olivLaw · US equity research
Barrett Business Services, Inc. BBSI
Services-Help Supply Services · SIC 7363 · Vertical: Services-Help Supply Services (SIC 7363)
Barrett Business Services provides business management services to small and mid-sized companies, mainly through PEO co-employment outsourcing of HR and payroll functions, plus staffing services. Revenues rose 4% in the second quarter of 2026 to 319.3 million USD, while management says soft client hiring remains the main growth headwind.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Barrett Business Services, Inc. (BBSI) stock was 33.10 USD (+1.13% on the day), with market capitalisation 802.2 m USD, P/E 24.4 on diluted EPS of 1.36 USD over the last 12 months, dividend yield 0.97%, beta 0.52, 52-week range 26.83–41.05 USD. Latest reported quarter (Q2 2026): revenue of 319.3 m USD (+3.8% YoY), net income of 12.9 m USD (−30.3% YoY), diluted EPS 0.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.1
- strong (55–70)
- Bollinger (20, 2)
- 31.33 – 33.50
- in the upper half of the band · %B 0.82 · band width 6.7%
- SMA 50 / 200
- 32.57 / 32.89
- mixed trend
- MACD (12, 26, 9)
- 0.17 / 0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.0% | −1.1% | +7.1 pp | — |
| 3 months | −17.5% | −0.5% | −17.0 pp | — |
| 6 months | +12.4% | +4.4% | +8.0 pp | — |
| Year to date | −8.6% | +12.3% | −20.9 pp | — |
| 1 year | −17.7% | +13.5% | −31.3 pp | +54.7% |
| 3 years | +35.8% | +76.4% | −40.6 pp | −38.8% |
| 5 years | +60.8% | +63.7% | −2.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 294.3 m | 304.8 m | 292.6 m | 307.7 m | 318.9 m | 321.1 m | 307.0 m | 319.3 m |
| Cost of revenue | 219.9 m | 233.4 m | 249.9 m | 234.4 m | 242.2 m | 252.9 m | 263.8 m | 254.4 m |
| Gross profit | 74.4 m | 71.4 m | 42.6 m | 73.3 m | 76.8 m | 68.3 m | 43.2 m | 64.9 m |
| SG&A | 49.1 m | 48.8 m | 44.8 m | 48.2 m | 49.9 m | 47.6 m | 47.5 m | 47.2 m |
| Operating income | 23.5 m | 20.6 m | -4.2 m | 23.0 m | 24.8 m | 18.5 m | -6.5 m | 15.4 m |
| Depreciation & amortisation | 1.9 m | 1.9 m | 2.0 m | 2.0 m | 2.1 m | 2.2 m | 2.2 m | 2.3 m |
| Interest expense | 45.0 k | 45.0 k | 44.0 k | 44.0 k | 45.0 k | 38.0 k | 42.0 k | 42.0 k |
| Pre-tax income | 25.7 m | 23.1 m | -1.5 m | 25.3 m | 26.8 m | 20.9 m | -4.4 m | 17.3 m |
| Income tax | 6.1 m | 6.3 m | -517.0 k | 6.9 m | 6.1 m | 4.5 m | 10.4 m | 4.5 m |
| Net income | 19.6 m | 16.8 m | -1.0 m | 18.5 m | 20.6 m | 16.4 m | -14.8 m | 12.9 m |
| Diluted EPS | 0.74 | 0.63 ≈ | -0.04 | 0.70 | 0.79 | 0.64 ≈ | -0.59 | 0.52 |
| Operating cash flow | -935.0 k ≈ | 53.4 m | 5.2 m | -53.8 m ≈ | 38.4 m ≈ | 76.1 m | -22.1 m | -55.9 m ≈ |
| Capex | 3.3 m ≈ | 3.2 m | 4.5 m | 4.4 m ≈ | 4.4 m ≈ | 5.5 m | 5.7 m | 5.5 m ≈ |
| Dividends paid | 2.1 m ≈ | 2.1 m | 2.1 m | 2.0 m ≈ | 2.1 m ≈ | 2.0 m | 2.0 m | 1.9 m ≈ |
| Share repurchases | 8.0 m ≈ | 7.0 m | 9.2 m | 8.1 m ≈ | 7.5 m ≈ | 17.1 m | 20.3 m | 15.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 97 percentile of its own 35-quarter history (min 2.9, median 5.8, max 26.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 940.7 m | 942.3 m | 880.8 m | 955.2 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn |
| Revenue YoY | +2.2% | +0.2% | −6.5% | +8.4% | +10.4% | +1.4% | +7.0% | +8.4% |
| Net income | 38.1 m | 48.3 m | 33.8 m | 38.1 m | 47.3 m | 50.6 m | 53.0 m | 54.4 m |
| Net income YoY | +51.2% | +26.9% | −30.1% | +12.8% | +24.1% | +7.1% | +4.7% | +2.7% |
| Diluted EPS | 4.98 | 6.27 | 4.39 | 5.00 | 1.64 | 1.85 | 1.98 | 2.08 |
| Diluted EPS YoY | +49.5% | +25.9% | −30.0% | +13.9% | −67.2% | +12.8% | +7.0% | +5.1% |
| net % | 4.0% | 5.1% | 3.8% | 4.0% | 4.5% | 4.7% | 4.6% | 4.4% |
| Free cash flow | 64.1 m | 66.3 m | -36.5 m | -22.3 m | 11.8 m | 55.4 m | -4.1 m | 47.2 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 95.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 241.0 m USD
- Total assets
- 779.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.29x
- ROE
- 23.5%
- ROA
- 7.1%
- FCF margin
