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Trueblue
(NYSE:TBI)
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Rating:57Neutral
Price Target:
$9.00
▼(-16.20% Downside)
Action:Reiterated
Date:09/23/26
The score reflects a tension between improving operating momentum and still-weak underlying financials. The most significant drag is negative profitability and ongoing negative operating/free cash flow, which keeps financial performance below average despite stabilizing revenue and improving leverage. Offsetting this, the earnings call indicates meaningful operational progress (better adjusted profitability, cost discipline, and positive Q3 revenue guidance), and technicals show an established uptrend, while valuation remains constrained by losses and the lack of a dividend yield.
Positive Factors
Revenue Growth and Operating Leverage
Double-digit quarterly growth alongside lower SG&A shows that revenue gains are translating into operating leverage, not merely higher activity. If sustained across the guided 7%–11% third-quarter growth range, this combination can support improving profitability and strengthen the economics of the workforce-services platform.
Negative Factors
Persistent Cash Burn
Negative operating and free cash flow show that the current business recovery has not yet translated into self-funded operations. Continued cash consumption can limit investment capacity, increase reliance on borrowing or working-capital support, and make the turnaround more vulnerable if revenue growth slows.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Operating Leverage
Double-digit quarterly growth alongside lower SG&A shows that revenue gains are translating into operating leverage, not merely higher activity. If sustained across the guided 7%–11% third-quarter growth range, this combination can support improving profitability and strengthen the economics of the workforce-services platform.
Read all positive factors
Trueblue Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Shows profit after operating costs for each business unit, highlighting which parts of the company actually generate earnings versus those that consume resources. Helps investors spot high-margin segments, margin trends over time, and whether growth is translating into true profitability or being offset by rising costs.
Shows profit after operating costs for each business unit, highlighting which parts of the company actually generate earnings versus those that consume resources. Helps investors spot high-margin segments, margin trends over time, and whether growth is translating into true profitability or being offset by rising costs.
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The Fly
The FlyTrueblue (TBI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$260.91M
Dividend YieldN/A
Average Volume (3M)267.00K
Price to Earnings (P/E)―
Beta (1Y)1.62
Revenue Growth10.17%
EPS Growth-65.10%
CountryUS
Employees3,500
SectorIndustrials
Sector Strength72
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)-1.89
Shares Outstanding30,444,344
10 Day Avg. Volume223,143
30 Day Avg. Volume267,004
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.51
Price to Sales (P/S)0.09
P/FCF Ratio-1.90
Enterprise Value/Market Cap1.26
Enterprise Value/Revenue0.19
Enterprise Value/Gross Profit0.95
Enterprise Value/Ebitda-14.46
Forecast
1Y Price Target
$9.50Price Target Upside-11.55% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.02
Revenue Forecast (FY)$1.75B
Trueblue Business Overview & Revenue Model
Company Description
TrueBlue, Inc., together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleSol...
How the Company Makes Money
TrueBlue primarily makes money by providing workforce solutions to client companies and charging fees tied to the sourcing, deployment, and management of labor. Its core revenue model is staffing and workforce services: for temporary/on-demand ass...
Trueblue Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and financial trajectory: double-digit revenue growth, broad-based segment margin expansion, improved adjusted profitability and EBITDA, a return to growth in on-demand, and tangible progress from digital initiatives and strategic partnerships. Notable weaknesses include a year-over-year gross margin decline driven by non-recurring prior-year benefits and revenue mix, a small GAAP net loss driven by a non-cash property write-down, subdued hiring in PeopleSolutions, and relatively modest cash balances. Overall the positives—strong top-line growth, margin expansion across all segments, and improving demand trends—outweigh the lowlights.Positive Updates
Revenue Growth Exceeds Expectations
Total revenue of $443 million, up 12% year-over-year, above outlook driven by outperformance in skilled businesses.
Negative Updates
Gross Margin Compression Year-over-Year
Reported gross margin 20.7%, down from 23.6% in the prior year (decline of ~290 basis points), primarily driven by non-repeatable prior-year workers' compensation favorable development and a $3 million government subsidy benefit that did not recur, plus revenue mix impact from energy pass-through travel costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth Exceeds Expectations
Total revenue of $443 million, up 12% year-over-year, above outlook driven by outperformance in skilled businesses.
