TrueBlue (TBI)


Market Price (11/4/2026): $9.6 | Market Cap: $292.3 MilSector: Industrials | Industry: Human Resource & Employment Services

TrueBlue (TBI)


Market Price (11/4/2026): $9.6
Market Cap: $292.3 Mil
Sector: Industrials
Industry: Human Resource & Employment Services

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

0

Megatrend and thematic drivers
Megatrends include Future of Work. Themes include Flexible Staffing Solutions, Workforce Management Services, and Talent Acquisition & Recruiting.

Weak multi-year price returns
3Y Excs Rtn is -91%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.4%

Stock price has recently run up significantly
12M Rtn12 month market price return is 108%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.9%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.0%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 148%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23%

Key risks
TBI key risks include [1] significant profitability challenges, Show more.

0 Megatrend and thematic drivers
Megatrends include Future of Work. Themes include Flexible Staffing Solutions, Workforce Management Services, and Talent Acquisition & Recruiting.
1 Weak multi-year price returns
3Y Excs Rtn is -91%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.4%
3 Stock price has recently run up significantly
12M Rtn12 month market price return is 108%
4 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.9%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.0%
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 148%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23%
8 Key risks
TBI key risks include [1] significant profitability challenges, Show more.

TBI in ETFs

Weight = TBI's share of each fund

VTI0.00%
IWM0.01%
FNDA0.05%
IWN0.02%
VTWO0.01%
SCHA0.01%
AVUV0.01%
DFAS0.00%
+3 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

TrueBlue (TBI) stock has gained about 40% since 7/31/2026 because of the following key factors:

1. Exceptional Q2 2026 Financial Results and Strong Outlook. TrueBlue reported robust fiscal Q2 2026 (ended June 28, 2026) earnings on August 4, 2026, significantly exceeding analyst expectations. The company posted an Adjusted EPS of $0.06, substantially beating the consensus estimate of -$0.10. Revenue reached $443 million, surpassing analyst forecasts of $417.84 million and representing a 12% increase year-over-year. This strong performance, coupled with improved Adjusted EBITDA of $11 million compared to $3 million in fiscal Q2 2025, sparked a significant positive reaction, with the stock experiencing a +28.7% surge on August 5, 2026. TrueBlue further fueled optimism by issuing an upbeat fiscal Q3 2026 revenue guidance of $461 million to $481 million, an anticipated 7% to 11% year-over-year growth, which exceeded the consensus estimate of $452.89 million.

2. Positive Analyst Sentiment and Upgraded Price Targets. Following the better-than-expected fiscal Q2 2026 results and optimistic forward guidance, several analysts revised their outlooks and price targets for TrueBlue. Robert W. Baird notably increased its price target for TBI to $9.50 from $7 on August 5, 2026. Additionally, Wall Street Zen upgraded the stock from a "hold" to a "buy" rating on August 8, 2026. The overall positive sentiment from the analyst community contributed to sustained investor confidence in the company's trajectory.

Show more
Updated on 11/1/2026

TrueBlue (TBI) stock has gained about 40% since 7/31/2026 because of the following key factors:

1. Exceptional Q2 2026 Financial Results and Strong Outlook. TrueBlue reported robust fiscal Q2 2026 (ended June 28, 2026) earnings on August 4, 2026, significantly exceeding analyst expectations. The company posted an Adjusted EPS of $0.06, substantially beating the consensus estimate of -$0.10. Revenue reached $443 million, surpassing analyst forecasts of $417.84 million and representing a 12% increase year-over-year. This strong performance, coupled with improved Adjusted EBITDA of $11 million compared to $3 million in fiscal Q2 2025, sparked a significant positive reaction, with the stock experiencing a +28.7% surge on August 5, 2026. TrueBlue further fueled optimism by issuing an upbeat fiscal Q3 2026 revenue guidance of $461 million to $481 million, an anticipated 7% to 11% year-over-year growth, which exceeded the consensus estimate of $452.89 million.

2. Positive Analyst Sentiment and Upgraded Price Targets. Following the better-than-expected fiscal Q2 2026 results and optimistic forward guidance, several analysts revised their outlooks and price targets for TrueBlue. Robert W. Baird notably increased its price target for TBI to $9.50 from $7 on August 5, 2026. Additionally, Wall Street Zen upgraded the stock from a "hold" to a "buy" rating on August 8, 2026. The overall positive sentiment from the analyst community contributed to sustained investor confidence in the company's trajectory.

3. Robust Performance in Key Business Segments. The underlying strength in TrueBlue's core operations, particularly within its specialized segments, was a significant driver. The PeopleReady segment, which focuses on industrial staffing services, saw its revenue increase by 23% year-over-year to $262 million, primarily due to strong performance in the energy vertical and a resurgence in its on-demand business. This segment's profit surged by 460% year-over-year. Furthermore, the PeopleSolutions segment experienced a 91% year-over-year increase in profit, attributed to strategic cost management, and the PeopleManagement segment's profit grew by 21% year-over-year, driven by growth in commercial driving services. These results highlighted effective operational execution and growth in strategic areas.

