Trueblue Inc (TBI)
NYSE:TBI
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Trueblue
(NYSE:TBI)
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Rating:44Neutral
Price Target:
$3.50
▲(5.74% Upside)
Action:ReiteratedDate:02/19/26
The score is held down primarily by weak recent financial performance (losses and negative cash flow) and bearish technicals (below key moving averages with negative MACD). A moderately constructive earnings outlook and cost actions provide some offset, but valuation support is limited due to negative earnings and no dividend.
Positive Factors
Renewables / Sector Diversification
TrueBlue’s strong, sustained growth in energy and renewables (with renewables ~1/3 of PeopleReady activity and energy ~15% of portfolio) represents a durable shift into higher-growth end markets. This diversification reduces exposure to weak retail/on-site demand and creates a structural revenue stream tied to multiyear infrastructure investment cycles.
Negative Factors
Weak Cash Generation
A multi-year swing to negative operating and free cash flow is a structural concern: it increases dependence on external financing or asset actions to fund operations, limits reinvestment capacity, and raises refinancing risk during downturns. Historical volatility shows recovery is possible, but current cash trends constrain strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Renewables / Sector Diversification
TrueBlue’s strong, sustained growth in energy and renewables (with renewables ~1/3 of PeopleReady activity and energy ~15% of portfolio) represents a durable shift into higher-growth end markets. This diversification reduces exposure to weak retail/on-site demand and creates a structural revenue stream tied to multiyear infrastructure investment cycles.
Read all positive factors
Trueblue (TBI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$99.51M
Dividend YieldN/A
Average Volume (3M)221.09K
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue Growth-5.37%
EPS Growth75.32%
CountryUS
Employees4,200
SectorIndustrials
Sector Strength72
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)-0.25
Shares Outstanding30,062,641
10 Day Avg. Volume274,439
30 Day Avg. Volume221,088
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.51
Price to Sales (P/S)0.09
P/FCF Ratio-1.90
Enterprise Value/Market Cap2.47
Enterprise Value/Revenue0.15
Enterprise Value/Gross Profit0.68
Enterprise Value/Ebitda909.61
Forecast
1Y Price Target
$5.50Price Target Upside66.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.26
Revenue Forecast (FY)$1.70B
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 off...
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 stre...
Trueblue Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Shows profit after operating costs for each business unit, highlighting which parts of the company actually generate earnings versus those that consume resources. Helps investors spot high-margin segments, margin trends over time, and whether growth is translating into true profitability or being offset by rising costs.
Shows profit after operating costs for each business unit, highlighting which parts of the company actually generate earnings versus those that consume resources. Helps investors spot high-margin segments, margin trends over time, and whether growth is translating into true profitability or being offset by rising costs.
Data provided by:
The Fly
The FlyTrueblue Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 27, 2026
Earnings Call Sentiment Positive
The call presented a balanced but constructive picture: revenue and organic growth trends (total revenue +8%, organic +5%), strong momentum in higher-growth verticals (notably energy and renewables), successful integration and contribution from HSB, meaningful SG&A reductions (−11%) and strategic investments in sales and AI-driven technology were highlighted as drivers of future profitable growth. Material near-term margin pressure arose from the non-repeat favorable workers' compensation reserve development and mix shift into renewables, which drove gross margin down ~510 basis points and produced a reported net loss (including an $18M non-cash impairment). Management reinforced a path to expanded margins as demand normalizes and reiterated 2026 revenue guidance of +3% to +9%. Overall, the execution on growth initiatives and cost discipline, coupled with a constructive outlook, outweigh the near-term margin headwinds and one-time items.Positive Updates
Top-Line Growth
Total revenue of $418,000,000, up 8% year-over-year; organic revenue increased 5% with the acquired HSB business contributing approximately 3 percentage points of that growth. Revenue came in near the high end of outlook.
Negative Updates
Gross Margin Compression
Reported gross margin of 21.5% vs 26.6% a year ago, a decline of ~510 basis points. Management attributed the decline primarily to the lack of repeat favorable prior-year workers’ compensation reserve adjustments and to revenue mix (outsized growth in lower-margin renewable energy work with pass-through travel costs).
Read all updates
Q4-2025 Updates
Positive
Negative
Top-Line Growth
Total revenue of $418,000,000, up 8% year-over-year; organic revenue increased 5% with the acquired HSB business contributing approximately 3 percentage points of that growth. Revenue came in near the high end of outlook.
