olivLaw · European equity research
Randstad N.V. RAND.AS
Netherlands · Euronext Amsterdam · ISIN NL0000379121 · Vertical: Listed companies from Netherlands
Randstad N.V. is one of the largest human resources and recruitment companies in the world, connecting talent with clients through specialized services and digital platforms. The company is adapting its business model to artificial intelligence and digital marketplaces, which could lower its cost to serve and speed up placements, a context that matters as the labor market shifts quickly. Its operational footprint is broad, with 4,034 offices across 39 markets.
At the close of 05 Nov 2026, Randstad N.V. (RAND.AS) stock was 41.71 EUR (+0.43% on the day), with market capitalisation 7.5 bn EUR, P/E 25.1 on diluted EPS of 1.66 EUR over the last 12 months, dividend yield 8.51%, beta 0.86, 52-week range 21.61–42.03 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 65.3
- strong (55–70)
- Bollinger (20, 2)
- 32.57 – 44.59
- in the upper half of the band · %B 0.76 · band width 31.1%
- SMA 50 / 200
- 37.56 / 30.84
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.45 / 1.14
- 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 | +18.2% | −0.6% | +18.8 pp | — |
| 3 months | +10.9% | −4.2% | +15.1 pp | — |
| 6 months | +63.1% | +4.3% | +58.8 pp | — |
| Year to date | +28.9% | +7.5% | +21.3 pp | — |
| 1 year | +24.0% | +9.9% | +14.1 pp | −0.2% |
| 3 years | −19.0% | +49.8% | −68.9 pp | +2.2% |
| 5 years | −34.6% | +42.8% | −77.4 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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 16.5, median 19.5, max 62.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 25.4 bn | 24.1 bn | 23.1 bn |
| Revenue YoY | unavailable | −5.1% | −4.3% |
| Net income | 624.0 m | 123.0 m | 299.0 m |
| Net income YoY | unavailable | −80.3% | +143.1% |
| Diluted EPS | 3.43 | 0.65 | 1.66 |
| Diluted EPS YoY | unavailable | −81.0% | +155.4% |
| net % | 2.5% | 0.5% | 1.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 399.0 m EUR
- Financial debt
- 1.2 bn EUR
- Net debt
- 844.0 m EUR
- Equity
- 4.0 bn EUR
- Total assets
- 10.7 bn EUR
- Debt / equity
- 0.31x
- Current ratio
- 1.21x
- ROE
- 7.4%
- ROA
- 2.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 25.4 bn | 24.1 bn | 23.1 bn | esef· 17 Feb 2026verified |
| Cost of revenue | 20.1 bn | 19.4 bn | 18.8 bn | esef· 17 Feb 2026verified |
| Gross profit | 5.3 bn | 4.7 bn | 4.3 bn | esef· 17 Feb 2026verified |
| Operating income | 831.0 m | 405.0 m | 512.0 m | esef· 17 Feb 2026verified |
| Interest expense | 83.0 m | 131.0 m | 77.0 m | esef· 17 Feb 2026verified |
| Pre-tax income | 762.0 m | 190.0 m | 433.0 m | esef· 17 Feb 2026verified |
| Income tax | 138.0 m | 67.0 m | 134.0 m | esef· 17 Feb 2026verified |
| Net income | 624.0 m | 123.0 m | 299.0 m | esef· 17 Feb 2026verified |
| Diluted EPS | 3.43 | 0.65 | 1.66 | esef· 17 Feb 2026verified |
| Dividend per share | 3.55 | — | — | esef· 25 Feb 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 261.0 m | 357.0 m | 399.0 m | esef· 17 Feb 2026verified |
| Receivables | 5.4 bn | 5.5 bn | 5.3 bn | esef· 17 Feb 2026verified |
| Current assets | 5.8 bn | 6.1 bn | 5.8 bn | esef· 17 Feb 2026verified |
| Property, plant & equipment, net | 136.0 m | 118.0 m | 102.0 m | esef· 17 Feb 2026verified |
| Goodwill | 3.1 bn | 3.2 bn | 3.1 bn | esef· 17 Feb 2026verified |
| Total assets | 10.7 bn | 11.2 bn | 10.7 bn | esef· 17 Feb 2026verified |
| Accounts payable | 4.3 bn | 4.3 bn | 4.2 bn | esef· 17 Feb 2026verified |
| Short-term debt | 493.0 m | 71.0 m | — | esef· 25 Feb 2025verified |
| Long-term debt | 74.0 m | 1.6 bn | 1.2 bn | esef· 17 Feb 2026verified |
| Current liabilities | 5.2 bn | 4.8 bn | 4.8 bn | esef· 17 Feb 2026verified |
| Total liabilities | 6.0 bn | 7.1 bn | 6.7 bn | esef· 17 Feb 2026verified |
| Equity | 4.7 bn | 4.1 bn | 4.0 bn | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 180.9 m | 189.2 m | 180.1 m | esef· 17 Feb 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.2 bn | 649.0 m | 872.0 m | esef· 17 Feb 2026verified |
| Investing cash flow | -147.0 m | -518.0 m | -69.0 m | esef· 17 Feb 2026verified |
| Financing cash flow | -1.0 bn | -21.0 m | -773.0 m | esef· 17 Feb 2026verified |
| Share repurchases | 294.0 m | 183.0 m | 2.0 m | esef· 17 Feb 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: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.5 bn EUR
Key indicators
Coverage and freshness
Score by group
