olivLaw · European equity research
Hays plc HAS.L
United Kingdom · London Stock Exchange · ISIN GB0004161021 · Vertical: Listed companies from United Kingdom
Hays plc is a global professional recruitment firm focused on higher-skilled roles, with a narrowed portfolio of 16 countries. Its Momentum strategy aims to raise market share and consultant productivity in a global market of about £160 billion in net fees.
At the close of 05 Nov 2026, Hays plc (HAS.L) stock was 0.61 GBP (−0.41% on the day), with market capitalisation 980.1 m GBP, dividend yield 0.72%, beta 0.83, 52-week range 0.30–0.77 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.0
- neutral
- Bollinger (20, 2)
- 0.55 – 0.64
- in the upper half of the band · %B 0.75 · band width 15.1%
- SMA 50 / 200
- 0.63 / 0.47
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.01
- 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 | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.5% | −0.6% | −1.8 pp | — |
| 3 months | −1.7% | −4.2% | +2.5 pp | — |
| 6 months | +74.7% | +4.3% | +70.4 pp | — |
| Year to date | +8.9% | +7.5% | +1.4 pp | — |
| 1 year | +4.7% | +9.9% | −5.2 pp | +5.8% |
| 3 years | −37.9% | +49.8% | −87.7 pp | +26.3% |
| 5 years | −63.0% | +42.8% | −105.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
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.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 6.9 bn | 6.6 bn | 6.4 bn |
| Revenue YoY | unavailable | −4.9% | −2.8% |
| Net income | -4.9 m | -7.8 m | -58.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.00 | -0.00 | -0.04 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -0.1% | -0.1% | -0.9% |
| Free cash flow | 88.2 m | 102.9 m | 67.9 m |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 111.8 m GBP
- Financial debt
- 91.7 m GBP
- Net debt
- -20.1 m GBP
- Equity
- 403.6 m GBP
- Total assets
- 1.6 bn GBP
- Debt / equity
- 0.23x
- Current ratio
- 1.18x
- ROE
- -13.4%
- ROA
- -3.4%
- FCF margin
- 1.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.9 bn | 6.6 bn | 6.4 bn | esef· 22 Sept 2026verified |
| Operating income | 25.1 m | 14.9 m | -41.0 m | esef· 22 Sept 2026verified |
| Pre-tax income | 14.7 m | 1.5 m | -54.5 m | esef· 22 Sept 2026verified |
| Income tax | 19.6 m | 9.3 m | 3.7 m | esef· 22 Sept 2026verified |
| Net income | -4.9 m | -7.8 m | -58.2 m | esef· 22 Sept 2026verified |
| Diluted EPS | -0.00 | -0.00 | -0.04 | esef· 22 Sept 2026verified |
| Dividend per share | — | — | 0.00 | esef· 22 Sept 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 160.9 m | 168.5 m | 111.8 m | esef· 22 Sept 2026verified |
| Receivables | 1.2 bn | 1.1 bn | 1.1 bn | esef· 22 Sept 2026verified |
| Current assets | 1.4 bn | 1.3 bn | 1.2 bn | esef· 22 Sept 2026verified |
| Property, plant & equipment, net | 25.2 m | 21.6 m | 18.1 m | esef· 22 Sept 2026verified |
| Goodwill | 182.9 m | 182.0 m | 174.6 m | esef· 22 Sept 2026verified |
| Intangibles (excl. goodwill) | 37.7 m | 45.8 m | 59.7 m | esef· 22 Sept 2026verified |
| Total assets | 1.8 bn | 1.8 bn | 1.6 bn | esef· 22 Sept 2026verified |
| Accounts payable | 926.6 m | 931.9 m | 922.5 m | esef· 22 Sept 2026verified |
| Short-term debt | 39.1 m | 36.5 m | 26.7 m | esef· 22 Sept 2026verified |
| Long-term debt | 65.0 m | 95.0 m | 65.0 m | esef· 22 Sept 2026verified |
| Current liabilities | 1.0 bn | 1.0 bn | 1.0 bn | esef· 22 Sept 2026verified |
| Total liabilities | 1.3 bn | 1.3 bn | 1.2 bn | esef· 22 Sept 2026verified |
| Equity | 557.6 m | 466.7 m | 403.6 m | esef· 22 Sept 2026verified |
| Shares outstanding at year end | — | — | 1.6 bn | esef· 22 Sept 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 95.8 m | 109.9 m | 74.0 m | esef· 22 Sept 2026verified |
| Capex | 7.6 m | 7.0 m | 6.1 m | esef· 22 Sept 2026verified |
| Free cash flow | 88.2 m ≈ | 102.9 m ≈ | 67.9 m ≈ | esef· 22 Sept 2026derived |
| Investing cash flow | -20.2 m | -20.5 m | -21.6 m | esef· 22 Sept 2026verified |
| Financing cash flow | -98.8 m | -74.8 m | -102.4 m | esef· 22 Sept 2026verified |
| Dividends paid | 83.3 m | 47.8 m | 7.0 m | esef· 22 Sept 2026verified |
| Share repurchases | 12.3 m | 0 | 11.7 m | esef· 22 Sept 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 weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 980.1 m GBP
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -8.5% | 17 (vs peers) | 26% |