4. Anticipation for Strong Fiscal Q3 2026 Earnings. The positive guidance for fiscal Q3 2026 (expected to end September 2026) provided after the fiscal Q2 2026 report created anticipation for continued financial improvement. Analysts expect TrueBlue to report earnings of $0.1867 per share on revenue of $468.06 million for fiscal Q3 2026, a substantial increase from $0.03 per share on revenue of $431.27 million in fiscal Q3 2025. This forward-looking optimism, stemming from the company's own projections and analyst estimates, contributed to the sustained upward trend in the stock price as investors awaited further confirmation of TrueBlue's turnaround.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 39.4% change in TBI stock from 7/31/2026 to 11/2/2026 was primarily driven by a 36.8% change in the company's P/S Multiple.
(LTM values as of)731202611022026Change
Stock Price ($)7.089.8739.4%
Change Contribution By: 
Total Revenues ($ Mil)1,6441,6912.8%
P/S Multiple0.10.236.8%
Shares Outstanding (Mil)3030-0.9%
Cumulative Contribution39.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/2/2026
ReturnCorrelation
TBI39.4% 
Market (SPY)0.7%4.5%
Sector (XLI)-5.6%-0.0%

Fundamental Drivers

The 79.8% change in TBI stock from 4/30/2026 to 11/2/2026 was primarily driven by a 74.5% change in the company's P/S Multiple.
(LTM values as of)430202611022026Change
Stock Price ($)5.499.8779.8%
Change Contribution By: 
Total Revenues ($ Mil)1,6161,6914.6%
P/S Multiple0.10.274.5%
Shares Outstanding (Mil)3030-1.5%
Cumulative Contribution79.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/2/2026
ReturnCorrelation
TBI79.8% 
Market (SPY)4.9%10.3%
Sector (XLI)-2.6%-1.2%

Fundamental Drivers

The 108.2% change in TBI stock from 10/31/2025 to 11/2/2026 was primarily driven by a 92.5% change in the company's P/S Multiple.
(LTM values as of)1031202511022026Change
Stock Price ($)4.749.87108.2%
Change Contribution By: 
Total Revenues ($ Mil)1,5351,69110.2%
P/S Multiple0.10.292.5%
Shares Outstanding (Mil)3030-1.8%
Cumulative Contribution108.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/2/2026
ReturnCorrelation
TBI108.2% 
Market (SPY)11.2%10.1%
Sector (XLI)10.4%-1.0%

Fundamental Drivers

The -10.8% change in TBI stock from 10/31/2023 to 11/2/2026 was primarily driven by a -14.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311022026Change
Stock Price ($)11.079.87-10.8%
Change Contribution By: 
Total Revenues ($ Mil)1,9721,691-14.2%
P/S Multiple0.20.22.2%
Shares Outstanding (Mil)31301.7%
Cumulative Contribution-10.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/2/2026
ReturnCorrelation
TBI-10.8% 
Market (SPY)86.0%20.7%
Sector (XLI)79.4%19.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TBI Return48%-29%-22%-45%-46%117%-47%
Peers Return46%-20%19%-15%-37%70%28%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
TBI Win Rate58%42%50%42%42%73% 
Peers Win Rate63%42%50%43%42%76% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
TBI Max Drawdown-20%-46%-48%-56%-55%-40% 
Peers Max Drawdown-21%-39%-22%-29%-47%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MAN, RHI, KELYA, KFY, KFRC.
[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] 2026 data is for the year up to 11/2/2026 (YTD)

How Low Can It Go

EventTBIS&P 500
2025 US Tariff Shock
  % Loss-48.5%-18.8%
  % Gain to Breakeven94.0%23.1%
  Time to Breakeven78 days79 days
2024 Yen Carry Trade Unwind
  % Loss-18.0%-7.8%
  % Gain to Breakeven21.9%8.5%
  Time to Breakeven723 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-28.4%-9.5%
  % Gain to Breakeven39.6%10.5%
  Time to Breakeven40 days24 days
2023 SVB Regional Banking Crisis
  % Loss-19.9%-6.7%
  % Gain to Breakeven24.8%7.1%
  Time to Breakeven77 days31 days
2020 COVID-19 Crash
  % Loss-27.0%-33.7%
  % Gain to Breakeven37.0%50.9%
  Time to Breakeven84 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-17.5%-19.2%
  % Gain to Breakeven21.2%23.8%
  Time to Breakeven123 days105 days

