Latest Ratios: P/E Ratio -4.5x · EV/EBITDA 177.9x · ROE -16.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $219M | $139M | $237M | $480M | $655M | $980M | $661M | $943M | $896M | $1.1B | $1.0B |
| Enterprise Value | $365M | $285M | $281M | $480M | $645M | $998M | $667M | $985M | $929M | $1.2B | $1.1B |
| P/E Ratio → | -4.48 | — | — | — | 10.53 | 15.90 | — | 14.94 | 13.65 | 20.52 | — |
| P/S Ratio | 0.14 | 0.09 | 0.15 | 0.25 | 0.29 | 0.45 | 0.36 | 0.40 | 0.36 | 0.45 | 0.37 |
| P/B Ratio | 0.78 | 0.51 | 0.75 | 1.05 | 1.32 | 1.99 | 1.51 | 1.51 | 1.52 | 2.05 | 1.95 |
| P/FCF | — | — | — | 138.13 | 7.29 | — | 5.27 | 14.19 | 8.25 | 14.63 | 4.41 |
| P/OCF | — | — | — | 13.82 | 5.43 | 47.97 | 4.33 | 9.97 | 7.13 | 11.41 | 3.92 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.18 | 0.18 | 0.25 | 0.29 | 0.46 | 0.36 | 0.42 | 0.37 | 0.49 | 0.41 |
| EV / EBITDA | 177.93 | 138.77 | — | 243.46 | 5.64 | 10.39 | — | 9.50 | 8.08 | 9.92 | 37.95 |
| EV / EBIT | — | — | — | — | 8.79 | 14.58 | 2173.29 | 14.89 | 12.57 | 15.82 | — |
| EV / FCF | — | — | — | 137.97 | 7.18 | — | 5.32 | 14.83 | 8.55 | 15.76 | 4.84 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.2% | 21.2% | 25.9% | 26.5% | 26.7% | 25.8% | 23.9% | 26.2% | 26.6% | 25.3% | 24.7% |
| Operating Margin | -1.7% | -1.7% | -5.9% | -1.3% | 3.2% | 3.1% | -9.5% | 2.8% | 3.0% | 3.1% | -0.6% |
| Net Profit Margin | -3.0% | -3.0% | -8.0% | -0.7% | 2.8% | 2.8% | -7.7% | 2.7% | 2.6% | 2.2% | -0.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -16.3% | -16.3% | -32.5% | -3.0% | 12.6% | 13.3% | -26.7% | 10.4% | 11.5% | 10.3% | -2.8% |
| ROA | -7.3% | -7.3% | -16.0% | -1.5% | 6.1% | 6.1% | -13.4% | 5.6% | 5.9% | 5.0% | -1.3% |
| ROIC | -5.2% | -5.2% | -17.0% | -3.8% | 10.9% | 10.8% | -23.6% | 7.7% | 8.8% | 9.2% | -1.8% |
| ROCE | -5.3% | -5.3% | -15.3% | -3.2% | 9.3% | 9.2% | -21.6% | 7.4% | 8.3% | 8.7% | -1.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.62 | 0.62 | 0.21 | 0.13 | 0.13 | 0.14 | 0.16 | 0.13 | 0.14 | 0.21 | 0.26 |
| Debt / EBITDA | 83.10 | 83.10 | — | 31.12 | 0.55 | 0.70 | — | 0.77 | 0.70 | 0.94 | 4.56 |
| Net Debt / Equity | — | 0.53 | 0.14 | -0.00 | -0.02 | 0.03 | 0.01 | 0.07 | 0.06 | 0.16 | 0.19 |
| Net Debt / EBITDA | 71.16 | 71.16 | — | -0.28 | -0.08 | 0.18 | — | 0.41 | 0.29 | 0.71 | 3.38 |
| Debt / FCF | — | — | — | -0.16 | -0.11 | — | 0.05 | 0.64 | 0.30 | 1.13 | 0.43 |
| Interest Coverage | — | — | — | — | — | — | — | 23.78 | 15.14 | 14.12 | -1.84 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.15 | 2.15 | 1.73 | 1.74 | 1.77 | 1.72 | 1.41 | 1.83 | 1.91 | 2.02 | 1.70 |
| Quick Ratio | 2.15 | 2.15 | 1.73 | 1.74 | 1.77 | 1.72 | 1.41 | 1.83 | 1.91 | 2.02 | 1.70 |
| Cash Ratio | 0.18 | 0.18 | 0.14 | 0.30 | 0.30 | 0.19 | 0.23 | 0.16 | 0.21 | 0.14 | 0.14 |
| Asset Turnover | — | 2.53 | 2.32 | 2.12 | 2.21 | 2.10 | 1.88 | 2.08 | 2.24 | 2.26 | 2.43 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 54.49 | 51.88 | 50.59 | 52.73 | 61.05 | 57.38 | 54.46 | 51.90 | 54.45 | 46.79 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 9.5% | 6.3% | — | 6.7% | 7.3% | 4.9% | — |
| FCF Yield | — | — | — | 0.7% | 13.7% | — | 19.0% | 7.0% | 12.1% | 6.8% | 22.7% |
| Buyback Yield | 0.5% | 0.8% | 9.9% | 8.0% | 10.0% | 2.0% | 8.3% | 4.4% | 4.3% | 3.5% | 0.8% |
| Total Shareholder Yield | 0.5% | 0.8% | 9.9% | 8.0% | 10.0% | 2.0% | 8.3% | 4.4% | 4.3% | 3.5% | 0.8% |
| Shares Outstanding | — | $30M | $30M | $31M | $33M | $35M | $35M | $39M | $40M | $41M | $42M |
Persistent Operating Margin Deficit
Based on current market data, TBI's TTM P/E of -4.34 reflects a market pricing in significant uncertainty, as the company's inability to generate positive earnings renders traditional valuation multiples largely ineffective for assessing the firm's intrinsic value relative to its historical trading ranges or industry peers.