| Net margin · Quality | -0.9% | 26 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 31 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.9% | 87 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 1.9% | 27 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | 10.3% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial31/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality20/100 · 2/3 factors with a value
- Returns56/100 · 2/2 factors with a value
- Valuation· partial87/100 · 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
HAYS PLC (HAS.L). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 6.4 bn GBP in 2026; YoY growth -2.8%; net margin -0.9%; ROE -13.4%.
The estimated value range is 0.04–0.05 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.05 GBP, the price of 0.61 GBP leaves a potential of -92.2% (value / price − 1) and a margin of safety of -1,185.0% (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: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 6.9%
- Payout ratio (FCF): 10.3%
What contradicts it
- ROIC: -8.5%
- Net margin: -0.9%
- Shareholder yield (distributions): 1.9%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 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 | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| HAS.LHays PLC | 980.1 m | — | -13.4% | -0.9% | −2.8% | +6% / −41% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for HAS.L 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 (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Hays plc is a global professional recruitment firm focused on higher-skilled roles, with a narrowed portfolio of 16 countries. Its Momentum strategy aims to raise market share and consultant productivity in a global market of about £160 billion in net fees.
SWOT
Strengths
- Strong position in professional specialisms, a cash-generative business model and a more focused country portfolio.
- Track record of consultant productivity growth and structural cost savings, supported by digital transformation.
- Recognised for its training and a well-established brand in several markets.
Weaknesses
- The dividend cut and removal of the cash buffer point to recent pressure on profitability.
- Presence in several smaller countries with modest profits and occasional losses led to market exits.
- Conversion of revenue into profit remains below the stated target, showing untapped potential.
Opportunities
- Growth in flexible work and specialised roles could bring new contracts in target segments.
- The digital platform and AI tools could improve candidate matching and efficiency.
- Opportunities in the green transition and sustainability-related roles if demand grows.
Threats
- An economic slowdown could reduce recruitment demand across most of the company's markets.
- AI could reduce demand for entry-level roles and some standard services.
- Competition from global and regional providers could pressure prices and market share.
Risks
- Execution of the Momentum strategyhigh
If portfolio and cost transformation is delayed, productivity and profitability targets could be missed.
- Economic demandhigh
A slowdown could reduce recruitment volumes and net fee income.
- Effect of artificial intelligencemedium
Automation of entry-level roles could shrink traditional segments of the business.
- Disposal and reorganisation risksmedium
Country disposals and reorganisation could bring unexpected costs and operational disruption.
- Climate and operational riskslow
Extreme weather could disrupt data centres and operations, although the company says the impact would be limited.
Investment thesis
What would need to be true (bull case)
- If the Momentum strategy succeeds, the company could reach leading positions in several markets and improve margins and cash flow.
- The shift toward flexible work and the scarcity of specialised skills could sustain demand for its services over the long term.
- A cash-generative model could allow capital to be returned to shareholders if profitability recovers.
What would break the thesis
- If the economy slows, recruitment demand could fall faster than management expects.
- The dividend cut and removal of the cash buffer could signal ongoing pressure on current profitability.
- AI could reduce demand for standard roles, which could weigh on revenue over the medium term.