Compare to MAN, RHI, KELYA, KFY, KFRC

In The Past

TrueBlue's stock fell -48.5% during the 2025 US Tariff Shock. Such a loss loss requires a 94.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTBIS&P 500
2025 US Tariff Shock
  % Loss-48.5%-18.8%
  % Gain to Breakeven94.0%23.1%
  Time to Breakeven78 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-28.4%-9.5%
  % Gain to Breakeven39.6%10.5%
  Time to Breakeven40 days24 days
2020 COVID-19 Crash
  % Loss-27.0%-33.7%
  % Gain to Breakeven37.0%50.9%
  Time to Breakeven84 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-26.8%-3.7%
  % Gain to Breakeven36.5%3.9%
  Time to Breakeven42 days6 days
2014-2016 Oil Price Collapse
  % Loss-26.1%-6.8%
  % Gain to Breakeven35.3%7.3%
  Time to Breakeven94 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-29.1%-17.9%
  % Gain to Breakeven41.0%21.8%
  Time to Breakeven99 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-40.8%-15.4%
  % Gain to Breakeven69.0%18.2%
  Time to Breakeven127 days125 days
2008-2009 Global Financial Crisis
  % Loss-60.3%-53.4%
  % Gain to Breakeven151.9%114.4%
  Time to Breakeven197 days1085 days
Summer 2007 Credit Crunch
  % Loss-20.1%-8.6%
  % Gain to Breakeven25.2%9.5%
  Time to Breakeven2140 days47 days

Compare to MAN, RHI, KELYA, KFY, KFRC

In The Past

TrueBlue's stock fell -48.5% during the 2025 US Tariff Shock. Such a loss loss requires a 94.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About TrueBlue (TBI)

TrueBlue, Inc. (TBI) is a leading provider of specialized workforce solutions across the United States, Canada, and Puerto Rico. The company primarily helps businesses fulfill their labor needs by supplying both temporary and permanent employees, as well as managing complex workforce programs. TrueBlue operates through three distinct segments: PeopleReady, PeopleManagement, and PeopleScout, each addressing different facets of the labor market.

The PeopleReady segment focuses on contingent staffing, providing on-demand and skilled blue-collar workers for short-term needs in diverse sectors like construction, manufacturing, logistics, warehousing, waste management, and hospitality. Expanding on temporary labor, the PeopleManagement segment offers more comprehensive outsourced industrial workforce solutions, including on-site management and recruitment for manufacturing, warehouse, and distribution facilities. This segment also specializes in recruiting and managing contingent and dedicated commercial drivers for the transportation and distribution industries through brands such as Staff Management, SIMOS Insourcing Solutions, and Centerline Drivers.

Complementing its temporary staffing and managed solutions, the PeopleScout segment provides permanent employee recruitment process outsourcing (RPO) services. This segment acts as an outsourced recruiting arm for clients seeking to fill full-time positions. Furthermore, PeopleScout assists companies in strategically managing their overall contingent labor programs, encompassing vendor selection, performance monitoring, compliance, and risk management. In essence, TrueBlue offers a broad spectrum of services, from immediate temporary staffing to comprehensive permanent recruitment and strategic workforce program oversight.

AI Analysis | Feedback

Here are 1-3 brief analogies for TrueBlue (TBI):

  • The Kelly Services for blue-collar and industrial jobs.

  • An Uber for businesses needing on-demand blue-collar and industrial workers.

AI Analysis | Feedback

  • PeopleReady Contingent Staffing: Provides temporary staffing solutions for blue-collar, on-demand, and skilled labor across various industries.
  • PeopleManagement Workforce Solutions: Offers contingent labor and outsourced industrial workforce solutions, including on-site management and recruitment for manufacturing, warehouse, distribution facilities, and commercial drivers.
  • PeopleScout Recruitment Process Outsourcing (RPO): Delivers services for permanent employee recruitment process outsourcing.
  • PeopleScout Contingent Labor Program Management: Manages clients' contingent labor programs, covering vendor selection, performance management, compliance, and risk.

AI Analysis | Feedback

```html

TrueBlue (TBI) primarily sells its specialized workforce solutions to other companies (B2B model).

The provided background information does not list the names of specific major customer companies. Instead, it describes the types of industries and businesses that TrueBlue serves across its segments:

  • PeopleReady Segment: Provides contingent staffing solutions for blue-collar, on-demand, and skilled labor to companies in industries such as construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail, and hospitality.
  • PeopleManagement Segment: Offers contingent labor and outsourced industrial workforce solutions, including on-site management and recruitment, to manufacturing, warehouse, and distribution facilities, as well as recruitment and management of commercial drivers for transportation and distribution industries.
  • PeopleScout Segment: Delivers permanent employee recruitment process outsourcing services and manages contingent labor programs for various client companies.

Therefore, TrueBlue's customers are diverse businesses requiring staffing, recruitment, and workforce management services across a wide range of industrial, logistical, and service sectors.

