# TrueBlue, Inc. (TBI)

> Source: Nexqual · https://nexqual.com/TBI · data as of 2026-11-09 21:00 UTC · cite as "Nexqual, TrueBlue, Inc. (TBI), nexqual.com/TBI" · informational, not investment advice.

## What changed for TBI since Aug 31, 2025
The built-in knowledge of several widely used AI models ends around Aug 31, 2025. Everything below is newer, dated and sourced (as of Nov 9, 2026).

- TrueBlue, Inc. (TBI) stock went from USD 5.97 (close of the week of Aug 25, 2025, split-adjusted) to USD 12.15, a +103.5% price change; the S&P 500 (SPY) moved +18.3% over the same period.
- TBI revenue over the last four reported quarters (through Sep 27, 2026) was $1.78B, +13.6% vs $1.57B in fiscal year 2024 (ended Dec 29, 2024), the last full year filed before September 2025; net income -$126M → -$45.5M (SEC 10-K / 10-Q).
- In the latest 13F period (Q3 2026), 1 of 80 superinvestors tracked by Nexqual hold TBI; 0 opened new positions, 0 added and 1 reduced.

**Price:** USD 12.15 (+0.00% on the day) · last close of Nov 9, 2026; US market pre market, not a live price. Prev close 12.15 · day 11.43–12.86 · 52w 3.18–13.59 · market cap $370M · NYQ

## Key facts
- Last four reported quarters (through Sep 27, 2026): revenue $1.78B, net income -$45.5M (-2.6% margin), free cash flow -$72.3M (SEC filings).
- 1 of 80 tracked superinvestors hold TBI (13F, Q3 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $15K; 1 not under a Rule 10b5-1 plan ($15K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (2 analysts), mean target USD 14.25 (range 14–14.5).
- Total return with dividends: 1Y +149.5% vs S&P 500 +11.7%; 5Y -55.0% vs S&P 500 +72.2%.
- Latest earnings report: 2026-11-04 (next date not yet announced).
- Dividend: TBI paid no cash dividend in the last five years.
- Short interest: 1.69% of float (as of 2026-10-15), 1.7 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.17B | $2.25B | $1.91B | $1.57B | $1.62B | $1.78B |
| Gross profit | $560M | $602M | $506M | $406M | $368M | — |
| Operating income | $68.4M | $72.2M | -$23.9M | -$92.8M | -$46.6M | -$36.4M |
| Net income | $61.6M | $62.3M | -$14.2M | -$126M | -$48.0M | -$45.5M |
| EPS (diluted) | $1.74 | $1.86 | -$0.45 | -$4.17 | -$1.61 | — |
| Free cash flow | -$14.6M | $89.9M | $3.5M | -$41.2M | -$73.7M | -$72.3M |
| Gross margin | 25.8% | 26.7% | 26.5% | 25.9% | 22.8% | — |
| Operating margin | 3.1% | 3.2% | -1.3% | -5.9% | -2.9% | -2.0% |
| Net margin | 2.8% | 2.8% | -0.7% | -8.0% | -3.0% | -2.6% |
| Revenue growth | +17.7% | +3.7% | -15.4% | -17.8% | +3.1% | — |
| Cash + short-term investments | $49.9M | $72.1M | $61.9M | $22.5M | $24.5M | — |
| Total debt | $0K | — | $0K | $7.6M | $65.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 27, 2026)
P/S 0.2x · EV/Sales 0.3x · P/B 1.4x · FCF yield -19.52% · Earnings yield -12.27% · Net debt $82.5M · EV $453M

## Superinvestors (SEC 13F-HR, Q3 2026)
1 of 80 tracked investors hold TBI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 0.08% | $26.2M | Reduced -7.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 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 |
|---|---|---|---|---|---|---|---|
| 2026-06-05 | Lontoh Sonita | Director | 2,186 | $15K | 2.9% | No | Too little history (no open-market trades in 2024 or 2025) |
% 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.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 2 analysts; mean target USD 14.25 (low 14, high 14.5).

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-10) | 5Y (from 2021-11-08) |
|---|---|---|
| Total return | +149.5% | -55.0% |
| S&P 500 (SPY) | +11.7% | +72.2% |
| Per year | +150.3% | -14.8% |
| Volatility (annualized) | 70.7% | 57.0% |
| Max drawdown | -40.3% (Jan 2026→Mar 2026) | -88.7% (Mar 2022→Mar 2026) |

## Dividends
TBI paid no cash dividend in the last five years.

## Short interest
424,240 shares sold short, 1.69% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 821,435 shares (-48.4%). Days to cover: 1.7 (short shares ÷ average daily volume).

