Hays plc (HAS) AI Stock Analysis

• Market Cap: £536.67M
• Dividend Yield: 1.76%
• Average Volume (3M): 4.60M
• Price to Earnings (P/E): 748.6
• Beta (1Y): 1.19
• Revenue Growth: -4.92%
• EPS Growth: -58.06%
• Country: UK
• Employees: 10,300
• Sector: Industrials
• Sector Strength: 72
• Industry: Staffing & Employment Services
• EPS (TTM): <0.01
• Shares Outstanding: 1,599,141,700
• 10 Day Avg. Volume: 5,140,711
• 30 Day Avg. Volume: 4,602,489
• PEG Ratio: -2.51
• Price to Book (P/B): 2.43
• Price to Sales (P/S): 0.17
• P/FCF Ratio: 11.87
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £60.67
• Price Target Upside: 80.77% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.01
• Revenue Forecast (FY): £5.97B

• Rating: 45 Neutral
• Price Target: 32.00 p ▼(-4.65% Downside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is held back primarily by weak technicals (below all major moving averages with negative MACD) and very stretched valuation (P/E 748.65). Financial performance is mixed—loss-making and declining revenue, but improving free cash flow—providing partial support.

Positive Factors

Diversified Recruitment Model

Hays' mix of permanent placements, temporary/contract staffing and RPO/MSP creates multiple revenue streams and recurring income from ongoing contracts. This structural diversification reduces dependence on any single hiring cycle or market, supporting revenue resilience across economic fluctuations.

Improving Free Cash Flow

Material FCF growth and a high FCF-to-net income ratio indicate improved cash conversion and strong cash generation capacity despite reported losses. Durable cash generation enhances the company's ability to fund operations, sustain dividends, invest in service capabilities, and reduce reliance on external financing.

Manageable Leverage

Moderate leverage provides balance-sheet flexibility without excessive refinancing pressure. A manageable debt load supports funding of working capital for staffing operations and enables the firm to pursue incremental investments or absorptions of cyclical shocks without compromising solvency.

Negative Factors

Declining Revenue

Sustained revenue decline undermines scale advantages, reduces fee income and bargaining power with clients, and constrains reinvestment capacity. Over several quarters, shrinking top-line can erode market share and make it harder to maintain pricing, margins and long-term client relationships.

Very Low Operating Margins

Persistently thin operating margins limit the firm's ability to absorb wage inflation, invest in digital platforms or sales, and build competitive differentiation. Low profitability reduces retained earnings and increases sensitivity to cyclical revenue drops, pressuring long-term margin sustainability.

Weak Cashflow-Earnings Alignment

A low operating-cash-to-net-income ratio signals earnings quality or working-capital volatility, common in staffing firms with timing mismatches. This misalignment raises the risk that reported profits (or losses) won't consistently convert to cash, complicating planning for dividends, debt service, and investment.

Hays plc Business Overview & Revenue Model

Company Description

Hays plc operates as a recruitment company in Australia, New Zealand, Germany, the United Kingdom, Ireland, and internationally. The company offers permanent, temporary, and contractor recruitment services, such as qualified, professional, and skilled recruitment to public and private sectors. It also specializes in offering recruitment services in the areas of accountancy and finance, construction and property, technology, life sciences, sales and marketing, banking and capital markets, contact centers, education, engineering and manufacturing, executive, financial services, health and social care, human resources, legal, office support, energy, oil and gas, procurement, retail, resources and mining, and telecoms. Hays plc was founded in 1968 and is headquartered in London, the United Kingdom.

How the Company Makes Money

Hays makes money primarily by providing recruitment and staffing services to client organizations. Its core revenue streams typically include: (1) Permanent recruitment fees: when Hays places a candidate into a permanent role, it earns a placement fee usually calculated as a percentage of the candidate’s starting salary, paid by the hiring employer. (2) Temporary and contracting (agency) staffing: when Hays supplies temporary workers or contractors, it charges the client an hourly/daily rate (or markup) above the worker’s pay; Hays’ revenue reflects the billings to clients, while its gross profit is the margin between client bill rates and worker pay plus related employment costs. (3) Recruitment Process Outsourcing (RPO) and Managed Service Provider (MSP) / talent solutions: where Hays manages some or all of a client’s hiring process or contingent workforce program for an ongoing fee structure, which may include management fees and/or performance-based components depending on contract terms. Key factors influencing earnings include hiring volumes and salary/wage rates in the markets and sectors it serves, the mix of permanent versus temporary placements (temporary staffing often generates recurring revenue while assignments continue), client retention and multi-year outsourcing contracts, and overall labor-market conditions that affect demand for recruiting and contracting.

