Heidrick & Struggles International, Inc. (HSII) 10-Year Financial Performance & Capital Metrics

HSII • • Industrial / General

IndustrialsStaffing & HRExecutive Search & Leadership ConsultingExecutive Search & Leadership Advisory

AboutHeidrick & Struggles International, Inc., together with its subsidiaries, provides executive search, consulting, and on-demand talent services to businesses and business leaders worldwide. The company enables its clients to build leadership teams by facilitating the recruitment, management, and development of senior executives. It also offers on-demand services to provide clients with independent talent, including professionals with industry and functional expertise for interim leadership roles and critical project-based initiatives; and consulting services, including leadership assessment and development, team and organization acceleration, digital acceleration and innovation, diversity and inclusion advisory services, and culture shaping services. The company provides its services to Fortune 1000 companies; Major U.S. and non-U.S. companies; middle market and emerging growth companies; private equity firms; governmental, higher education, and not-for-profit organizations; and other private and public entities. Heidrick & Struggles International, Inc. was founded in 1953 and is headquartered in Chicago, Illinois.Show more

Revenue $1.12B +7.2%
EBITDA $26M -71.9%
Net Income $9M -84.0%
EPS (Diluted) 0.41 -84.4%
Gross Margin 25.2% -5.0%
EBITDA Margin 2.36% -73.8%
Operating Margin 0.67% -90.7%
Net Margin 0.78% -85.0%
ROE 1.91% -84.7%
ROIC 6.03% -84.7%
Debt/Equity 0.22 +3.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Profits declining 28.5% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.07%

5Y8.98%

3Y3.42%

TTM11.07%

Profit (Net Income) CAGR

10Y2.53%

5Y-28.55%

3Y-50.64%

TTM-3.92%

EPS CAGR

10Y1.03%

5Y-29.77%

3Y-51.44%

TTM-6.49%

ROCE

10Y Avg8.95%

5Y Avg8.73%

3Y Avg10.71%

Latest1.06%

Peer Comparison

Executive Search & Leadership Advisory

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HSIIHeidrick & Struggles International, Inc.	1.23B	59.01	143.93	7.15%	3.05%	7.28%	10.12%	0.22
KFYKorn Ferry	3.53B	67.67	14.71	-1.23%	9.21%	13.42%	8.55%	0.31

