Tearsheet

Heidrick & Struggles International (HSII)

Market Price (12/29/2025): $59.005 | Market Cap: $1.2 Bil
Sector: Industrials | Industry: Human Resource & Employment Services

Heidrick & Struggles International (HSII)

Market Price (12/29/2025): $59.005
Market Cap: $1.2 Bil
Sector: Industrials
Industry: Human Resource & Employment Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -35%	Key risks HSII key risks include [1] operational inefficiencies driving regional performance discrepancies and support function losses, Show more.
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2	Attractive yield FCF Yield is 11%
3	Low stock price volatility Vol 12M is 35%
4	Megatrend and thematic drivers Megatrends include Future of Work & Human Capital Transformation. Themes include Executive Search & Talent Acquisition, Leadership Development & Advisory, and Organizational Culture & Engagement.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -35%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2	Attractive yield FCF Yield is 11%
3	Low stock price volatility Vol 12M is 35%
4	Megatrend and thematic drivers Megatrends include Future of Work & Human Capital Transformation. Themes include Executive Search & Talent Acquisition, Leadership Development & Advisory, and Organizational Culture & Engagement.
5	Key risks HSII key risks include [1] operational inefficiencies driving regional performance discrepancies and support function losses, Show more.

Valuation, Metrics & Events

	12/29/25	2024	2023	2022	2021
Share Price CYE	$59.01	$43.76	$28.69	$26.59	$40.81
Market Cap CYE ($ Bil)	1.2	0.9	0.6	0.5	0.8
Total Debt ($ Bil)	0.1	0.1	0.1	0.1	0.1
Total Cash ($ Bil)	0.5	0.6	0.5	0.6	0.5
Enterprise Value ($ Bil)	0.8	1.0	0.7	0.6	0.9
Valuation Ratios
P/S TTM	1.0	0.8	0.6	0.5	0.8
P/EBIT TTM	15.2	12.2	7.2	4.9	8.4
P/E TTM	33.0	103.0	10.9	7.0	11.8
P/FCF TTM	9.2	7.2	-14.7	5.1	3.2
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	13.0	11.8	11.2	9.1	12.3
P/E TTM (Sector)	17.3	16.5	15.4	12.1	16.3
P/FCF TTM (Sector)	13.6	13.4	12.1	8.5	14.1

	12/29/25	2024	2023
Share Price CYE	$59.01	$43.76	$28.69
Market Cap CYE ($ Bil)	1.2	0.9	0.6
Total Debt ($ Bil)	0.1	0.1	0.1
Total Cash ($ Bil)	0.5	0.6	0.5
Enterprise Value ($ Bil)	0.8	1.0	0.7
Valuation Ratios
P/S TTM	1.0	0.8	0.6
P/EBIT TTM	15.2	12.2	7.2
P/E TTM	33.0	103.0	10.9
P/FCF TTM	9.2	7.2	-14.7
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4
P/EBIT TTM (Sector)	13.0	11.8	11.2
P/E TTM (Sector)	17.3	16.5	15.4
P/FCF TTM (Sector)	13.6	13.4	12.1

	HSII	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	1.2
Rev Chg Q	15.9%	7.3%
Rev Chg LTM	11.5%	6.1%
Rev Chg 3Y Avg	2.9%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	6.6%	18.8%
CFO/Rev LTM	12.1%	20.4%
Net Inc Mgn	3.0%	13.1%
VALUATION	MODERATE
P/S	1.0	3.3
P/CFO	8.3	15.8
P/FCF	9.2	20.7
P/E	33.0	23.7
STABILITY	VERY GOOD
Debt/Equity	0.08	0.21
Cash/Assets	0.42	0.07

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Metric	Value	Date	Source
Number of Executive Search Consultants	421	9302025	Link
Annualized Consultant Productivity (Executive Search)	2.3M	9302025	Link
Average Revenue per Executive Search	162K	9302025	Link
Confirmations (% increase)	7.1%	9302025	Link
Number of Heidrick Consulting Consultants	91	3312025	Link

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HSII Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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The requested time period from August 31, 2025, to today (December 29, 2025) is in the future. Therefore, I cannot provide an analysis of why Heidrick & Struggles International (HSII) stock moved by 16.4% during this period.

However, based on the most recent information available, there was a significant event that would impact the stock price of HSII around this future period.

1. On October 6, 2025, Heidrick & Struggles International announced a definitive agreement to go private through a $1.3 billion all-cash buyout. This deal was led by a consortium spearheaded by Advent International and Corvex Private Equity.

