# Barrett Business Services, Inc. (BBSI)

> Source: Nexqual · https://nexqual.com/BBSI · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Barrett Business Services, Inc. (BBSI), nexqual.com/BBSI" · informational, not investment advice.

**Price:** USD 33.22 (+1.25% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 32.81 · day 32.72–33.6 · 52w 25.33–42.25 · market cap $805M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.27B, net income $35.1M (2.8% margin), free cash flow $15.5M (SEC filings).
- Valuation: P/E 22.9x (avg 18.3x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $786K; 1 not under a Rule 10b5-1 plan ($454K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $29K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -20.1% vs S&P 500 +13.4%; 5Y +71.5% vs S&P 500 +76.9%.
- Next earnings: 2026-11-04, EPS estimate USD 0.69, revenue estimate $332M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $955M | $1.05B | $1.07B | $1.14B | $1.24B | $1.27B |
| Gross profit | $205M | $235M | $243M | $253M | $261M | — |
| Operating income | $43.9M | $59.0M | $60.6M | $59.8M | $62.2M | $52.2M |
| Net income | $38.1M | $47.3M | $50.6M | $53.0M | $54.4M | $35.1M |
| EPS (diluted) | $1.25 | $1.64 | $1.85 | $1.98 | $2.08 | — |
| Free cash flow | -$22.3M | $11.8M | $55.4M | -$4.1M | $47.2M | $15.5M |
| Gross margin | 21.4% | 22.3% | 22.7% | 22.1% | 21.0% | — |
| Operating margin | 4.6% | 5.6% | 5.7% | 5.2% | 5.0% | 4.1% |
| Net margin | 4.0% | 4.5% | 4.7% | 4.6% | 4.4% | 2.8% |
| Revenue growth | +8.4% | +10.4% | +1.4% | +7.0% | +8.4% | — |
| Cash + short-term investments | $166M | $160M | $152M | $122M | $157M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.9x · P/S 0.6x · P/FCF 51.9x · P/B 4.0x · FCF yield 1.93% · Earnings yield 4.36% · Dividend yield (paid, TTM) 0.99% · Buyback yield (TTM) 7.47%
P/E at fiscal year-ends: Dec 2025 17.4x, Dec 2024 21.9x, Dec 2023 15.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-02…2026-07-07 | Potts James R | EVP Gen Counsel & Secretary | 8,779 | $332K | 21.5% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-02 | Meeker Anthony | Director | 12,000 | $454K | 21.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $29K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-13 | Finn Mark Steven | Director | 1,000 | $29K | 28.6 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | Roth Capital | Downgrade | Buy → Neutral | $42 → $38 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -20.1% | +71.5% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -20.1% | +11.4% |
| Volatility (annualized) | 42.6% | 29.3% |
| Max drawdown | -36.0% (Oct 2025→Feb 2026) | -43.4% (Aug 2025→Mar 2026) |

## Peers (Staffing & Employment Services)
KELYB (Kelly Services, Inc.) USD 26 +0.00% · KFRC (Kforce, Inc.) USD 58.5 +9.02% · NSP (Insperity, Inc.) USD 54.44 +1.80% · MAN (ManpowerGroup) USD 47.53 +2.00% · TNET (TriNet Group, Inc.) USD 75.78 +1.55% · KFY (Korn Ferry) USD 78.3 +2.55%

## More
Full page: https://nexqual.com/BBSI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Professional Employer Services | $305.0M | 95.5% | +5.1% |
| Staffing Services | $14.3M | 4.5% | -18.2% |
| Total revenue | $319.3M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "BBSI is updating its outlook for 2026 as follows: • Gross billings growth of 3% to 4%. • Growth in the average number of WSEs of 2% to 3%. • Gross margin as a percent of gross billings of 2.70% to 2.75%. • Effective annual tax rate to remain at 26% to 27%, excluding the one-time charge related to prior-year tax credits."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.69 | $0.75 | -9.1% | $332.2M | 2 |
| Next quarter (ends 2026-12-31) | $0.66 | $0.69 | -4.3% | $333.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.71 | $1.88 | -8.9% | $1.29B | 3 |
| Next fiscal year (ends 2027-12-31) | $2.02 | $2.15 | -5.8% | $1.36B | 2 |