The negative P/E ratio underscores the severity of the current earnings contraction, suggesting that investors are currently valuing the company based on its liquidation potential or a speculative turnaround rather than fundamental earnings power. When compared to peers like Korn Ferry, which maintains a positive P/E, TBI's valuation appears to be heavily discounted, reflecting the market's skepticism regarding the company's ability to return to profitability in the near term.
As reported in financial statements, TBI's ROIC has deteriorated significantly, falling to -3.4% in 2026Q1 from previous periods, which indicates that the company is currently destroying shareholder value rather than compounding it through its investments in digital infrastructure and branch-level operations.
The consistent decline in ROIC suggests that the capital allocated toward the JobStack platform and other operational initiatives is failing to generate returns above the cost of capital. This trend warrants investigation into whether the company's asset base is becoming increasingly inefficient or if the current industrial cycle is permanently impairing the utility of its physical and digital investments.
According to recent SEC filings, TBI's asset turnover has remained stagnant at approximately 0.63, suggesting that the company's ability to generate revenue from its existing asset base is constrained by the current downturn in industrial labor demand and reduced client activity.
The lack of improvement in asset turnover, despite investments in digital transformation, implies that the company's operational leverage is not yet functioning as intended. Investors should monitor whether the company can optimize its DSO and improve collection cycles, as any further lengthening in client payment terms could exacerbate the existing liquidity constraints.
Based on reported figures, TBI's debt-to-equity ratio has climbed to 0.51 in 2026Q1, signaling that the company is increasingly reliant on external financing to sustain its operations as internal cash generation remains negative and equity is eroded by persistent net losses.
While the current leverage level is not yet at critical thresholds, the upward trajectory of the D/E ratio in the face of negative interest coverage is concerning. This trend suggests that the company's financial flexibility is narrowing, and management may face increased difficulty in refinancing or accessing capital if the current operating environment does not improve.
The P/E ratio is frequently misapplied to TBI, as it obscures the significant impact of non-recurring restructuring charges and actuarial adjustments to workers' compensation reserves that frequently distort the company's reported net income and mask the underlying cash-generating potential of the business.
Analysts should instead focus on EV/EBITDA or normalized free cash flow, which better account for the capital-intensive nature of the company's insurance obligations and the volatility of its tax credits. Relying on P/E in a cyclical, high-churn industry like staffing often leads to erroneous conclusions about the company's true valuation during the trough of an industrial cycle.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TBI stock.
TrueBlue, Inc.'s current P/E ratio is -4.5x. The historical average is 27.9x.
TrueBlue, Inc.'s current EV/EBITDA is 177.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
TrueBlue, Inc.'s return on equity (ROE) is -16.3%. The historical average is 8.0%.
Based on historical data, TrueBlue, Inc. is trading at a P/E of -4.5x. Compare with industry peers and growth rates for a complete picture.
TrueBlue, Inc. has 21.2% gross margin and -1.7% operating margin.
TrueBlue, Inc.'s Debt/EBITDA ratio is 83.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.