TrueBlue (TBI)
Market Price (11/5/2026): $12.84 | Market Cap: $390.9 MilSector: Industrials | Industry: Human Resource & Employment Services
TrueBlue (TBI)
Market Price (11/5/2026): $12.84Market Cap: $390.9 MilSector: IndustrialsIndustry: Human Resource & Employment Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Future of Work. Themes include Flexible Staffing Solutions, Workforce Management Services, and Talent Acquisition & Recruiting. | Weak multi-year price returns2Y Excs Rtn is 0.0%, 3Y Excs Rtn is -91% | Not profitable at operating income levelOp 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% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.9% Not cash flow generativeCFO/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 expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 147% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% Key risksTBI key risks include [1] significant profitability challenges, Show more. |
| Megatrend and thematic driversMegatrends include Future of Work. Themes include Flexible Staffing Solutions, Workforce Management Services, and Talent Acquisition & Recruiting. |
| Weak multi-year price returns2Y Excs Rtn is 0.0%, 3Y Excs Rtn is -91% |
| Not profitable at operating income levelOp 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% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.9% |
| Not cash flow generativeCFO/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 expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 147% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% |
| Key risksTBI key risks include [1] significant profitability challenges, Show more. |
Qualitative Assessment
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TrueBlue (TBI) stock has gained about 40% since 7/31/2026 because of the following key factors:
1. Strong outperformance in fiscal Q2 2026 earnings, reported on August 4, 2026, which significantly beat analyst expectations.
TrueBlue's revenue of $443.00 million surpassed estimates of $417.84 million by 6.02%, and the adjusted earnings per share (EPS) of -$0.11 beat the -$0.15 consensus by 26.67%. This positive earnings surprise led to a substantial one-day stock increase of 28.74% following the announcement, directly contributing to the overall trend since July 31, 2026.
2. Exceptional fiscal Q3 2026 financial results, which significantly exceeded both revenue and profitability forecasts.
TrueBlue (whose fiscal Q3 2026 ended on September 27, 2026) reported revenue of $521 million, marking a 21% year-over-year increase and exceeding analyst estimates that ranged from $455.70 million to $468.06 million. The company also swung to a net income of $9.2 million, or $0.28 per diluted share, from a $1.9 million net loss in the prior year's comparable quarter, significantly outperforming EPS estimates of $0.08 to $0.19 per share. Additionally, adjusted EBITDA rose 95% to $20.7 million, and its PeopleReady segment revenue grew 34% to $338 million, demonstrating robust operational improvements.
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TrueBlue (TBI) stock has gained about 40% since 7/31/2026 because of the following key factors:
1. Strong outperformance in fiscal Q2 2026 earnings, reported on August 4, 2026, which significantly beat analyst expectations.
TrueBlue's revenue of $443.00 million surpassed estimates of $417.84 million by 6.02%, and the adjusted earnings per share (EPS) of -$0.11 beat the -$0.15 consensus by 26.67%. This positive earnings surprise led to a substantial one-day stock increase of 28.74% following the announcement, directly contributing to the overall trend since July 31, 2026.
2. Exceptional fiscal Q3 2026 financial results, which significantly exceeded both revenue and profitability forecasts.
TrueBlue (whose fiscal Q3 2026 ended on September 27, 2026) reported revenue of $521 million, marking a 21% year-over-year increase and exceeding analyst estimates that ranged from $455.70 million to $468.06 million. The company also swung to a net income of $9.2 million, or $0.28 per diluted share, from a $1.9 million net loss in the prior year's comparable quarter, significantly outperforming EPS estimates of $0.08 to $0.19 per share. Additionally, adjusted EBITDA rose 95% to $20.7 million, and its PeopleReady segment revenue grew 34% to $338 million, demonstrating robust operational improvements.
3. Optimistic fiscal Q4 2026 revenue guidance, signaling continued growth momentum.
Management projected fiscal Q4 2026 revenue to be between $499 million and $519 million, representing a significant year-over-year increase of 20% to 24%. This strong outlook provided investors with confidence in TrueBlue's sustained performance and strategic direction, extending the positive sentiment established by prior earnings beats.