Hays plc Financial Statement Overview

Summary

Profitability and growth are weak (revenue growth -2.50%, net margin -0.12%, negative ROE -1.67%), but cash flow is a relative strength with strong free cash flow growth (+18.91%) and high FCF-to-net income (0.93). Leverage is moderate (debt-to-equity 0.67).

Income Statement

Hays plc has experienced a decline in revenue over the past year, with a negative revenue growth rate of -2.50%. The company also shows a negative net profit margin of -0.12%, indicating a loss. However, the gross profit margin is slightly positive at 0.37%, suggesting some ability to cover direct costs. The EBIT and EBITDA margins are low at 0.24% and 1.18%, respectively, reflecting challenges in operational efficiency and profitability.

Balance Sheet

The debt-to-equity ratio of 0.67 indicates moderate leverage, which is manageable but higher than previous years. The return on equity is negative at -1.67%, reflecting recent losses. However, the equity ratio is relatively stable, suggesting a reasonable proportion of equity financing. The balance sheet shows some stability but highlights concerns about profitability and leverage.

Cash Flow

Hays plc has shown a positive free cash flow growth rate of 18.91%, indicating improved cash generation. The operating cash flow to net income ratio is 0.10, suggesting that cash flow generation is not strongly aligned with net income. The free cash flow to net income ratio is high at 0.93, indicating effective cash management despite net losses. Overall, cash flow performance is a relative strength for the company.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2022	Jun 2021	Jun 2019
Income Statement
Total Revenue	6.49B	6.61B	6.95B	7.58B	6.59B	5.93B
Gross Profit	870.10M	24.70M	292.60M	426.80M	421.40M	346.30M
EBITDA	79.30M	78.20M	87.10M	218.90M	232.90M	150.30M
Net Income	-10.50M	-7.80M	-4.90M	138.30M	154.20M	47.50M
Balance Sheet
Total Assets	1.68B	1.77B	1.78B	1.90B	2.08B	1.94B
Cash, Cash Equivalents and Short-Term Investments	169.90M	168.50M	121.80M	145.60M	296.20M	484.50M
Total Debt	308.80M	312.20M	244.30M	199.80M	185.10M	228.70M
Total Liabilities	1.21B	1.30B	1.22B	1.23B	1.28B	1.09B
Stockholders Equity	471.10M	466.70M	557.60M	670.30M	796.20M	853.40M
Cash Flow
Free Cash Flow	89.70M	95.60M	72.40M	134.90M	146.80M	327.00M
Operating Cash Flow	96.50M	102.60M	95.80M	164.00M	171.20M	352.80M
Investing Cash Flow	-22.90M	-22.70M	-20.20M	-30.10M	-24.40M	-25.80M
Financing Cash Flow	-94.10M	-65.30M	-98.80M	-280.70M	-269.40M	28.30M

Hays plc Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 33.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HAS, the sentiment is Negative. The current price of 33.56 is below the 20-day moving average (MA) of 39.39, below the 50-day MA of 44.06, and below the 200-day MA of 56.08, indicating a bearish trend. The MACD of -3.12 indicates Positive momentum. The RSI at 22.59 is Positive, neither overbought nor oversold. The STOCH value of 7.10 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:HAS.