## Peers (Staffing & Employment Services)
KFRC (Kforce, Inc.) USD 54.27 +0.22% · KFY (Korn Ferry) USD 75.1 -0.37% · BBSI (Barrett Business Services, Inc.) USD 30.31 +1.34% · KELYB (Kelly Services, Inc.) USD 25.88 +1.29% · NSP (Insperity, Inc.) USD 49.41 -0.82% · MAN (ManpowerGroup) USD 44.57 +0.16%

## More
Full page: https://nexqual.com/TBI · 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

## Supply chain and relationships (SEC annual reports)

Named in TBI's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/768899/000076889926000009/tbi-20251228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | AMERICAN INTERNATIONAL GROUP, INC. (AIG) | "We have an agreement with American International Group, Inc. and the Bank of New York Mellon Corporation creating a trust ("Trust"), which holds the majority of our collateral obligations under existing workers' compensa…" |
| Partner | Bank of New York Mellon Corp (BNY) | "We have an agreement with American International Group, Inc. and the Bank of New York Mellon Corporation creating a trust ("Trust"), which holds the majority of our collateral obligations under existing workers' compensa…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.08 | $0.14 | -44.2% | $469.0M | 3 |
| Next quarter (ends 2027-03-31) | $-0.01 | $-0.04 | +$0.03 | $443.9M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.07 | $-0.02 | +$0.08 | $1.80B | 3 |
| Next fiscal year (ends 2027-12-31) | $0.82 | $0.62 | +31.0% | $1.91B | 3 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 10 | 207.0% | ±27.6% |
| 2027-02-19 | 101 | 56.1% | ±30.5% |
| 2027-05-21 | 192 | 58.8% | ±40.2% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Nov 4, 2026 | Quarter ended Sep 30, 2026 | $0.33 | $0.19 | Beat +73.7% | +28.9% |
| Aug 4, 2026 | Quarter ended Jun 30, 2026 | $0.06 | −$0.10 | Beat +$0.16 | +31.3% |
| May 5, 2026 | Quarter ended Mar 31, 2026 | −$0.41 | −$0.45 | Beat +8.9% | +1.3% |
| Feb 18, 2026 | Quarter ended Dec 31, 2025 | −$0.25 | −$0.05 | Miss −400.0% | -11.5% |
| Nov 3, 2025 | — | — | — | — | +15.8% |
| Aug 4, 2025 | — | — | — | — | -8.4% |
| May 5, 2025 | — | — | — | — | -13.5% |
| Feb 19, 2025 | — | — | — | — | -14.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-11-04 | 10-Q | Quarterly report · period ended Sep 27, 2026 | https://www.sec.gov/Archives/edgar/data/768899/000076889926000040/0000768899-26-000040-index.htm |
| 2026-11-04 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/768899/000076889926000039/0000768899-26-000039-index.htm |
| 2026-10-26 | 8-K | Director or executive officer change, or pay arrangement; Other material event — “On October 26, 2026, TrueBlue, Inc. (the "Company") announced the appointment and election of Elizabeth Castro Gulacsy to the Company's board of directors (the "Board"), effective October 26, 2026. In connection with Ms. Castro Gulacsy's appointment, the Board increased the size of the Board to ten directors, effective October 26, 2026. Ms. Castro Gulacsy has served as a director of NNN REIT, Inc. (NYSE: NNN), including on its Audit Committee since 2022 and on its Governance and Nominating Committee since 2026.…” | https://www.sec.gov/Archives/edgar/data/768899/000199937126023546/0001999371-26-023546-index.htm |
| 2026-10-19 | Schedule 13G/A | PZENA INVESTMENT MANAGEMENT LLC: 9.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/768899/000102779626000058/0001027796-26-000058-index.htm |
| 2026-08-12 | Schedule 13G/A | CHARLES SCHWAB INVESTMENT MANAGEMENT INC: 3.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/768899/000088454626000397/0000884546-26-000397-index.htm |
| 2026-08-04 | 10-Q | Quarterly report · period ended Jun 28, 2026 | https://www.sec.gov/Archives/edgar/data/768899/000076889926000026/0000768899-26-000026-index.htm |
| 2026-08-04 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/768899/000076889926000025/0000768899-26-000025-index.htm |
| 2026-08-04 | Schedule 13G/A | Boston Partners: 8.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/768899/000138606026000037/0001386060-26-000037-index.htm |
| 2026-07-22 | Schedule 13G/A | ROYCE & ASSOCIATES LP: 9.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/768899/000090630426000128/0000906304-26-000128-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.