```

AI Analysis | Feedback

null

AI Analysis | Feedback

Taryn Owen President and Chief Executive Officer

Taryn Owen assumed the role of President and CEO of TrueBlue in September 2023, having joined the company in 2010. With over 20 years of talent acquisition experience, she has spearheaded TrueBlue's digital transformation strategies, overseen significant growth, and led several acquisitions and international expansion during her tenure. Before joining TrueBlue, she served as an Operations Director at Randstad Sourceright Solutions, where she managed global Recruitment Process Outsourcing (RPO) engagements.

Carl Schweihs Chief Financial Officer

Carl Schweihs has served as TrueBlue's Chief Financial Officer since October 2023. He joined TrueBlue in 2014 as part of its acquisition of Seaton, where he had held various financial leadership roles. Prior to his appointment as CFO, he served as President of PeopleManagement, Senior Vice President of Strategic Accounts, Vice President of Finance, and Controller within TrueBlue. He also previously worked at Grant Thornton.

Jeff Dirks Chief Digital Officer

Jeff Dirks has served as TrueBlue's Chief Digital Officer since April 2024, leading worldwide digital transformation, product strategy, technology innovation, and information technology. He joined the company in 2018, having previously served as Chief Technology and Information Officer since April 2019. Before TrueBlue, Mr. Dirks led two successful startups and held multiple C-suite roles, including Chief Operating Officer and Chief Executive Officer, at both private equity and public companies, accumulating over 30 years of experience in the technology sector.

Rick Betori President, PeopleSolutions

Rick Betori has been with TrueBlue since 2011 and is currently the President of PeopleSolutions. He previously served as Managing Director of the Americas for PeopleScout and was President of TrueBlue's former operating brand, StudentScout, from 2011 to 2015. Prior to joining TrueBlue, he was President of Wonderlic, Inc. from 2007 to 2011 and also served as President of an independent management consulting firm.

Greg Netolicky Chief People Officer

Greg Netolicky assumed the role of Chief People Officer at TrueBlue in October 2023. Before joining TrueBlue, he served as Chief Human Resources Officer for Rite-Hite Holding Company starting in December 2017. Mr. Netolicky brings over 20 years of experience in leadership roles across various human resources disciplines within both public and private organizations.

AI Analysis | Feedback

The key risks to TrueBlue's business are:
  1. Current Financial Struggles and Shareholder Pressure: TrueBlue is currently facing significant financial challenges, including projected declines in gross profits for the first quarter of 2026 and negative free cash flows. The company's stock experienced a 24% fall after its latest earnings report, nearing historic lows. A prominent shareholder, EHS Investments, has voiced serious concerns regarding the company's leadership and financial direction, asserting that recent board adjustments are insufficient to address the operational and financial setbacks. The company also reported an earnings before interest and tax (EBIT) loss and burned through cash in the past year.
  2. Sensitivity to Economic Cycles and Volatility: The demand for TrueBlue's specialized workforce solutions is highly dependent on general economic conditions. Fluctuations in the economy can significantly impact the need for temporary and contract workers. During economic downturns, organizations may reduce their workforce or freeze hiring, directly leading to decreased demand for staffing services across TrueBlue's PeopleReady, PeopleManagement, and PeopleScout segments.
  3. Talent Shortages and Skills Mismatch: TrueBlue operates within a competitive labor market where finding candidates with the specific skills and experience required by clients can be challenging. This is particularly true in specialized industries or niche roles, and rapid technological advancements can exacerbate the skills gap. This ongoing talent shortage and skills mismatch pose a significant operational challenge for TrueBlue, impacting its ability to efficiently attract qualified candidates and fulfill client needs.

AI Analysis | Feedback

  • The accelerating adoption of automation and robotics in industrial, manufacturing, warehousing, and logistics sectors threatens TrueBlue's core PeopleReady and PeopleManagement segments. As companies increasingly deploy robots, automated guided vehicles (AGVs), and advanced machinery, the demand for human blue-collar, contingent labor in these facilities could significantly diminish. This is a direct technological substitution for a substantial portion of TrueBlue's provided workforce.
  • The proliferation of direct-to-worker gig economy platforms and apps for blue-collar and on-demand labor poses a disintermediation threat. These platforms directly connect workers with employers for short-term assignments, potentially bypassing traditional staffing agencies like TrueBlue's PeopleReady segment. This trend mirrors the disruption seen in other industries where technology enables direct connections between service providers and consumers, circumventing established intermediaries.

AI Analysis | Feedback

TrueBlue (TBI) operates in several distinct and sizeable addressable markets for its specialized workforce solutions.