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	548.31M	600.91M	640.06M	735.65M	725.61M	629.37M	1.01B	1.08B	1.04B	1.12B
Revenue Growth %	0.07%	0.1%	0.07%	0.15%	-0.01%	-0.13%	0.6%	0.07%	-0.04%	0.07%
Cost of Goods Sold+	369.38M	400.07M	434.22M	506.35M	506.17M	454.82M	770.2M	808.11M	765.07M	834.58M
COGS % of Revenue	0.67%	0.67%	0.68%	0.69%	0.7%	0.72%	0.76%	0.75%	0.73%	0.75%
Gross Profit+	178.93M	200.84M	205.84M	229.31M	219.45M	174.55M	238.28M	275.48M	276.11M	281.1M
Gross Margin %	0.33%	0.33%	0.32%	0.31%	0.3%	0.28%	0.24%	0.25%	0.27%	0.25%
Gross Profit Growth %	0.02%	0.12%	0.02%	0.11%	-0.04%	-0.2%	0.37%	0.16%	0%	0.02%
Operating Expenses+	144.86M	165.6M	165.97M	160.45M	155.94M	210.08M	140.01M	163.21M	200.76M	273.57M
OpEx % of Revenue	0.26%	0.28%	0.26%	0.22%	0.21%	0.33%	0.14%	0.15%	0.19%	0.25%
Selling, General & Admin	144.86M	165.6M	165.97M	160.45M	151.81M	124.74M	130.75M	142.8M	156.49M	167M
SG&A % of Revenue	0.26%	0.28%	0.26%	0.22%	0.21%	0.2%	0.13%	0.13%	0.15%	0.15%
Research & Development	0	0	0	0	0	0	0	20.41M	22.7M	23.05M
R&D % of Revenue	-	-	-	-	-	-	-	0.02%	0.02%	0.02%
Other Operating Expenses	0	0	0	494K	4.13M	85.34M	9.27M	0	21.56M	83.52M
Operating Income+	34.06M	35.23M	-26.52M	68.86M	63.51M	-35.53M	98.26M	112.27M	75.36M	7.53M
Operating Margin %	0.06%	0.06%	-0.04%	0.09%	0.09%	-0.06%	0.1%	0.1%	0.07%	0.01%
Operating Income Growth %	0.28%	0.03%	-1.75%	3.6%	-0.08%	-1.56%	3.77%	0.14%	-0.33%	-0.9%
EBITDA+	47.76M	51.67M	-11.75M	81.38M	73.88M	-8.87M	117.82M	122.87M	93.86M	26.39M
EBITDA Margin %	0.09%	0.09%	-0.02%	0.11%	0.1%	-0.01%	0.12%	0.11%	0.09%	0.02%
EBITDA Growth %	0.14%	0.08%	-1.23%	7.93%	-0.09%	-1.12%	14.28%	0.04%	-0.24%	-0.72%
D&A (Non-Cash Add-back)	13.7M	16.43M	14.77M	12.52M	10.37M	26.66M	19.56M	10.6M	18.51M	18.86M
EBIT	34.06M	35.23M	39.87M	68.86M	67.64M	49.81M	102.06M	112.27M	82.6M	73.94M
Net Interest Income+	-122K	244K	385K	1.14M	2.88M	204K	302K	5.34M	0	0
Interest Income	0	244K	385K	1.14M	2.88M	204K	302K	5.34M	0	0
Interest Expense	122K	0	0	0	0	0	0	0	0	0
Other Income/Expense	-2.51M	2.53M	-2.9M	1.64M	5.78M	4.13M	7.76M	2.97M	13.31M	23.12M
Pretax Income+	31.55M	37.77M	-29.42M	70.49M	69.29M	-31.4M	106.03M	115.24M	88.67M	30.65M
Pretax Margin %	0.06%	0.06%	-0.05%	0.1%	0.1%	-0.05%	0.11%	0.11%	0.09%	0.03%
Income Tax+	14.42M	22.35M	19.22M	21.2M	22.42M	6.31M	33.46M	35.75M	34.26M	21.92M
Effective Tax Rate %	0.54%	0.41%	1.65%	0.7%	0.68%	1.2%	0.68%	0.69%	0.61%	0.28%
Net Income+	17.13M	15.41M	-48.63M	49.3M	46.87M	-37.71M	72.57M	79.49M	54.41M	8.73M
Net Margin %	0.03%	0.03%	-0.08%	0.07%	0.06%	-0.06%	0.07%	0.07%	0.05%	0.01%
Net Income Growth %	1.52%	-0.1%	-4.16%	2.01%	-0.05%	-1.8%	2.92%	0.1%	-0.32%	-0.84%
Net Income (Continuing)	17.13M	15.41M	-48.63M	49.3M	46.87M	-37.71M	72.57M	79.49M	54.41M	8.73M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.92	0.81	-2.60	2.52	2.40	-1.95	3.58	3.86	2.62	0.41
EPS Growth %	1.49%	-0.12%	-4.21%	1.97%	-0.05%	-1.81%	2.84%	0.08%	-0.32%	-0.84%
EPS (Basic)	0.93	0.83	-2.60	2.61	2.45	-1.95	3.72	4.02	2.72	0.43
Diluted Shares Outstanding	18.71M	19.04M	18.73M	19.53M	19.55M	19.3M	20.3M	20.62M	20.77M	21.19M
