olivLaw · US equity research
HireQuest, Inc. HQI
Services-Help Supply Services · SIC 7363 · Vertical: Services-Help Supply Services (SIC 7363)
HireQuest is a nationwide franchisor of temporary staffing and recruiting offices, with franchisee-owned offices across most US states. The system saw a sales decline in 2025, and the first half of 2026 shows signs of recovering demand, so the royalty-based model is worth following closely. Total revenue was 30.6 million USD in 2025, and system-wide sales were 500.2 million USD.
At the close of 04 Nov 2026, HireQuest, Inc. (HQI) stock was 17.73 USD (+6.10% on the day), with market capitalisation 246.4 m USD, P/E 30.9 on diluted EPS of 0.57 USD over the last 12 months, dividend yield 1.35%, beta 0.68, 52-week range 7.59–20.04 USD. Latest reported quarter (Q2 2026): revenue of 8.1 m USD (+6.0% YoY), net income of 2.7 m USD (+154.0% YoY), diluted EPS 0.19 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.5
- strong (55–70)
- Bollinger (20, 2)
- 15.92 – 18.16
- in the upper half of the band · %B 0.81 · band width 13.1%
- SMA 50 / 200
- 17.28 / 13.44
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.19 / -0.20
- 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 | −7.0% | −1.1% | −5.9 pp | — |
| 3 months | +38.4% | −0.5% | +38.9 pp | — |
| 6 months | +49.0% | +4.4% | +44.6 pp | — |
| Year to date | +68.7% | +12.3% | +56.4 pp | — |
| 1 year | +112.1% | +13.5% | +98.5 pp | +20.4% |
| 3 years | +9.7% | +76.4% | −66.7 pp | −38.8% |
| 5 years | −10.5% | +63.7% | −74.2 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 | 9.4 m | 8.1 m | 7.5 m | 7.6 m | 8.5 m | 7.0 m | 6.5 m | 8.1 m |
| SG&A | 5.4 m | 5.1 m | 5.3 m | 5.9 m | 5.1 m | 4.5 m | 4.3 m | 4.0 m |
| Operating income | -2.7 m | 2.3 m | 1.5 m | 1.0 m | 2.4 m | 1.3 m | 1.5 m | 3.3 m |
| Depreciation & amortisation | 697.0 k | 697.0 k | 734.0 k | 734.0 k | 752.0 k | 787.0 k | 778.0 k | 762.0 k |
| Interest expense | 268.0 k | 160.0 k | 144.0 k | 71.0 k | 63.0 k | 30.0 k | 8.0 k | 30.0 k |
| Pre-tax income | -2.9 m | 2.4 m | 1.6 m | 1.1 m | 2.5 m | 1.4 m | 1.8 m | 3.4 m |
| Income tax | -725.0 k | 49.0 k | 169.0 k | 56.0 k | 137.0 k | -262.0 k | 264.0 k | 684.0 k |
| Net income | -2.2 m | 2.2 m | 1.4 m | 1.1 m | 2.3 m | 1.6 m | 1.6 m | 2.7 m |
| Diluted EPS | -0.16 | 0.16 ≈ | 0.10 | 0.08 | 0.16 | 0.11 ≈ | 0.11 | 0.19 |
| Operating cash flow | 4.2 m ≈ | 8.7 m | 1.9 m | 2.6 m ≈ | 1.0 m ≈ | 6.6 m | 250.0 k | 1.6 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 66 percentile of its own 32-quarter history (min 6.4, median 24.9, max 350.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.3 m | 15.9 m | 13.8 m | 22.5 m | 31.0 m | 37.9 m | 34.6 m | 30.6 m |
| Revenue YoY | −87.4% | +28.8% | −13.0% | — | +37.4% | +22.4% | −8.7% | −11.4% |
| Net income | 7.1 m | -290.0 k | 5.4 m | 11.9 m | 12.5 m | 6.1 m | 3.7 m | 6.3 m |
| Net income YoY | +323.8% | −104.1% | unavailable | — | +5.1% | −50.8% | −40.1% | +72.4% |
| Diluted EPS | 0.72 | -0.03 | 0.39 | 0.87 | 0.91 | 0.45 | 0.26 | 0.45 |
| Diluted EPS YoY | +118.2% | −104.2% | unavailable | — | +4.6% | −50.5% | −42.2% | +73.1% |
| net % | 57.7% | -1.8% | 38.8% | 52.6% | 40.2% | 16.2% | 10.6% | 20.7% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 68.3 m USD
- Total assets
- 88.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.15x
- ROE
- 9.5%
- ROA
- 6.9%
- FCF margin
- unavailable