- 3.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 880.8 m | 955.2 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 697.9 m | 750.7 m | 819.5 m | 826.8 m | 891.3 m | 979.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 182.9 m | 204.5 m | 234.8 m | 242.5 m | 253.3 m | 260.9 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 141.9 m | 155.3 m | 169.6 m | 174.8 m | 185.9 m | 190.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 36.1 m | 43.9 m | 59.0 m | 60.7 m | 59.8 m | 62.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 4.8 m | 5.3 m | 6.2 m | 7.1 m | 7.6 m | 8.3 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 41.0 m ≈ | 49.2 m ≈ | 65.2 m ≈ | 67.8 m ≈ | 67.4 m ≈ | 70.4 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 1.2 m | 372.0 k | 141.0 k | 166.0 k | 178.0 k | 171.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 42.6 m | 50.7 m | 65.3 m | 69.0 m | 70.8 m | 71.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 8.8 m | 12.6 m | 18.0 m | 18.4 m | 17.8 m | 17.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 33.8 m | 38.1 m | 47.3 m | 50.6 m | 53.0 m | 54.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 4.39 | 5.00 | 1.64 | 1.85 | 1.98 | 2.08 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 7.7 m | 7.6 m | 28.9 m | 27.4 m | 26.7 m | 26.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 1.20 | 1.20 | 0.30 | 0.30 | 0.31 | 0.32 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 68.7 m | 69.4 m | 91.4 m | 71.2 m | 55.4 m | 95.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 118.5 m | 155.7 m | 163.8 m | 171.4 m | 234.5 m | 248.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 407.9 m | 406.7 m | 454.4 m | 447.5 m | 475.4 m | 524.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 34.9 m | 36.3 m | 46.0 m | 50.3 m | 56.8 m | 67.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 47.8 m | 47.8 m | 47.8 m | 47.8 m | 47.8 m | 47.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 775.0 m | 747.0 m | 686.9 m | 721.5 m | 745.5 m | 779.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 4.7 m | 4.5 m | 8.3 m | 6.6 m | 6.8 m | 7.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 3.5 m | — | — | — | — | — | SEC (XBRL)· 08 Mar 2021verified |
| Current liabilities | 290.6 m | 315.4 m | 334.7 m | 343.3 m | 358.9 m | 405.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 576.7 m | 538.4 m | 509.1 m | 522.4 m | 524.1 m | 538.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 198.2 m † | 208.5 m † | 177.8 m † | 199.1 m † | 221.4 m † | 241.0 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -27.9 m | -15.5 m | 27.8 m | 67.2 m | 10.1 m | 66.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 8.6 m | 6.8 m | 16.0 m | 11.8 m | 14.2 m | 18.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -36.5 m ≈ | -22.3 m ≈ | 11.8 m ≈ | 55.4 m ≈ | -4.1 m ≈ | 47.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 4.1 m | -112.9 m | 61.2 m | -55.2 m | 38.8 m | 30.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -15.7 m | -26.9 m | -60.2 m | -44.6 m | -41.1 m | -53.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 9.1 m | 9.1 m | 8.5 m | 8.1 m | 8.1 m | 8.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 8.1 m | 17.3 m | 47.2 m | 34.2 m | 29.1 m | 42.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 802.2 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet71
- Valuation39
- Quality48
- Growth51
- Returns99
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 24.61 – 37.50 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E24.61 – 37.50 (Mid 30.76)7 companies used · median multiple 22.7x · quartiles 18.1x – 27.7xAMN, EFOR, HQI, KFRC, MAN, RCMT, RHI
- Dividend discount (DDM)outside the aggregate4.21 – 5.66 (Mid 4.82)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.8% | 75 (vs peers) | 9% |
| FCF conversion · Quality | 44.3% | 20 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 5.6% | 46 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 8.2% | 55 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 312.8x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.1x | 29 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 24.4x | 50 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.9% | 24 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 8.5% | 100 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 51.5% | 98 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet71/100 · 2/3 factors with a value
- Growth51/100 · 2/2 factors with a value
- Quality48/100 · 2/3 factors with a value
- Returns99/100 · 2/2 factors with a value
- Valuation39/100 · 2/3 factors with a value
Memo
BARRETT BUSINESS SERVICES, INC. (BBSI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 8.4%; net margin 2.8%; ROE 16.3%.