Basic Shares Outstanding	18.33M	18.54M	18.71M	18.92M	19.1M	19.3M	19.52M	19.76M	20.03M	20.29M
Dividend Payout Ratio	0.58%	0.65%	-	0.21%	0.24%	-	0.16%	0.16%	0.23%	1.48%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	308.96M	298.43M	343.79M	450.87M	494.48M	472.69M	745.39M	823.82M	693.21M	772.98M
Cash & Short-Term Investments	190.45M	165.01M	207.53M	279.91M	332.87M	336.47M	545.23M	621.62M	478.16M	563.52M
Cash Only	190.45M	165.01M	207.53M	279.91M	271.72M	316.47M	545.23M	355.45M	412.62M	515.63M
Short-Term Investments	0	0	0	0	61.15M	20M	0	266.17M	65.54M	47.9M
Accounts Receivable	80.87M	98.04M	102.63M	118.6M	131.42M	107.78M	170.69M	161.72M	165.22M	167.48M
Days Sales Outstanding	53.83	59.55	58.53	58.84	66.11	62.5	61.78	54.48	57.92	54.79
Inventory	26.39M	21.6M	22M	22.77M	0	0	0	0	0	0
Days Inventory Outstanding	26.08	19.71	18.5	16.41	-	-	-	-	-	-
Other Current Assets	18.45M	13.78M	11.62M	29.6M	10.01M	9.48M	7.72M	16.38M	26.24M	13.26M
Total Non-Current Assets+	263.75M	283.07M	243.41M	249.76M	349.69M	315.13M	361.41M	351.82M	448.38M	421.21M
Property, Plant & Equipment	36.5M	35.1M	39.51M	33.87M	128.04M	116.16M	99.41M	101.66M	121.81M	135.2M
Fixed Asset Turnover	15.02x	17.12x	16.20x	21.72x	5.67x	5.42x	10.15x	10.66x	8.55x	8.25x
Goodwill	131.12M	151.84M	118.89M	122.09M	126.83M	91.64M	138.52M	138.36M	202.25M	137.86M
Intangible Assets	18.69M	20.69M	2.16M	2.22M	1.94M	1.13M	9.17M	6.33M	20.84M	12.48M
Long-Term Investments	14.14M	17.35M	21.32M	19.44M	0	0	0	0	0	0
Other Non-Current Assets	27.97M	25.02M	26.13M	37.31M	92.88M	106.19M	114.31M	105.46M	103.47M	135.66M
Total Assets+	572.72M	581.5M	587.2M	700.63M	844.17M	787.81M	1.11B	1.18B	1.14B	1.19B
Asset Turnover	0.96x	1.03x	1.09x	1.05x	0.86x	0.80x	0.91x	0.92x	0.91x	0.93x
Asset Growth %	0.01%	0.02%	0.01%	0.19%	0.2%	-0.07%	0.4%	0.06%	-0.03%	0.05%
Total Current Liabilities+	229.43M	220.59M	265.79M	318.95M	345.34M	318.24M	534.69M	588.48M	438.69M	483.01M
Accounts Payable	6.15M	7.95M	9.82M	9.17M	8.63M	8.8M	20.37M	14.61M	20.84M	25.09M
Days Payables Outstanding	6.08	7.25	8.26	6.61	6.23	7.06	9.66	6.6	9.94	10.97
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	31.24M	24.13M	40.35M	33.22M	70.13M	61.11M	85.96M	103.15M	73.61M	86.74M
Current Ratio	1.35x	1.35x	1.29x	1.41x	1.43x	1.49x	1.39x	1.40x	1.58x	1.60x
Quick Ratio	1.23x	1.25x	1.21x	1.34x	1.43x	1.49x	1.39x	1.40x	1.58x	1.60x
Cash Conversion Cycle	73.84	72	68.77	68.65	-	-	-	-	-	-
Total Non-Current Liabilities+	88.49M	102.32M	108.71M	114.52M	189.72M	201.97M	236.08M	176.51M	240.62M	258.36M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	79.39M	86.82M	65.63M	63.3M	78.2M	83.15M
Deferred Tax Liabilities	0	0	4.26M	0	0	0	0	0	0	0
Other Non-Current Liabilities	88.49M	102.32M	108.71M	114.52M	110.33M	115.16M	170.46M	113.22M	162.42M	175.21M
Total Liabilities	317.92M	322.91M	374.5M	433.47M	535.06M	520.21M	770.78M	764.99M	679.31M	741.37M
Total Debt+	0	0	0	0	110.34M	115.8M	84.96M	82.85M	99.7M	100.81M
Net Debt	-190.45M	-165.01M	-207.53M	-279.91M	-161.38M	-200.67M	-460.27M	-272.59M	-312.92M	-414.82M