2. Shareholders were offered $59.00 per share in cash, representing approximately a 26% premium over the company's 90-day volume-weighted average price. This news caused the stock to surge by 20% in premarket trading on October 6, 2025. On October 7, 2025, the stock ended the trading session 19.6% higher at $58.22.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

9/28/2025 to 12/28/2025

	Return	Correlation
HSII	19.2%
Market (SPY)	4.3%	5.3%
Sector (XLI)	3.0%	8.2%

Fundamental Drivers

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Market Drivers

6/29/2025 to 12/28/2025

	Return	Correlation
HSII	33.2%
Market (SPY)	12.6%	22.4%
Sector (XLI)	7.5%	28.5%

Fundamental Drivers

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Market Drivers

12/28/2024 to 12/28/2025

	Return	Correlation
HSII	35.0%
Market (SPY)	17.0%	34.1%
Sector (XLI)	19.2%	35.3%

Fundamental Drivers

null
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Market Drivers

12/29/2023 to 12/28/2025

	Return	Correlation
HSII	105.7%
Market (SPY)	48.4%	31.2%
Sector (XLI)	41.4%	37.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
HSII Return	-7%	51%	-35%	8%	53%	35%	103%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
HSII Win Rate	42%	67%	33%	50%	58%	67%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
HSII Max Drawdown	-44%	-2%	-41%	-16%	-8%	-16%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	HSII	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-53.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	114.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	659 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-44.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	79.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	295 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-43.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	76.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	607 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-74.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	298.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	6,055 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Heidrick & Struggles International's stock fell -53.3% during the 2022 Inflation Shock from a high on 10/8/2021. A -53.3% loss requires a 114.0% gain to breakeven.

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About Heidrick & Struggles International (HSII)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Heidrick & Struggles International, Inc., together with its subsidiaries, provides executive search, consulting, and on-demand talent services to businesses and business leaders worldwide. The company enables its clients to build leadership teams by facilitating the recruitment, management, and development of senior executives. It also offers on-demand services to provide clients with independent talent, including professionals with industry and functional expertise for interim leadership roles and critical project-based initiatives; and consulting services, including leadership assessment and development, team and organization acceleration, digital acceleration and innovation, diversity and inclusion advisory services, and culture shaping services. The company provides its services to Fortune 1000 companies; Major U.S. and non-U.S. companies; middle market and emerging growth companies; private equity firms; governmental, higher education, and not-for-profit organizations; and other private and public entities. Heidrick & Struggles International, Inc. was founded in 1953 and is headquartered in Chicago, Illinois.

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McKinsey for executive talent and leadership strategy.

LinkedIn for C-suite and board executive search.

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Executive Search: Identifies and recruits C-suite and senior-level executives for clients across various industries globally.
Leadership Consulting: Provides services such as leadership assessment and development, organizational design, culture shaping, and team effectiveness to enhance client performance.
On-Demand Talent: Connects organizations with highly skilled independent professionals for interim, project-based, or contract roles.

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Heidrick & Struggles International (symbol: HSII) primarily sells its executive search, leadership assessment, and culture shaping services to other companies.

As a global professional services firm, HSII's client base is highly diversified across numerous industries and geographies. Due to the nature of their business, client confidentiality, and the lack of customer concentration, Heidrick & Struggles does not have any single "major customer" company that accounts for 10% or more of its consolidated net revenue. This is consistently stated in their public financial filings (e.g., Form 10-K).

Therefore, it is not possible to identify and list specific major customer companies by name and symbol. Their customers are thousands of diverse organizations globally, spanning sectors such as financial services, consumer products, industrial, life sciences, technology, and many others.

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Microsoft (MSFT)
Salesforce (CRM)

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Tom Monahan, Chief Executive Officer

Tom Monahan became the CEO of Heidrick & Struggles in March 2024. He has a decades-long career of building and leading innovative technology, data, and services companies. Prior to joining Heidrick & Struggles, Monahan was the president and CEO of DeVry University, where he led the institution to digital innovation, sustained growth, and financial strength as a newly independent institution. He also served as the executive chair of digital engineering pioneer ProKarma. Before that, he spent over two decades as a leader, CEO, and chair of CEB, a C-suite advisory company. Under his leadership, CEB grew to serve more than 10,000 companies, including over 90 percent of the Fortune 500. Monahan has also served on the boards of both public and private-equity-backed companies, including Convergys (NYSE: CVG), Workforce Logiq, and Winsight. He currently serves on the board of TransUnion (NYSE: TRU) and is the executive vice chair of the DeVry University Board of Trustees.

Nirupam Sinha, Chief Financial Officer

Nirupam Sinha was appointed Chief Financial Officer of Heidrick & Struggles, effective January 6, 2025. He transitioned from his role as CFO of Checkout.com LLC, a global payments company, where he oversaw a team of more than 200 across various financial disciplines. His career spans nearly two decades and includes significant positions at T. Rowe Price Group, Inc., where he was Global Head of Product and held senior Finance and Strategy roles. Sinha was also a leader in the Wealth & Asset Management and Corporate Business Functions Practices at McKinsey & Company. He began his career at McKinsey & Company in the Financial Services Practice and also worked at Serent Capital as a private equity investor.

Tom Murray, President

Tom Murray serves as the President of Heidrick & Struggles. He also previously served as the global managing partner of Executive Search. In his role as President, he has operational responsibility for On-Demand Talent, Heidrick Consulting, and go-to-market strategies, in addition to continuing to lead Executive Search.