The estimated value range is 24.61–37.50 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 30.76 USD, the price of 33.10 USD leaves a potential of -7.1% (value / price − 1) and a margin of safety of -7.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 2.8%
- Interest coverage: 312.8x
- Shareholder yield (distributions): 8.5%
- Payout ratio (FCF): 51.5%
What contradicts it
- FCF conversion: 44.3%
- Current ratio: 1.1x
- FCF yield: 1.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Services-Help Supply Services (SIC 7363) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RHIRobert Half Inc. | 4.6 bn | 37.2 | 9.8% | 2.3% | −7.2% | +66% / −45% |
| MANManpowergroup Inc. | 2.2 bn | 18.5 | 5.8% | 0.6% | +0.6% | +63% / −37% |
| NSPInsperity, Inc. | 2.0 bn | 564.4 | 4.6% | 0.0% | +3.5% | +46% / −55% |
| AMNAmn Healthcare Services, Inc. | 1.8 bn | 17.8 | 15.6% | 3.1% | −8.5% | +187% / −30% |
| EFOREverforth, Inc. | 1.5 bn | 22.7 | 3.7% | 1.7% | −2.9% | −18% / −59% |
| KFRCKforce Inc | 1.0 bn | 24.4 | 30.5% | 3.0% | −5.4% | +98% / −16% |
| BBSIBarrett Business Services, Inc. | 802.2 m | 24.4 | 16.3% | 2.8% | +8.4% | −18% / +36% |
| TBITrueBlue, Inc. | 300.0 m | — | -15.9% | -2.6% | +3.1% | +101% / −29% |
| RCMTRcm Technologies, Inc. | 248.1 m | 15.1 | 39.5% | 5.1% | unavailable | +78% / +29% |
| HQIHireQuest, Inc. | 246.4 m | 30.9 | 12.1% | 27.1% | −11.4% | +104% / +20% |
| TTECTTEC Holdings, Inc. | 75.4 m | — | -108.2% | -10.2% | −3.2% | −54% / −92% |
| DLHCDlh Holdings Corp. | 53.5 m | — | -20.8% | -8.5% | −13.0% | −41% / −73% |
| BGSFBgsf, Inc | 41.8 m | — | -4.4% | -2.3% | −10.6% | −15% / −60% |
| STRRStar Equity Holdings, Inc. | 35.5 m | — | -18.2% | -4.3% | +22.9% | −5% / −39% |
| CIRCCircle8 Group Inc. | 26.7 m | — | — | -19.4% | −1.5% | −89% / −94% |
| YFORYY Group Holding Ltd. | 4.3 m | — | -94.1% | -11.8% | +29.4% | −100% / unavailable |
| KELYAKelly Services, Inc. | — | — | -24.3% | -6.7% | −1.9% | +96% / −19% |
1- and 3-year price returns: for BBSI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.11 Total return -35% · Per year -35% | 37.30 Total return 14% · Per year 14% | 56.16 Total return 71% · Per year 71% |
| 3 years | 20.93 Total return -34% · Per year -13% | 41.57 Total return 29% · Per year 9% | 68.65 Total return 112% · Per year 28% |
| 5 years | 20.75 Total return -33% · Per year -8% | 46.32 Total return 46% · Per year 8% | 83.92 Total return 162% · Per year 21% |
- Exit P/E± 10.39
- Net margin± 7.27
- Annual revenue growth± 5.91
- Annual dilution± 0.61
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Barrett Business Services provides business management services to small and mid-sized companies, mainly through PEO co-employment outsourcing of HR and payroll functions, plus staffing services. Revenues rose 4% in the second quarter of 2026 to 319.3 million USD 3, while management says soft client hiring remains the main growth headwind 3.
