olivLaw · US equity research
TrueBlue, Inc. TBI
Services-Help Supply Services · SIC 7363 · Vertical: Services-Help Supply Services (SIC 7363)
TrueBlue provides specialized workforce solutions through three segments, PeopleReady, PeopleManagement and PeopleSolutions, connecting employers and talent in the United States and other markets. The company returned to growth at the end of 2025 and in the first half of 2026, with second quarter revenue of 443.0 million USD, but margins remain under pressure and the company still posts a net loss.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, TrueBlue, Inc. (TBI) stock was 12.36 USD (+25.61% on the day), with market capitalisation 376.8 m USD, beta 0.68, 52-week range 3.31–12.36 USD. Latest reported quarter (Q3 2026): revenue of 520.7 m USD (+20.7% YoY), net income of 9.2 m USD, diluted EPS 0.28 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)
- 79.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 7.46 – 11.11
- above the upper band · %B 1.34 · band width 39.3%
- SMA 50 / 200
- 9.41 / 6.90
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.39 / 0.13
- 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 | +37.8% | −5.9% | +43.7 pp | — |
| 3 months | +21.2% | −4.6% | +25.8 pp | — |
| 6 months | +105.7% | +0.2% | +105.4 pp | — |
| Year to date | +171.6% | +7.4% | +164.2 pp | — |
| 1 year | +143.8% | +8.2% | +135.6 pp | +18.6% |
| 3 years | −3.1% | +68.4% | −71.6 pp | −39.5% |
| 5 years | −57.2% | +56.5% | −113.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 386.0 m | 370.3 m | 396.3 m | 431.3 m | 418.2 m | 398.6 m | 443.0 m | 520.7 m |
| Cost of revenue | 283.4 m | 283.9 m | 302.7 m | 333.4 m | 328.1 m | 319.5 m | 351.4 m | 413.7 m |
| Gross profit | 102.5 m | 86.3 m | 93.6 m | 97.9 m | 90.0 m | 79.0 m | 91.6 m | 107.0 m |
| SG&A | 106.9 m | 94.6 m | 89.8 m | 91.7 m | 94.9 m | 87.3 m | 83.8 m | 89.1 m |
| Operating income | -10.4 m | -14.1 m | -2.9 m | -146.0 k | -29.4 m | -17.8 m | -1.2 m | 12.0 m |
| Depreciation & amortisation | 6.9 m | 6.8 m | 7.5 m | 7.3 m | 7.2 m | 6.9 m | 5.9 m | 5.9 m |
| Pre-tax income | -10.0 m | -13.9 m | -38.0 k | -1.2 m | -30.5 m | -19.2 m | -2.5 m | 10.3 m |
| Income tax | 1.7 m | 418.0 k | 122.0 k | 711.0 k | 1.1 m | 576.0 k | 887.0 k | 1.0 m |
| Net income | -11.7 m | -14.3 m | -160.0 k | -1.9 m | -31.5 m | -19.8 m | -3.4 m | 9.2 m |
| Diluted EPS | -0.40 ≈ | -0.48 | -0.01 | -0.06 | -1.05 ≈ | -0.66 | -0.11 | 0.28 |
| Operating cash flow | 6.1 m | -22.1 m | -11.8 m ≈ | -19.8 m ≈ | -4.4 m | -9.8 m | -20.6 m ≈ | -26.1 m ≈ |
| Capex | 5.3 m | 4.7 m | 4.3 m ≈ | 3.6 m ≈ | 3.1 m | 2.8 m | 3.4 m ≈ | 2.2 m ≈ |
| Share repurchases | -8.0 k | 0 | 0 ≈ | 0 ≈ | 0 | — | — | — |
≈ 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.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.4 bn | 1.8 bn | 2.2 bn | 2.3 bn | 1.9 bn | 1.6 bn | 1.6 bn |
| Revenue YoY | −0.4% | −5.2% | −22.1% | +17.7% | +3.7% | −15.4% | −17.8% | +3.1% |
| Net income | 65.8 m | 63.1 m | -141.8 m | 61.6 m | 62.3 m | -14.2 m | -125.7 m | -48.0 m |
| Net income YoY | +18.6% | −4.1% | −324.9% | unavailable | +1.0% | −122.8% | unavailable | unavailable |
| Diluted EPS | 1.63 | 1.61 | -4.01 | 1.74 | 1.86 | -0.45 | -4.17 | -1.61 |
| Diluted EPS YoY | +21.6% | −1.2% | −349.1% | unavailable | +6.9% | −124.2% | unavailable | unavailable |
| net % | 2.6% | 2.7% | -7.7% | 2.8% | 2.8% | -0.7% | -8.0% | -3.0% |
| Free cash flow | 108.6 m | 65.4 m | 125.5 m | -14.6 m | 89.9 m | 3.5 m | -41.2 m | -73.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 28 Dec 2025
- Cash
- 24.5 m USD
- Financial debt
- 65.8 m USD
- Net debt
- 41.3 m USD
- Equity
- 274.6 m USD
- Total assets
- 638.7 m USD
- Debt / equity
- 0.24x
- Current ratio
- 2.15x
- ROE
- -16.3%
- ROA
- -7.3%
- FCF margin
- -4.6%
