A Business at a Glance
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BARRETT BUSINESS SERVICES INC
BBSI
$1.0B
Mkt Cap
$39.74
-0.11%
BARRETT BUSINESS SERVICES INC (BBSI) has a current P/E ratio of 19.1, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
BARRETT BUSINESS SERVICES INC (BBSI) has a 5-year average return on invested capital (ROIC) of 37.5%. This indicates strong capital allocation and a potential competitive advantage.
BARRETT BUSINESS SERVICES INC (BBSI) has a market capitalization of $976M. It is classified as a small-cap stock.
Yes, BARRETT BUSINESS SERVICES INC (BBSI) pays a dividend with a trailing twelve-month yield of 0.83%. The company also returns capital through share buybacks, with a buyback yield of 5.44%.
Based on historical P/E analysis, BARRETT BUSINESS SERVICES INC (BBSI) appears expensive. The current P/E of 19.1 is 27% above its historical median of 15.0. The estimated fair value CAGR (P/E method) is 8.5%.
BARRETT BUSINESS SERVICES INC (BBSI) operates in the Services-Help Supply Services industry, within the Industrials sector.
Barrett Business Services, Inc. (“BBSI,” the “Company,” “our” or “we”), is a leading provider of business management solutions for small and mid-sized companies. The Company has developed a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry. This platform, through the effective leveraging of human capital, helps our business owner clients run their businesses more effectively. We believe this platform, delivered through a decentralized organizational structure, differentiates BBSI from our competitors. BBSI was incorporated in Maryland in 1965. Certain statements below contain forward-looking information that is subject to risks and uncertainties. See “Forward-Looking Information” in Item 7 of Part II of this report and “Risk Factors” in Item 1A of Part I of this report.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.3B | 1.2B | 1.1B | 1.1B | 1.1B | 955M |
| Net Income | 41M | 54M | 53M | 51M | 47M | 38M |
| EPS | $1.58 | $2.08 | $1.98 | $1.85 | $1.64 | $1.25 |
| Free Cash Flow | 19M | 47M | -4.1M | 55M | 12M | -22M |
| ROIC | 31.2% | 45.6% | 37.0% | 65.3% | 24.0% | 15.8% |
| Gross Margin | 20.8% | 21.0% | 22.1% | 22.7% | 22.3% | 21.4% |
| Debt/Equity | 0.00 | 0.10 | 0.10 | 0.11 | 0.12 | 0.12 |
| Dividends/Share | $0.33 | $0.32 | $0.31 | $0.30 | $0.29 | $0.30 |
| Operating Income | 60M | 62M | 60M | 61M | 59M | 44M |
| Operating Margin | 4.8% | 5.0% | 5.2% | 5.7% | 5.6% | 4.6% |
| ROE | 19.8% | 23.5% | 23.9% | 25.4% | 26.6% | 18.3% |
| Shares Outstanding | 25M | 26M | 27M | 27M | 29M | 30M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 636M | 741M | 841M | 920M | 941M | 942M | 881M | 955M | 1.1B | 1.1B | 1.1B | 1.2B | 1.3B |
| Gross Margin | 5.2% | 17.5% | 17.3% | 17.2% | 19.8% | 22.1% | 20.8% | 21.4% | 22.3% | 22.7% | 22.1% | 21.0% | 20.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 74M | 90M | 113M | 123M | 145M | 154M | 142M | 155M | 170M | 175M | 186M | 190M | 193M |
| EBIT | -43M | 36M | 29M | 30M | 37M | 50M | 36M | 44M | 59M | 61M | 60M | 62M | 60M |
| Op. Margin | -6.8% | 4.9% | 3.4% | 3.3% | 3.9% | 5.4% | 4.1% | 4.6% | 5.6% | 5.7% | 5.2% | 5.0% | 4.8% |
| Net Income | -26M | 25M | 19M | 25M | 38M | 48M | 34M | 38M | 47M | 51M | 53M | 54M | 41M |