Hays plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STEM	69 Neutral	£205.87M	12.17	7.83%	6.35%	-13.93%	-48.74%
STAF	66 Neutral	£47.60M	39.17	11.58%	―	1.44%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
PAGE	48 Neutral	£439.94M	81.54	4.18%	7.58%	-12.54%	-76.55%
RWA	46 Neutral	£57.75M	-3.34	-24.67%	12.88%	-14.31%	-361.93%
HAS	45 Neutral	£536.67M	748.65	-2.24%	1.76%	-4.92%	-58.06%
EMR	40 Underperform	£11.15M	-2.13	-33.84%	―	-1.70%	-29.90%

Hays plc Corporate Events

Hays Interim CEO Increases Stake With On‑Market Share Purchase

Hays plc has disclosed that interim chief executive officer and person discharging managerial responsibilities Mark Dearnley has purchased 381,500 ordinary shares in the company on the London Stock Exchange. The on‑market transaction, executed on 2 March 2026 at a price of £0.385795 per share, increases Dearnley’s personal stake and signals management’s tangible financial commitment to the recruiter’s future performance and market valuation.

The share purchase by the interim CEO may be interpreted by investors as a vote of confidence in Hays’ strategic direction and prospects following recent leadership changes. Such insider buying can often bolster market sentiment around the stock, underscoring alignment between senior management and shareholders at a time when recruitment businesses remain sensitive to shifts in hiring demand and broader economic conditions.

The most recent analyst rating on (GB:HAS) stock is a Hold with a £38.00 price target. To see the full list of analyst forecasts on Hays plc stock, see the GB:HAS Stock Forecast page.

Hays Director Cheryl Millington Buys Shares in On‑Market Trade

Hays plc disclosed that Senior Independent Director and PDMR Cheryl Millington purchased 5,000 ordinary shares of the company on the London Stock Exchange at a price of £0.3892 per share on 3 March 2026. The director’s on-market share purchase signals personal confidence in the company’s prospects and is a routine governance disclosure that may be watched by investors assessing insider sentiment.

The transaction, involving Hays’s 1p ordinary shares under ISIN GB0004161021, was reported as an initial notification under regulatory rules for persons discharging managerial responsibilities. Such insider dealings, while relatively small in size, can provide incremental insight into board members’ alignment with shareholder interests and the company’s valuation in the current market environment.

The most recent analyst rating on (GB:HAS) stock is a Hold with a £38.00 price target. To see the full list of analyst forecasts on Hays plc stock, see the GB:HAS Stock Forecast page.

Hays Chair Michael Findlay Buys Additional Shares in the Company

Hays plc disclosed that its Non-Executive Chair and person discharging managerial responsibilities, Michael Findlay, purchased 25,500 ordinary shares of the company on the London Stock Exchange. The on-market transaction, executed on 2 March 2026 at a price of £0.39005 per share, signals direct board-level investment in the business and may be read by investors as a vote of confidence in the company’s prospects.

The share purchase marginally increases insider ownership in Hays and provides additional transparency around executive dealings, as required under market abuse regulations. Such transactions are closely monitored by shareholders and regulators because they can indicate internal views on valuation and future performance, potentially influencing market sentiment toward the stock.

The most recent analyst rating on (GB:HAS) stock is a Hold with a £40.00 price target. To see the full list of analyst forecasts on Hays plc stock, see the GB:HAS Stock Forecast page.

Hays Updates Share Capital and Voting Rights Total

Hays plc has reported that, as of 28 February 2026, its issued share capital comprised 1,600,433,092 ordinary shares of 1p each, of which 1,291,352 shares were held in treasury. This leaves a total of 1,599,141,740 voting rights in the company.

The disclosed voting rights figure will serve as the reference denominator shareholders must use to assess whether they are required to notify the market of any holdings or changes in their interests under the FCA’s Disclosure Guidance and Transparency Rules, reinforcing transparency in Hays’ shareholder base.

The most recent analyst rating on (GB:HAS) stock is a Hold with a £40.00 price target. To see the full list of analyst forecasts on Hays plc stock, see the GB:HAS Stock Forecast page.

Hays CEO Dirk Hahn Steps Down, Interim Chief Appointed Amid Search for Successor

Hays plc announced that Chief Executive Officer Dirk Hahn has stepped down from his role and as a director with immediate effect for personal reasons. The board has appointed Chief Digital and Technology Officer Mark Dearnley as interim CEO, while Non-Executive Chair Michael Findlay will work closely with him and the executive team to maintain strategic and commercial momentum.