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 | 1.8 bn | 2.2 bn | 2.3 bn | 1.9 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 1.4 bn | 1.6 bn | 1.7 bn | 1.4 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 440.6 m | 560.3 m | 602.1 m | 506.1 m | 406.4 m | 367.8 m | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | 408.3 m | 464.3 m | 500.7 m | 494.6 m | 410.9 m | 371.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | -174.9 m | 68.4 m | 72.2 m | -23.9 m | -92.8 m | -46.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 32.0 m | 27.6 m | 29.3 m | 25.8 m | 29.6 m | 28.9 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | -142.9 m ≈ | 96.0 m ≈ | 101.5 m ≈ | 2.0 m ≈ | -63.2 m ≈ | -17.8 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Pre-tax income | -173.3 m | 73.9 m | 73.4 m | -20.6 m | -88.5 m | -45.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -31.4 m | 12.2 m | 11.1 m | -6.5 m | 37.2 m | 2.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -141.8 m | 61.6 m | 62.3 m | -14.2 m | -125.7 m | -48.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -4.01 | 1.74 | 1.86 | -0.45 | -4.17 | -1.61 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 35.4 m | 35.4 m | 33.4 m | 31.3 m | 30.2 m | 29.8 m | SEC (XBRL)· 18 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 | 62.5 m | 49.9 m | 72.1 m | 61.9 m | 22.5 m | 24.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 278.3 m | 353.9 m | 314.3 m | 252.5 m | 214.7 m | 241.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 378.9 m | 445.1 m | 430.2 m | 355.0 m | 277.1 m | 297.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 71.7 m | 88.1 m | 95.8 m | 104.9 m | 89.6 m | 73.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 94.9 m | 94.5 m | 93.8 m | 84.1 m | 24.5 m | 42.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 28.9 m | 22.2 m | 16.2 m | 10.5 m | 5.9 m | 18.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 980.6 m | 1.0 bn | 1.0 bn | 899.4 m | 675.4 m | 638.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 58.4 m | 77.2 m | 76.6 m | 56.4 m | 45.6 m | 36.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 0 | 0 | — | 0 | 7.6 m | 65.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 269.0 m | 258.5 m | 242.9 m | 204.1 m | 160.1 m | 138.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 543.4 m | 540.2 m | 523.1 m | 441.5 m | 360.0 m | 364.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 437.2 m † | 493.1 m † | 496.3 m † | 457.9 m † | 315.4 m † | 274.6 m † | SEC (XBRL)· 18 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 | 152.5 m | 20.4 m | 120.5 m | 34.8 m | -17.1 m | -58.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 27.1 m | 35.0 m | 30.6 m | 31.3 m | 24.2 m | 15.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 125.5 m ≈ | -14.6 m ≈ | 89.9 m ≈ | 3.5 m ≈ | -41.2 m ≈ | -73.7 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -34.4 m | -16.2 m | -20.9 m | -32.3 m | -2.5 m | -16.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | -92.5 m | -19.1 m | -64.7 m | -37.6 m | -17.1 m | 57.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 52.3 m | 16.7 m | 60.9 m | 34.2 m | 21.3 m | 0 | SEC (XBRL)· 18 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
Risk
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 376.8 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -8.7% | 33 (vs peers) | 24% |
| Net margin · Quality | -2.6% | 38 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -10.5% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -19.2% | 0 (on a fixed band) | 19% |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality35/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 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
TrueBlue, Inc. (TBI). Latest full fiscal year: 2025; data up to 2026-09-27.
