Robert Half (RHI)
Market Price (7/13/2026): $32.43 | Market Cap: $3.2 BilSector: Industrials | Industry: Human Resource & Employment Services
Robert Half (RHI)
Market Price (7/13/2026): $32.43Market Cap: $3.2 BilSector: IndustrialsIndustry: Human Resource & Employment Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 6.7% Megatrend and thematic driversMegatrends include Future of Work. Themes include Talent Acquisition & Management, Gig Economy & Flexible Workforces, and Workforce Transformation. | Weak multi-year price returns2Y Excs Rtn is -78%, 3Y Excs Rtn is -122% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 43x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.2%, Rev Chg QQuarterly Revenue Change % is -3.8% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22% Key risksRHI key risks include [1] AI and automation displacing its specialized administrative and "back office" staffing roles and [2] intense competition for its Protiviti consulting subsidiary from "big four" firms. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 6.7% |
| Megatrend and thematic driversMegatrends include Future of Work. Themes include Talent Acquisition & Management, Gig Economy & Flexible Workforces, and Workforce Transformation. |
| Weak multi-year price returns2Y Excs Rtn is -78%, 3Y Excs Rtn is -122% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 43x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.2%, Rev Chg QQuarterly Revenue Change % is -3.8% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22% |
| Key risksRHI key risks include [1] AI and automation displacing its specialized administrative and "back office" staffing roles and [2] intense competition for its Protiviti consulting subsidiary from "big four" firms. |
Qualitative Assessment
AI Analysis | Feedback
Robert Half (RHI) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Positive Outlook for Fiscal Q3 2026 and Improving Sequential Trends in Talent Solutions. Despite a mixed fiscal Q1 2026 earnings report on April 23, 2026, which saw EPS meet estimates at $0.14 but revenue fall 3.8% year-over-year to $1.30 billion, Robert Half provided an optimistic outlook for the upcoming quarters. Management projected that its Talent Solutions segment would return to positive adjusted revenue growth of 1% to 3% year-over-year in fiscal Q3 2026, marking the first such growth since 2022. Additionally, consolidated net income and EPS were expected to grow by 8% to 12% year-over-year in fiscal Q3 2026. This positive forward guidance, coupled with sequential improvements where contract talent solutions exited March 2026 down only 5% year-over-year (compared to 7% for the full quarter) and early April revenues trending down just 1% year-over-year, likely bolstered investor confidence.
2. Improving Macroeconomic Labor Market Conditions. The broader U.S. labor market showed signs of bottoming and a recovery in momentum after a multi-year slowing period. Job openings stabilized in 2025, and there has been a more recent recovery. The global net employment outlook for specialized talent in fiscal Q2 2026 increased to 45%, a four-percentage-point rise from fiscal Q1. In the U.S., the net employment outlook for the same period rose to 41% from 33% in fiscal Q1 2026, suggesting market stabilization. This general improvement in the labor market, particularly in the professional and business services sector which had 1.49 million openings at the end of May 2026, directly benefits staffing firms like Robert Half.
Show more
Robert Half (RHI) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Positive Outlook for Fiscal Q3 2026 and Improving Sequential Trends in Talent Solutions. Despite a mixed fiscal Q1 2026 earnings report on April 23, 2026, which saw EPS meet estimates at $0.14 but revenue fall 3.8% year-over-year to $1.30 billion, Robert Half provided an optimistic outlook for the upcoming quarters. Management projected that its Talent Solutions segment would return to positive adjusted revenue growth of 1% to 3% year-over-year in fiscal Q3 2026, marking the first such growth since 2022. Additionally, consolidated net income and EPS were expected to grow by 8% to 12% year-over-year in fiscal Q3 2026. This positive forward guidance, coupled with sequential improvements where contract talent solutions exited March 2026 down only 5% year-over-year (compared to 7% for the full quarter) and early April revenues trending down just 1% year-over-year, likely bolstered investor confidence.
