Trueblue Inc (TBI)
NYSE:TBI
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Trueblue
(NYSE:TBI)
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Rating:53Neutral
Price Target:
$7.00
▲(67.87% Upside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by weak financial performance (ongoing losses and cash burn) and an unattractive earnings-based valuation (negative P/E). Offsetting factors include constructive technical momentum (price above key moving averages with positive MACD) and an earnings-call outlook that anticipates sequential margin improvement and tighter cost control, albeit from a loss-making baseline with mix-driven margin pressure and modest liquidity.
Positive Factors
Sustained Revenue Rebound
A durable top-line rebound (8% revenue, 7% organic) indicates recovering demand and successful commercial execution across segments. Persistent organic growth helps absorb fixed costs, supports operating leverage, and provides a foundation for converting revenue into sustainable profits if margins normalize.
Negative Factors
Negative Cash Generation
Persistent negative operating and free cash flow is a durable constraint on strategic options: it limits reinvestment, increases reliance on external financing, and heightens vulnerability to cyclicality. Turning cash generation positive is a prerequisite for sustained balance-sheet repair and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Rebound
A durable top-line rebound (8% revenue, 7% organic) indicates recovering demand and successful commercial execution across segments. Persistent organic growth helps absorb fixed costs, supports operating leverage, and provides a foundation for converting revenue into sustainable profits if margins normalize.
Read all positive factors
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 (TBI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$203.71M
Dividend YieldN/A
Average Volume (3M)221.09K
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth7.14%
EPS Growth61.21%
CountryUS
Employees4,200
SectorIndustrials
Sector Strength72
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)-1.79
Shares Outstanding30,404,090
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 Cap1.53
Enterprise Value/Revenue0.19
Enterprise Value/Gross Profit0.90
Enterprise Value/Ebitda-14.03
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.06
Revenue Forecast (FY)$1.70B
Trueblue Business Overview & Revenue Model
Company Description
TrueBlue, Inc., known by its ticker TBI, is a leading provider of tailored workforce solutions, operating across the United States, Canada, and Puerto Rico. The company organizes its services through three principal divisions: PeopleReady, PeopleM...
How the Company Makes Money
TrueBlue primarily makes money by supplying labor and talent services to client companies and charging fees tied to those services. A major revenue stream is staffing: the company recruits, screens, and assigns workers to client job sites and bill...
Trueblue Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 27, 2026
Earnings Call Sentiment Positive
The call highlights clear top-line momentum in skilled and energy end markets, strong new business wins and disciplined cost management that together provide a path to improved margins. However, profitability remains challenged in the near term (reported net loss, negative adjusted EBITDA), gross margin compression from prior-year reserve benefits and mix effects, and softness in certain verticals (PeopleManagement, PeopleSolutions) temper the outlook. Management communicated concrete progress on sales, partnerships, technology and cost actions, and provided a constructive Q2 outlook with anticipated sequential margin improvement.Positive Updates
Top-Line Growth
Total revenue of $399 million, up 8% year-over-year; organic revenue up 7% (HSP acquisition contributed ~1 percentage point of inorganic growth).
Negative Updates
Reported Losses and Adjusted Profitability
Reported net loss of $20 million (includes a $4 million noncash goodwill impairment); adjusted net loss was $12 million and adjusted EBITDA was negative $3 million for the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Top-Line Growth
Total revenue of $399 million, up 8% year-over-year; organic revenue up 7% (HSP acquisition contributed ~1 percentage point of inorganic growth).