Figures computed from the financial statements: revenue 1.6 bn USD in 2025; YoY growth 3.1%; net margin -2.6%; ROE -15.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.3x
What contradicts it
- Revenue CAGR 3Y: -10.5%
- FCF yield: -19.2%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, 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. | 4.4 bn | 35.6 | 9.8% | 2.3% | −7.2% | +59% / −48% |
| MANManpowergroup Inc. | 2.2 bn | 18.2 | 5.8% | 0.6% | +0.6% | +61% / −38% |
| NSPInsperity, Inc. | 1.9 bn | 554.9 | 4.6% | 0.0% | +3.5% | +44% / −55% |
| AMNAmn Healthcare Services, Inc. | 1.8 bn | 17.7 | 15.6% | 3.1% | −8.5% | +185% / −30% |
| EFOREverforth, Inc. | 1.5 bn | 21.8 | 3.7% | 1.7% | −2.9% | −21% / −60% |
| KFRCKforce Inc | 997.7 m | 23.4 | 30.5% | 3.0% | −5.4% | +89% / −20% |
| BBSIBarrett Business Services, Inc. | 728.3 m | 24.2 | 13.9% | 2.4% | +8.4% | −13% / +11% |
| TBITrueBlue, Inc. | 376.8 m | — | -15.9% | -2.6% | +3.1% | +144% / −3% |
| HQIHireQuest, Inc. | 239.2 m | 30.0 | 12.1% | 27.1% | −11.4% | +98% / +16% |
| RCMTRcm Technologies, Inc. | 226.3 m | 13.8 | 39.5% | 5.1% | unavailable | +63% / +18% |
| TTECTTEC Holdings, Inc. | 73.0 m | — | -108.2% | -10.2% | −3.2% | −56% / −92% |
| DLHCDlh Holdings Corp. | 52.6 m | — | -20.8% | -8.5% | −13.0% | −42% / −74% |
| BGSFBgsf, Inc | 37.5 m | — | -4.4% | -2.3% | −10.6% | −24% / −64% |
| STRRStar Equity Holdings, Inc. | 35.0 m | — | -18.2% | -4.3% | +22.9% | −6% / −40% |
| CIRCCircle8 Group Inc. | 23.5 m | — | — | -19.4% | −1.5% | −90% / −95% |
| YFORYY Group Holding Ltd. | 3.9 m | — | -94.1% | -11.8% | +29.4% | −100% / unavailable |
| KELYAKelly Services, Inc. | — | — | -11.9% | -3.1% | −1.9% | +63% / −32% |
1- and 3-year price returns: for TBI 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 | 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.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
TrueBlue provides specialized workforce solutions through three segments, PeopleReady, PeopleManagement and PeopleSolutions, connecting employers and talent in the United States and other markets. The company returned to growth at the end of 2025 and in the first half of 2026, with second quarter revenue of 443.0 million USD, but margins remain under pressure and the company still posts a net loss.
SWOT
Strengths
- The national branch network and proprietary mobile platforms give an advantage in quickly recruiting personnel.
- Industry expertise and proprietary technology such as Stafftrack and Affinix support differentiation from competitors.
- Liquidity remained adequate in the first half of 2026, with a revolving credit facility available to fund operations.
Weaknesses
- The company has reported net losses in recent years and gross margin contracted in fiscal 2025.
- Collateral requirements for workers' compensation insurance can call for additional financial resources.
- Debt rose in the first half of 2026, which reduces the company's financial flexibility.
Opportunities
- Expansion in energy, commercial driving and healthcare could bring steadier, less cyclical revenue.
- Greater automation in recruiting could lower operating costs if the technology proves effective.
- A return of on-site and permanent hiring activity could support growth in the PeopleSolutions segment.
Threats
- An economic slowdown or recession could quickly reduce demand for contingent workers.
- Artificial intelligence and automation could reduce clients' need for external labor.
- Competition from digital platforms and local firms could press prices lower.
Risks
- Sensitivity to the economic cyclehigh
Demand for the company's services depends heavily on the state of the economy, and a slowdown could quickly affect revenue and profitability.
- Recurring net losseshigh
The company reported net losses in fiscal 2025 and in the first half of 2026, and if these losses persist they could affect its funding capacity.
- Workers' compensation costsmedium
A rise in the frequency or severity of accidents could generate costs higher than those estimated in the accounting reserves.
- Client concentrationmedium
The loss of a large client or a major industry could have a significant impact on revenue and collections.
- Technological transformationmedium
If investments in technology and artificial intelligence do not deliver the expected return, the company could lose relevance against competitors.
Investment thesis
What would need to be true (bull case)
- Revenue growth in the second quarter of 2026 and the return to growth in on-demand activity suggest that demand could recover, especially in skilled sectors.
- Cost reduction measures could support a recovery in profitability if volumes rise, and the leaner structure becomes an advantage.
- Proprietary technology platforms and expansion into sectors with steady demand could strengthen the company's long-term position.
What would break the thesis
- Gross margin fell to 20.7% in the second quarter of 2026, and if this pressure persists, profitability could remain weak.
- Rising debt and lower available liquidity could limit financial flexibility in the event of an economic slowdown.
- Automation and digital competition could reduce demand for traditional recruiting and staffing services.