Read all positive updates
Company Guidance
Management guided 2026 revenue growth of 3%–9% year‑over‑year (including ~1 percentage point of inorganic growth from HSB), warned of a lower margin in Q1 due to seasonality and normalization of prior‑year workers’ compensation reserve favorability (Q4 workers’ comp development reduced gross margin by ~290 bps and a similar headwind is expected in 2026), and said their lean cost structure and actions position the company to expand EBITDA margins as demand rebounds (historical incremental margins ~15%–20%, now expected to be a bit north of that range). For context, Q4 results included total revenue of $418M (organic +5%), gross margin 21.5%, adjusted EBITDA $2M, adjusted net loss $8M, GAAP net loss $32M (including an $18M impairment), SG&A down 11% while revenue grew 8%, cash $25M, debt $66M, $68M borrowing availability and $92M total liquidity, a $2M debt reduction in the quarter, and a Chicago sublease impairment that unlocks >$30M of cash flow over the next ten years (with ~$1M SG&A savings in 2026, ~$3M in 2027 and $3M–$5M thereafter).Trueblue Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
48
Neutral
Cash Flow
30
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.62B | 1.57B | 1.91B | 2.25B | 2.17B |
| Gross Profit | 343.02M | 406.39M | 506.06M | 602.14M | 560.32M |
| EBITDA | 2.05M | -3.54M | 11.46M | 115.61M | 96.00M |
| Net Income | -47.96M | -125.75M | -14.17M | 62.27M | 61.63M |
Balance Sheet | |||||
| Total Assets | 638.67M | 675.38M | 899.38M | 1.02B | 1.03B |
| Cash, Cash Equivalents and Short-Term Investments | 24.51M | 22.54M | 61.88M | 72.05M | 49.90M |
| Total Debt | 170.60M | 66.53M | 61.34M | 62.56M | 67.02M |
| Total Liabilities | 364.11M | 360.02M | 441.51M | 523.09M | 540.16M |
| Stockholders Equity | 274.56M | 315.36M | 457.87M | 496.31M | 493.07M |
Cash Flow | |||||
| Free Cash Flow | -73.72M | -41.21M | 3.48M | 89.88M | -14.57M |
| Operating Cash Flow | -58.04M | -17.06M | 34.75M | 120.50M | 20.44M |
| Investing Cash Flow | -16.06M | -2.45M | -32.32M | -20.95M | -16.22M |
| Financing Cash Flow | 57.14M | -17.09M | -37.58M | -64.69M | -19.13M |
Trueblue Technical Analysis
Negative
3.31
Price Trends
4.44
Negative
4.64
Negative
5.43
Negative
Market Momentum
-0.23
Negative
36.05
Neutral
27.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TBI, the sentiment is Negative. The current price of 3.31 is below the 20-day moving average (MA) of 3.85, below the 50-day MA of 4.44, and below the 200-day MA of 5.43, indicating a bearish trend. The MACD of -0.23 indicates Negative momentum. The RSI at 36.05 is Neutral, neither overbought nor oversold. The STOCH value of 27.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TBI.
Trueblue Risk Analysis
Trueblue disclosed 38 risk factors in its most recent earnings report. Trueblue reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Trueblue Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $140.15M | 14.57 | 10.52% | 2.55% | -12.65% | 368.36% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $116.92M | -5.14 | -12.89% | ― | -9.13% | -1032.39% | |
59 Neutral | $71.79M | -6.66 | -17.82% | 41.67% | -36.79% | -507.05% | |
56 Neutral | $313.30M | -1.20 | -22.10% | 3.53% | 0.46% | -477.90% | |
56 Neutral | $69.96M | 134.64 | 0.69% | ― | 1.24% | 97.14% | |
44 Neutral | $99.51M | -2.93 | -16.17% | ― | -5.37% | 75.32% |
* Industrials Sector Average
TBI
Trueblue
3.31
-2.00
-37.66%
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BGSF
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Trueblue Corporate Events
Business Operations and StrategyFinancial Disclosures
TrueBlue Reports Higher Revenue Amid Ongoing Losses and Strategy
Negative
Feb 18, 2026
On Feb. 18, 2025, TrueBlue reported fourth-quarter 2025 revenue of $418 million, up 8% year over year, including $14 million from its January 2025 HSP acquisition, but the net loss widened to $32 million from $12 million, driven in part by an $18 ...
Business Operations and StrategyPrivate Placements and Financing
TrueBlue Revises Credit Facility Toward Asset-Based Structure
Neutral
Feb 3, 2026
On January 30, 2026, TrueBlue, Inc. amended its existing syndicated credit agreement, converting it from a cash-flow based revolving facility to an asset-based lending structure that ties borrowing capacity to a defined borrowing base of eligible ...
Executive/Board Changes
TrueBlue Appoints Brian Capone as Chief Accounting Officer
Positive
Jan 12, 2026
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...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
TrueBlue Defends Strategy Amid EHS Director Nomination Challenge
Neutral
Jan 9, 2026
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...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.