | -$34.4M | -$21.6M | -$20.5M | -$54.4M | -$123.9M |
| Financing cash flow | $57.1M | -$17.1M | -$37.6M | -$64.7M | -$19.1M | -$92.5M | -$82.9M | -$75.0M | -$75.3M | -$115.1M |
| Buybacks | $0 | $21.3M | $34.2M | $60.9M | $16.7M | $52.3M | $38.8M | $34.8M | $36.7M | $5.7M |
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 0001999371-26-008266.
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