Debt / Equity	-	-	-	-	0.36x	0.43x	0.25x	0.20x	0.22x	0.22x
Debt / EBITDA	-	-	-	-	1.49x	-	0.72x	0.67x	1.06x	3.82x
Net Debt / EBITDA	-3.99x	-3.19x	-	-3.44x	-2.18x	-	-3.91x	-2.22x	-3.33x	-15.72x
Interest Coverage	279.20x	-	-	-	-	-	-	-	-	-
Total Equity+	254.8M	258.59M	212.71M	267.16M	309.12M	267.6M	336.02M	410.65M	462.28M	452.82M
Equity Growth %	0.04%	0.01%	-0.18%	0.26%	0.16%	-0.13%	0.26%	0.22%	0.13%	-0.02%
Book Value per Share	13.61	13.58	11.35	13.68	15.81	13.86	16.56	19.92	22.26	21.37
Total Shareholders' Equity	254.8M	258.59M	212.71M	267.16M	309.12M	267.6M	336.02M	410.65M	462.28M	452.82M
Common Stock	196K	196K	196K	196K	196K	196K	196K	199K	201K	204K
Retained Earnings	52.57M	58.03M	-716K	56.05M	91.08M	40.98M	101.18M	168.2M	210.07M	205.88M
Treasury Stock	-39.58M	-32.91M	-26.1M	-20.3M	-14.79M	-8.04M	-191K	-191K	-110K	-110K
Accumulated OCI	9.26M	3.32M	13.31M	4.06M	3.82M	3.42M	1.67M	-4.19M	129K	-14.04M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	57.58M	24.82M	66.97M	102.9M	78.64M	23.35M	271.4M	119.29M	-26.79M	150.43M
Operating CF Margin %	0.11%	0.04%	0.1%	0.14%	0.11%	0.04%	0.27%	0.11%	-0.03%	0.13%
Operating CF Growth %	0.01%	-0.57%	1.7%	0.54%	-0.24%	-0.7%	10.62%	-0.56%	-1.22%	6.61%
Net Income	17.13M	15.41M	-48.63M	49.3M	46.87M	-37.71M	72.57M	79.49M	54.41M	8.73M
Depreciation & Amortization	13.7M	16.43M	14.77M	12.52M	10.37M	22.46M	9.96M	10.6M	18.51M	18.86M
Stock-Based Compensation	5.07M	6.39M	4.93M	8.95M	13.32M	13.43M	20.43M	16.69M	10.83M	12.72M
Deferred Taxes	-1.17M	2.39M	-1.69M	-3.5M	0	0	0	7.09M	11.9M	-19.42M
Other Non-Cash Items	1.29M	635K	51.76M	1.28M	-7.57M	25.14M	18.9M	-1.19M	6.09M	59.2M
Working Capital Changes	21.56M	-16.45M	45.83M	34.35M	15.66M	35K	149.54M	6.62M	-128.53M	70.35M
Change in Receivables	-8.71M	-14.43M	-1.88M	-16.76M	6.9M	22.64M	-36.82M	4.52M	6.91M	-4.52M
Change in Inventory	32.82M	-3.24M	32.15M	59.02M	0	0	0	0	0	0
Change in Payables	810K	941K	1.47M	-526K	0	0	0	-5.73M	-131K	4.63M
Cash from Investing+	-27.51M	-27.79M	-15.25M	-8.25M	-69.31M	32.63M	-21.26M	-279.6M	133.6M	-14.62M
Capital Expenditures	-16.43M	-5.35M	-14.02M	-5.96M	-3.35M	-7.32M	-6.24M	-11.13M	-13.43M	-26.32M
CapEx % of Revenue	0.03%	0.01%	0.02%	0.01%	0%	0.01%	0.01%	0.01%	0.01%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-768K	7.23M	-3K	794K	-62.44M	39.95M	18.5M	-268.46M	0	0
Cash from Financing+	-46.34M	-20.09M	-17.06M	-16.99M	-18.24M	-16.4M	-15.52M	-15.69M	-53.53M	-16.74M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-9.99M	-9.96M	-10.11M	-10.18M	-11.46M	-11.58M	-11.71M	-12.47M	-12.54M	-12.92M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-6.85M	-10.14M	-6.95M	-5.83M	-2.23M	-3.27M	-669K	0	-40.09M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	41.16M	19.47M	52.95M	96.94M	75.29M	16.03M	265.16M	108.15M	-40.23M	124.12M
FCF Margin %	0.08%	0.03%	0.08%	0.13%	0.1%	0.03%	0.26%	0.1%	-0.04%	0.11%
FCF Growth %	-0.23%	-0.53%	1.72%	0.83%	-0.22%	-0.79%	15.54%	-0.59%	-1.37%	4.09%
FCF per Share	2.20	1.02	2.83	4.96	3.85	0.83	13.06	5.25	-1.94	5.86
FCF Conversion (FCF/Net Income)	3.36x	1.61x	-1.38x	2.09x	1.68x	-0.62x	3.74x	1.50x	-0.49x	17.24x