2. Improving Macroeconomic Labor Market Conditions. The broader U.S. labor market showed signs of bottoming and a recovery in momentum after a multi-year slowing period. Job openings stabilized in 2025, and there has been a more recent recovery. The global net employment outlook for specialized talent in fiscal Q2 2026 increased to 45%, a four-percentage-point rise from fiscal Q1. In the U.S., the net employment outlook for the same period rose to 41% from 33% in fiscal Q1 2026, suggesting market stabilization. This general improvement in the labor market, particularly in the professional and business services sector which had 1.49 million openings at the end of May 2026, directly benefits staffing firms like Robert Half.
3. Analyst Upgrade and Positive Price Target. On July 8, 2026, Robert Half's stock was upgraded to "Buy" by an analyst. This upgrade was attributed to the improving labor market conditions and the company's anticipated return to revenue growth in fiscal Q3 2026. The analyst also set a price target of $37, suggesting a potential 6% upside from the stock's trading price at the time. This positive analyst sentiment and price target reinforced the belief in the company's recovery trajectory among investors.
4. Strategic Cost Discipline. Robert Half implemented cost-cutting measures, including $30 million in expected annual layoffs and general and administrative (SG&A) reductions. This cost discipline was highlighted by analysts as a factor supporting margin resilience during the gradual recovery. These actions indicated proactive management of expenses, which likely enhanced investor confidence in the company's profitability outlook.
Show less
Stock Movement Drivers
Fundamental Drivers
The 30.4% change in RHI stock from 3/31/2026 to 7/12/2026 was primarily driven by a 34.1% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7122026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.85 | 32.40 | 30.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,379 | 5,327 | -1.0% |
| Net Income Margin (%) | 2.5% | 2.4% | -1.7% |
| P/E Multiple | 18.6 | 24.9 | 34.1% |
| Shares Outstanding (Mil) | 100 | 100 | -0.1% |
| Cumulative Contribution | 30.4% |
Market Drivers
3/31/2026 to 7/12/2026| Return | Correlation | |
|---|---|---|
| RHI | 30.4% | |
| Market (SPY) | 16.1% | -4.2% |
| Sector (XLI) | 12.5% | -22.7% |
Fundamental Drivers
The 25.1% change in RHI stock from 12/31/2025 to 7/12/2026 was primarily driven by a 49.9% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7122026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.91 | 32.40 | 25.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,458 | 5,327 | -2.4% |
| Net Income Margin (%) | 2.8% | 2.4% | -14.7% |
| P/E Multiple | 16.6 | 24.9 | 49.9% |
| Shares Outstanding (Mil) | 100 | 100 | 0.3% |
| Cumulative Contribution | 25.1% |
Market Drivers
12/31/2025 to 7/12/2026| Return | Correlation | |
|---|---|---|
| RHI | 25.1% | |
| Market (SPY) | 11.0% | 3.4% |
| Sector (XLI) | 17.6% | -10.6% |
Fundamental Drivers
The -14.1% change in RHI stock from 6/30/2025 to 7/12/2026 was primarily driven by a -32.9% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7122026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.71 | 32.40 | -14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,672 | 5,327 | -6.1% |
| Net Income Margin (%) | 3.6% | 2.4% | -32.9% |
| P/E Multiple | 18.5 | 24.9 | 34.8% |
| Shares Outstanding (Mil) | 101 | 100 | 1.0% |
| Cumulative Contribution | -14.1% |
Market Drivers
6/30/2025 to 7/12/2026| Return | Correlation | |
|---|---|---|
| RHI | -14.1% | |
| Market (SPY) | 23.2% | 11.6% |
| Sector (XLI) | 24.6% | 1.0% |
Fundamental Drivers
The -50.0% change in RHI stock from 6/30/2023 to 7/12/2026 was primarily driven by a -71.6% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7122026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.74 | 32.40 | -50.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,140 | 5,327 | -25.4% |
| Net Income Margin (%) | 8.6% | 2.4% | -71.6% |
| P/E Multiple | 11.3 | 24.9 | 121.4% |
| Shares Outstanding (Mil) | 106 | 100 | 6.8% |
| Cumulative Contribution | -50.0% |
Market Drivers
6/30/2023 to 7/12/2026| Return | Correlation | |
|---|---|---|
| RHI | -50.0% | |
| Market (SPY) | 76.3% | 33.6% |
| Sector (XLI) | 76.6% | 28.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RHI Return | 81% | -32% | 22% | -17% | -59% | 26% | -36% |
| Peers Return | 30% | -12% | -7% | 8% | -24% | -5% | -17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| RHI Win Rate | 83% | 33% | 50% | 42% | 33% | 86% | |
| Peers Win Rate | 62% | 45% | 45% | 55% | 38% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| RHI Max Drawdown | -11% | -42% | -26% | -32% | -63% | -35% | |
| Peers Max Drawdown | -19% | -29% | -31% | -22% | -39% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADP, PAYX, PAYC, NSP, PCTY. See RHI Returns vs. Peers.