The company has launched a formal search process for a permanent successor, led by the Nomination Committee and supported by external consultants. Hays emphasised continuity in its strategy, highlighting Hahn’s long tenure and contributions, while confirming that all remuneration arrangements relating to his departure will follow existing shareholder-approved policies and be fully disclosed in future reporting.

The most recent analyst rating on (GB:HAS) stock is a Hold with a £43.00 price target. To see the full list of analyst forecasts on Hays plc stock, see the GB:HAS Stock Forecast page.

Hays posts half-year report and maintains disciplined interim dividend

Hays plc has published its half-year report for the six months to 31 December 2025, making the document available via the London Stock Exchange and the company’s investor website. The update signals continued transparency with regulators and investors, with the full text also submitted to the Financial Conduct Authority’s National Storage Mechanism.

The board has proposed an interim dividend of 0.15 pence per share, calculated on the same basis as the prior year’s final payout and maintaining a three-times earnings cover. The dividend, payable on 23 April 2026 with a DRIP option for shareholders, underlines a disciplined yet ongoing capital return policy, while management engages investors further through an analyst webcast led by Chief Financial Officer James Hilton.

The most recent analyst rating on (GB:HAS) stock is a Hold with a £43.00 price target. To see the full list of analyst forecasts on Hays plc stock, see the GB:HAS Stock Forecast page.

Hays Updates Share Capital and Voting Rights Total

Hays plc has confirmed that as of 31 January 2026 its issued share capital comprised 1,600,433,092 ordinary shares of 1p each, of which 1,291,352 shares were held in treasury. This leaves a total of 1,599,141,740 voting rights in the company, a figure that shareholders must use as the denominator when calculating whether they need to disclose new or altered holdings under the FCA’s Disclosure Guidance and Transparency Rules, clarifying the company’s current capital and voting structure for market participants.

The most recent analyst rating on (GB:HAS) stock is a Hold with a £47.00 price target. To see the full list of analyst forecasts on Hays plc stock, see the GB:HAS Stock Forecast page.

Hays Releases Second-Quarter Trading Update and Schedules Investor Call

Hays plc has released its trading update for the three months to 31 December 2025, providing investors with an overview of its second-quarter performance and current trading conditions. The company has made the full statement available via the London Stock Exchange and its own investor website, and will host a conference call for analysts and investors to discuss the results and outlook, signalling continued engagement with the market and transparency over its operational and financial trajectory.

The most recent analyst rating on (GB:HAS) stock is a Sell with a £44.00 price target. To see the full list of analyst forecasts on Hays plc stock, see the GB:HAS Stock Forecast page.

Hays CEO Dirk Hahn Returns From Medical Leave as Chair Reverts to Non-Executive Role

Hays plc announced that Chief Executive Officer Dirk Hahn has returned to work following a short period of medical leave after surgery in November, signaling a resumption of normal executive leadership. During Hahn’s absence, Group Chair Michael Findlay temporarily stepped in as Executive Chair to maintain continuity and drive the group’s strategic and commercial priorities, and he will now revert to his position as Non-Executive Chair, suggesting minimal disruption to the company’s operations and strategic trajectory.

The most recent analyst rating on (GB:HAS) stock is a Hold with a £53.00 price target. To see the full list of analyst forecasts on Hays plc stock, see the GB:HAS Stock Forecast page.

Hays Updates Total Voting Rights and Share Capital Figures

Hays plc has reported that, as of 31 December 2025, its issued share capital comprised 1,600,433,092 ordinary shares of 1p each, of which 1,291,352 shares were held in treasury, resulting in 1,599,141,740 voting rights in the company. The updated voting rights figure provides the benchmark shareholders must use to assess and report their holdings or any changes in their interests under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, ensuring continued regulatory compliance and clarity over Hays’ ownership structure.

The most recent analyst rating on (GB:HAS) stock is a Hold with a £53.00 price target. To see the full list of analyst forecasts on Hays plc stock, see the GB:HAS Stock Forecast page.