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Stock Movement Drivers
Fundamental Drivers
The 39.0% change in TBI stock from 7/31/2026 to 11/4/2026 was primarily driven by a 36.4% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.08 | 9.84 | 39.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,644 | 1,691 | 2.8% |
| P/S Multiple | 0.1 | 0.2 | 36.4% |
| Shares Outstanding (Mil) | 30 | 30 | -0.9% |
| Cumulative Contribution | 39.0% |
Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| TBI | 39.0% | |
| Market (SPY) | 2.6% | 5.4% |
| Sector (XLI) | -5.8% | -2.0% |
Fundamental Drivers
The 79.2% change in TBI stock from 4/30/2026 to 11/4/2026 was primarily driven by a 74.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.49 | 9.84 | 79.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,616 | 1,691 | 4.6% |
| P/S Multiple | 0.1 | 0.2 | 74.0% |
| Shares Outstanding (Mil) | 30 | 30 | -1.5% |
| Cumulative Contribution | 79.2% |
Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| TBI | 79.2% | |
| Market (SPY) | 7.0% | 10.6% |
| Sector (XLI) | -2.7% | -2.0% |
Fundamental Drivers
The 107.6% change in TBI stock from 10/31/2025 to 11/4/2026 was primarily driven by a 91.9% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.74 | 9.84 | 107.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,535 | 1,691 | 10.2% |
| P/S Multiple | 0.1 | 0.2 | 91.9% |
| Shares Outstanding (Mil) | 30 | 30 | -1.8% |
| Cumulative Contribution | 107.6% |
Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| TBI | 107.6% | |
| Market (SPY) | 13.4% | 10.3% |
| Sector (XLI) | 10.2% | -1.4% |
Fundamental Drivers
The -11.1% change in TBI stock from 10/31/2023 to 11/4/2026 was primarily driven by a -14.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.07 | 9.84 | -11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,972 | 1,691 | -14.2% |
| P/S Multiple | 0.2 | 0.2 | 1.9% |
| Shares Outstanding (Mil) | 31 | 30 | 1.7% |
| Cumulative Contribution | -11.1% |
Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| TBI | -11.1% | |
| Market (SPY) | 89.7% | 20.8% |
| Sector (XLI) | 79.2% | 19.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TBI Return | 48% | -29% | -22% | -45% | -46% | 116% | -47% |
| Peers Return | 46% | -20% | 19% | -15% | -37% | 70% | 28% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| TBI Win Rate | 58% | 42% | 50% | 42% | 42% | 73% | |
| Peers Win Rate | 63% | 42% | 50% | 43% | 42% | 76% | |
| S&P 500 Win Rate | 75% | 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 11/4/2026 (YTD)
How Low Can It Go
| Event | TBI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.5% | -18.8% |
| % Gain to Breakeven | 94.0% | 23.1% |
| Time to Breakeven | 78 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.0% | -7.8% |
| % Gain to Breakeven | 21.9% | 8.5% |
| Time to Breakeven | 723 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.4% | -9.5% |
| % Gain to Breakeven | 39.6% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.9% | -6.7% |
| % Gain to Breakeven | 24.8% | 7.1% |
| Time to Breakeven | 77 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.0% | -33.7% |
| % Gain to Breakeven | 37.0% | 50.9% |
| Time to Breakeven | 84 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.5% | -19.2% |
| % Gain to Breakeven | 21.2% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
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.