[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 7/10/2026 (YTD)
How Low Can It Go
| Event | RHI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.2% | -9.5% |
| % Gain to Breakeven | 11.3% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.0% | -6.7% |
| % Gain to Breakeven | 28.1% | 7.1% |
| Time to Breakeven | 47 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.2% | -33.7% |
| % Gain to Breakeven | 73.1% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.7% | -19.2% |
| % Gain to Breakeven | 29.4% | 23.8% |
| Time to Breakeven | 60 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.2% | -12.2% |
| % Gain to Breakeven | 56.8% | 13.9% |
| Time to Breakeven | 656 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.7% | -6.8% |
| % Gain to Breakeven | 34.6% | 7.3% |
| Time to Breakeven | 301 days | 15 days |
In The Past
Robert Half's stock fell -3.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.3% 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.
| Event | RHI | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.0% | -6.7% |
| % Gain to Breakeven | 28.1% | 7.1% |
| Time to Breakeven | 47 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.2% | -33.7% |
| % Gain to Breakeven | 73.1% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.7% | -19.2% |
| % Gain to Breakeven | 29.4% | 23.8% |
| Time to Breakeven | 60 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.2% | -12.2% |
| % Gain to Breakeven | 56.8% | 13.9% |
| Time to Breakeven | 656 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.7% | -6.8% |
| % Gain to Breakeven | 34.6% | 7.3% |
| Time to Breakeven | 301 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.2% | -17.9% |
| % Gain to Breakeven | 45.4% | 21.8% |
| Time to Breakeven | 118 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.9% | -15.4% |
| % Gain to Breakeven | 38.8% | 18.2% |
| Time to Breakeven | 212 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -45.4% | -53.4% |
| % Gain to Breakeven | 83.1% | 114.4% |
| Time to Breakeven | 151 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.1% | -8.6% |
| % Gain to Breakeven | 26.7% | 9.5% |
| Time to Breakeven | 1957 days | 47 days |
In The Past
Robert Half's stock fell -3.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.3% 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 Robert Half (RHI)
Robert Half International Inc. (RHI) is a global professional services firm specializing in staffing and risk consulting. Operating across North America, South America, Europe, Asia, and Australia, the company connects businesses with qualified professionals and offers expert advisory services. Its core mission is to address the talent and project needs of companies across a wide range of industries and functions.
The company's main services are divided into temporary/consultant staffing and permanent placement staffing. It places professionals in critical areas such as accounting and finance, information technology, legal, administrative support, and marketing and creative fields. These roles span from entry-level administrative assistants to senior-level project consultants in financial systems, IT specialists, legal professionals, and creative directors, addressing both short-term project needs and long-term hiring requirements.
Beyond staffing, Robert Half also provides risk consulting and internal audit services. This segment offers specialized expertise in areas like technology consulting, risk and compliance consulting, and business performance improvement. The company serves a diverse client base of businesses seeking to optimize their workforce and operations, while also acting as a crucial resource for employment candidates seeking career opportunities across various professional disciplines.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Robert Half:
- It's like a professional-grade Match.com for businesses, connecting them with temporary and permanent talent in fields like finance, IT, and marketing.
- Consider it a specialized Accenture or Deloitte for staffing and project-based consulting, particularly in accounting, finance, and IT.
