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TrueBlue Valuation Multiples

Discover revenue and EBITDA valuation multiples for TrueBlue and similar public comparables like HireQuest, Amadeus Fire, Careerlink, Freelance.com and more.

TrueBlue Overview

About TrueBlue

TrueBlue Inc is a provider of specialized workforce solutions that connect employers with talent. Its reportable segments include PeopleReady, which provides blue-collar contingent staffing and delivers on-demand and skilled labor across industries such as construction, transportation, retail, hospitality, and energy. The PeopleManagement segment offers contingent labor and outsourced industrial workforce solutions, mainly on-site at client facilities, through its OnSite and Centerline operations, focusing on workforce management and commercial driver services. PeopleSolutions delivers services focused on professional and specialized talent acquisition, as well as workforce management and compliance. The company generates the majority of its revenue from the PeopleReady segment.


Founded

1985

HQ

United States

Employees

3.5K

Financials (LTM)

Revenue: $2B
EBITDA: $17M

EV

$275M

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TrueBlue Financials

TrueBlue reported last 12-month revenue of $2B and EBITDA of $17M.

In the same LTM period, TrueBlue generated $368M in gross profit, $17M in EBITDA, and had net loss of ($15M).

Revenue (LTM)


TrueBlue P&L

In the most recent fiscal year, TrueBlue reported revenue of $2B and EBITDA of $12M.

TrueBlue is unprofitable as of last fiscal year, with gross margin of 23%, EBITDA margin of 1%, and net margin of (1%).

See analyst estimates for TrueBlue
LTMLast FY202320242025202620272028
Revenue$2B$2B$2B$2B$2B
Gross Profit$368M$368M$506M$406M$368M
Gross Margin22%23%27%26%23%
EBITDA$17M$12M$11M($4M)$784K
EBITDA Margin1%1%1%(0%)0%
EBIT Margin(1%)(2%)(1%)(2%)(2%)
Net Profit($15M)($20M)($14M)($126M)($48M)
Net Margin(1%)(1%)(1%)(8%)(3%)
Net Debt—$41M———

Financial data powered by Morningstar, Inc.

TrueBlue Stock Performance

TrueBlue has current market cap of $169M, and enterprise value of $275M.

Market Cap Evolution


TrueBlue's stock price is $5.56.

TrueBlue share price increased by 1.3% in the last 30 days, and decreased by 7.3% in the last year.

TrueBlue has an EPS (earnings per share) of $-0.67.

See more trading valuation data for TrueBlue
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$275M$169M0.0%1.3%32.0%-7.3%$-0.67

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TrueBlue Valuation Multiples

TrueBlue trades at 0.2x EV/Revenue multiple, and 16.1x EV/EBITDA.

See NTM and 2027E valuation multiples for TrueBlue

EV / Revenue (LTM)


TrueBlue Financial Valuation Multiples

As of May 26, 2026, TrueBlue has market cap of $169M and EV of $275M.

TrueBlue has a P/E ratio of (11.5x).

LTMLast FY202320242025202620272028
EV/Revenue0.2x0.2x0.1x0.2x0.2x
EV/EBITDA16.1x23.3x24.0x(77.8x)n/m
EV/EBIT(14.2x)(9.8x)(19.2x)(8.3x)(9.8x)
EV/Gross Profit0.7x0.7x0.5x0.7x0.7x
P/E(11.5x)(8.3x)(11.9x)(1.3x)(3.5x)
EV/FCF(8.5x)(3.7x)79.2x(6.7x)(3.7x)

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified TrueBlue Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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TrueBlue Margins & Growth Rates

TrueBlue grew revenue by 6% and EBITDA by 112% in the last fiscal year.

In the most recent fiscal year, TrueBlue reported gross margin of 23%, EBITDA margin of 1%, and net margin of (1%).

See estimated margins and future growth rates for TrueBlue

TrueBlue Margins

Last FY202420252026202720282029
Gross Margin23%26%23%22%
EBITDA Margin1%(0%)0%1%
EBIT Margin(2%)(2%)(2%)(0%)
Net Margin(1%)(8%)(3%)(0%)
FCF Margin(5%)(3%)(5%)2%

TrueBlue Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth6%(18%)3%6%
Gross Profit Growth(0%)(20%)(9%)(0%)
EBITDA Growth112%(131%)(122%)3099%
EBIT Growth(79%)130%(15%)(79%)
Net Profit Growth(69%)787%(62%)(87%)
FCF Growth(140%)(1285%)79%(140%)

Data powered by FactSet, Inc. and Morningstar, Inc.

TrueBlue Operational KPIs

TrueBlue's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

TrueBlue's Rule of 40 is 7% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

TrueBlue's Rule of X is 16% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for TrueBlue
LTMLast FY202320242025202620272028
Rule of 406%7%———
Bessemer Rule of X14%16%———
Revenue per Employee—$0.5M———
Opex per Employee—$0.1M———
Opex to Revenue—24%27%28%24%

Data powered by FactSet, Inc. and Morningstar, Inc.