| Net Margin | -4.0% | 3.4% | 2.2% | 2.7% | 4.0% | 5.1% | 3.8% | 4.0% | 4.5% | 4.7% | 4.6% | 4.4% | 3.2% |
| Non-Recurring | 0 | 0 | -31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -41.6% | 90.1% | 120.5% | 67.5% | 26.4% | 23.2% | 14.5% | 15.8% | 24.0% | 65.3% | 37.0% | 45.6% | 31.2% |
| ROE | -52.1% | 58.4% | 30.3% | 31.8% | 32.0% | 28.1% | 17.0% | 18.3% | 26.6% | 25.4% | 23.9% | 23.5% | 19.8% |
| ROA | -6.7% | 5.4% | 3.5% | 4.0% | 5.0% | 5.6% | 4.4% | 5.1% | 6.9% | 7.0% | 7.1% | 7.1% | 5.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 70M | 101M | 80M | 113M | 70M | 77M | -28M | -15M | 28M | 67M | 10M | 66M | 39M |
| Free Cash Flow | 65M | 98M | 73M | 109M | 64M | 66M | -37M | -22M | 12M | 55M | -4.1M | 47M | 19M |
| Owner Earnings | 65M | 95M | 74M | 103M | 60M | 66M | -36M | -26M | 14M | 52M | -6.4M | 47M | -18M |
| CapEx | 4.6M | 3.0M | 7.1M | 3.7M | 5.7M | 11M | 8.6M | 6.8M | 16M | 12M | 14M | 19M | 20M |
| Maint. CapEx | 2.5M | 2.9M | 3.3M | 5.5M | 4.2M | 3.9M | 4.8M | 5.3M | 6.2M | 7.1M | 7.6M | 8.3M | 46M |
| Growth CapEx | 2.1M | 145K | 3.9M | 0 | 1.5M | 6.9M | 3.8M | 1.5M | 9.7M | 4.7M | 6.6M | 11M | 0 |
| D&A | 2.5M | 2.9M | 3.3M | 5.5M | 4.2M | 3.9M | 4.8M | 5.3M | 6.2M | 7.1M | 7.6M | 8.3M | 46M |
| CapEx/OCF | 6.7% | 3.0% | 8.8% | 3.3% | 8.1% | 14.0% | N/A | N/A | 57.5% | 17.6% | 140.4% | 28.5% | 51.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 5.4M | 6.3M | 6.4M | 7.3M | 7.3M | 8.2M | 9.1M | 9.1M | 8.5M | 8.1M | 8.1M | 8.2M | 8.1M |
| Dividend Yield | 1.7% | 2.6% | 2.4% | 1.9% | 1.4% | 1.5% | 2.2% | 1.7% | 1.6% | 1.3% | 0.9% | 0.8% | 0.8% |
| Share Buybacks | 3.7M | 0 | 0 | 0 | 0 | 17M | 8.1M | 17M | 47M | 34M | 29M | 42M | 53M |
| Buyback Yield | 2.2% | N/A | N/A | N/A | N/A | 2.7% | 1.6% | 3.4% | 7.4% | 4.4% | 2.5% | 4.4% | 5.4% |
| Stock-Based Comp | 1.7M | 2.4M | 2.8M | 4.2M | 5.5M | 7.2M | 3.4M | 5.4M | 7.4M | 8.5M | 8.8M | 10M | 11M |
| Debt Repayment | 220K | 25M | 15M | 221K | 220K | 221K | 220K | 221K | 3.5M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 3.6M | -25M | -52M | -56M | -397M | -381M | -415M | -445M | -378M | -131M | -100M | -133M | -92M |
| Cash & Equiv. | 12M | 25M | 51M | 60M | 35M | 45M | 69M | 69M | 91M | 71M | 55M | 95M | 92M |
| Long-Term Debt | 20M | 0 | 4.4M | 4.2M | 4.0M | 3.7M | 3.5M | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 1.37 | 0.00 | 0.06 | 0.05 | 0.04 | 0.17 | 0.14 | 0.12 | 0.12 | 0.11 | 0.10 | 0.10 | 0.00 |
| Interest Coverage | -249.5 | 18.5 | 35.9 | 95.7 | 35.2 | 28.2 | 29.1 | 118.1 | 418.3 | 365.4 | 335.8 | 363.5 | 354.2 |
| Equity | 33M | 55M | 70M | 89M | 119M | 172M | 198M | 209M | 178M | 199M | 221M | 241M | 206M |
| Total Assets | 452M | 497M | 582M | 682M | 756M | 861M | 775M | 747M | 687M | 722M | 746M | 779M | 783M |
| Total Liabilities | 420M | 442M | 512M | 594M | 637M | 689M | 577M | 538M | 509M | 522M | 524M | 538M | 578M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 28M | 48M | 60M | 78M | 109M | 149M | 166M | 178M | 173M | 183M | 200M | 206M | 170M |
| Working Capital | -43M | -10M | -40M | -14M | -5.1M | 82M | 117M | 91M | 120M | 104M | 117M | 119M | 73M |
| Current Assets | 183M | 227M | 235M | 308M | 322M | 424M | 408M | 407M | 454M | 448M | 475M | 525M | 538M |