AI Analysis | Feedback
- Temporary and Contract Staffing: Provides temporary and contract placement services for professionals in fields such as accounting, finance, administrative, information technology, legal, and creative marketing.
- Permanent Placement Staffing: Offers full-time recruitment and placement services for professionals across specialized areas including accounting, finance, administrative, information technology, legal, and creative marketing.
- Risk Consulting and Internal Audit Services: Delivers consulting expertise in internal audit, technology, risk and compliance, and business performance improvement.
AI Analysis | Feedback
Robert Half (RHI) sells primarily to other companies.
Based on the provided company description, Robert Half serves a broad and diverse client base of businesses across North America, South America, Europe, Asia, and Australia. These clients are companies seeking staffing solutions for various roles including accounting, finance, administration, information technology, legal, creative, marketing, and advertising professionals, whether on a temporary, contract, or permanent basis. Additionally, Robert Half provides these corporate clients with risk consulting, internal audit services, technology consulting, and business performance services.
The provided information does not list the names of specific major customer companies.
AI Analysis | Feedback
AI Analysis | Feedback
M. Keith Waddell, Vice Chairman, President and Chief Executive Officer
M. Keith Waddell became the Chief Executive Officer of Robert Half in December 2019, succeeding Harold M. Messmer Jr.. Prior to this role, he served as the company's Chief Financial Officer for 33 years, from 1988 to 2019. Mr. Waddell joined Robert Half in 1986 as its third employee. He was instrumental in the launch of Protiviti, Robert Half's global business consulting subsidiary.
Michael C. Buckley, Executive Vice President, Chief Financial Officer and Principal Accounting Officer
Michael C. Buckley was promoted to Executive Vice President, Chief Financial Officer, and Principal Accounting Officer in November 2019. He is a veteran of Robert Half, having been with the company for 22 years.
Harold M. Messmer, Jr., Chairman of the Board
Harold M. Messmer, Jr. serves as the Chairman of the Board for Robert Half. He previously served as the company's Chief Executive Officer for 33 years. Mr. Messmer assumed the presidency of Robert Half in 1985 and became CEO in 1987. He led the company through its initial public offering in 1987 and implemented a program to acquire all the franchises within the Robert Half system.
Paul F. Gentzkow, President and Chief Executive Officer, Talent Solutions
Paul F. Gentzkow is the President and Chief Executive Officer of Talent Solutions at Robert Half. He is a long-tenured executive, with over 30 years of experience at the company. Previously, he served for many years as president and chief operating officer of staffing services.
Joseph A. Tarantino, President and Chief Executive Officer, Protiviti
Joseph A. Tarantino holds the position of President and Chief Executive Officer of Protiviti, Robert Half's global consulting firm. He has been with Robert Half for 17 years. Protiviti provides internal audit, risk, business, and technology consulting solutions.
```AI Analysis | Feedback
Key Risks to Robert Half (RHI)
Robert Half International Inc. (RHI) faces several key risks inherent to the staffing and consulting industry, with economic volatility and competitive pressures being particularly significant.
- Economic Volatility and Cyclicality: The demand for Robert Half's staffing and consulting services is highly sensitive to economic conditions. Economic downturns or uncertainties can lead to decreased demand for temporary, contract, and permanent workers, directly impacting the company's revenue and profitability. Conversely, rapid economic growth can lead to wage inflation and skill shortages, straining the company's ability to meet client needs.
- Intensifying Competition and Talent Shortages: The staffing and consulting industry is highly competitive and fragmented, with Robert Half facing competition from numerous national and local firms offering similar services. This intense competition can exert pressure on pricing and service quality. Additionally, talent shortages and skills mismatches in a competitive labor market pose challenges for Robert Half in sourcing and placing qualified candidates to meet client demands, particularly in specialized fields.
- Regulatory and Compliance Challenges: Operating across multiple jurisdictions, Robert Half is exposed to a complex and evolving regulatory environment. Changes in labor laws, worker classification rules (e.g., temporary vs. permanent, employee vs. independent contractor), immigration policies, and data privacy regulations can have significant implications for the company's operations. Non-compliance with these regulations can result in substantial penalties, lawsuits, and reputational damage.
