Trueblue (TBI) AI Stock Analysis

• Market Cap: $144.01M
• Dividend Yield: N/A
• Average Volume (3M): 221.09K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.99
• Revenue Growth: -5.37%
• EPS Growth: 75.32%
• Country: US
• Employees: 4,200
• Sector: Industrials
• Sector Strength: 72
• Industry: Staffing & Employment Services
• EPS (TTM): 0.03
• Shares Outstanding: 29,939,468
• 10 Day Avg. Volume: 274,439
• 30 Day Avg. Volume: 221,088
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.80
• Price to Sales (P/S): 0.16
• P/FCF Ratio: -6.15
• Enterprise Value/Market Cap: 1.99
• Enterprise Value/Revenue: 0.19
• Enterprise Value/Gross Profit: 0.75
• Enterprise Value/Ebitda: -48.27
• 1Y Price Target: $6.00
• Price Target Upside: 31.87% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $4.50 ▼(-1.10% Downside)

The score is held down primarily by weak financial performance (losses and negative operating/free cash flow) and a bearish technical setup (price below key moving averages and negative MACD). The latest earnings call adds some support via strong year-over-year revenue growth, cost reductions, and positive Q4 growth guidance, but margin pressure and ongoing losses keep the overall rating below average.

Positive Factors

Revenue Growth

Strong revenue growth, particularly in high-demand sectors, indicates TrueBlue's effective market positioning and potential for sustained expansion.

Digital Transformation

Digital transformation initiatives improve operational efficiency and customer engagement, positioning TrueBlue for long-term competitive advantage.

Board Strengthening

New board appointments bring expertise and strategic oversight, supporting TrueBlue's growth and transformation efforts.

Negative Factors

Declining Gross Margins

Decreasing gross margins suggest cost pressures and may impact profitability unless addressed through strategic cost management.

Cash Flow Challenges

Negative cash flows indicate liquidity issues, potentially limiting TrueBlue's ability to invest in growth and manage financial obligations.

Net Loss

Ongoing net losses highlight operational inefficiencies and the need for strategic improvements to achieve profitability.

Trueblue Business Overview & Revenue Model

Company Description

TrueBlue, Inc., together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The PeopleReady segment offers contingent staffing solutions for blue-collar, on-demand, and skilled labor in construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail, hospitality, and general labor industries. The PeopleManagement segment provides contingent labor and outsourced industrial workforce solutions. This segment also offers on-site management and recruitment for the contingent industrial workforce of manufacturing, warehouse, and distribution facilities; and recruitment and management of contingent and dedicated commercial drivers to the transportation and distribution industries under the Staff Management, SIMOS Insourcing Solutions, and Centerline Drivers brands. The PeopleScout segment offers permanent employee recruitment process outsourcing services; and manages clients' contingent labor programs comprising vendor selection, performance management, compliance monitoring, and risk management. The company was formerly known as Labor Ready, Inc. and changed its name to TrueBlue, Inc. in December 2007. TrueBlue, Inc. was incorporated in 1985 and is headquartered in Tacoma, Washington.

How the Company Makes Money

TrueBlue generates revenue primarily through its staffing and workforce solutions services. The company earns money by charging clients a fee for placing temporary or permanent workers in various roles across different industries. Key revenue streams include the markup on hourly wages paid to temporary workers, direct hire fees for permanent placements, and service fees for managed workforce solutions. Additionally, TrueBlue has formed strategic partnerships with various businesses and organizations to enhance its service offerings and extend its market reach, contributing to its overall earnings.

Trueblue Financial Statement Overview

Summary

Trueblue's financial performance is challenged by declining revenue and profitability, negative net profit margins, and cash flow issues. While leverage is manageable, the negative return on equity and cash flow management problems highlight the need for strategic improvements.

Income Statement

Trueblue's income statement shows a challenging financial position with declining revenue and profitability. The TTM data reveals a slight revenue growth of 0.4%, but the company is struggling with negative net profit and EBIT margins, indicating operational inefficiencies. The gross profit margin has decreased slightly from previous years, reflecting pressure on cost management. Overall, the income statement suggests a need for strategic improvements to enhance profitability.

Balance Sheet

The balance sheet presents a moderate financial position with a manageable debt-to-equity ratio of 0.36 in the TTM period, indicating a relatively low level of leverage. However, the return on equity is negative, reflecting the company's inability to generate positive returns for shareholders. The equity ratio remains stable, suggesting a balanced asset structure. While the debt levels are under control, the negative ROE highlights the need for improved profitability.