44% · 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: 17.52 – 65.84 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E17.52 – 42.61 (Mid 24.09)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)48.28 – 65.84 (Mid 55.71)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.9% | 50 (vs peers) | 24% |
| Net margin · Quality | 1.3% | 47 (vs peers) | 14% |
| 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 | 6.6x | 79 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 25.1x | 48 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial48/100 · 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
Randstad N.V. (RAND.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 23.1 bn EUR in 2025; YoY growth -4.3%; net margin 1.3%; ROE 7.4%.
The estimated value range is 32.90–54.22 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 39.90 EUR, the price of 41.71 EUR leaves a potential of -4.3% (value / price − 1) and a margin of safety of -4.5% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 6.6x
What contradicts it
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · 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 | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| RAND.ASRandstad N.V. | 7.5 bn | 25.1 | 7.4% | 1.3% | −4.3% | +24% / −23% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for RAND.AS 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 (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 22.47 Total return -46% · Per year -46% | 39.90 Total return -4% · Per year -4% | 60.36 Total return 45% · Per year 45% |
| 3 years | 18.10 Total return -57% · Per year -24% | 36.52 Total return -12% · Per year -4% | 61.17 Total return 47% · Per year 14% |
| 5 years | 14.59 Total return -65% · Per year -19% | 33.42 Total return -20% · Per year -4% | 61.99 Total return 49% · Per year 8% |
- Exit P/E± 9.13
- Net margin± 6.39
- Annual revenue growth± 5.73
- Annual dilution± 0.54
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
Randstad N.V. is one of the largest human resources and recruitment companies in the world, connecting talent with clients through specialized services and digital platforms. The company is adapting its business model to artificial intelligence and digital marketplaces, which could lower its cost to serve and speed up placements, a context that matters as the labor market shifts quickly. Its operational footprint is broad, with 4,034 offices across 39 markets 1.
SWOT
Strengths
- Market-leading position and a global network of offices and delivery centers that attracts talent and reduces acquisition costs 1.
- An integrated digital platform whose marketplaces speed up filling roles and lower the cost to serve 1.
- A portfolio of specializations covering operational, professional, digital and enterprise services, which reduces reliance on any single segment 1.
Weaknesses
- The business depends on the economic cycle and on clients' hiring decisions, which can make revenue volatile 1.
- The operational segment, the main revenue source, has margins more exposed to pressure on workforce costs 1.
- The shift to a digital-first model requires continuous investment, which could weigh on short-term results 1.
Opportunities
- Growing demand in logistics, skilled trades and the energy transition, where the company intends to invest 1.
- Wider use of artificial intelligence in recruitment and client consulting, which could open new revenue streams 1.
- Regaining market share in the United States, where the digital platform has changed talent behavior 1.
Risks
- Cyclical demandhigh
Revenue depends on client activity, and an economic slowdown could quickly reduce placement volumes 1.
- Impact of artificial intelligencemedium
Automation and AI could change the structure of demand for certain roles and reduce the number of intermediated positions 1.
- Digital competitionmedium
New digital platforms could attract talent and clients if the company's speed advantage declines 1.
- Health and safety at workmedium
Safety risks at client sites can lead to incidents and legal liability, and the company aims for zero fatalities 1.
- Data securitymedium
Cyber threats and the protection of personal data of talent and clients represent a growing risk for a platform-based model 1.
Investment thesis
What would need to be true (bull case)
- If digital adoption keeps accelerating talent placement, the speed and cost advantage could support market share gains in several markets 1.