AI Analysis | Feedback
Automation and generative AI are clear emerging threats to Robert Half's business. These technologies are increasingly capable of performing tasks traditionally handled by human professionals in fields such as accounting, administrative support, content creation, and even certain legal and IT functions. This trend threatens to significantly reduce the overall demand for the temporary, permanent, and project-based roles that Robert Half fills, effectively shrinking their addressable market.
Another clear emerging threat is the disintermediation of traditional staffing agencies by advanced AI-powered recruitment platforms and the expanding gig economy. Companies are increasingly using AI to automate candidate sourcing, screening, and matching, as well as leveraging platforms like Upwork and Toptal to directly engage with freelance and contract talent. This reduces the reliance on intermediaries like Robert Half, offering businesses direct access to a global talent pool and potentially more cost-effective staffing solutions.
AI Analysis | Feedback
Staffing Services
The global staffing market demonstrates significant scale, with estimates valuing it at approximately $619 billion in 2024 and $620 billion in 2024. Another projection places the global recruitment and staffing market size at $584.10 billion in 2024, with an anticipated increase to $945.11 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 6.20% from 2025 to 2034. The global staffing industry is also projected to reach $650 billion in 2025 and $2.03 trillion by 2031, growing at a CAGR of 13.1% from 2023 to 2031.
Regional Staffing Markets:
- North America: The U.S. staffing industry alone is estimated to be around $216.9 billion in 2024. The Americas staffing market (North and South America) was valued at US$279.68590 million in 2023 and is expected to reach US$698.62976 million by 2031, with a CAGR of 12.1% from 2023 to 2031. It contributed approximately 35% of global staffing revenues in 2023. In 2024, North America held more than 40% of the global revenue for recruitment and staffing, with a market size of $207.93940 million.
- Europe: The European staffing market accounted for over 30% of global revenue, with a market size of $155.95455 million in 2024, and is projected to grow at a CAGR of 8.4% from 2024 to 2031. The EMEA region (Europe, Middle East, and Africa) represented approximately 40% of global staffing revenues in 2023.
- Asia-Pacific: This region held around 23% of the global revenue with a market size of $119.56516 million in 2024, and is expected to grow at a CAGR of 11.9% from 2024 to 2031. Asia-Pacific accounts for 20-23% of the global staffing and recruitment market.
Specialized Staffing Segments:
- Temporary and Permanent Placement: The temporary/contract segment is estimated to account for 89% of the entire U.S. recruitment market in 2024, while permanent placements will generate approximately 11%. The global temporary labor market was valued at USD 555.53 billion in 2024 and is projected to grow to USD 954.62 billion by 2033, with a CAGR of 6.2% from 2026 to 2033.
- Information Technology (IT) Staffing: The global IT staffing market is valued at $117.4 billion. Other estimates place the global IT staffing market at $240.77 billion in 2024, projected to reach $431.27 billion by 2035 at a CAGR of 5.44% from 2025 to 2035. North America is the largest market for IT staffing, holding about 45% of the global share.
- Legal Staffing: The global legal services market size was estimated at $1.12 trillion in 2024 and is projected to grow to $1.86 trillion by 2034, at a CAGR of 5.4% from 2025 to 2034. North America's legal services market dominated globally with over 41% revenue share in 2024. The B2B legal services market, a relevant sub-segment, was estimated at $96.15 billion globally in 2024 and is predicted to reach $144.39 billion by 2034, with a CAGR of 4.15% from 2025 to 2034.
- Creative, Design, Marketing, Advertising, and Public Relations Staffing: The global marketing agencies market size in 2026 is estimated at $473.57 billion, with projections showing growth to $591.63 billion by 2031 at a 4.55% CAGR from 2026 to 2031. In the U.S., marketing/creative staffing generated $1.8 billion in revenue from 14 major firms in 2024, representing 77% of that market.