SWOT
Strengths
- The integrated model, combining management consulting with HR outsourcing and local teams, is described as differentiated from competitors 1. Long-term client relationships produce recurring revenue 1. The balance sheet was debt free at the end of the second quarter of 2026 3.
- Client retention in the small and mid-sized segment is described as relatively high 1. The company added new clients above its own expectations in the latest quarter 3.
- The myBBSI platform gives clients tools for payroll, time and attendance and HR administration 1.
Weaknesses
- Reliance on California makes results sensitive to economic and regulatory conditions in that state 1.
- Gross margin as a share of gross billings compressed in 2026, which the company calls the margin low point 3.
- Exposure to workers' compensation costs and reserve estimates can produce significant expense adjustments 1.
Opportunities
Risks
- California concentrationhigh
Most revenues come from California, so an economic downturn or regulatory change there could strongly affect results 1.
- Workers' compensation exposurehigh
Claim costs depend on the frequency and severity of workplace injuries, and estimate changes can be significant 1.
- Insurer coverage continuitymedium
The third-party insurer arrangement runs through June 2026, and if it is not renewed, alternatives could be less favorable 1.
- Cybersecuritymedium
The company holds personal and sensitive data of many employees and clients, exposing it to growing and more advanced attacks 1.
- Collateral requirementslow
The company must post collateral for its insured program and self-insured states, and requirements could rise 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Trend in client hiring demand and average worksite employee countQ3 2026
- Delivery against the 2026 outlook for gross margin as a percent of gross billings2026
- Renewal of the third-party insurer arrangement for the insured program2026
- Changes to workers' compensation loss estimates and prior-year adjustmentsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
BBSI, incorporated in Maryland in 1965 1, provides management solutions for small and mid-sized companies, combining management consulting know-how with HR outsourcing tools 1. Its operating model is decentralized: local teams, typically within 50 miles of clients, run operations and provide consultation 1. In 2025 it supported more than 8,200 PEO clients 1, and its August 2026 release describes it as NASDAQ-listed 3.
Segments
Market context
The target market is small and mid-sized businesses, which the company describes as large, under-served by professional services firms and more reliant on outside resources 1. Geographic concentration is high: California operations produced 72% of total revenues in 2025 1, so results depend largely on the state's economy and regulation 1.
Trends
- Client hiring demandheadwind
Management says weak client hiring remains the primary growth headwind and a recovery has not yet appeared 3. If this demand does not recover, volume growth could stay limited 3.
- Workers' compensation marketmixed
Client pricing has improved as the workers' compensation market firms, while favorable prior-year claim adjustments are slowing across the industry 3. The company views 2026 as the margin low point, and pricing actions could support margins in later periods 3.
- AI and automationmixed
The company notes AI could bring efficiency gains but also cyber and regulatory risks, and client workforce displacement could affect demand 1. The net effect depends on how these technologies are adopted and regulated 1.
- Employee benefit costsheadwind
Benefit costs, especially health insurance, rose to a larger share of gross billings in 2026 23. If these costs keep rising, margin pressure could persist 2.
Competitive position
Competition is intense and fragmented. Larger firms that compete directly include Automatic Data Processing, ManpowerGroup, Kelly Services, Insperity, TriNet, Robert Half and Paychex, alongside regional providers 1. The main competitive factors are price and level of service 1.
- Automatic Data Processing, Inc.ADP
Larger competitor named in the filing with greater financial and marketing resources 1.
- Insperity, Inc.NSP
PEO provider named among competitors in the same markets 1.
- TriNet Group, Inc.TNET
HR outsourcing provider named among direct competitors 1.
- ManpowerGroup, Inc.MAN
Staffing company named among competitors with larger resources 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement20 Apr 2026
- Current report31 Mar 2026Other events
- Annual report26 Feb 2026
- Current report25 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Barrett Business Services, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Barrett Business Services, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Barrett Business Services, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.