| Current Liabilities | 225M | 237M | 275M | 322M | 327M | 342M | 291M | 315M | 335M | 343M | 359M | 406M | 465M |
| Per Share Data | |||||||||||||
| EPS | -0.89 | 0.87 | 0.64 | 0.83 | 1.25 | 1.57 | 1.10 | 1.25 | 1.64 | 1.85 | 1.98 | 2.08 | 1.58 |
| Owner EPS | 2.28 | 3.25 | 2.52 | 3.41 | 1.96 | 2.14 | -1.18 | -0.86 | 0.49 | 1.89 | -0.24 | 1.81 | -0.74 |
| Book Value | 1.15 | 1.86 | 2.36 | 2.94 | 3.89 | 5.58 | 6.44 | 6.85 | 6.15 | 7.28 | 8.27 | 9.21 | 8.38 |
| Cash Flow/Share | 2.43 | 3.42 | 2.72 | 3.73 | 2.28 | 2.50 | -0.91 | -0.51 | 0.96 | 2.46 | 0.38 | 2.52 | 3.55 |
| Dividends/Share | 0.19 | 0.22 | 0.22 | 0.25 | 0.25 | 0.28 | 0.30 | 0.30 | 0.29 | 0.30 | 0.31 | 0.32 | 0.33 |
| Shares Out. | 28.6M | 29.4M | 29.5M | 30.2M | 30.6M | 30.8M | 30.8M | 30.5M | 28.9M | 27.4M | 26.8M | 26.2M | 24.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 10.8 | 22.3 | 17.6 | 10.4 | 13.2 | 14.6 | 13.3 | 13.5 | 15.4 | 21.7 | 17.4 | 25.2 |
| P/FCF | 2.6 | 2.8 | 5.7 | 4.0 | 6.2 | 9.6 | N/A | N/A | 54.2 | 14.1 | N/A | 20.0 | 52.3 |
| EV/EBIT | N/A | 7.4 | 12.7 | 12.9 | N/A | 5.0 | 2.2 | 1.4 | 4.4 | 10.7 | 17.5 | 13.1 | 14.8 |
| Price/Book | 5.2 | 5.1 | 6.0 | 5.0 | 3.3 | 3.7 | 2.5 | 2.4 | 3.6 | 3.9 | 5.2 | 3.9 | 4.7 |
| Price/Sales | 0.5 | 0.3 | 0.3 | 0.4 | 0.6 | 0.6 | 0.5 | 0.6 | 0.5 | 0.6 | 0.8 | 0.9 | 0.8 |
| FCF Yield | 38.2% | 35.4% | 17.5% | 24.7% | 16.2% | 10.4% | -7.4% | -4.4% | 1.8% | 7.1% | -0.4% | 5.0% | 1.9% |
| Market Cap | 170M | 276M | 419M | 442M | 395M | 636M | 493M | 508M | 640M | 781M | 1.1B | 946M | 976M |
| Avg. Price | 10.87 | 8.37 | 9.03 | 12.93 | 17.15 | 18.33 | 13.71 | 17.35 | 18.67 | 22.78 | 33.53 | 41.49 | 39.74 |
| Year-End Price | 5.94 | 9.40 | 14.22 | 14.62 | 12.90 | 20.65 | 16.03 | 16.68 | 22.15 | 28.55 | 42.91 | 36.13 | 39.74 |
BARRETT BUSINESS SERVICES INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
BARRETT BUSINESS SERVICES INC trades at 19.1x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 22.1x vs a median of 9.6x. The company's 5-year average ROIC is 37.5% with a gross margin of 21.9%. Total shareholder yield (dividends + buybacks) is 6.3%. At current prices, the estimated annualized return to fair value is -10.3%.
BARRETT BUSINESS SERVICES INC (BBSI) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
BARRETT BUSINESS SERVICES INC (BBSI) has a net profit margin of 4.4%. This is a modest margin.
BARRETT BUSINESS SERVICES INC (BBSI) generated $47 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BARRETT BUSINESS SERVICES INC (BBSI) has a debt-to-equity ratio of 0.10. This indicates a conservatively financed balance sheet.
BARRETT BUSINESS SERVICES INC (BBSI) reported earnings per share (EPS) of $2.08 in its most recent fiscal year.
BARRETT BUSINESS SERVICES INC (BBSI) has a return on equity (ROE) of 23.5%. This indicates the company generates strong returns for shareholders.
BARRETT BUSINESS SERVICES INC (BBSI) has a 5-year average gross margin of 21.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for BARRETT BUSINESS SERVICES INC (BBSI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BARRETT BUSINESS SERVICES INC (BBSI) has a book value per share of $9.21, based on its most recent annual SEC filing.
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