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| Event | TBI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.5% | -18.8% |
| % Gain to Breakeven | 94.0% | 23.1% |
| Time to Breakeven | 78 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.4% | -9.5% |
| % Gain to Breakeven | 39.6% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.0% | -33.7% |
| % Gain to Breakeven | 37.0% | 50.9% |
| Time to Breakeven | 84 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.8% | -3.7% |
| % Gain to Breakeven | 36.5% | 3.9% |
| Time to Breakeven | 42 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -26.1% | -6.8% |
| % Gain to Breakeven | 35.3% | 7.3% |
| Time to Breakeven | 94 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.1% | -17.9% |
| % Gain to Breakeven | 41.0% | 21.8% |
| Time to Breakeven | 99 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -40.8% | -15.4% |
| % Gain to Breakeven | 69.0% | 18.2% |
| Time to Breakeven | 127 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.3% | -53.4% |
| % Gain to Breakeven | 151.9% | 114.4% |
| Time to Breakeven | 197 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -20.1% | -8.6% |
| % Gain to Breakeven | 25.2% | 9.5% |
| Time to Breakeven | 2140 days | 47 days |
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.
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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.
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- 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.
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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.
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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.
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- 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.
- 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.
- 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.
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- 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.
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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.
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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.
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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.
Peer Outperformance in Human Resource & Employment Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 29 | -12.8% | 78.4% | 144.7% | FIX 1084% · STRL 944% · AGX 620% |
| Marine Transportation | 5 | 28.7% | 38.5% | 123.2% | MATX 149% · KEX 123% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 12.2% | 58.9% | 107.9% | ALSN 278% · WAB 230% · CAT 216% |
| Aerospace & Defense | 54 | -7.4% | 61.7% | 59.6% | ATI 980% · FTAI 885% · HWM 598% |
| Industrial Machinery & Supplies & Components | 71 | 6.3% | 50.5% | 38.7% | CRS 887% · MLI 333% · SYM 274% |
| Trading Companies & Distributors | 19 | 17.2% | 41.9% | 38.4% | DXPE 356% · AIT 215% · URI 202% |
| Rail Transportation | 7 | 37.9% | 59.1% | 33.8% | CSX 57% · UNP 46% · NSC 34% |
| Diversified Support Services | 33 | 21.0% | 37.1% | 28.3% | CXW 235% · OPLN 162% · CACI 120% |
| Building Products | 34 | -3.2% | 12.5% | 21.7% | MOD 793% · GFF 380% · TT 142% |
| Cargo Ground Transportation | 16 | 33.7% | 17.8% | 7.7% | XPO 276% · R 265% · ARCB 26% |
| Office Services & Supplies | 10 | 29.7% | 26.2% | 3.1% | TILE 170% · PBI 166% · HNI 48% |
| Industrial Conglomerates | 17 | 23.0% | -3.6% | 1.0% | CSW 125% · CSL 83% · DD 74% |
| Electrical Components & Equipment | 39 | -5.2% | 68.2% | -2.8% | POWL 1633% · VRT 667% · BE 564% |
| Data Processing & Outsourced Services | 6 | -14.9% | 3.1% | -12.6% | EXLS 60% · BR 21% · MMS -12% |
