Insperity, Inc. (NSP) 10-Year Financial Performance & Capital Metrics

NSP • • Industrial / General

IndustrialsStaffing & HRHuman Capital Management & PEO ServicesComprehensive HCM & PEO Providers

AboutInsperity, Inc. provides human resources (HR) and business solutions to improve business performance for small and medium-sized businesses. The company offers its HR services through its Workforce Optimization and Workforce Synchronization solutions that include a range of human resources functions, such as payroll and employment administration, employee benefits, workers' compensation, government compliance, performance management, and training and development services. It also provides Insperity Premier, a cloud-based human capital management platform that offers professional employer organization HR outsourcing solutions to its clients; personnel record management services; and employer liability management services, as well as solutions for middle market. In addition, the company offers MarketPlace, an e-commerce portal that offers a range of products and services; and Workforce Acceleration, a human capital management and payroll services solution; time and attendance; performance management; organizational planning; recruiting; employment screening; retirement; and insurance services. As of December 31, 2021, it operated through 85 sales offices in the United States. The company was formerly known as Administaff, Inc. and changed its name to Insperity, Inc. in March 2011. The company was founded in 1986 and is headquartered in Kingwood, Texas.Show more

Revenue $6.58B +1.5%
EBITDA $161M -38.5%
Net Income $91M -46.8%
EPS (Diluted) 2.39 -46.5%
Gross Margin 15.99%
EBITDA Margin 2.45% -39.4%
Operating Margin 1.78% -47.3%
Net Margin 1.38% -47.5%
ROE 95.29% -51.2%
ROIC -
Debt/Equity 4.48 -1.3%
Interest Coverage 4.18 -48.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 247.2%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.1%
✓Efficient asset utilization: 2.5x turnover

✗Weaknesses

✗High debt to equity ratio of 4.5x
✗Trading more than 30% below 52-week high
✗Expensive at 18.1x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.81%

5Y8.81%

3Y9.79%

TTM3.19%

Profit (Net Income) CAGR

10Y12.51%

5Y-9.64%

3Y-9.82%

TTM-85.78%

EPS CAGR

10Y16.26%

5Y-8.57%

3Y-9.08%

TTM-85.64%

ROCE

10Y Avg33.08%

5Y Avg29.28%

3Y Avg29.16%

Latest17.32%

Peer Comparison

Comprehensive HCM & PEO Providers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ADPAutomatic Data Processing, Inc.	105.24B	260.20	26.07	7.07%	19.79%	64.9%	4.53%	1.46
PAYXPaychex, Inc.	39.67B	110.51	24.13	5.56%	26.45%	41.13%	4.43%	1.22
BBSIBarrett Business Services, Inc.	1.01B	39.42	19.91	7.03%	4.48%	22.84%		0.10
NSPInsperity, Inc.	1.75B	46.32	19.38	1.46%	0.25%	19.54%	27.6%	4.48
TNETTriNet Group, Inc.	3.04B	63.21	18.43	2.66%	2.61%	120.91%	6.62%	14.81
GLXGGalaxy Payroll Group Limited	3.28M	1.82	0.55	-4.26%	9.7%	3.66%	100%	0.36