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 | 13.8 m | 22.5 m | 31.0 m | 37.9 m | 34.6 m | 30.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 0 | 170.5 k | — | — | — | — | SEC (XBRL)· 15 Mar 2022verified |
| Gross profit | 13.8 m | 22.6 m | — | — | — | — | SEC (XBRL)· 15 Mar 2022verified |
| SG&A | 8.7 m | 13.3 m | 12.9 m | 24.4 m | 21.4 m | 20.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | 5.0 m | 7.7 m | 16.0 m | 10.6 m | 4.4 m | 6.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 129.2 k | 1.6 m | 2.0 m | 2.8 m | 2.8 m | 3.0 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | 5.1 m ≈ | 9.2 m ≈ | 18.1 m ≈ | 13.4 m ≈ | 7.2 m ≈ | 9.3 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 49.7 k | 157.0 k | 368.0 k | 1.4 m | 923.0 k | 307.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | 6.1 m | 12.5 m | 13.9 m | 7.8 m | 4.1 m | 6.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 741.0 k | 635.0 k | 1.9 m | 1.3 m | 221.0 k | 100.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | 5.4 m | 11.9 m | 12.5 m | 6.1 m | 3.7 m | 6.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | 0.39 | 0.87 | 0.91 | 0.45 | 0.26 | 0.45 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 13.7 m | 13.6 m | 13.7 m | 13.8 m | 13.9 m | 14.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Dividend per share | — | — | 0.06 | 0.24 | 0.24 | 0.24 | SEC (XBRL)· 31 Mar 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 | 13.7 m | — | — | — | — | — | SEC (XBRL)· 12 Nov 2021verified |
| Receivables | 21.3 m | 38.2 m | 45.7 m | 44.4 m | 42.3 m | 39.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 39.0 m | 42.0 m | 51.9 m | 51.5 m | 49.2 m | 48.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 3.2 m | 4.5 m | 4.4 m | 4.3 m | 4.1 m | 4.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | — | 0 | 5.9 m | 5.9 m | 1.6 m | 1.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 342.7 k | 22.9 m | 25.8 m | 25.8 m | 28.2 m | 24.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 49.1 m | 77.4 m | 103.3 m | 103.8 m | 94.0 m | 88.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 457.5 k | 1.1 m | 448.0 k | 137.0 k | 174.0 k | 192.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | — | 2.9 m | — | — | — | — | SEC (XBRL)· 10 May 2022verified |
| Current liabilities | 9.5 m | 21.5 m | 36.8 m | 35.7 m | 24.1 m | 15.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 12.7 m | 30.6 m | 45.0 m | 41.1 m | 29.2 m | 19.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 36.4 m † | 46.7 m † | 58.3 m † | 62.7 m † | 64.8 m † | 68.3 m † | SEC (XBRL)· 31 Mar 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 | 10.9 m | 17.4 m | 16.9 m | 10.6 m | 12.0 m | 12.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Investing cash flow | 36.4 k | -29.4 m | -23.6 m | -7.1 m | 44.0 k | 296.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | -1.4 m | -347.0 k | 8.5 m | -5.2 m | -11.2 m | -10.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Dividends paid | 1.4 m | 3.1 m | 3.3 m | — | — | — | SEC (XBRL)· 21 Mar 2023verified |
| Share repurchases | 146.5 k | 0 | — | — | 0 | 377.0 k | SEC (XBRL)· 31 Mar 2026verified |
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 weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 246.4 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
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: 3.15 – 13.77 USD.