| Security & Alarm Services | 9 | -49.8% | 13.7% | -19.8% | BCO 70% |
| Research & Consulting Services | 13 | 4.9% | -16.9% | -20.8% | HURN 224% · FCN 35% · BAH 11% |
| Agricultural & Farm Machinery | 16 | 17.3% | -6.1% | -21.8% | BLBD 184% · DE 106% · TTC 19% |
| Environmental & Facilities Services | 29 | -29.1% | 25.0% | -25.8% | GEO 210% · CLH 173% · RSG 96% |
| Passenger Airlines | 11 | 10.5% | 55.1% | -28.2% | LTM 3048% · UAL 136% · DAL 126% |
| Air Freight & Logistics | 12 | -23.0% | -5.0% | -37.3% | FDX 86% · EXPD 60% · CHRW 57% |
| Human Resource & Employment Services ← | 22 | 21.6% | -6.2% | -42.7% | ADP 50% · FA 22% · PAYX 13% |
| Passenger Ground Transportation | 3 | -13.2% | 46.3% | -53.7% | UBER 54% · CAR -54% · LYFT -62% |
| Airport Services | 4 | -48.6% | -62.5% | -86.1% | JOBY -48% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| TrueBlue Earnings Notes | 12/16/2025 | |
| How Low Can TrueBlue Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 46.31 |
| Mkt Cap | 1.0 |
| Rev LTM | 4,063 |
| Op Inc LTM | 62 |
| FCF LTM | 9 |
| FCF 3Y Avg | 46 |
| CFO LTM | 27 |
| CFO 3Y Avg | 61 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.1% |
| Rev Chg 3Y Avg | -5.8% |
| Rev Chg Q | 4.4% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 8.3% |
| Op Inc Chg 3Y Avg | -16.8% |
| Op Mgn LTM | 1.4% |
| Op Mgn 3Y Avg | 1.4% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 0.7% |
| CFO/Rev 3Y Avg | 1.7% |
| FCF/Rev LTM | 0.5% |
| FCF/Rev 3Y Avg | 1.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| PeopleReady | 884 | 869 | 1,096 | 1,273 |
| PeopleManagement | 544 | 542 | 581 | 664 |
| PeopleSolutions | 188 | 157 | 229 | 318 |
| Total | 1,616 | 1,567 | 1,906 | 2,254 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| PeopleManagement | 18 | 15 | 7 | 16 |
| PeopleSolutions | 11 | 12 | 27 | 45 |
| COVID-19 government subsidies, net of fees | 9 | 10 | -1 | |
| PeopleReady | 7 | 6 | 27 | 88 |
| 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 | -6 | 1 | ||
| Total | -47 | -93 | -24 | 72 |
Price Behavior
| Market Price | $9.84 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 02/01/1995 | |
| Distance from 52W High | -9.3% | |
| 50 Days | 200 Days | |
| DMA Price | $9.37 | $6.86 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 5.0% | 43.5% |
| 3M | 1YR | |
| Volatility | 47.6% | 71.5% |
| Downside Capture | 18.82 | -28.39 |
| Upside Capture | -19.58 | 61.43 |
| Correlation (S&P 500) | 1.1% | 10.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.57 | -0.06 | 0.32 | 0.60 | 0.57 | 0.84 |
| Up Beta | -2.48 | 0.07 | 1.80 | 0.66 | 0.83 | 0.78 |
| Down Beta | 0.30 | 0.24 | 2.11 | 1.47 | 1.24 | 1.26 |
| Up Capture | -34% | -39% | 36% | 88% | 58% | 24% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 14 | 20 | 34 | 66 | 121 | 369 |
| Down Capture | -128% | 18% | -189% | -52% | -29% | 91% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 23 | 29 | 58 | 124 | 368 |
[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 | |
|---|---|---|---|---|
| TBI | 110.9% | 71.5% | 1.32 | - |
| Sector ETF (XLI) | 10.8% | 17.4% | 0.42 | -1.5% |
| Equity (SPY) | 13.2% | 12.9% | 0.68 | 10.4% |
| Gold (GLD) | 1.0% | 28.8% | 0.03 | -1.5% |
| Commodities (DBC) | 35.9% | 21.2% | 1.34 | -6.4% |
| Real Estate (VNQ) | 14.3% | 14.1% | 0.70 | 4.5% |
| Bitcoin (BTCUSD) | -28.2% | 43.4% | -0.65 | 2.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBI | |
|---|---|---|---|---|
| TBI | -19.2% | 55.0% | -0.18 | - |
| Sector ETF (XLI) | 12.1% | 17.6% | 0.51 | 27.1% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 26.5% |
| Gold (GLD) | 17.3% | 19.1% | 0.73 | -3.2% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 4.9% |
| Real Estate (VNQ) | 1.8% | 18.9% | -0.01 | 23.2% |