Cash Flow

Cash flow analysis indicates significant challenges, with negative operating and free cash flows in the TTM period. The free cash flow growth rate is positive, but the operating cash flow to net income ratio is negative, highlighting cash flow management issues. The free cash flow to net income ratio is above 1, suggesting that despite losses, the company is generating some free cash flow relative to net income. Overall, cash flow management needs improvement to support financial stability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.53B	1.57B	1.91B	2.25B	2.17B	1.85B
Gross Profit	382.49M	406.39M	506.06M	602.14M	560.32M	440.64M
EBITDA	-5.95M	-3.54M	11.46M	115.61M	96.00M	32.34M
Net Income	-33.85M	-125.75M	-14.17M	62.27M	61.63M	-141.84M
Balance Sheet
Total Assets	672.78M	675.38M	899.38M	1.02B	1.03B	980.58M
Cash, Cash Equivalents and Short-Term Investments	21.90M	22.54M	61.88M	72.05M	49.90M	62.51M
Total Debt	110.10M	66.53M	61.34M	62.56M	67.02M	68.73M
Total Liabilities	367.59M	360.02M	441.51M	523.09M	540.16M	543.39M
Stockholders Equity	305.19M	315.36M	457.87M	496.31M	493.07M	437.19M
Cash Flow
Free Cash Flow	-54.71M	-41.21M	3.48M	89.88M	-14.57M	125.47M
Operating Cash Flow	-34.91M	-17.06M	34.75M	120.50M	20.44M	152.53M
Investing Cash Flow	-16.93M	-2.45M	-32.32M	-20.95M	-16.22M	-34.41M
Financing Cash Flow	48.55M	-17.09M	-37.58M	-64.69M	-19.13M	-92.50M

Trueblue Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.55
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TBI, the sentiment is Positive. The current price of 4.55 is below the 20-day moving average (MA) of 4.71, below the 50-day MA of 4.84, and below the 200-day MA of 5.58, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 59.18 is Neutral, neither overbought nor oversold. The STOCH value of 67.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TBI.

Trueblue Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HQI	71 Outperform	$152.63M	21.79	11.08%	2.55%	-12.65%	368.36%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BGSF	60 Neutral	$57.34M	-7.36	-14.43%	41.67%	-36.79%	-507.05%
MHH	56 Neutral	$82.23M	-867.50	-0.08%	―	1.24%	97.14%
DHX	50 Neutral	$79.22M	-5.45	-12.89%	―	-9.13%	-1032.39%
TBI	48 Neutral	$144.01M	-5.35	-8.91%	―	-5.37%	75.32%
KELYA	46 Neutral	$323.36M	-2.15	-13.11%	3.53%	0.46%	-477.90%

Trueblue Corporate Events

TrueBlue Appoints Brian Capone as Chief Accounting Officer

On January 12, 2026, TrueBlue, Inc. appointed Brian Capone as Senior Vice President and Chief Accounting Officer, succeeding Carl Schweihs in the principal accounting role while Schweihs remains Executive Vice President and Chief Financial Officer. Capone brings extensive experience from prior senior accounting and controller positions at Avaya, embecta Corp., Cantel Medical, Stryker, and Quest Diagnostics, and his employment terms include a $315,000 base salary, performance-based equity and cash bonus opportunities starting in 2027, and a one-time cash award vesting over four years, underscoring TrueBlue’s emphasis on strengthening its financial leadership and governance without any disclosed conflicts of interest or related-party arrangements.

The most recent analyst rating on (TBI) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Trueblue stock, see the TBI Stock Forecast page.

TrueBlue Defends Strategy Amid EHS Director Nomination Challenge

On January 8, 2025, TrueBlue issued a statement responding to director nominations from EHS Management, asserting that its existing strategic plan is improving financial results and positioning the company for sustainable, profitable growth in the staffing market. The company highlighted recent board refresh efforts, including the appointments of William Greenblatt and William Seward and the planned retirement of two current directors by or before the 2026 annual meeting, a process it said was informed by extensive shareholder engagement and endorsed by its largest shareholder. TrueBlue emphasized that its current board brings deep industry, operational, and financial expertise aligned with its technology-led workforce strategy, criticized EHS’s planned proxy contest as costly and disruptive, and told investors no immediate action is required ahead of the company’s forthcoming proxy materials for the 2026 shareholder meeting.

The most recent analyst rating on (TBI) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Trueblue stock, see the TBI Stock Forecast page.

TrueBlue Announces New Board Appointments

On December 2, 2025, TrueBlue, Inc. announced the appointment of William Greenblatt and William Seward to its board of directors, effective January 5, 2026. This decision follows an extensive search process and reflects TrueBlue’s commitment to strengthening its board with experienced leaders to support its strategic growth and transformation. Mr. Greenblatt, a pioneer in background screening, and Mr. Seward, a seasoned executive in logistics and supply chain, bring valuable expertise to the board. The appointments are part of TrueBlue’s ongoing efforts to evolve its board composition, enhance operational oversight, and align with shareholder feedback, with two current directors expected to step down by the 2026 Annual Meeting of Shareholders.

The most recent analyst rating on (TBI) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Trueblue stock, see the TBI Stock Forecast page.

TrueBlue Reports Strong Q3 2025 Financial Results

TrueBlue reported its third-quarter 2025 financial results, highlighting a 13% increase in revenue to $431 million compared to the same period last year. The company reduced its net loss to $2 million from $8 million in the prior year, with strategic growth in skilled businesses and digital transformation efforts contributing to improved performance. TrueBlue’s focus on high-growth markets and optimizing its sales function aims to drive sustainable, profitable growth and enhance shareholder value.

The most recent analyst rating on (TBI) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Trueblue stock, see the TBI Stock Forecast page.