Interest Paid	-442K	41K	193K	67K	0	761K	0	0	0	0
Taxes Paid	-16.94M	16.82M	14.81M	22.62M	0	0	0	41.91M	22.14M	26.13M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.86%	6%	-20.64%	20.55%	16.27%	-13.08%	24.05%	21.29%	12.47%	1.91%
Return on Invested Capital (ROIC)	40.18%	33.46%	-40.29%	-	70.57%	-24.83%	-	1219.93%	39.33%	6.03%
Gross Margin	32.63%	33.42%	32.16%	31.17%	30.24%	27.73%	23.63%	25.42%	26.52%	25.2%
Net Margin	3.12%	2.56%	-7.6%	6.7%	6.46%	-5.99%	7.2%	7.34%	5.23%	0.78%
Debt / Equity	-	-	-	-	0.36x	0.43x	0.25x	0.20x	0.22x	0.22x
Interest Coverage	279.20x	-	-	-	-	-	-	-	-	-
FCF Conversion	3.36x	1.61x	-1.38x	2.09x	1.68x	-0.62x	3.74x	1.50x	-0.49x	17.24x
Revenue Growth	6.83%	9.59%	6.52%	14.94%	-1.36%	-13.26%	60.24%	7.45%	-3.91%	7.15%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	-	-	-	1.03B	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Reimbursements	-	-	-	-	-	7.75M	5.47M	10.12M	14.32M	-
Reimbursements Growth	-	-	-	-	-	-	-29.43%	84.94%	41.45%	-
Executive Search	-	-	-	-	646.35M	-	-	-	-	-
Executive Search Growth	-	-	-	-	-	-	-	-	-	-
Heidrick Consulting	-	-	-	63.13M	60.57M	-	-	-	-	-
Heidrick Consulting Growth	-	-	-	-	-4.05%	-	-	-	-	-
Leadership Consulting	-	38.81M	41.23M	-	-	-	-	-	-	-
Leadership Consulting Growth	-	-	6.24%	-	-	-	-	-	-	-
Culture Shaping	36.33M	36.22M	28.13M	-	-	-	-	-	-	-
Culture Shaping Growth	-	-0.30%	-22.34%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	-	-	-	647.57M
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
All Other Countries	-	-	-	-	-	-	-	-	-	335.57M
All Other Countries Growth	-	-	-	-	-	-	-	-	-	-
GERMANY	-	-	-	-	-	-	-	-	-	115.44M
GERMANY Growth	-	-	-	-	-	-	-	-	-	-
Americas	300.47M	313.29M	339.79M	405.27M	-	-	-	-	-	-
Americas Growth	-	4.27%	8.46%	19.27%	-	-	-	-	-	-
Europe	100.61M	108.75M	125.35M	145.35M	-	-	-	-	-	-
Europe Growth	-	8.10%	15.26%	15.96%	-	-	-	-	-	-
Asia Pacific	93.73M	85.32M	86.91M	102.28M	-	-	-	-	-	-
Asia Pacific Growth	-	-8.98%	1.86%	17.69%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Heidrick & Struggles International, Inc. (HSII) has a price-to-earnings (P/E) ratio of 143.9x. This suggests investors expect higher future growth.

Growth & Financials

Heidrick & Struggles International, Inc. (HSII) reported $1.21B in revenue for fiscal year 2024. This represents a 119% increase from $554.0M in 2011.

Heidrick & Struggles International, Inc. (HSII) grew revenue by 7.2% over the past year. This is steady growth.

Yes, Heidrick & Struggles International, Inc. (HSII) is profitable, generating $37.0M in net income for fiscal year 2024 (0.8% net margin).

Dividend & Returns

Yes, Heidrick & Struggles International, Inc. (HSII) pays a dividend with a yield of 1.03%. This makes it attractive for income-focused investors.

Heidrick & Struggles International, Inc. (HSII) has a return on equity (ROE) of 1.9%. This is below average, suggesting room for improvement.

Heidrick & Struggles International, Inc. (HSII) generated $132.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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