PeopleReady Segment (Contingent Staffing Solutions for Blue-Collar, On-Demand, and Skilled Labor)

  • The overall U.S. staffing market was valued at approximately $184 billion in 2024 and is projected to reach $189.0 billion in 2024. This market is expected to achieve cumulative growth of 10% between 2025 and 2030.
  • The industrial staffing market in the U.S., a key focus for PeopleReady, was valued at $33.6 billion in 2023.

PeopleManagement Segment (Contingent Labor and Outsourced Industrial Workforce Solutions, Commercial Drivers)

  • The global contingent workforce management market, which includes contingent labor and outsourced industrial workforce solutions, was valued at approximately US$189.50 billion in 2024 and is projected to grow to US$492.90 billion by 2033. North America holds a dominant share of this market.

PeopleScout Segment (Permanent Employee Recruitment Process Outsourcing and Managed Service Provider for Contingent Labor)

  • The global Recruitment Process Outsourcing (RPO) market was estimated at USD 9.4 billion in 2024 and is projected to reach USD 36.4 billion by 2033, with North America being the largest market. Other estimates place the global RPO market at approximately USD 8.18 billion in 2025, growing to $9.53 billion in 2026, and reaching $16.42 billion by 2030. The U.S. is identified as the world's largest RPO market.
  • The global Managed Service Provider (MSP) market, specifically for contingent labor programs, reached $226 billion in spend under management in 2024, with the Americas region accounting for 56% of this market share.

AI Analysis | Feedback

Expected drivers of future revenue growth for TrueBlue (TBI) over the next 2-3 years include:

  • Continued Growth in the Energy Sector: TrueBlue expects sustained strong performance in the energy vertical, particularly in renewables, which has shown significant growth and a healthy project pipeline.
  • Expansion in Skilled Trades: The company's skilled businesses are anticipated to continue outperforming the broader market, contributing to overall revenue growth.
  • Contribution from the Healthcare Staffing Professionals (HSP) Acquisition: The acquisition of Healthcare Staffing Professionals in January 2025 is expected to continue adding to inorganic revenue growth.
  • Sustained Growth in the Commercial Driver Business: TrueBlue's commercial driver business has consistently delivered double-digit growth and is expected to maintain this momentum.
  • New Client Acquisition and Cross-selling through Strategic Partnerships: The company is leveraging enterprise-wide strategic partnerships and enhanced sales capabilities to unlock new client acquisition channels and foster cross-selling opportunities across its diverse portfolio of services.

AI Analysis | Feedback

Share Repurchases

  • TrueBlue repurchased $25 million of common stock during the first quarter of 2023, with $64 million remaining under its authorization.
  • Share repurchases are determined at management's discretion, based on market and business conditions, the trading price of common stock, and other investment opportunities.

Share Issuance

  • In February 2026, TrueBlue director Robert C. Kreidler received an equity award of 27,566 restricted stock units, which convert into common stock on a one-for-one basis after vesting.
  • In February 2026, Carl Schweihs, Executive Vice President and Chief Financial Officer of PeopleReady, purchased 12,500 shares of TrueBlue common stock.

Inbound Investments

  • In May 2025, TrueBlue adopted a limited duration shareholder rights agreement in response to an unsolicited proposal from HireQuest, Inc. to acquire all common stock at $7.50 per share.
  • In December 2025, Boston Partners acquired an additional 603,040 shares of TrueBlue Inc. at $4.55 per share, increasing their total holdings to 2,217,444 shares, reflecting strategic interest in the company.

Outbound Investments

  • In February 2025, TrueBlue completed the acquisition of Healthcare Staffing Professionals, Inc. (HSP), which expanded the company's total addressable market to approximately $90 billion and contributed $14 million in revenue in Q3 2025, $16 million in Q2 2025, and about $40 million of inorganic growth in Q4 2025.

Capital Expenditures

  • In Q2 2025, TrueBlue focused on strategically investing in innovative, proprietary technologies to address evolving user needs and enhance competitive advantage.
  • In Q4 2025, the company invested in sales resources to expand its reach in key markets for its on-demand staffing business.

Better Bets vs. TrueBlue (TBI)