Risk Consulting and Internal Audit Services
The global risk management consulting services market was valued at $124.5 billion in 2024 and is projected to reach $426.5 billion by 2034, growing at a CAGR of 13% from 2025 to 2034. Another estimate indicates the global Risk Management Consulting Services Market size was $139.78 billion in 2025, expected to reach $149.91 billion in 2026, and projected to grow to $231.82 billion by 2032 at a CAGR of 7.49%. North America accounted for nearly 38% of risk consulting engagements in 2024, while Europe held 29% and Asia-Pacific 25%.
For internal audit services, the global market is valued at $43.34 billion in 2026, steadily progressing to $68.16 billion by 2035 with a CAGR of 5.16% from 2026 to 2035. Another source indicates the global Internal Audit Services market was valued at US$45.0 billion in 2026 and is projected to reach US$74.8 billion by 2033, growing at a CAGR of 7.5% from 2026 to 2033. In 2025, the global Internal Audit Services market was valued at $35.28 billion and is projected to grow at a CAGR of 6.5% from 2019 to 2033. The market is also showing steady expansion from USD 74.83 billion in 2025 to USD 79.01 billion in 2026, forecast to advance to USD 112.23 billion by 2032 with a CAGR of 5.96%.
AI Analysis | Feedback
Robert Half International Inc. (RHI) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:
- Strategic Expansion of Protiviti Segment: Robert Half is strategically enhancing its Protiviti consulting segment, with a particular emphasis on high-growth sectors such as risk management and digital transformation. This focus aims to access new customer bases and diversify revenue, with Protiviti anticipated to contribute to margin improvements for the full year 2026.
- Rising Demand for Specialized Talent and Contract Professionals: Despite broader market challenges, there is a robust and ongoing demand for skilled talent in specialized fields, including finance and accounting, human resources, technology (especially AI and cybersecurity), legal, and marketing and creative. Companies are increasingly looking to hire contract professionals to meet project deadlines, manage costs, and address employee burnout, further boosting Robert Half's staffing solutions.
- Investment in and Integration of Advanced Technology and AI: Robert Half is making strategic investments in technology, particularly in AI-driven recruitment tools and the digital transformation of its service offerings. These initiatives are designed to improve candidate matching, reduce time-to-hire, enhance operational efficiency, and meet evolving market demands, thereby strengthening its competitive position.
- Improving Macroeconomic Environment and Client Hiring Plans: Management commentary suggests that a more conducive macroeconomic environment, characterized by moderating concerns about a near-term economic downturn, progress in interest rate adjustments, easing inflation, and clearer trade policies, is expected to support a positive shift in overall hiring. This is reflected in survey data indicating that a significant percentage of U.S. companies plan to add new permanent and contract positions in the first half of 2025, with Robert Half anticipating a return to positive year-over-year revenue growth by the third quarter of 2026.
AI Analysis | Feedback
Share Repurchases
- Robert Half's board of directors authorized the repurchase of an additional 10 million shares of common stock in February 2023, supplementing approximately 3.8 million shares remaining under a previous program.
- The company repurchased $254.625 million in shares in 2023, $276.032 million in 2024, and $92.093 million in 2025.
- In 2025, $100 million was added to the balance sheet specifically for share repurchases.
Share Issuance
- The number of outstanding shares generally declined, from approximately 110.686 million at the end of 2021 to around 100 million at the end of 2025, indicating that share repurchases have consistently reduced the share count.
Capital Expenditures
- Capital expenditures for the year ended December 31, 2025, totaled $53.2 million.
- In the fourth quarter of 2025, capital expenditures amounted to $11.7 million.