Read all positive updates
Company Guidance
Management guided Q2 FY2026 revenue growth of 2%–8% year‑over‑year with growth expected across all skilled businesses and seasonally higher volumes in H2; they forecast sequential gross‑margin expansion of 130–170 basis points and expect PeopleSolutions to return to double‑digit segment profit margins. SG&A is guided to a midpoint of $87 million (down ~3% YoY; adjusted roughly $85 million, down ~4%), with management expecting improving operating leverage and incremental margins as demand strengthens; Q1 reference points included adjusted EBITDA of negative $3 million and an adjusted net loss of $12 million. On the balance sheet they closed the quarter with $24 million cash, $74 million debt, $36 million undrawn on the borrowing base (total liquidity $60 million), capital spend under 1% of revenue, and $34 million remaining under the share‑repurchase authorization.Trueblue Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
55
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.64B | 1.62B | 1.57B | 1.91B | 2.25B | 2.17B |
| Gross Profit | 348.45M | 343.02M | 406.39M | 506.06M | 602.14M | 560.32M |
| EBITDA | -22.24M | -16.78M | -3.54M | 11.46M | 115.61M | 101.41M |
| Net Income | -53.41M | -47.96M | -125.75M | -14.17M | 62.27M | 61.63M |
Balance Sheet | ||||||
| Total Assets | 620.67M | 638.67M | 675.38M | 899.38M | 1.02B | 1.03B |
| Cash, Cash Equivalents and Short-Term Investments | 24.13M | 24.51M | 22.54M | 61.88M | 72.05M | 49.90M |
| Total Debt | 130.43M | 170.60M | 66.53M | 61.34M | 62.56M | 67.02M |
| Total Liabilities | 364.59M | 364.11M | 360.02M | 441.51M | 523.09M | 540.16M |
| Stockholders Equity | 256.08M | 274.56M | 315.36M | 457.87M | 496.31M | 493.07M |
Cash Flow | ||||||
| Free Cash Flow | -59.53M | -73.72M | -41.21M | 3.48M | 89.88M | -14.57M |
| Operating Cash Flow | -45.71M | -58.04M | -17.06M | 34.75M | 120.50M | 20.44M |
| Investing Cash Flow | 11.13M | -16.06M | -2.45M | -32.32M | -20.95M | -16.22M |
| Financing Cash Flow | 14.95M | 57.14M | -17.09M | -37.58M | -64.69M | -19.13M |
Trueblue Technical Analysis
Positive
4.17
Price Trends
5.58
Positive
4.90
Positive
5.10
Positive
Market Momentum
0.36
Positive
62.28
Neutral
45.93
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 4.17 is below the 20-day moving average (MA) of 6.49, below the 50-day MA of 5.58, and below the 200-day MA of 5.10, indicating a bullish trend. The MACD of 0.36 indicates Positive momentum. The RSI at 62.28 is Neutral, neither overbought nor oversold. The STOCH value of 45.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $175.14M | 26.78 | 9.69% | 2.55% | -11.77% | 90.48% | |
65 Neutral | $164.15M | -70.67 | -2.30% | ― | -9.39% | 72.47% | |
65 Neutral | $91.07M | 38.83 | 2.60% | ― | -8.13% | 7.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | $203.71M | -3.78 | -18.74% | ― | 7.14% | 61.21% | |
53 Neutral | $415.73M | -1.47 | -24.58% | 3.53% | -7.30% | -1239.34% | |
47 Neutral | $57.88M | -4.77 | -17.82% | 41.67% | -65.05% | -154.86% |
* Industrials Sector Average
TBI
Trueblue
6.70
-0.16
-2.33%
DHX
DHI Group
3.80
1.11
41.26%
KELYA
Kelly Services
11.36
0.46
4.25%
MHH
Mastech Holdings
7.59
0.94
14.14%
BGSF
BGSF
5.40
1.29
31.45%
HQI
HireQuest
12.60
2.71
27.40%
Trueblue Corporate Events
Executive/Board ChangesShareholder Meetings
TrueBlue Shareholders Approve Directors, Pay Plan and Auditor
Positive
May 15, 2026
At its annual meeting of shareholders held on May 11, 2026, TrueBlue, Inc. reported that 27,069,137 shares of common stock were represented in person or by proxy, and shareholders elected all nine director nominees to serve until the 2027 annual m...
Business Operations and StrategyRegulatory Filings and Compliance
TrueBlue Accelerates Expiration of Shareholder Rights Plan
Neutral
May 6, 2026
On May 6, 2026, TrueBlue, Inc. and its rights agent, Computershare Trust Company, N.A., executed a First Amendment to their existing Rights Agreement originally dated May 14, 2025. The amendment accelerates the final expiration date of the shareho...
Business Operations and StrategyFinancial Disclosures
TrueBlue Reports Q1 Revenue Growth Amid Continued Net Loss
Neutral
May 5, 2026
On May 5, 2026, TrueBlue reported first quarter 2026 revenue of $399 million, up 8 percent year over year with 7 percent organic growth, but posted a net loss of $20 million versus a $14 million loss a year earlier, reflecting a $4 million non-cas...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
TrueBlue, EHS Reach Cooperation Deal on Board Refresh
Positive
Apr 13, 2026
On April 10, 2026, TrueBlue entered into a cooperation agreement with EHS Investments under which the company and EHS will mutually select and appoint a new independent director to the board by September 30, 2026, with the director’s term ru...
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.