Trueblue (TBI) AI Stock Analysis

• Market Cap: $191.73M
• Dividend Yield: N/A
• Average Volume (3M): 398.79K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.11
• Revenue Growth: -16.76%
• EPS Growth: -1127.93%
• Country: US
• Employees: 4,200
• Sector: Industrials
• Sector Strength: 84
• Industry: Staffing & Employment Services
• EPS (TTM): -0.40
• Shares Outstanding: 29,864,023
• 10 Day Avg. Volume: 252,129
• 30 Day Avg. Volume: 398,791
• PEG Ratio: 1.50
• Price to Book (P/B): 1.27
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 7.03
• Enterprise Value/Market Cap: 3.25
• Enterprise Value/Revenue: 0.10
• Enterprise Value/Gross Profit: 1.64
• Enterprise Value/Ebitda: -12.42
• 1Y Price Target: $7.00
• Price Target Upside: 6.71% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 50 Neutral
• Price Target: $7.00 ▲(6.71%Upside)

TrueBlue's financial challenges, including declining revenues and profitability, are the most significant factors impacting the score. Although technical indicators show some positive trends, valuation concerns and a mixed earnings outlook contribute to the moderate overall score.

Positive Factors

Business expansion

Its recent HSP accretive acquisition should help expand into a vertical with more secular growth trends.

Competitive advantages

Management believes its competitive advantages should help TBI gain share as the environment improves.

Negative Factors

Market uncertainty

Management acknowledged the current environment is still one of uncertainty, with customers still hesitant to make longer-term hiring decisions.

Trueblue Business Overview & Revenue Model

Company Description

TrueBlue, Inc., together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The PeopleReady segment offers contingent staffing solutions for blue-collar, on-demand, and skilled labor in construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail, hospitality, and general labor industries. The PeopleManagement segment provides contingent labor and outsourced industrial workforce solutions. This segment also offers on-site management and recruitment for the contingent industrial workforce of manufacturing, warehouse, and distribution facilities; and recruitment and management of contingent and dedicated commercial drivers to the transportation and distribution industries under the Staff Management, SIMOS Insourcing Solutions, and Centerline Drivers brands. The PeopleScout segment offers permanent employee recruitment process outsourcing services; and manages clients' contingent labor programs comprising vendor selection, performance management, compliance monitoring, and risk management. The company was formerly known as Labor Ready, Inc. and changed its name to TrueBlue, Inc. in December 2007. TrueBlue, Inc. was incorporated in 1985 and is headquartered in Tacoma, Washington.

How the Company Makes Money

TrueBlue makes money primarily through its staffing and workforce management services. The company generates revenue by providing temporary and permanent staffing solutions, charging clients for the placement of workers across various industries. Key revenue streams include fees for temporary staffing, which are typically based on a markup over employee wages, and service fees for recruitment and workforce management solutions. TrueBlue's PeopleScout segment, specializing in RPO, charges clients for managing their recruitment processes. Significant factors contributing to earnings include strong client relationships, industry demand for flexible labor solutions, and operational efficiency in delivering staffing services.

Trueblue Financial Statement Overview

Summary

TrueBlue is experiencing significant financial challenges with declining revenues, increased leverage, and negative cash flows. These issues highlight operational and liquidity risks.

Income Statement

The income statement for Trueblue reveals a challenging financial period. The TTM data shows a significant decline in revenue and profitability, with negative EBIT and net income margins. Revenue has seen a declining trend over the past few years, and the company is currently operating at a loss, resulting in a negative net profit margin. This indicates potential difficulties in managing costs relative to revenue, reflecting adverse operational performance.

Balance Sheet

The balance sheet presents a mixed scenario. Trueblue's debt-to-equity ratio has increased over the years, suggesting higher leverage, which could be a risk if not managed properly. However, the equity ratio remains reasonable, indicating a stable base of stockholders' equity. Return on equity has been negative recently due to losses, which is a concern, but the overall equity position provides some stability.