- Since 2019, capital expenditures have included capitalized cloud computing implementation costs.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 113.02 |
| Mkt Cap | 6.7 |
| Rev LTM | 5,830 |
| Op Inc LTM | 480 |
| FCF LTM | 431 |
| FCF 3Y Avg | 360 |
| CFO LTM | 609 |
| CFO 3Y Avg | 511 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.1% |
| Rev Chg 3Y Avg | 7.9% |
| Rev Chg Q | 7.4% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 5.7% |
| Op Inc Chg 3Y Avg | 7.9% |
| Op Mgn LTM | 23.9% |
| Op Mgn 3Y Avg | 22.9% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 27.3% |
| CFO/Rev 3Y Avg | 25.7% |
| FCF/Rev LTM | 21.7% |
| FCF/Rev 3Y Avg | 19.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.7 |
| P/S | 3.5 |
| P/Op Inc | 16.7 |
| P/EBIT | 16.6 |
| P/E | 23.0 |
| P/CFO | 14.6 |
| Total Yield | 7.4% |
| Dividend Yield | 3.3% |
| FCF Yield 3Y Avg | 4.4% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.9% |
| 3M Rtn | 28.2% |
| 6M Rtn | -5.4% |
| 12M Rtn | -19.9% |
| 3Y Rtn | -49.5% |
| 1M Excs Rtn | 2.9% |
| 3M Excs Rtn | 13.4% |
| 6M Excs Rtn | -13.1% |
| 12M Excs Rtn | -42.3% |
| 3Y Excs Rtn | -113.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Contract talent solutions | 2,990 | 3,358 | 3,895 | 4,533 | 4,039 |
| Protiviti | 1,949 | 1,951 | 1,930 | 1,980 | 1,853 |
| Permanent placement talent solutions | 440 | 487 | 567 | 725 | 570 |
| Total | 5,379 | 5,796 | 6,393 | 7,238 | 6,461 |
| $ Mil | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Contract talent solutions | 410 | 405 | 356 | 394 | 400 |
| Protiviti | 128 | 93 | 84 | 81 | 96 |
| Permanent placement talent solutions | 84 | 91 | 78 | 80 | 85 |
| Amortization of intangible assets | -1 | -2 | -2 | -1 | -0 |
| Total | 620 | 587 | 516 | 553 | 580 |
| $ Mil | 1997 |
|---|---|
| Domestic Operations | 506 |
| Foreign Operations | 56 |
| Total | 561 |
Price Behavior
| Market Price | $32.40 | |
| Market Cap ($ Bil) | 3.2 | |
| First Trading Date | 03/10/1992 | |
| Distance from 52W High | -17.4% | |
| 50 Days | 200 Days | |
| DMA Price | $29.25 | $27.06 |
| DMA Trend | down | up |
| Distance from DMA | 10.8% | 19.7% |
| 3M | 1YR | |
| Volatility | 57.7% | 54.6% |
| Downside Capture | -107.72 | 57.70 |
| Upside Capture | 68.51 | 23.24 |
| Correlation (SPY) | -1.9% | 11.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.27 | -0.30 | -0.17 | 0.22 | 0.53 | 0.87 |
| Up Beta | -1.14 | -1.66 | -0.59 | -0.18 | 0.42 | 1.06 |
| Down Beta | -0.17 | 0.07 | -0.45 | 0.80 | 0.88 | 0.85 |
| Up Capture | 19% | 54% | 48% | 32% | 19% | 23% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 21 | 31 | 59 | 108 | 360 |
| Down Capture | -28% | -65% | -29% | 6% | 74% | 100% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 20 | 32 | 66 | 143 | 388 |
[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 RHI | |
|---|---|---|---|---|
| RHI | -17.9% | 54.4% | -0.18 | - |
| Sector ETF (XLI) | 22.7% | 16.7% | 1.05 | 0.7% |
| Equity (SPY) | 22.1% | 12.5% | 1.31 | 11.3% |
| Gold (GLD) | 23.5% | 27.8% | 0.75 | -29.2% |
| Commodities (DBC) | 23.6% | 18.7% | 0.99 | -15.2% |
| Real Estate (VNQ) | 13.4% | 13.9% | 0.67 | 20.1% |
| Bitcoin (BTCUSD) | -42.5% | 42.8% | -1.17 | 9.2% |
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 RHI | |