Peer Outperformance in Human Resource & Employment Services

TBI has trailed 81% of its 21 Human Resource & Employment Services peers over 5Y. Human Resource & Employment Services ranks 21st of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Human Resource & Employment Services constituents that TBI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
95%
of 21 industry peers · 108.2% return
3Y
43%
of 21 industry peers · -17.0% return
5Y
19%
of 21 industry peers · -64.0% return
No Human Resource & Employment Services peer with a comparable growth profile has beaten TBI by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Human Resource & Employment Services is TBI's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 29 -8.2%92.7%152.3% STRL 1265% · FIX 1201% · AGX 751%
Marine Transportation 5 47.3%44.2%146.6% MATX 183% · KEX 151%
Construction Machinery & Heavy Transportation Equipment 13 16.0%61.2%102.0% ALSN 260% · WAB 224% · CAT 221%
Aerospace & Defense 52 -12.4%62.8%70.6% ATI 975% · FTAI 967% · HWM 604%
Trading Companies & Distributors 19 20.9%40.4%58.3% DXPE 413% · AIT 222% · URI 216%
Industrial Machinery & Supplies & Components 72 6.2%55.1%36.5% CRS 888% · MLI 337% · SYM 271%
Rail Transportation 7 33.9%56.1%34.2% CSX 55% · UNP 43% · NSC 34%
Diversified Support Services 32 21.0%43.3%33.6% CXW 240% · OPLN 169% · CACI 137%
Building Products 32 -6.2%13.0%24.0% GFF 368% · TT 141% · JCI 118%
Cargo Ground Transportation 16 33.6%10.8%9.9% R 273% · XPO 263% · ARCB 27%
Electrical Components & Equipment 37 -6.2%74.9%5.4% POWL 1808% · VRT 796% · BE 511%
Industrial Conglomerates 17 14.6%-0.6%-5.4% CSW 104% · CSL 81% · DD 67%
Office Services & Supplies 9 25.6%20.4%-11.2% PBI 174% · TILE 165% · HNI 55%
Data Processing & Outsourced Services 6 -16.4%0.3%-14.2% EXLS 64% · BR 13% · G -13%
Research & Consulting Services 13 4.9%-10.7%-19.3% HURN 270% · FCN 31% · BAH 11%
Agricultural & Farm Machinery 16 12.4%-5.6%-21.0% DE 101% · TTC 22% · AGCO 6%
Security & Alarm Services 9 -54.3%16.3%-27.6% BCO 67%
Environmental & Facilities Services 29 -33.0%23.7%-29.1% GEO 228% · CLH 153% · RSG 95%
Passenger Airlines 11 1.0%52.5%-29.7% LTM 2790% · UAL 128% · DAL 115%
Air Freight & Logistics 12 -24.7%-8.8%-39.0% FDX 86% · EXPD 74% · CHRW 53%
Human Resource & Employment Services ← 22 21.2%-9.1%-42.3% ADP 48% · FA 28% · PAYX 9%
Passenger Ground Transportation 3 -18.8%39.7%-63.3% UBER 56% · LYFT -63% · CAR -67%
Airport Services 4 -53.4%-61.7%-86.5% JOBY -51%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1TrueBlue Earnings Notes12/16/2025
2How Low Can TrueBlue Stock Really Go?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TBIMANRHIKELYAKFYKFRCMedian
NameTrueBlue Manpower.Robert H.Kelly Se.Korn Fer.Kforce  
Mkt Price9.7045.6643.2016.5076.4157.0544.43
Mkt Cap0.32.14.30.6-1.01.0
Rev LTM1,69118,9245,2934,063-1,3694,063
Op Inc LTM-243031111-6211
FCF LTM-67721520-99
FCF 3Y Avg-51928866-4646
CFO LTM-544225627-2327
CFO 3Y Avg-316133976-5861

Growth & Margins

TBIMANRHIKELYAKFYKFRCMedian
NameTrueBlue Manpower.Robert H.Kelly Se.Korn Fer.Kforce  
Rev Chg LTM10.2%7.3%-4.9%-9.6%-2.1%2.1%
Rev Chg 3Y Avg-5.9%-0.2%-8.5%-5.8%--4.7%-5.8%
Rev Chg Q11.8%4.4%-2.4%-5.8%-7.5%4.4%
QoQ Delta Rev Chg LTM2.8%1.1%-0.6%-1.5%-1.9%1.1%
Op Inc Chg LTM31.1%33.9%-93.6%-79.7%-8.3%8.3%
Op Inc Chg 3Y Avg-64.0%-6.6%-64.6%-16.8%--10.5%-16.8%
Op Mgn LTM-1.4%1.6%0.2%0.3%-4.5%0.3%
Op Mgn 3Y Avg-1.7%1.4%2.9%0.8%-4.7%1.4%
QoQ Delta Op Mgn LTM0.3%0.1%-1.2%-0.0%-0.5%0.1%
CFO/Rev LTM-3.2%0.2%4.8%0.7%-1.6%0.7%
CFO/Rev 3Y Avg-1.9%0.3%6.0%1.7%-4.2%1.7%
FCF/Rev LTM-4.0%0.0%4.1%0.5%-0.6%0.5%
FCF/Rev 3Y Avg-3.1%0.0%5.1%1.5%-3.3%1.5%