Cash Flow

Cash flow metrics indicate significant pressure. Operating cash flow is negative in the TTM, and free cash flow has declined, reflecting challenges in generating cash from operations. The free cash flow to net income ratio and operating cash flow to net income ratio are unfavorable, highlighting potential liquidity issues if this trend continues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.25B	1.57B	1.91B	2.25B	2.17B	1.85B
Gross Profit	378.69M	406.39M	506.06M	602.14M	560.32M	440.64M
EBITDA	-19.81M	-3.54M	11.46M	115.61M	96.00M	-126.04M
Net Income	-138.40M	-125.75M	-14.17M	62.27M	61.63M	-141.84M
Balance Sheet
Total Assets	692.47M	675.38M	899.38M	1.02B	1.03B	980.58M
Cash, Cash Equivalents and Short-Term Investments	23.06M	22.54M	61.88M	72.05M	49.90M	62.51M
Total Debt	115.22M	66.53M	61.34M	62.56M	67.02M	68.73M
Total Liabilities	390.25M	360.02M	441.51M	523.09M	540.16M	543.39M
Stockholders Equity	302.22M	315.36M	457.87M	496.31M	493.07M	437.19M
Cash Flow
Free Cash Flow	-46.39M	-41.21M	3.48M	89.88M	-14.57M	125.47M
Operating Cash Flow	-24.93M	-17.06M	34.75M	120.50M	20.44M	152.53M
Investing Cash Flow	-27.34M	-2.45M	-32.32M	-20.95M	-16.22M	-34.41M
Financing Cash Flow	45.94M	-17.09M	-37.58M	-64.69M	-19.13M	-92.50M

Trueblue Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.56
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TBI, the sentiment is Neutral. The current price of 6.56 is above the 20-day moving average (MA) of 6.42, above the 50-day MA of 5.45, and below the 200-day MA of 6.74, indicating a neutral trend. The MACD of 0.32 indicates Positive momentum. The RSI at 56.27 is Neutral, neither overbought nor oversold. The STOCH value of 25.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TBI.

Trueblue Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HQI	69 Neutral	$136.92M	41.46	5.67%	2.38%	-7.66%	-34.08%
Sector *	65 Neutral	$10.36B	15.10	5.28%	2.01%	2.70%	-26.16%
DHX	62 Neutral	$127.24M	268.89	-7.21%	―	-7.42%	-567.61%
MHH	61 Neutral	$78.94M	38.41	2.52%	―	3.93%	―
BGSF	60 Neutral	$61.21M	―	-3.95%	4.69%	-12.93%	-159.19%
KELYA	51 Neutral	$399.19M	11.43	-1.60%	2.66%	-3.49%	-140.04%
TBI	50 Neutral	$191.73M	―	-36.98%	―	-16.76%	-1127.93%

Trueblue Corporate Events

TrueBlue Holds Annual Shareholders Meeting May 2025

On May 14, 2025, TrueBlue, Inc. held its annual meeting of shareholders where 27,085,588 shares were represented. During the meeting, shareholders elected nine directors, approved executive compensation, amended the 2016 Omnibus Incentive Plan, and ratified Deloitte & Touche LLP as the accounting firm for the fiscal year ending December 28, 2025.

The most recent analyst rating on (TBI) stock is a Buy with a $13.00 price target. To see the full list of analyst forecasts on Trueblue stock, see the TBI Stock Forecast page.

TrueBlue Declares Dividend Amid Acquisition Defense

On May 14, 2025, TrueBlue’s Board of Directors declared a dividend of one preferred stock purchase right for each share of common stock, effective May 28, 2025. This move, part of a limited duration shareholder rights agreement, aims to protect shareholder interests against an unsolicited acquisition proposal from HireQuest, Inc. The agreement is designed to prevent any entity from gaining control of TrueBlue without paying a control premium or allowing the Board to make informed decisions, thus safeguarding the company’s and shareholders’ best interests.

The most recent analyst rating on (TBI) stock is a Buy with a $13.00 price target. To see the full list of analyst forecasts on Trueblue stock, see the TBI Stock Forecast page.

TrueBlue Reports Q1 2025 Financial Results Amid Challenges

On May 5, 2025, TrueBlue reported its first quarter 2025 financial results, showing a revenue of $370 million, an 8% decrease from the previous year. The company faced a net loss of $14 million, with adjusted EBITDA at -$4 million. Despite subdued market demand and evolving governmental policies impacting the staffing industry, TrueBlue remains focused on leveraging its strengths and strategic priorities to capture market share and enhance profitability. The acquisition of Healthcare Staffing Professionals is part of its expansion into growth markets and high-value roles, including healthcare.