Tracey Heaton, Chief Legal Officer and Corporate Secretary

Tracey Heaton is the Chief Legal Officer and Corporate Secretary for Heidrick & Struggles.

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Heidrick & Struggles International (HSII) faces several key risks to its business operations. These challenges primarily stem from the highly competitive nature of its industry, external economic volatility, and internal operational and talent management pressures. The most significant risk is the **highly competitive landscape** of the executive search and consulting industry. Heidrick & Struggles operates within a dynamic environment with numerous firms vying for market share, including major global players. The company must continuously innovate and differentiate its services to maintain its competitive position, attract top-tier clients, and secure engagements. Secondly, **economic and regulatory uncertainties**, along with the cyclical nature of the business services industry, pose a considerable risk. Macroeconomic fluctuations, geopolitical factors, and changes in regulations can significantly impact client spending patterns and overall demand for HSII's executive search and consulting services. The company's financial stability and growth prospects are sensitive to these external factors and economic downturns. Finally, **operational inefficiencies and rising talent costs** present a key risk to profitability. Heidrick & Struggles has experienced regional performance discrepancies, such as a decline in Adjusted EBITDA in its Asia Pacific segment, and reported Adjusted EBITDA losses in Global Operations Support, indicating underlying operational challenges. Additionally, increased expenses related to variable compensation and separation costs, as well as the rising cost of attracting and retaining talent in a competitive market, can weigh on the company's operating margins.

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The rapid advancement and widespread adoption of Artificial Intelligence (AI) and sophisticated data analytics tools in talent acquisition and leadership assessment presents a clear emerging threat.

Historically, a significant part of Heidrick & Struggles' value proposition lies in its human expertise for identifying, vetting, and matching top executive talent, along with providing leadership consulting. However, evolving AI platforms are increasingly capable of:

**Automating Candidate Sourcing and Identification:** AI can swiftly scan vast databases, professional networks, and public information to identify potential candidates based on complex criteria, a process traditionally labor-intensive for human recruiters.
**Enhancing Candidate Assessment:** AI-driven tools are being developed to analyze candidate profiles, assess skills, predict cultural fit, and even evaluate leadership potential through various data points, potentially commoditizing parts of the assessment process.
**Empowering In-House Talent Acquisition:** As these technologies become more accessible and sophisticated, large corporations can leverage AI internally to perform more advanced executive talent sourcing and screening themselves, reducing their reliance on third-party executive search firms for a wider range of leadership roles.
**Enabling New Competitors:** The lower entry barrier offered by AI tools could foster the emergence of new, tech-first talent platforms and highly specialized boutiques that operate with a different cost structure or offer faster turnaround times, directly competing with HSII's traditional model.

This technological shift threatens to disintermediate parts of the traditional executive search and leadership consulting process, potentially leading to fee compression and a redefinition of the value proposition for firms like Heidrick & Struggles.

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Heidrick & Struggles International (HSII) operates primarily in three addressable markets: Executive Search, Leadership Consulting, and On-Demand Talent Solutions.

Executive Search

The global executive search market exhibits varying size estimates across different reports:

One projection indicates the market was approximately USD 13 billion in 2023 and is expected to reach USD 20 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.1%.
Another report values the global executive search market at USD 58.13 billion in 2025, forecasting it to grow to USD 94.73 billion by 2030, at a CAGR of 10.26%.
Further estimates state the global executive search headhunting market size was USD 17,241.2 million in 2021, reaching USD 22,219.5 million by the end of 2025, and projected to become USD 36,903.2 million by 2033, with a CAGR of 6.547% from 2025 to 2033.
The global executive search (headhunting) market is also predicted to reach approximately USD 34,236.39 million by 2032, at a CAGR of 6.40% from 2024 to 2032.
North America holds a substantial share of this market, accounting for approximately 35% of the global market in 2023, 38.65% in 2024, and 29.32% of the global market revenue in 2025.

Leadership Consulting

Heidrick & Struggles also provides leadership consulting services. The global market for leadership and management consulting is a key addressable market:

The Leadership and Management Consulting market is estimated to be valued at USD 78.4 billion globally in 2025 and is expected to reach USD 125.7 billion by 2032, growing at a CAGR of 7.1% from 2025 to 2032.
More broadly, the global Management Consulting Market is projected to grow from USD 303.1 billion in 2024 to an estimated USD 457.1 billion by 2032, with a CAGR of 5.27% from 2025 to 2032.
The overall global consulting market, which includes management consulting, is poised to reach approximately USD 277.2 billion in 2025 and is projected to reach USD 421.2 billion by 2033, with a CAGR of 5.3%.