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TrueBlue Competitors

TrueBlue competitors include HireQuest, Amadeus Fire, Careerlink, Freelance.com, Copro Holdings, WILL GROUP, Matching Service Japan, Veteranpoolen, Gakujo and WDB Holdings.

Most TrueBlue public comparables operate across Recruitment & Staffing.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
HireQuest5.5x5.7x12.0x12.2x
Amadeus Fire0.5x0.5x4.6x4.1x
Careerlink0.4x0.3x5.2x—
Freelance.com0.1x0.1x4.2x5.2x
Copro Holdings1.6x1.3x15.2x—
WILL GROUP0.1x0.1x4.7x—
Matching Service Japan2.4x2.3x8.4x8.4x
Veteranpoolen1.9x—16.7x—

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TrueBlue M&A Activity

TrueBlue has acquired 3 companies to date.

Last acquisition by TrueBlue was on February 4th 2025. TrueBlue acquired HSP for $56M (EV/Revenue multiple of ).

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Latest Acquisitions by TrueBlue

HSP
SIMOS Insourcing Solutions
Seaton
Description
HSP is a Pittsburgh-headquartered recruitment firm specializing in healthcare staffing solutions across the United States. It places physicians, nurses, allied health professionals, and administrative staff in hospitals, clinics, and long-term care facilities, offering temporary, contract, and permanent placements with focus on specialties like emergency medicine, surgery, and radiology.
SIMOS Insourcing Solutions is an Atlanta-headquartered workforce management firm that provides on-premise staffing and labor solutions. The company deploys dedicated teams for light industrial, manufacturing, and logistics roles at client facilities nationwide. SIMOS optimizes operations through proprietary talent acquisition systems and performance metrics, serving sectors like automotive, food processing, and distribution with scalable insourcing models.
Seaton is a global outsourcing and recruiting firm operating brands like PeopleScout, Staff Management | SMX, StudentScout, and HRX. Founded in 1988 with headquarters in the United States, it supports talent acquisition across 70 countries through recruitment process outsourcing.
HQ CountryUnited StatesUnited StatesUnited States
HQ City
Los Angeles, CA
Atlanta, GA
Chicago, IL
Deal Date4 Feb 20252 Dec 20152 Jun 2014
Valuation$56M$90M$310M
EV/Revenue
EV/EBITDA

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About TrueBlue

When was TrueBlue founded?TrueBlue was founded in 1985.
Where is TrueBlue headquartered?TrueBlue is headquartered in United States.
How many employees does TrueBlue have?As of today, TrueBlue has over 3K employees.
Who is the CEO of TrueBlue?TrueBlue's CEO is Taryn R. Owen.
Is TrueBlue publicly listed?Yes, TrueBlue is a public company listed on NYSE.
What is the stock symbol of TrueBlue?TrueBlue trades under TBI ticker.
When did TrueBlue go public?TrueBlue went public in 1990.
Who are competitors of TrueBlue?TrueBlue main competitors include HireQuest, Amadeus Fire, Careerlink, Freelance.com, Copro Holdings, WILL GROUP, Matching Service Japan, Veteranpoolen, Gakujo, WDB Holdings.
What is the current market cap of TrueBlue?TrueBlue's current market cap is $169M.
What is the current revenue of TrueBlue?TrueBlue's last 12 months revenue is $2B.
What is the current revenue growth of TrueBlue?TrueBlue revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of TrueBlue?Current revenue multiple of TrueBlue is 0.2x.
Is TrueBlue profitable?Yes, TrueBlue is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of TrueBlue?TrueBlue's last 12 months EBITDA is $17M.
What is TrueBlue's EBITDA margin?TrueBlue's last 12 months EBITDA margin is 1%.
What is the current EV/EBITDA multiple of TrueBlue?Current EBITDA multiple of TrueBlue is 16.1x.
What is the current FCF of TrueBlue?TrueBlue's last 12 months FCF is ($33M).
What is TrueBlue's FCF margin?TrueBlue's last 12 months FCF margin is (2%).
What is the current EV/FCF multiple of TrueBlue?Current FCF multiple of TrueBlue is (8.5x).
How many companies TrueBlue has acquired to date?As of May 2026, TrueBlue has acquired 3 companies.
What was the largest acquisition by TrueBlue?$310M acquisition of Seaton on 2nd June 2014 was the largest M&A TrueBlue has done to date.
What companies TrueBlue acquired?TrueBlue acquired Seaton, SIMOS Insourcing Solutions, and HSP.
In how many companies TrueBlue has invested to date?TrueBlue hasn't invested in any companies yet (or none have been disclosed publicly).

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