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.6B	2.94B	3.3B	3.83B	4.31B	4.29B	4.97B	5.94B	6.49B	6.58B
Revenue Growth %	0.1%	0.13%	0.12%	0.16%	0.13%	-0.01%	0.16%	0.19%	0.09%	0.01%
Cost of Goods Sold+	2.17B	2.45B	2.73B	3.15B	3.58B	3.48B	4.15B	4.93B	5.45B	5.53B
COGS % of Revenue	0.83%	0.83%	0.83%	0.82%	0.83%	0.81%	0.84%	0.83%	0.84%	0.84%
Gross Profit+	437.87M	491.61M	572.73M	681.91M	732.93M	806.85M	820.1M	1.01B	1.04B	1.05B
Gross Margin %	0.17%	0.17%	0.17%	0.18%	0.17%	0.19%	0.16%	0.17%	0.16%	0.16%
Gross Profit Growth %	0.08%	0.12%	0.17%	0.19%	0.07%	0.1%	0.02%	0.23%	0.03%	0.01%
Operating Expenses+	361.69M	385.3M	442.79M	502.87M	546.3M	612.16M	646.77M	760.99M	818M	935M
OpEx % of Revenue	0.14%	0.13%	0.13%	0.13%	0.13%	0.14%	0.13%	0.13%	0.13%	0.14%
Selling, General & Admin	343.12M	368.66M	424.61M	480.03M	517.58M	580.98M	573.3M	720.33M	728M	891M
SG&A % of Revenue	0.13%	0.13%	0.13%	0.13%	0.12%	0.14%	0.12%	0.12%	0.11%	0.14%
Research & Development	3.3M	3M	4.1M	6M	7.8M	8.7M	0	13.2M	0	13M
R&D % of Revenue	0%	0%	0%	0%	0%	0%	-	0%	-	0%
Other Operating Expenses	-113K	16.64M	18.18M	22.84M	20.92M	22.49M	73.47M	27.46M	90M	31M
Operating Income+	65.7M	106.31M	129.94M	179.04M	186.63M	194.69M	173.33M	250.24M	219M	117M
Operating Margin %	0.03%	0.04%	0.04%	0.05%	0.04%	0.05%	0.03%	0.04%	0.03%	0.02%
Operating Income Growth %	0.38%	0.62%	0.22%	0.38%	0.04%	0.04%	-0.11%	0.44%	-0.12%	-0.47%
EBITDA+	84.26M	122.95M	148.12M	201.88M	215.36M	225.88M	211.88M	290.9M	262M	161M
EBITDA Margin %	0.03%	0.04%	0.04%	0.05%	0.05%	0.05%	0.04%	0.05%	0.04%	0.02%
EBITDA Growth %	0.22%	0.46%	0.2%	0.36%	0.07%	0.05%	-0.06%	0.37%	-0.1%	-0.39%
D&A (Non-Cash Add-back)	18.57M	16.64M	18.18M	22.84M	28.72M	31.19M	38.55M	40.66M	43M	44M
EBIT	66.08M	107.57M	133.35M	187.03M	197.29M	197.29M	175.78M	259.63M	252M	154M
Net Interest Income+	-80K	-1.13M	200K	3.32M	3.01M	-5.42M	-5.01M	-4.81M	6M	9M
Interest Income	379K	1.27M	3.41M	7.99M	10.66M	2.6M	2.45M	9.39M	33M	37M
Interest Expense	459K	2.4M	3.21M	4.67M	7.65M	8.02M	7.46M	14.21M	27M	28M
Other Income/Expense	-80K	-1.13M	200K	3.32M	3.01M	-5.42M	-5.01M	-4.81M	6M	9M
Pretax Income+	65.62M	105.18M	130.14M	182.36M	189.64M	189.27M	168.32M	245.43M	225M	126M
Pretax Margin %	0.03%	0.04%	0.04%	0.05%	0.04%	0.04%	0.03%	0.04%	0.03%	0.02%
Income Tax+	26.23M	39.19M	45.74M	46.95M	38.54M	51.03M	44.24M	66.08M	54M	35M
Effective Tax Rate %	0.6%	0.63%	0.65%	0.74%	0.8%	0.73%	0.74%	0.73%	0.76%	0.72%
Net Income+	39.39M	65.99M	84.4M	135.41M	151.1M	138.24M	124.08M	179.35M	171M	91M
Net Margin %	0.02%	0.02%	0.03%	0.04%	0.04%	0.03%	0.02%	0.03%	0.03%	0.01%
Net Income Growth %	0.41%	0.68%	0.28%	0.6%	0.12%	-0.09%	-0.1%	0.45%	-0.05%	-0.47%
Net Income (Continuing)	39.39M	65.99M	84.4M	135.41M	151.1M	138.24M	124.08M	179.35M	171M	91M
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)+	0.79	1.55	2.01	3.27	3.74	3.54	3.18	4.64	4.47	2.39
EPS Growth %	0.49%	0.96%	0.3%	0.63%	0.14%	-0.05%	-0.1%	0.46%	-0.04%	-0.47%
EPS (Basic)	0.79	1.55	2.02	3.29	3.76	3.57	3.22	4.71	4.53	2.39
Diluted Shares Outstanding	48.62M	41.74M	41.24M	41.47M	40.35M	38.82M	38.95M	38.62M	38.34M	38M
Basic Shares Outstanding	48.62M	41.61M	41.03M	41.22M	40.19M	38.5M	38.47M	38.12M	37.83M	38M
Dividend Payout Ratio	0.54%	0.31%	0.78%	0.25%	0.32%	0.45%	1.16%	0.43%	0.49%	0.98%