On-Demand Talent Solutions

Heidrick & Struggles offers on-demand talent solutions, which can be categorized under on-demand staffing or talent as a service:

The global on-demand staffing platform market is projected to reach US$ 577.9 million by 2031, growing from US$ 185.83 million in 2023 at a CAGR of 15.2% during 2023–2031.
Another estimate values the global on-demand staffing platform market size at $5.4 billion in 2024, forecasted to hit $18.7 billion by 2033, growing at a CAGR of 14.5%.
Specifically for the Information Technology and Telecom category, the global on-demand staffing platform market is estimated at USD 6.9 billion in 2024 and is projected to reach USD 18.9 billion by 2031, with a CAGR of 15.2% from 2025 to 2031.
The global Talent as a Service Market is estimated at USD 593.3 million in 2025 and is projected to reach USD 1,793.9 million by 2035, registering a CAGR of 11.7% over the forecast period.
The global talent marketplace platform market size is reported at USD 1.05 billion in 2025, projected to reach USD 1.83 billion by 2035 at an estimated CAGR of 10.5% from 2026 to 2035.

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Heidrick & Struggles International (HSII) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies, primarily focusing on the expansion and integration of its core services and strategic market positioning.

The expected drivers include:

Growth Across All Business Segments: The company has demonstrated consistent year-over-year revenue growth in all its lines of business—Executive Search, On-Demand Talent, and Heidrick Consulting. This broad-based growth across its integrated talent and human capital solutions portfolio is expected to continue, with specific strong performance noted in regions like Europe for Executive Search. Heidrick & Struggles aims to foster "differentiated, deep, and durable global client relationships" by offering a full suite of global leadership advisory solutions.
Strategic Focus on Leadership and Talent Solutions: Heidrick & Struggles emphasizes its strategic approach to leadership and talent solutions, adapting to evolving market demands. By focusing on identifying, assessing, and enabling exceptional leadership talent, the company positions itself as a crucial partner for organizations navigating complex global challenges, thereby driving demand for its services.
Expansion of Capabilities and Expertise in High-Growth Areas: The company plans to expand its capabilities and expertise in areas identified with the greatest growth potential. This includes creating solutions that enhance client performance, indicating a proactive approach to meeting emerging client needs and capturing new market opportunities.
Leveraging Technology and AI: Heidrick & Struggles is focused on leveraging technology and artificial intelligence to enhance its offerings and operational efficiency. This strategic investment in technological advancements is expected to provide new tools and solutions for its professionals, enabling them to deliver more impactful results and strengthen client partnerships.

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Share Repurchases

Information on the dollar amount of share repurchases made and authorized to be made in the future by Heidrick & Struggles International over the last 3-5 years is not explicitly available in the provided search results.

Share Issuance

Information on the dollar amount of shares issued by Heidrick & Struggles International over the last 3-5 years is not explicitly available in the provided search results. The number of outstanding shares was 20,649,000 as of November 2025. Additionally, there were 20,409,835 shares of common stock outstanding as of February 27, 2025.

Inbound Investments

On October 6, 2025, Heidrick & Struggles International announced a definitive agreement to be acquired by a consortium of investors led by Advent International and Corvex Private Equity.
The all-cash transaction values the company's equity at approximately $1.3 billion.
Heidrick stockholders are expected to receive $59.00 per share in cash.

Outbound Investments

In the first quarter of 2024, Heidrick Consulting's revenue growth was primarily due to the acquisition of B4Z.
On-Demand Talent revenue in the first quarter of 2024 increased due to the positive impact of the Atreus acquisition.

Capital Expenditures

Capital expenditures were reported as -$26 million.
The company continues to invest in the development of its Navigator platform and digital assets across its business units, including Executive Search and On-Demand Talent, through research and development spending.
Research and development expense for the first quarter of 2024 was $5.7 million.

Better Bets than Heidrick & Struggles International (HSII)

INDUSTRY: Human Resource & Employment Services

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Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSII: 2.9% | 15.3x)

BBSI (5.7% | 14.5x)

Barrett Business Services

Higher Rev Chg LTM (Value for HSII: 11.5%)

NIXX (6913.3%)

Nixxy

BGSF (54.7%)

BGSF

PCTY (13.3%)

Paylocity

PAYX (12.4%)

Paychex

DAY (11.7%)

Dayforce

Higher Rev Chg 3Y Avg (Value for HSII: 2.9%)

PCTY (21.4%)

Paylocity

DAY (16.7%)

Dayforce

PAYC (16.0%)

Paycom Software

PAYX (7.9%)

Paychex

ADP (7.4%)

Automatic Data Processing

Higher Op Mgn LTM (Value for HSII: 6.6%)

PAYX (37.1%)

Paychex

PAYC (27.9%)

Paycom Software

ADP (26.2%)

Automatic Data Processing

PCTY (19.1%)

Paylocity

DAY (7.0%)

Dayforce

Higher CFO/Rev LTM (Value for HSII: 12.1%)

PAYX (36.8%)

Paychex

PAYC (32.1%)

Paycom Software

PCTY (25.2%)

Paylocity

ADP (22.8%)

Automatic Data Processing

DAY (14.5%)