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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E10.32 – 13.77 (Mid 11.82)6 companies used · median multiple 20.6x · quartiles 18.0x – 24.0xAMN, BBSI, EFOR, KFRC, MAN, RCMT
- Dividend discount (DDM)3.15 – 4.24 (Mid 3.62)
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
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 27.1% | 100 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -0.3% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | -20.9% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 65.5x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 30.9x | 25 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.2% | 2 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation· partial25/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HireQuest, Inc. (HQI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 30.6 m USD in 2025; YoY growth -11.4%; net margin 27.1%; ROE 12.1%.
The estimated value range is 6.74–9.01 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 7.72 USD, the price of 17.73 USD leaves a potential of -56.5% (value / price − 1) and a margin of safety of -129.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 27.1%
- Interest coverage: 65.5x
- Current ratio: 2.7x
What contradicts it
- Revenue CAGR 3Y: -0.3%
- EPS CAGR 3Y: -20.9%
- P/E (TTM): 30.9x
- Shareholder yield (distributions): 0.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
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% | −6% / +20% |
| 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% | +112% / +10% |
| 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 HQI 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 | 10.19 Total return -41% · Per year -41% | 18.06 Total return 3% · Per year 3% | 27.27 Total return 55% · Per year 55% |
| 3 years | 8.95 Total return -47% · Per year -19% | 17.94 Total return 5% · Per year 2% | 29.87 Total return 74% · Per year 20% |
| 5 years | 7.86 Total return -51% · Per year -13% | 17.82 Total return 7% · Per year 1% | 32.72 Total return 94% · Per year 14% |
- Exit P/E± 4.49
- Net margin± 3.14
- Annual revenue growth± 2.70
- Annual dilution± 0.26
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.
In brief
HireQuest is a nationwide franchisor of temporary staffing and recruiting offices, with franchisee-owned offices across most US states. The system saw a sales decline in 2025, and the first half of 2026 shows signs of recovering demand, so the royalty-based model is worth following closely. Total revenue was 30.6 million USD in 2025, and system-wide sales were 500.2 million USD.
SWOT
Strengths
- Broad national footprint with a large number of offices across many states, which could support access to large accounts.
- Royalty-based model that leaves the company less exposed to client margins than an operator with company-owned offices.
- Improved profitability in the second quarter of 2026 compared with the prior year, supported by lower SG&A expenses.
Weaknesses
- System-wide sales fell significantly in 2025, and company revenue depends on this volume.
- The workers' compensation reserve can be volatile, which could affect reported results.
- The company recorded an intangible asset impairment in 2025 and earlier reported a material internal control weakness, which it says has been remediated.
Opportunities
- A recovery in labor market demand could raise royalties if franchisees expand their offices.
- Strategic acquisitions could broaden the franchisee base and diversify geographic and industry coverage.
- A more contingent workforce in the economy could create additional demand for temporary staff.
Threats
- A renewed period of economic uncertainty or rising unemployment could reduce demand for temporary staff.
- Changes in state and local employment and franchise regulation could raise compliance costs.
- Higher workers' compensation insurance costs or restricted access to collateral could disrupt operations.
Risks
- Dependence on franchisee billing volumehigh
Royalties depend on franchisee sales, so a drop in those sales feeds directly into company revenue.
- Workers' compensation reservehigh
The reserve for worker claims is estimated with actuarial assumptions and can vary substantially, affecting reported profit.
- Access to insurance and collateralhigh
The company relies on workers' compensation coverage at reasonable cost and on collateral provided to its bank; losing either could impede operations.
- Acquisitions and integrationmedium
Integrating acquisitions can be difficult and could lead to goodwill impairment or shareholder dilution if financed with equity.
- Management dependence and seasonalitylow
The company relies on a small group of senior managers, and demand for staffing falls in winter months and in adverse weather.
Investment thesis
What would need to be true (bull case)
- If the demand recovery seen in the second quarter of 2026 is sustained, royalties and profitability could keep improving.
- The franchise model could allow expansion without large company staffing costs, and national coverage could attract large accounts.
- A leaner cost base compared with 2025 could support better margins if system-wide sales grow.
What would break the thesis
- System-wide sales declined in 2025, and a recovery could be slow or incomplete if economic uncertainty persists.
- The workers' compensation reserve and insurance costs can introduce volatility in results even when operations are steady.