Valuation

TBIMANRHIKELYAKFYKFRCMedian
NameTrueBlue Manpower.Robert H.Kelly Se.Korn Fer.Kforce  
Mkt Cap0.32.14.30.6-1.01.0
P/S0.20.10.80.1-0.70.2
P/Op Inc-12.57.1405.450.7-15.515.5
P/EBIT-12.56.3405.4-6.4-15.56.3
P/E-5.217.837.6-2.1-23.417.8
P/CFO-5.451.116.821.1-42.521.1
Total Yield-18.9%6.9%7.9%-44.9%-6.9%6.9%
Dividend Yield0.0%1.5%5.3%1.9%-2.8%1.9%
FCF Yield 3Y Avg-23.3%-0.6%6.5%13.3%-5.9%5.9%
D/E0.50.70.10.2-0.10.2
Net D/E0.40.6-0.00.2-0.10.2

Returns

TBIMANRHIKELYAKFYKFRCMedian
NameTrueBlue Manpower.Robert H.Kelly Se.Korn Fer.Kforce  
1M Rtn5.7%-15.7%19.6%5.0%6.2%7.9%6.0%
3M Rtn28.6%-15.6%13.0%10.4%-7.1%-0.2%5.1%
6M Rtn62.5%57.1%69.7%71.3%16.7%34.4%59.8%
12M Rtn104.6%56.3%79.1%51.6%21.8%135.5%67.7%
3Y Rtn-18.4%-29.0%-33.8%-6.5%72.7%2.7%-12.4%
1M Excs Rtn8.0%-13.4%21.9%7.3%8.5%10.2%8.3%
3M Excs Rtn28.6%-14.3%9.2%11.3%-5.0%1.5%5.3%
6M Excs Rtn57.8%52.6%65.1%66.7%12.1%29.7%55.2%
12M Excs Rtn90.1%48.9%66.4%38.2%10.2%127.1%57.7%
3Y Excs Rtn-91.6%-104.1%-110.5%-82.1%1.1%-69.5%-86.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
PeopleReady8848691,0961,273
PeopleManagement544542581664
PeopleSolutions188157229318
Total1,6161,5671,9062,254


Operating Income by Segment
$ Mil2025202420232022
PeopleManagement1815716
PeopleSolutions11122745
COVID-19 government subsidies, net of fees910-1 
PeopleReady762788
Third-party processing fees for hiring tax credits-0-0-0-1
Goodwill and intangible asset impairment charge-0-60-9-8
Acquisition/integration costs-1   
Amortization of software as a service assets-4-6-4-3
Other costs, net-5-2-0-5
Workforce reduction costs-9-7-5 
Right-of-use and other long-lived asset impairment charge-18   
Corporate unallocated-24-22-32-31
Depreciation and amortization (inclusive of depreciation included in cost of services)-29-30-26-29
PeopleReady technology upgrade costs -9-1 
Executive leadership transition costs  -61
Total-47-93-2472


Price Behavior

Price Behavior
Market Price$9.87 
Market Cap ($ Bil)0.3 
First Trading Date02/01/1995 
Distance from 52W High-9.0% 
   50 Days200 Days
DMA Price$9.41$6.81
DMA Trendupup
Distance from DMA4.9%44.9%
 3M1YR
Volatility74.4%71.4%
Downside Capture-145.36-28.39
Upside Capture-0.6560.80
Correlation (S&P 500)-1.0%10.1%
TBI Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.57-0.060.320.600.570.84
Up Beta-2.480.071.800.660.830.78
Down Beta0.300.242.111.471.241.26
Up Capture-34%-39%36%88%58%24%
Bmk +ve Days12182862130427
Stock +ve Days14203466121369
Down Capture-128%18%-189%-52%-29%91%
Bmk -ve Days10253664121325
Stock -ve Days8232958124368

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TBI
TBI104.5%71.4%1.28-
Sector ETF (XLI)10.7%17.3%0.42-1.0%
Equity (SPY)11.6%12.8%0.5710.1%
Gold (GLD)-2.3%28.6%-0.09-2.0%
Commodities (DBC)43.1%20.9%1.60-6.2%
Real Estate (VNQ)11.0%13.7%0.503.8%
Bitcoin (BTCUSD)-28.8%43.6%-0.662.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TBI
TBI-21.6%55.3%-0.23-
Sector ETF (XLI)11.7%17.6%0.5027.3%
Equity (SPY)12.0%17.1%0.5226.4%
Gold (GLD)16.5%19.0%0.69-3.2%
Commodities (DBC)8.4%19.6%0.315.2%
Real Estate (VNQ)1.1%18.9%-0.0523.0%
Bitcoin (BTCUSD)4.1%51.6%0.2611.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TBI
TBI-5.9%47.8%0.05-
Sector ETF (XLI)13.4%20.1%0.5833.1%
Equity (SPY)15.2%17.9%0.7230.2%
Gold (GLD)11.6%16.5%0.57-5.3%
Commodities (DBC)7.8%18.1%0.3410.3%
Real Estate (VNQ)5.4%20.7%0.2225.1%
Bitcoin (BTCUSD)61.7%66.3%1.019.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.4 Mil
Short Interest: % Change Since 9302026-34.9%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest2.1 days
Basic Shares Quantity30.4 Mil
Short % of Basic Shares1.4%