Dayforce

Higher FCF/Rev LTM (Value for HSII: 10.9%)

HQI (43.8%)

HireQuest

PAYX (33.1%)

Paychex

PCTY (20.5%)

Paylocity

ADP (20.1%)

Automatic Data Processing

PAYC (19.5%)

Paycom Software

Higher Total Yield (Value for HSII: 3.6%)

KFY (9.0%)

Korn Ferry

PAYX (7.6%)

Paychex

TNET (6.5%)

Trinet

ADP (6.3%)

Automatic Data Processing

PAYC (6.0%)

Paycom Software

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSII: 2.9% | 1.0x)

DAL (10.8% | 0.7x)

Delta Air Lines

UAL (13.2% | 0.6x)

United Airlines

LUV (6.8% | 0.8x)

Southwest Airlines

ACM (7.2% | 0.8x)

AECOM

WCC (3.6% | 0.5x)

WESCO International

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSII: 2.9% | 15.3x)

CP (22.2% | 12.2x)

Canadian Pacific Kansas City

URI (13.2% | 13.3x)

United Rentals

DAL (10.8% | 7.6x)

Delta Air Lines

UAL (13.2% | 7.1x)

United Airlines

LDOS (6.9% | 11.7x)

Leidos

Higher Rev Chg LTM (Value for HSII: 11.5%)

PWR (18.7%)

Quanta Services

UBER (18.2%)

Uber Technologies

GE (17.7%)

GE Aerospace

WM (15.9%)

Waste Management

GD (11.9%)

General Dynamics

Higher Rev Chg 3Y Avg (Value for HSII: 2.9%)

UBER (19.6%)

Uber Technologies

GE (15.7%)

GE Aerospace

BA (10.1%)

Boeing

RTX (9.4%)

RTX

CAT (4.9%)

Caterpillar

Higher Op Mgn LTM (Value for HSII: 6.6%)

UNP (40.6%)

Union Pacific

GE (20.5%)

GE Aerospace

CAT (17.7%)

Caterpillar

RTX (10.3%)

RTX

UBER (9.2%)

Uber Technologies

Higher CFO/Rev LTM (Value for HSII: 12.1%)

UNP (39.6%)

Union Pacific

UBER (18.1%)

Uber Technologies

CAT (17.8%)

Caterpillar

GE (17.2%)

GE Aerospace

DE (16.7%)

Deere

Higher FCF/Rev LTM (Value for HSII: 10.9%)

UNP (24.5%)

Union Pacific

UBER (17.5%)

Uber Technologies

HON (15.2%)

Honeywell International

GE (14.7%)

GE Aerospace

CAT (11.7%)

Caterpillar

Higher Total Yield (Value for HSII: 3.6%)

UBER (9.8%)

Uber Technologies

UNP (7.4%)

Union Pacific

DE (5.3%)

Deere

CAT (4.4%)

Caterpillar

RTX (4.0%)

RTX

All Other Sectors

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UNH (11.4% | 0.7x)

UnitedHealth

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

GM (8.6% | 0.4x)

General Motors

ELV (8.4% | 0.4x)

Elevance Health

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSII: 2.9% | 15.3x)

UNH (11.4% | 11.4x)

UnitedHealth

MRK (2.9% | 11.9x)

Merck

DIS (4.5% | 14.8x)

Walt Disney

NEM (23.9% | 12.4x)

Newmont

HCA (6.6% | 10.3x)

HCA Healthcare

Higher Rev Chg LTM (Value for HSII: 11.5%)

NVDA (65.2%)

NVIDIA

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

Higher Rev Chg 3Y Avg (Value for HSII: 2.9%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for HSII: 6.6%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for HSII: 12.1%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for HSII: 10.9%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for HSII: 3.6%)

JPM (6.4%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

ORCL (3.7%)

Oracle

MSFT (3.6%)

Microsoft

		Best Bets In Industrials Sector
	HSII	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	33.0	19.9	33.4	25.7	10.4	37.5	37.9	36.7	30.6	70.3	35.9
P/EBIT	15.3	9.6	22.8	17.7	5.2	37.6	27.2	18.1	14.9	20.8	27.7
What You Get
Rev Chg Q	15.9%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	11.5%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	2.9%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	5.6%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Heidrick & Struggles International Earnings Notes
2	null
3	Heidrick & Struggles International Total Shareholder Return (TSR): 53.6% in 2024 and 4.3% 3-yr compounded annual returns (below peer average)
4	Heidrick & Struggles International (HSII) Operating Cash Flow Comparison	Financials
5	Heidrick & Struggles International (HSII) Net Income Comparison	Financials
6	Heidrick & Struggles International (HSII) Operating Income Comparison	Financials
7	Heidrick & Struggles International (HSII) Revenue Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to HSII. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.3%	18.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.5%	5.5%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.9%	2.9%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	5.7%	5.7%	-0.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Heidrick & Struggles International

Peers to compare with:

Financials

	HSII	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Heidrick.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	-	23.26	24.49	305.09	78.16	273.40	78.16
Mkt Cap	1.2	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	1,218	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	80	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	132	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	67	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	148	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	85	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	HSII	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Heidrick.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	11.5%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	2.9%	-3.9%	6.5%	2.6%	3.7%	1.8%	2.8%
Rev Chg Q	15.9%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	3.8%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	6.6%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	7.1%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	-0.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	12.1%	6.7%	8.5%	20.6%	23.8%	26.6%	16.4%
CFO/Rev 3Y Avg	7.3%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	10.9%	5.1%	1.8%	18.1%	22.1%	23.5%	14.5%
FCF/Rev 3Y Avg	5.6%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	HSII	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Heidrick.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	1.2	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	1.0	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	15.3	6.8	19.9	25.1	22.5	31.3	21.2
P/E	33.0	8.6	572.7	36.0	29.9	41.0	34.5
P/CFO	8.3	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	3.6%	14.1%	2.3%	5.0%	5.4%	2.8%	4.3%
Dividend Yield	0.5%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	6.3%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.1	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	-0.3	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	HSII	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Heidrick.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	0.2%	-3.6%	12.7%	-1.1%	1.6%	-2.0%	-0.4%
3M Rtn	19.2%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.5%
6M Rtn	33.2%	-4.0%	34.5%	6.6%	15.2%	36.3%	24.2%
12M Rtn	35.0%	-27.0%	16.2%	40.5%	34.5%	7.5%	25.3%
3Y Rtn	117.8%	-3.7%	67.3%	141.3%	79.6%	114.1%	96.9%
1M Excs Rtn	-2.1%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-2.2%
3M Excs Rtn	14.9%	-16.2%	-1.7%	3.6%	12.7%	2.8%	3.2%
6M Excs Rtn	20.9%	-16.3%	22.3%	-5.7%	3.0%	24.0%	11.9%
12M Excs Rtn	19.7%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	9.5%
3Y Excs Rtn	41.0%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	13.6%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/3/2025	3/3/2025	3/4/2024	2/27/2023	2/28/2022	2/24/2021	2/24/2020
Key Financials
Total Revenue	1,218	1,116	1,041	1,084	1,008	629	726
EBITDA	101	93	101	123	122	76	78
Operating Income	80	74	83	112	102	50	68
Net Income	37	9	54	79	73	-38	47
EPS	1.79	0.43	2.72	4.02	3.72	-1.95	2.45
Growth Rates
Total Revenue Growth	11.5%	7.2%	-3.9%	7.4%	60.2%	-13.3%	-1.4%
EBITDA Growth	6.1%	-8.2%	-17.7%	1.0%	59.0%	-2.0%	-4.1%
Operating Income Growth	5.3%	-10.5%	-26.4%	10.0%	104.9%	-26.4%	-1.8%
Net Income Growth	-3.9%	-84.0%	-31.5%	9.5%	292.5%	-180.5%	-4.9%
Margins
EBITDA Margin	8.3%	8.3%	9.7%	11.3%	12.1%	12.2%	10.8%
Operating Income Margin	6.6%	6.6%	7.9%	10.4%	10.1%	7.9%	9.3%
Net Income Margin	3.0%	0.8%	5.2%	7.3%	7.2%	-6.0%	6.5%
Cash & Debt
Total Cash	528	564	478	622	545	336	333
Total Debt	101	101	100	83	85	116	110
Net Debt / (Cash)	-427	-463	-378	-539	-460	-221	-223
Cash Flows
Net Cash from Operations	148	150	-27	119	271	23	79
Free Cash from Operations	132	124	-40	108	265	16	75
Returns to Shareholders
Dividends	13	13	13	12	12	12	12
Share Repurchases	-0	-0	1	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/3/2025	8/4/2025	5/5/2025	3/3/2025	11/4/2024	7/29/2024	5/6/2024	3/4/2024	10/25/2023	7/31/2023	4/24/2023	2/27/2023
Key Financials Quarterly
Total Revenue	328	322	287	281	283	283	269	257	268	274	242	239
Ebitda	25	30	21	25	24	23	21	27	27	26	22	23
Operating Income	19	25	16	20	19	19	16	22	22	21	18	20
Net Income	18	21	13	-15	15	-5	14	15	15	9	16	16
EPS	0.85	1.02	0.65	-0.73	0.73	-0.25	0.70	0.74	0.75	0.45	0.78	0.81
Key Financials TTM
Total Revenue TTM	1,218	1,173	1,134	1,116	1,092	1,077	1,068	1,041	1,022	1,013	1,040	1,084
Ebitda TTM	101	100	93	93	95	98	101	101	97	101	112	123
Operating Income TTM	80	80	74	74	76	79	81	83	81	87	100	112
Net Income TTM	37	34	8	9	39	39	53	54	56	61	77	79
Growth Rates Quarterly
Total Revenue Growth	15.9%	13.8%	6.8%	9.1%	5.6%	3.3%	11.1%	7.8%	3.7%	-9.1%	-15.2%	-16.9%
EBITDA Growth	2.1%	32.1%	0.1%	-7.9%	-10.6%	-10.8%	-2.7%	19.1%	-13.0%	-29.7%	-34.1%	15.5%
Operating Income Growth	0.4%	32.9%	-0.3%	-10.3%	-13.8%	-8.9%	-8.4%	10.2%	-21.8%	-38.5%	-41.2%	19.5%
Net Income Growth	19.0%	508.6%	-5.2%	-200.8%	-1.1%	-157.4%	-10.0%	-7.4%	-28.0%	-62.8%	-15.6%	28.6%
Margins Quarterly
EBITDA Margin	7.5%	9.4%	7.3%	8.8%	8.5%	8.1%	7.8%	10.5%	10.0%	9.4%	8.9%	9.5%
Operating Income Margin	5.8%	7.8%	5.6%	7.0%	6.7%	6.7%	6.0%	8.5%	8.3%	7.6%	7.3%	8.3%
Net Income Margin	5.4%	6.5%	4.6%	-5.3%	5.2%	-1.8%	5.2%	5.8%	5.6%	3.3%	6.4%	6.7%
Cash & Debt
Total Cash	528	400	325	564	409	297	253	478	334	239	205	622
Total Debt	101	105	100	101	104	96	98	100	77	82	81	83
Net Debt / (Cash)	-427	-294	-225	-463	-306	-201	-154	-378	-257	-157	-123	-539
Cash Flows Quarterly
FCF from Operations	135	69	-232	177	115	63	-203	154	109	47	-337	160
Cash Flows TTM
FCF from Operations TTM	148	128	122	150	127	122	107	-27	-20	9	44	119
Returns to Shareholders Quarterly
Dividends	3	3	3	3	3	3	3	3	3	3	3	3
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	201.1%	-	-	159.7%	42.7%	-	-	53.1%	41.5%	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	95.7%	-	-	90.5%	51.7%	-	-	69.3%	59.4%	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Americas	523
Europe	166
On-Demand Talent	153	91	67
Heidrick Consulting	94	80	68	56	61
Asia Pacific	91
Reimbursements	14	10	5	8	19
Executive Search		902	869	565	646
Total	1,041	1,084	1,008	629	726