What to watch
- Progress on conversion to profit and consultant productivitynext annual report
- Completion of disposals in countries under review2027
- Dividend and surplus cash return policynext annual report
- Evolution of the global recruitment market and demand in key specialisms2027
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
Hays plc, a UK-listed company, operates in recruitment through Recruitment, Solutions and Services. It concentrates on six global specialisms, including Technology, Finance, Construction & Property, Engineering, Life Sciences and HR. Management describes the model as highly cash-generative, with capital priorities covering investment, a strong balance sheet, dividends and surplus cash returns via special dividends or buybacks 1.
In fiscal 2026 the company proposed a final dividend of 0.29 pence per share, unchanged from FY25, bringing the full-year payment to 0.44 pence per share 1. The Board also removed the £100 million cash buffer to give more flexibility through the cycle 1.
The Momentum strategy focuses on countries and specialisms where Hays can reach the top two positions. In June 2026 the company completed the disposal of operations in six European countries and is exploring options for several others, leaving a more focused portfolio 1.
Segments
Professional recruitment
This segment targets roles with salaries between 45,000 and 120,000 pounds a year, where talent is hard to find. Management estimates these professional positions account for about 60% of global recruitment net fees 1.
Solutions and Services
The company also offers contracting and services solutions that support projects with a predetermined duration. The source describes these separately from temporary and permanent recruitment 1.
Global specialisms
The six global specialisms are Technology, Finance, Construction & Property, Engineering, Life Sciences and HR, each with large markets and long-term demand supported by structural trends 1.
Market context
The global permanent placement and temporary and contracting market generated about £160 billion in net fees in the 12 months to December 2025, according to data cited by the company 1. Growth of 3.4% a year to 2030 is expected, supported by the shift to flexible labour and skill shortages 1.
Management sees the professional segment as more attractive because candidates are harder to replace and the cost of a failed hire rises with seniority. These conditions could support a higher share of agency placements if current trends continue 1.
Trends
- Shift from permanent to flexible labourtailwind
Growth in flexible, temporary and contract work could widen the market open to the company, supporting short-term and project-based recruitment 1.
- Skill scarcity in specialised rolestailwind
Shortages of qualified candidates for complex roles increase the need for external support, which could sustain higher penetration rates for agencies 1.
- Artificial intelligence and automationmixed
Automation could reduce demand for entry-level roles, while the company says Construction & Property, Engineering and Life Sciences are more resilient to this pressure 1. The impact could be negative for other segments.
- Variable economic demandheadwind
Macroeconomic uncertainty could slow investment and hiring in some sectors, putting pressure on recruitment volumes and margins 1.
Competitive position
The market is fragmented, with many regional and global players, and executive search firms compete at the senior end. Hays aims to reach the top two positions in each targeted country and specialism to gain share and higher margins 1.
According to the source, differentiation rests on proprietary data and technology, people, brand, go-to-market approach and operational excellence. The company targets a more than 50% increase in consultant net fee productivity over the medium term 1.
- Robert Walters
Competitor in professional recruitment in similar markets; the source gives no detail and the ticker is not confirmed.
- Randstad
Global HR services provider present in many of the company's markets; listed in Amsterdam, no US ticker confirmed.
- Adecco
Global recruitment and staffing provider; listed in Switzerland, no US ticker confirmed.
- Executive search firms
Compete at the senior end, a segment the company says it rarely addresses because it is served by established brands.
News & filings
In the press
- The Royal Saudi Air Force (RSAF) struck a communications tower between Hays and …Telegram — Intel Slava Z (pro-RU OSINT EN) · 14 Sept 2026 · EN
- 🇾🇪 ❌️ 🇸🇦 Yemeni Armed Forces celebrate the capture of the city of Hays from the …Telegram — Intel Slava Z (pro-RU OSINT EN) · 09 Sept 2026 · EN
- Yemeni government forces take control over Hays in Hodeida province — TVTASS (RU, EN) · 06 Sept 2026 · EN
- Multinaționala britanică Hays își vinde operațiunile din România către Meraki Capital. Fondul de private equity intră pe piața locală de recrutareEconomedia · 19 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202622 Sept 2026
- Annual report 202514 Oct 2025
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Hays plc · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.