Returns Analyses

Earnings Returns History

Updated 10/26/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/202628.7%32.5%32.6%
5/5/20260.2%-12.6%13.6%
2/18/2026-13.5%-15.9%-18.8%
11/3/202517.3%4.1%6.6%
8/4/2025-3.9%-10.7%-9.8%
5/5/2025-10.5%8.4%39.6%
2/19/2025-15.0%-17.9%-22.1%
11/4/2024-4.3%1.3%7.0%
...
SUMMARY STATS   
# Positive81013
# Negative161411
Median Positive7.6%5.1%9.1%
Median Negative-10.8%-12.3%-14.7%
Max Positive28.7%32.5%39.6%
Max Negative-24.4%-30.2%-27.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/202628.7%32.5%32.6%
5/5/20260.2%-12.6%13.6%
2/18/2026-13.5%-15.9%-18.8%
11/3/202517.3%4.1%6.6%
8/4/2025-3.9%-10.7%-9.8%
5/5/2025-10.5%8.4%39.6%
2/19/2025-15.0%-17.9%-22.1%
11/4/2024-4.3%1.3%7.0%
8/5/2024-24.4%-30.2%-27.3%
5/6/2024-0.3%6.0%4.8%
2/21/2024-11.2%-6.4%-1.0%
10/23/2023-21.7%-20.5%0.4%
7/24/2023-18.4%-18.3%-14.7%
4/24/2023-12.9%-12.0%1.0%
2/1/2023-10.0%-9.2%-7.0%
10/24/2022-9.1%-9.1%-0.7%
7/25/20227.7%13.5%14.1%
4/25/2022-8.5%-11.3%-21.5%
2/2/20227.5%3.6%0.3%
10/25/2021-11.9%-13.6%-15.8%
7/26/20213.0%2.0%-1.5%
4/26/202124.9%26.8%14.3%
2/3/20213.5%3.9%9.1%
10/26/2020-8.3%-8.5%19.5%
SUMMARY STATS   
# Positive81013
# Negative161411
Median Positive7.6%5.1%9.1%
Median Negative-10.8%-12.3%-14.7%
Max Positive28.7%32.5%39.6%
Max Negative-24.4%-30.2%-27.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202502/18/202610-K
09/30/202511/03/202510-Q
06/30/202508/04/202510-Q
03/31/202505/05/202510-Q
12/31/202402/19/202510-K
09/30/202411/04/202410-Q
06/30/202408/05/202410-Q
03/31/202405/06/202410-Q
12/31/202302/21/202410-K
09/30/202310/23/202310-Q
06/30/202307/24/202310-Q
03/31/202304/24/202310-Q
12/31/202202/15/202310-K
09/30/202210/24/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202502/18/202610-K
09/30/202511/03/202510-Q
06/30/202508/04/202510-Q
03/31/202505/05/202510-Q
12/31/202402/19/202510-K
09/30/202411/04/202410-Q
06/30/202408/05/202410-Q
03/31/202405/06/202410-Q
12/31/202302/21/202410-K
09/30/202310/23/202310-Q
06/30/202307/24/202310-Q
03/31/202304/24/202310-Q
12/31/202202/15/202310-K
09/30/202210/24/202210-Q
06/30/202207/25/202210-Q
03/31/202204/25/202210-Q
12/31/202102/16/202210-K
09/30/202110/25/202110-Q
06/30/202107/26/202110-Q
03/31/202104/26/202110-Q
12/31/202002/22/202110-K
09/30/202010/26/202010-Q
06/30/202007/27/202010-Q
03/31/202005/04/202010-Q
12/31/201902/24/202010-K
09/30/201910/28/201910-Q

Insider Activity

Updated 10/6/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Lontoh, Sonita DirectSell60820266.732,18614,712489,493Form
2Ferencz, GarrettEVP, Chief Legal OfficerDirectBuy22620263.617,00025,270845,227Form
3Owen, Taryn RCEO and PresidentDirectBuy22620263.7920,40077,3163,000,949Form
4Schweihs, CarlEVP and CFODirectBuy22420263.7212,50046,5001,075,337Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Lontoh, Sonita DirectSell60820266.732,18614,712489,493Form
2Ferencz, GarrettEVP, Chief Legal OfficerDirectBuy22620263.617,00025,270845,227Form
3Owen, Taryn RCEO and PresidentDirectBuy22620263.7920,40077,3163,000,949Form
4Schweihs, CarlEVP and CFODirectBuy22420263.7212,50046,5001,075,337Form
Core Cache Last Updated: 11/2/2026