| Bitcoin (BTCUSD) | 5.5% | 51.5% | 0.29 | 11.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TBI | |
|---|---|---|---|---|
| TBI | -5.6% | 47.8% | 0.06 | - |
| Sector ETF (XLI) | 13.4% | 20.1% | 0.58 | 33.1% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 30.2% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | -5.1% |
| Commodities (DBC) | 7.4% | 18.1% | 0.33 | 10.2% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 25.1% |
| Bitcoin (BTCUSD) | 61.0% | 66.2% | 1.01 | 9.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/26/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 28.7% | 32.5% | 32.6% |
| 5/5/2026 | 0.2% | -12.6% | 13.6% |
| 2/18/2026 | -13.5% | -15.9% | -18.8% |
| 11/3/2025 | 17.3% | 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 | |||
| # Positive | 8 | 10 | 13 |
| # Negative | 16 | 14 | 11 |
| Median Positive | 7.6% | 5.1% | 9.1% |
| Median Negative | -10.8% | -12.3% | -14.7% |
| Max Positive | 28.7% | 32.5% | 39.6% |
| Max Negative | -24.4% | -30.2% | -27.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 28.7% | 32.5% | 32.6% |
| 5/5/2026 | 0.2% | -12.6% | 13.6% |
| 2/18/2026 | -13.5% | -15.9% | -18.8% |
| 11/3/2025 | 17.3% | 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% |
| 7/25/2022 | 7.7% | 13.5% | 14.1% |
| 4/25/2022 | -8.5% | -11.3% | -21.5% |
| 2/2/2022 | 7.5% | 3.6% | 0.3% |
| 10/25/2021 | -11.9% | -13.6% | -15.8% |
| 7/26/2021 | 3.0% | 2.0% | -1.5% |
| 4/26/2021 | 24.9% | 26.8% | 14.3% |
| 2/3/2021 | 3.5% | 3.9% | 9.1% |
| 10/26/2020 | -8.3% | -8.5% | 19.5% |
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 13 |
| # Negative | 16 | 14 | 11 |
| Median Positive | 7.6% | 5.1% | 9.1% |
| Median Negative | -10.8% | -12.3% | -14.7% |
| Max Positive | 28.7% | 32.5% | 39.6% |
| Max Negative | -24.4% | -30.2% | -27.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/23/2023 | 10-Q |
| 06/30/2023 | 07/24/2023 | 10-Q |
| 03/31/2023 | 04/24/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 10/24/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/23/2023 | 10-Q |
| 06/30/2023 | 07/24/2023 | 10-Q |
| 03/31/2023 | 04/24/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 10/24/2022 | 10-Q |
| 06/30/2022 | 07/25/2022 | 10-Q |
| 03/31/2022 | 04/25/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 10/25/2021 | 10-Q |
| 06/30/2021 | 07/26/2021 | 10-Q |
| 03/31/2021 | 04/26/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 10/26/2020 | 10-Q |
| 06/30/2020 | 07/27/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
Insider Activity
Updated 11/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lontoh, Sonita | Direct | Sell | 6082026 | 6.73 | 2,186 | 14,712 | 489,493 | Form | |
| 2 | Ferencz, Garrett | EVP, Chief Legal Officer | Direct | Buy | 2262026 | 3.61 | 7,000 | 25,270 | 845,227 | Form |
| 3 | Owen, Taryn R | CEO and President | Direct | Buy | 2262026 | 3.79 | 20,400 | 77,316 | 3,000,949 | Form |
| 4 | Schweihs, Carl | EVP and CFO | Direct | Buy | 2242026 | 3.72 | 12,500 | 46,500 | 1,075,337 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lontoh, Sonita | Direct | Sell | 6082026 | 6.73 | 2,186 | 14,712 | 489,493 | Form | |
| 2 | Ferencz, Garrett | EVP, Chief Legal Officer | Direct | Buy | 2262026 | 3.61 | 7,000 | 25,270 | 845,227 | Form |
| 3 | Owen, Taryn R | CEO and President | Direct | Buy | 2262026 | 3.79 | 20,400 | 77,316 | 3,000,949 | Form |
| 4 | Schweihs, Carl | EVP and CFO | Direct | Buy | 2242026 | 3.72 | 12,500 | 46,500 | 1,075,337 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Human Resource & Employment Services Resources |
| HR Magazine (SHRM) |
| HR Dive |
| Personnel Today |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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