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Americas	173
Europe	22
Asia Pacific	11
On-Demand Talent	1	-0	-9
Earnout fair value adjustments	0	0
Restructuring charges	0	0
Earnout accretion	-2	-1
Reorganization costs	-5	0
Heidrick Consulting	-6	-6	-16	-28	-18
Deferred compensation plan	-6	6
Impairment charges	-7	0
Depreciation	-9	-7
Intangible amortization	-9	-3
Acquisition contingent consideration	-12	-4
Research and Development	-21	-20
Global Operations Support	-56	-59	-55	-40	-35
Executive Search		206	179	33	117
Total	75	112	98	-36	64

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Americas	452
Unallocated non-current assets	225	207	214	222	221
On-Demand Talent	164	72	77
Europe	141
Asia Pacific	92
Heidrick Consulting	56	47	37	25	31
Global Operations Support	11	3	4	2	2
Executive Search		847	776	539	591
Total	1,142	1,176	1,107	788	844

Price Behavior

Price Behavior

Market Price	$59.01
Market Cap ($ Bil)	1.2
First Trading Date	04/27/1999
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$57.73	$47.80
DMA Trend	up	up
Distance from DMA	2.2%	23.5%
	3M	1YR
Volatility	44.2%	35.1%
Downside Capture	-3.22	60.77
Upside Capture	100.15	82.27
Correlation (SPY)	5.4%	34.1%

HSII Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.02	0.17	0.32	0.82	0.60	0.82
Up Beta	-0.10	-0.79	-0.13	1.19	0.62	0.74
Down Beta	0.11	0.04	-0.11	0.24	0.42	0.62
Up Capture	13%	107%	92%	119%	71%	104%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	14	25	34	68	131	388
Down Capture	-2%	-3%	33%	68%	72%	98%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	5	16	28	57	117	356

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of HSII With Other Asset Classes (Last 1Y)
	HSII	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	38.9%	19.3%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	34.8%	18.8%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.98	0.80	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		35.3%	34.2%	5.2%	15.2%	25.3%	24.2%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of HSII With Other Asset Classes (Last 5Y)
	HSII	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.7%	13.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	36.3%	17.2%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.54	0.65	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		48.4%	41.5%	3.3%	13.2%	36.0%	21.1%

Based On 10-Year Data

		Comparison of HSII With Other Asset Classes (Last 10Y)
	HSII	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.3%	13.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	41.0%	19.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.37	0.60	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		41.2%	37.6%	-3.1%	11.4%	31.3%	10.3%