- Specialization in growing segments such as logistics, skilled trades and healthcare could support a more robust revenue trajectory 1.
- Integrating AI into consulting and the talent platform could open new revenue sources and reinforce the leadership position 1.
What would break the thesis
- An economic slowdown could reduce demand for temporary staff, directly affecting revenue in the operational segment 1.
- AI could reduce the volume of intermediated positions for certain role categories, which could weigh on long-term growth 1.
- Continued investment in digital transformation could pressure short-term margins if results do not materialize quickly 1.
What to watch
- Trend in digitally completed shifts and market share in the United States2026
- Growth pace in priority segments: logistics, skilled trades and healthcare2026
- Results from the Torc integration and growth of the digital talent community2026
- Evolution of margins and digital transformation spending in quarterly reportsQ1 2027
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
Randstad N.V. defines its mission as becoming the most equitable and specialized talent company in the world, with a model built on four specializations: Randstad Operational, Randstad Professional, Randstad Digital and Randstad Enterprise 1. The company links talent to clients across all forms of work, from temporary and permanent placements to secondment, freelance, outsourcing and projects 1. The activity is supported by the Randstad Talent Platform, a digital infrastructure offering 24/7 access for talent and clients in relevant local languages 1.
The operating model combines specialized talent and delivery centers with digital capabilities. The company has launched over 110 specialized centers across 16 markets, integrating more than 2,000 full-time equivalents into these high-value hubs 1. These centers allow a fast response to talent demand, and the integration of the Torc platform brought a community of more than three million professionals 1.
Randstad notes that its equity and career development initiatives, including refugee integration programs and RiseSmart coaching services, are an integral part of its value proposition for talent and clients 1. These programs are presented as a point of differentiation, not only as a corporate responsibility activity 1.
Segments
Randstad Operational
This is the principal revenue-generating specialization, covering logistics, manufacturing, skilled trades, hospitality and contact center services 1. The company believes logistics and skilled trades will be strongly growing segments over the next few years and is prioritizing investment there 1.
Randstad Professional
It provides recruitment services in finance and accounting, office support, engineering, HR and legal, healthcare and sales 1. In 2025 the focus sharpened on finance, engineering and healthcare, and the Zorgwerk platform in the Netherlands secured a market-leading position in care 1.
Market context
Randstad operates in an environment of structural talent scarcity and technological transformation, where clients increasingly seek specialized skills 1. The company says it is recovering growth and gaining market share, particularly in the United States, where its digital platform has changed talent behavior 1.
The market is shaped by an aging workforce and clients' need to build skills internally, which opens room for reskilling programs in industries in transition such as renewables and maritime 1. Randstad argues these trends could support its position if it keeps its digital advantage 1.
Trends
- Digitalization of marketplacestailwind
Digital platforms reduce the cost to serve and speed up talent placement, and Randstad reports completing over 500,000 shifts a month digitally in late 2025 1. If this adoption keeps expanding, the speed advantage could support growth 1.
- Artificial intelligence in recruitmentmixed
The company uses AI to improve matching speed and quality and to help clients adopt AI faster 1. However, AI could also reshape demand for certain roles, which might reduce volumes in some categories 1.
- Talent scarcity and an aging workforcetailwind
Structural talent scarcity raises demand for recruitment services but can limit clients' ability to grow if they cannot find candidates 1. The company suggests an aging workforce will keep pressure on clients 1.
- Economic uncertainty and hiring cyclesheadwind
Demand for temporary and project staffing is sensitive to the economic cycle, and a slowdown in client activity could reduce placement volumes 1. The impact depends on how economies in the main markets evolve 1.
Competitive position
Randstad presents itself as a market leader, a position that helps it attract talent more easily and lower candidate acquisition costs 1. Competition includes both generalist recruitment firms and providers specialized in segments such as digital or healthcare 1.
The company's differentiation rests on specialization, global scale and an integrated digital platform, which matter more as clients ask for frictionless experiences 1. Competitors offering only traditional services could lose ground to these capabilities 1.
- Robert HalfRHI
A US recruitment firm specialized in finance, administrative and technology roles, comparable to the Randstad Professional segment.
- ManpowerGroupMAN
A global provider of temporary workforce and talent services, relevant to Randstad's operational segment.
- Kelly ServicesKELYA
A US staffing and recruitment company active in specialized talent and outsourcing segments.
- Adecco Group
A global recruitment and temporary staffing competitor listed outside the United States, with similar coverage of European markets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202425 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Randstad N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.