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+	542.05M	640.32M	778.93M	866.54M	974.75M	1.08B	1.24B	1.51B	1.59B	2.08B
Cash & Short-Term Investments	279.41M	287.88M	356.22M	387.55M	402.07M	589.38M	607.6M	765.9M	709M	1.05B
Cash Only	269.54M	286.03M	354.26M	326.77M	367.34M	554.85M	575.81M	732.83M	693M	1.04B
Short-Term Investments	9.88M	1.85M	1.96M	60.78M	34.73M	34.53M	31.79M	33.07M	16M	16M
Accounts Receivable	200.66M	275.23M	343.81M	400.62M	469.47M	392.75M	525.72M	622.76M	694M	829M
Days Sales Outstanding	28.13	34.15	38.02	38.19	39.71	33.44	38.59	38.28	39.05	45.98
Inventory	44.84M	57.68M	51.92M	50.64M	59.71M	0	0	0	0	0
Days Inventory Outstanding	7.56	8.59	6.95	5.87	6.08	-	-	-	-	-
Other Current Assets	54.55M	62.16M	68.13M	69.95M	33.08M	84.98M	100.24M	111.51M	185M	176M
Total Non-Current Assets+	242.86M	266.85M	284.76M	325.28M	420.25M	507.01M	508.24M	527.39M	525M	512M
Property, Plant & Equipment	61.76M	80.26M	95.66M	117.21M	204.59M	276.92M	273.55M	256.52M	254M	257M
Fixed Asset Turnover	42.16x	36.65x	34.50x	32.66x	21.09x	15.48x	18.18x	23.15x	25.54x	25.61x
Goodwill	12.69M	12.69M	12.7M	12.69M	12.7M	12.7M	12.7M	0	0	0
Intangible Assets	902K	402K	62K	19.63M	14K	7K	7K	12.71M	13M	13M
Long-Term Investments	149.16M	157.64M	168.51M	166.47M	193.01M	0	0	0	0	0
Other Non-Current Assets	1.38M	1.84M	3.54M	20.05M	5.97M	207.78M	217.09M	242.62M	238M	208M
Total Assets+	784.91M	907.17M	1.06B	1.19B	1.39B	1.58B	1.75B	2.04B	2.12B	2.6B
Asset Turnover	3.32x	3.24x	3.10x	3.21x	3.09x	2.71x	2.84x	2.91x	3.06x	2.53x
Asset Growth %	-0.01%	0.16%	0.17%	0.12%	0.17%	0.14%	0.11%	0.16%	0.04%	0.23%
Total Current Liabilities+	487.71M	600.96M	726.48M	772.33M	869.04M	904.92M	1.13B	1.35B	1.44B	1.93B
Accounts Payable	5.38M	4.19M	6.45M	10.62M	4.57M	6.2M	6.41M	7.73M	11M	10M
Days Payables Outstanding	0.91	0.62	0.86	1.23	0.47	0.65	0.56	0.57	0.74	0.66
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	-1000K	0	0	0	0	0
Other Current Liabilities	239.29M	22.44M	347.97M	290.06M	68.01M	48.19M	50.53M	53.48M	60M	71M
Current Ratio	1.11x	1.07x	1.07x	1.12x	1.12x	1.19x	1.10x	1.12x	1.11x	1.08x
Quick Ratio	1.02x	0.97x	1.00x	1.06x	1.05x	1.19x	1.10x	1.12x	1.11x	1.08x
Cash Conversion Cycle	34.78	42.12	44.11	42.84	45.33	-	-	-	-	-
Total Non-Current Liabilities+	124.75M	245.69M	270.89M	341.81M	521.87M	635.22M	626.29M	604.62M	590M	570M
Long-Term Debt	0	104.4M	104.4M	144.4M	269.4M	369.4M	369.4M	369.4M	369M	369M
Capital Lease Obligations	0	0	0	0	58.86M	64.29M	64.19M	55.59M	58M	66M
Deferred Tax Liabilities	0	0	9.71M	0	0	0	0	0	0	0
Other Non-Current Liabilities	124.75M	141.29M	166.49M	197.41M	193.61M	201.53M	192.69M	179.63M	163M	135M
Total Liabilities	612.46M	846.65M	997.37M	1.11B	1.39B	1.54B	1.75B	1.96B	2.03B	2.5B
Total Debt+	0	104.4M	104.4M	144.4M	328.26M	433.69M	433.59M	424.99M	427M	435M
Net Debt	-269.54M	-181.63M	-249.86M	-182.37M	-39.08M	-121.16M	-142.22M	-307.84M	-266M	-604M
Debt / Equity	-	1.72x	1.57x	1.86x	80.48x	9.83x	-	5.23x	4.54x	4.48x
Debt / EBITDA	-	0.85x	0.70x	0.72x	1.52x	1.92x	2.05x	1.46x	1.63x	2.70x
Net Debt / EBITDA	-3.20x	-1.48x	-1.69x	-0.90x	-0.18x	-0.54x	-0.67x	-1.06x	-1.02x	-3.75x
Interest Coverage	143.14x	44.37x	40.44x	38.35x	24.41x	24.29x	23.24x	17.61x	8.11x	4.18x
Total Equity+	172.46M	60.52M	66.32M	77.68M	4.08M	44.13M	-1.77M	81.28M	94M	97M