What to watch
- Trend in gross margin and workers' compensation costsQ3 2026
- Recovery of on-site and permanent hiring activity in PeopleManagement and PeopleSolutions2026
- Level of debt and available liquidity under the revolving credit facilitynext 10-Q
- Fiscal 2026 guidance compared with actual results2026
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 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
TrueBlue, Inc. began operations in 1989 and presents itself as a leading provider of workforce solutions that connect employers with talent. In fiscal 2025 it connected approximately 291,000 people with work and served approximately 53,000 clients 1. Operations are organized into three business segments, each with its own model and client base.
The company says its services rely on proprietary digital platforms, including the JobStack mobile app, the Stafftrack software and the Affinix platform, which could lower recruiting costs and speed the matching of candidates with jobs. The strategy for fiscal 2026 aims to grow market share, expand into less cyclical markets and higher-value roles, and invest in sales and technology.
Client concentration is moderate: the ten largest clients accounted for 26.2% of fiscal 2025 revenue 1, yet no single client exceeded 10% of total company revenue, according to the annual report. This structure could reduce concentration risk, although the loss of a major client could still weigh on results.
Segments
PeopleManagement
PeopleManagement supplies and manages contingent associates at client facilities through the Staff Management | SMX, SIMOS and Centerline brands, the last one for commercial drivers. Revenue rose slightly in fiscal 2025 to 544.4 million USD, but fell 3.1% in the first half of 2026 amid weakness in on-site activity.
PeopleSolutions
PeopleSolutions covers recruitment process outsourcing, management of contingent workforce programs and healthcare staffing through the Healthcare Staffing Professionals brand, acquired in early 2025. The segment grew 19.8% in fiscal 2025 but dipped slightly in the first half of 2026 as clients reduced hiring volumes.
Market context
Demand for contingent staffing depends on the health of the economy and the labor market, and the industry is fragmented, with a few large listed firms and many regional or local players. According to the company, demand contracts during periods of economic uncertainty and recovers quickly when activity improves, which makes industry performance cyclical 1.
The human resource outsourcing market, which includes RPO and MSP services, grows as companies transfer non-core functions to specialized providers. Recruiting demand nonetheless stayed volatile in 2025, and the shift toward automation and artificial intelligence could, in some cases, reduce the need for external labor and recruiting services.
Trends
- Recovery of demand in skilled industriestailwind
Growth in energy and commercial driving, where the company has higher-margin segments, suggests that demand for specialized labor could support revenue. If this pace holds, the company could offset weakness in on-site and permanent hiring.
- Automation and artificial intelligenceheadwind
Clients increasingly use automation and artificial intelligence to reduce their reliance on labor, which could weaken demand for staffing services. The company must keep investing in technology to remain relevant, and those investments carry no guarantee of return.
- Workers' compensation costsheadwind
Workers' compensation costs weighed on gross margin in fiscal 2025, and the reserves for these claims are sensitive to medical trends and legislation. If these costs rise faster than the rates billed to clients, margins could remain under pressure.
- Lower operating costsmixed
Expense reduction and a simpler organizational structure have lowered selling, general and administrative costs, which could support profitability if demand improves. The effect depends on whether the company can keep a leaner cost base without affecting service quality.
Competitive position
The company competes mainly with local and regional firms, along with online and app-based platforms offering flexible workforce solutions. The decisive factors are price, the ability to fill orders quickly, the quality of technology tools and the handling of client service issues 1.
In outsourced HR, the main competitors are firms specialized in RPO or broader outsourcing solutions, as well as clients who recruit in-house. According to the annual report, the company differentiates itself through the Affinix technology, employer branding services and a national presence in a fragmented competitive field.
- Randstad N.V.
Global staffing company cited in the analyzed sources as an industry reference, without comparative details in the texts provided.
- Recruit Holdings Co., Ltd.
Recruitment and HR outsourcing group, mentioned as a reference in the competitive analysis, without financial information in the sources provided.
- Local and regional staffing firms
Main competitors in the contingent segment according to the annual report, although the company does not name them individually.
- Online and app-based platforms
New entrants from the digital economy that attract candidates through mobile apps and compete on flexible work services.
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
- JetBlue unveils first-class upgrade policy, TrueBlue perk changes for 2027The Points Guy · 22 Oct 2026 · EN
- Bilt adds JetBlue TrueBlue as a 1:1 transfer partnerThe Points Guy · 20 Oct 2026 · EN
- Rove adds JetBlue TrueBlue as a 1:1 transfer partnerThe Points Guy · 15 Oct 2026 · EN
The latest news item in our archive is from 22 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report26 Oct 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Shareholder vote · Financial statements and exhibits
- Current report06 May 2026Material agreement · Item 3.03 · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement14 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-28 · SEC / TrueBlue, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-28 · SEC / TrueBlue, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TrueBlue, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.