- The office count fell after the MRI asset transfer, and if franchisees do not expand their networks, the royalty base could stay narrow.
What to watch
- Trend in system-wide sales compared with the prior-year periodQ3 2026
- Whether adjusted EBITDA margins hold after lower SG&A expensesQ3 2026
- Development of the workers' compensation reserve and insurance costsnext 10-K
- Pace of acquisitions and of office openings or closings2027
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.
The business
HireQuest, Inc. is a Delaware corporation based in Goose Creek, South Carolina, operating as a nationwide franchisor of direct-dispatch temporary staffing offices and permanent placement offices. Revenue comes mainly from royalty fees paid by franchisees, license fees and interest on overdue franchisee receivables, and offices are franchisee-owned rather than company-owned. The company acts as employer of record for temporary workers through three wholly-owned subsidiaries and reported 413 franchisee-owned offices in 43 states at the end of 2025.
The franchise model rests on three elements the company describes: local ownership of offices, which it says could improve customer relationships; direct dispatch of workers from offices; and proprietary tools and processes for labor management. A royalty-based model leaves the company less exposed to margin swings than an operator with company-owned offices, although revenue depends on franchisee billing volume.
In 2025 the company transferred the contract assets of MRINetwork to MRI Operations, effective January 1, 2026, retaining 40% of the newly formed entity. This change reduced the reported office count and explains a significant part of the drop in sales compared with 2026.
Segments
Direct-dispatch and commercial temporary staffing
This segment, operating under brands such as HireQuest Direct, Snelling, DriverQuest and TradeCorp, focuses on daily work in construction and light industrial and on longer-term administrative positions. It is the main source of royalty revenue in the company's model.
Executive search and permanent placement
This segment, formed by brands such as Northbound, MRI, SearchPath and Sales Consultants, covers recruitment for executive, managerial and administrative roles. According to the company it was the most affected by economic uncertainty in 2025, and part of its assets were transferred to MRI Operations.
Market context
The US temporary staffing and recruiting industry generated, according to figures cited by the company, between 190 and 225 billion USD of revenue in 2025. Most of this revenue comes from temporary and contract staffing, with the rest from executive recruiting and permanent placement.
The company argues the market has room to grow because only a small percentage of the US non-farm workforce is employed through staffing services, and a more contingent workforce could expand demand. Periods of rising unemployment, however, are described as a challenge for the sector.
Trends
- Economic uncertainty and inflationmixed
The company says economic uncertainty and inflation reduced hiring in 2025, especially in professional recruiting. If these conditions ease, demand for temporary staff could recover.
- Demand recovery in 2026tailwind
Second-quarter 2026 results report a stabilizing labor market and recovering demand, and franchisees could capture this demand if conditions hold.
- Labor and insurance costsheadwind
Rising wages and workers' compensation costs can pressure client margins and affect demand. The company notes it may not always be able to pass full cost increases on to clients.
- Geopolitical tensions and energy pricesheadwind
Conflicts in the Middle East and sanctions linked to Russia have raised energy prices and strained supply chains. If these effects persist, demand in industrial and construction sectors where the company is active could decline.
Competitive position
The company says it is one of the largest providers of direct-dispatch temporary staffing in the light industrial and blue-collar segments, measured by number of offices. Its stated advantages are national scale, which gives access to national accounts, and a franchise model that it says avoids the middle-management costs of company-owned networks.
Competition comes from local and regional networks as well as from company-owned office operators. The documents do not explicitly name listed competitors, so no further detail on their positions is given.
- Local and regional temporary staffing networks
Compete for local and regional accounts, which the company says they cannot reach with the national access HireQuest has.
- Company-owned office staffing operators
Their direct-management model is described by the company as requiring larger investment in intermediate management staff.
- Executive search firms
Compete with the MRI and Northbound brands in executive and managerial recruiting, a segment hit by economic uncertainty.
- Other US temporary staffing providers
The documents do not name them, but the company mentions competition from providers running different business models.
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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report13 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report12 May 2026
- Current report12 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Current report08 May 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Annual report31 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / HireQuest, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / HireQuest, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / HireQuest, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.