Returns Analyses

null

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/3/2025	0.7%	0.9%	1.3%
8/4/2025	4.9%	4.2%	15.1%
3/3/2025	12.3%	12.6%	10.2%
11/4/2024	5.9%	21.1%	15.1%
7/29/2024	15.2%	3.2%	5.4%
5/6/2024	-2.9%	11.2%	15.4%
1/23/2024	3.8%	7.1%	2.9%
10/25/2023	7.4%	5.3%	18.9%
...
SUMMARY STATS
# Positive	13	16	13
# Negative	5	2	5
Median Positive	4.9%	4.3%	5.4%
Median Negative	-2.9%	-10.3%	-2.0%
Max Positive	15.2%	21.1%	26.2%
Max Negative	-13.5%	-10.9%	-22.1%

	Forward Returns
11/3/2025	0.7%	0.9%	1.3%
8/4/2025	4.9%	4.2%	15.1%
3/3/2025	12.3%	12.6%	10.2%
11/4/2024	5.9%	21.1%	15.1%
7/29/2024	15.2%	3.2%	5.4%
5/6/2024	-2.9%	11.2%	15.4%
1/23/2024	3.8%	7.1%	2.9%
10/25/2023	7.4%	5.3%	18.9%
7/31/2023	3.1%	3.4%	0.4%
2/27/2023	14.7%	9.4%	-0.1%
7/25/2022	-0.8%	3.5%	-0.1%
2/28/2022	-4.4%	-10.9%	-2.0%
10/25/2021	-0.8%	4.4%	1.1%
7/26/2021	1.6%	1.7%	1.7%
2/22/2021	0.8%	1.7%	-3.7%
10/26/2020	11.3%	7.0%	26.2%
7/27/2020	4.2%	0.2%	3.2%
2/24/2020	-13.5%	-9.8%	-22.1%
SUMMARY STATS
# Positive	13	16	13
# Negative	5	2	5
Median Positive	4.9%	4.3%	5.4%
Median Negative	-2.9%	-10.3%	-2.0%
Max Positive	15.2%	21.1%	26.2%
Max Negative	-13.5%	-10.9%	-22.1%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11032025	10-Q 9/30/2025
6302025	8042025	10-Q 6/30/2025
3312025	5052025	10-Q 3/31/2025
12312024	3032025	10-K 12/31/2024
9302024	11042024	10-Q 9/30/2024
6302024	7292024	10-Q 6/30/2024
3312024	5062024	10-Q 3/31/2024
12312023	3042024	10-K 12/31/2023
9302023	10252023	10-Q 9/30/2023
6302023	7312023	10-Q 6/30/2023
3312023	4242023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	10242022	10-Q 9/30/2022
6302022	7252022	10-Q 6/30/2022
3312022	4252022	10-Q 3/31/2022
12312021	2282022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	MONAHAN THOMAS L	Chief Executive Officer	3102025	Buy	45.55	5,000	227,750	6,597,189	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Heidrick & Struggles International (HSII)

Market Price (12/29/2025): $59.005 | Market Cap: $1.2 BilSector: Industrials | Industry: Human Resource & Employment Services

Heidrick & Struggles International (HSII)

Market Price (12/29/2025): $59.005Market Cap: $1.2 BilSector: IndustrialsIndustry: Human Resource & Employment Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Better Bets than Heidrick & Struggles International (HSII)

INDUSTRY: Human Resource & Employment Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSII: 2.9% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSII: 2.9% | 15.3x)

Higher Rev Chg LTM (Value for HSII: 11.5%)

Higher Rev Chg 3Y Avg (Value for HSII: 2.9%)

Higher Op Mgn LTM (Value for HSII: 6.6%)

Higher CFO/Rev LTM (Value for HSII: 12.1%)

Higher FCF/Rev LTM (Value for HSII: 10.9%)

Higher Total Yield (Value for HSII: 3.6%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSII: 2.9% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSII: 2.9% | 15.3x)

Higher Rev Chg LTM (Value for HSII: 11.5%)

Higher Rev Chg 3Y Avg (Value for HSII: 2.9%)

Higher Op Mgn LTM (Value for HSII: 6.6%)

Higher CFO/Rev LTM (Value for HSII: 12.1%)

Higher FCF/Rev LTM (Value for HSII: 10.9%)

Higher Total Yield (Value for HSII: 3.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSII: 2.9% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSII: 2.9% | 15.3x)

Higher Rev Chg LTM (Value for HSII: 11.5%)

Higher Rev Chg 3Y Avg (Value for HSII: 2.9%)

Higher Op Mgn LTM (Value for HSII: 6.6%)

Higher CFO/Rev LTM (Value for HSII: 12.1%)

Higher FCF/Rev LTM (Value for HSII: 10.9%)

Higher Total Yield (Value for HSII: 3.6%)

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Market Price (12/29/2025): $59.005 | Market Cap: $1.2 Bil
Sector: Industrials | Industry: Human Resource & Employment Services

Market Price (12/29/2025): $59.005
Market Cap: $1.2 Bil
Sector: Industrials
Industry: Human Resource & Employment Services