Read all positive updates
Company Guidance
TrueBlue guided third‑quarter revenue growth of 7%–11% year‑over‑year, with segment revenue ranges of PeopleReady +11%–+15%, PeopleManagement +3%–+8% and PeopleSolutions -6%–+3%, and said it expects steady sequential gross margin and disciplined cost management to continue driving improved profitability; this outlook follows Q2 results of $443M revenue (+12% YoY), 20.7% gross margin (down from 23.6% LY), SG&A down 7% while revenue grew 12%, adjusted EBITDA $11M (vs. $3M LY), adjusted net income $2M (vs. -$2M LY) and a reported net loss of $3M (includes $3M non‑cash write‑down); balance sheet and liquidity metrics include $23M cash, $82M debt, $56M unused borrowing base (total liquidity $79M) and a $22M working‑capital increase, with management noting exit‑rate momentum (PeopleReady exited Q1 +16% to exit Q2 +30%; PeopleManagement exited Q1 -7% to exit Q2 +4%) and that July trends and a typical seasonal Q3 build support the guide.Trueblue Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
50
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.69B | 1.62B | 1.57B | 1.91B | 2.25B | 2.17B |
| Gross Profit | 346.46M | 343.02M | 406.39M | 506.06M | 602.14M | 560.32M |
| EBITDA | -22.67M | -16.78M | -3.54M | 11.46M | 102.69M | 101.41M |
| Net Income | -56.62M | -47.96M | -125.75M | -14.17M | 62.27M | 61.63M |
Balance Sheet | ||||||
| Total Assets | 622.96M | 638.67M | 675.38M | 899.38M | 1.02B | 1.03B |
| Cash, Cash Equivalents and Short-Term Investments | 23.25M | 24.51M | 22.54M | 61.88M | 72.05M | 49.90M |
| Total Debt | 138.44M | 170.60M | 66.53M | 61.34M | 62.56M | 67.02M |
| Total Liabilities | 368.30M | 364.11M | 360.02M | 441.51M | 523.09M | 540.16M |
| Stockholders Equity | 254.67M | 274.56M | 315.36M | 457.87M | 496.31M | 493.07M |
Cash Flow | ||||||
| Free Cash Flow | -67.44M | -73.72M | -41.21M | 3.48M | 89.88M | -14.57M |
| Operating Cash Flow | -54.49M | -58.04M | -17.06M | 34.75M | 120.50M | 20.44M |
| Investing Cash Flow | 13.81M | -16.06M | -2.45M | -32.32M | -20.95M | -16.22M |
| Financing Cash Flow | 27.70M | 57.14M | -17.09M | -37.58M | -64.69M | -19.13M |
Trueblue Technical Analysis
Positive
10.74
Price Trends
9.50
Negative
8.61
Positive
6.64
Positive
Market Momentum
-0.25
Positive
47.69
Neutral
46.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TBI, the sentiment is Positive. The current price of 10.74 is above the 20-day moving average (MA) of 8.91, above the 50-day MA of 9.50, and above the 200-day MA of 6.64, indicating a neutral trend. The MACD of -0.25 indicates Positive momentum. The RSI at 47.69 is Neutral, neither overbought nor oversold. The STOCH value of 46.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TBI.
Trueblue Risk Analysis
Trueblue disclosed 38 risk factors in its most recent earnings report. Trueblue reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Trueblue Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $226.85M | 27.66 | 11.98% | 1.41% | -7.54% | 237.08% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $212.78M | 148.94 | 1.28% | ― | -7.34% | ― | |
62 Neutral | $76.64M | 36.19 | 2.31% | 3.18% | -11.76% | 136.95% | |
57 Neutral | $260.91M | -4.52 | -20.78% | ― | 10.17% | -65.10% | |
54 Neutral | $571.15M | -2.10 | -27.06% | 1.83% | -9.63% | -4468.44% | |
51 Neutral | $43.57M | -5.30 | -19.17% | 43.01% | -58.57% | 11.65% |
* Industrials Sector Average
TBI
Trueblue
8.82
3.06
53.13%
DHX
DHI Group
4.76
2.71
132.20%
KELYA
Kelly Services
16.61
4.39
35.97%
MHH
Mastech Holdings
6.30
-0.65
-9.35%
BGSF
BGSF
4.17
0.68
19.48%
HQI
HireQuest
16.51
8.12
96.88%
Trueblue Corporate Events
Business Operations and StrategyFinancial Disclosures
TrueBlue Reports Q2 Revenue Growth Amid Ongoing Turnaround
Positive
Aug 4, 2026
On Aug. 4, 2026, Tacoma-based TrueBlue reported second-quarter 2026 revenue of $443 million, up 12 percent year-on-year, driven by strength in skilled verticals and a return to growth in its core on-demand business. Despite the top-line improvemen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.