|---|---|---|---|---|
| RHI | -15.2% | 36.3% | -0.38 | - |
| Sector ETF (XLI) | 13.7% | 17.6% | 0.61 | 43.2% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 46.3% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | -14.4% |
| Commodities (DBC) | 7.3% | 19.5% | 0.27 | 6.0% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 41.6% |
| Bitcoin (BTCUSD) | 13.8% | 53.4% | 0.44 | 21.0% |
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 RHI | |
|---|---|---|---|---|
| RHI | 1.7% | 34.7% | 0.14 | - |
| Sector ETF (XLI) | 14.6% | 20.0% | 0.64 | 56.0% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 53.4% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | -12.3% |
| Commodities (DBC) | 6.0% | 18.0% | 0.26 | 15.9% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 44.2% |
| Bitcoin (BTCUSD) | 58.6% | 66.2% | 0.99 | 13.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | -5.8% | -2.2% | 2.6% |
| 1/29/2026 | 27.8% | 16.2% | -10.2% |
| 10/22/2025 | -1.2% | -7.4% | -13.1% |
| 7/23/2025 | -6.0% | -11.7% | -15.2% |
| 4/23/2025 | -3.1% | -4.6% | -0.7% |
| 1/29/2025 | -6.6% | -10.3% | -13.7% |
| 10/22/2024 | 2.8% | 5.7% | 10.5% |
| 7/24/2024 | -7.6% | -1.0% | -4.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 8 | 9 |
| # Negative | 15 | 15 | 14 |
| Median Positive | 3.9% | 7.4% | 8.8% |
| Median Negative | -6.0% | -5.5% | -5.2% |
| Max Positive | 27.8% | 16.2% | 22.5% |
| Max Negative | -8.6% | -12.2% | -19.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | -5.8% | -2.2% | 2.6% |
| 1/29/2026 | 27.8% | 16.2% | -10.2% |
| 10/22/2025 | -1.2% | -7.4% | -13.1% |
| 7/23/2025 | -6.0% | -11.7% | -15.2% |
| 4/23/2025 | -3.1% | -4.6% | -0.7% |
| 1/29/2025 | -6.6% | -10.3% | -13.7% |
| 10/22/2024 | 2.8% | 5.7% | 10.5% |
| 7/24/2024 | -7.6% | -1.0% | -4.2% |
| 4/25/2024 | -1.8% | -1.4% | -5.0% |
| 1/30/2024 | -2.3% | -1.6% | -0.6% |
| 10/24/2023 | 2.0% | 3.7% | 13.7% |
| 7/25/2023 | -6.0% | -7.8% | -6.2% |
| 4/26/2023 | 3.5% | -2.4% | -4.2% |
| 1/26/2023 | 5.4% | 9.8% | -0.8% |
| 10/20/2022 | -8.6% | -6.4% | -5.4% |
| 7/21/2022 | -6.8% | -5.5% | -1.6% |
| 4/26/2022 | -8.6% | -9.2% | -19.7% |
| 1/27/2022 | -0.6% | 4.6% | 8.8% |
| 7/22/2021 | 7.4% | 12.5% | 18.0% |
| 4/21/2021 | 3.3% | 6.3% | 6.3% |
| 1/28/2021 | 4.2% | 8.6% | 22.5% |
| 10/22/2020 | -8.3% | -12.2% | 8.3% |
| 7/23/2020 | -2.1% | -5.4% | 2.8% |
| SUMMARY STATS | |||
| # Positive | 8 | 8 | 9 |
| # Negative | 15 | 15 | 14 |
| Median Positive | 3.9% | 7.4% | 8.8% |
| Median Negative | -6.0% | -5.5% | -5.2% |
| Max Positive | 27.8% | 16.2% | 22.5% |
| Max Negative | -8.6% | -12.2% | -19.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 08/02/2019 | 10-Q |
Insider Activity
Updated 5/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kempthorne, Dirk A | Direct | Sell | 10292025 | 28.87 | 6,505 | 187,812 | 338,148 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kempthorne, Dirk A | Direct | Sell | 10292025 | 28.87 | 6,505 | 187,812 | 338,148 | Form |
Investor Activity (13F)
Updated Jul 13, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Hawk Ridge Capital Management LP | $45.3 Mil | 1.6% | 48 | ADD +134.2% | 13F |
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 |
Prefer one of these to Trefis? Tell us why.