Equity Growth %	-0.16%	-0.65%	0.1%	0.17%	-0.95%	9.82%	-1.04%	46.81%	0.16%	0.03%
Book Value per Share	3.55	1.45	1.61	1.87	0.10	1.14	-0.05	2.10	2.45	2.55
Total Shareholders' Equity	172.46M	60.52M	66.32M	77.68M	4.08M	44.13M	-1.77M	81.28M	94M	97M
Common Stock	308K	277K	555K	555K	555K	555K	555K	555K	1M	1M
Retained Earnings	232.77M	278.16M	296.8M	397.95M	499.47M	575.03M	553.59M	655.19M	739M	738M
Treasury Stock	-205.32M	-227.15M	-256.36M	-357.57M	-544.1M	-626.98M	-665.09M	-725.53M	-831M	-864M
Accumulated OCI	-190.06M	-3K	-5K	-9K	12K	5K	-9K	-82K	9K	0
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+	65.08M	132.67M	204.43M	184.48M	205.15M	346.35M	260.15M	347.69M	198.49M	520M
Operating CF Margin %	0.02%	0.05%	0.06%	0.05%	0.05%	0.08%	0.05%	0.06%	0.03%	0.08%
Operating CF Growth %	-0.54%	1.04%	0.54%	-0.1%	0.11%	0.69%	-0.25%	0.34%	-0.43%	1.62%
Net Income	39.39M	65.99M	84.4M	135.41M	151.1M	138.24M	124.08M	179.35M	171.38M	91M
Depreciation & Amortization	18.57M	16.64M	18.18M	22.84M	28.72M	31.19M	38.55M	40.66M	42.71M	44M
Stock-Based Compensation	13.35M	16.64M	24.34M	20.43M	23.99M	60.15M	40.62M	50.08M	53M	61M
Deferred Taxes	-14.73M	2.95M	9.74M	-4.53M	4.86M	-5.65M	4.71M	-10.64M	-4.81M	-14M
Other Non-Cash Items	11.32M	90K	80K	137K	-486K	783K	884K	843K	0	0
Working Capital Changes	-2.8M	30.35M	67.67M	10.2M	-3.04M	121.65M	51.31M	87.4M	-63.78M	338M
Change in Receivables	-25.55M	-69.62M	-63.7M	-66.64M	-65.16M	73.03M	-120.56M	-109.46M	-71.11M	-135M
Change in Inventory	-9.68M	92.58M	108.54M	38.15M	59.55M	0	186.16M	0	0	0
Change in Payables	707K	-1.19M	2.26M	4.17M	-6.06M	1.64M	209K	1.32M	2.96M	-1M
Cash from Investing+	12.37M	-26.02M	-33.25M	-94.14M	-29.72M	-98.62M	-31.01M	-32.12M	-21.73M	-38M
Capital Expenditures	-17.84M	-33.99M	-33.34M	-35.33M	-56.31M	-98.16M	-32.91M	-30.33M	-40.12M	-38M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	12.31M	43K	278K	151K	0	43K	0	-1.79M	0	0
Cash from Financing+	-84.37M	-90.16M	-102.95M	-104.48M	-118.35M	-53.58M	-208.07M	-141.15M	-155.01M	-173M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-21.15M	-20.6M	-65.77M	-33.41M	-48.62M	-61.87M	-144.18M	-76.59M	-84.22M	-89M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.89M	1.37M	1.55M	2.26M	8.31M	7.7M	5.83M	8.73M	60.73M	-21M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	47.24M	98.68M	171.09M	149.15M	148.85M	248.19M	227.25M	317.36M	158.37M	482M
FCF Margin %	0.02%	0.03%	0.05%	0.04%	0.03%	0.06%	0.05%	0.05%	0.02%	0.07%
FCF Growth %	-0.61%	1.09%	0.73%	-0.13%	-0%	0.67%	-0.08%	0.4%	-0.5%	2.04%
FCF per Share	0.97	2.36	4.15	3.60	3.69	6.39	5.83	8.22	4.13	12.68
FCF Conversion (FCF/Net Income)	1.65x	2.01x	2.42x	1.36x	1.36x	2.51x	2.10x	1.94x	1.16x	5.71x
Interest Paid	459K	2.4M	3.26M	4.01M	7.42M	8.98M	7.27M	13M	22.07M	32M
Taxes Paid	39.81M	44.15M	40.87M	40.73M	38.3M	51.1M	53.84M	57M	62.88M	33M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	20.92%	56.65%	133.08%	188.08%	369.64%	573.47%	585.86%	451.19%	195.12%	95.29%
Gross Margin	16.82%	16.71%	17.35%	17.81%	16.99%	18.82%	16.49%	17.03%	15.99%	15.99%
Net Margin	1.51%	2.24%	2.56%	3.54%	3.5%	3.22%	2.5%	3.02%	2.64%	1.38%
Debt / Equity	-	1.72x	1.57x	1.86x	80.48x	9.83x	-	5.23x	4.54x	4.48x
Interest Coverage	143.14x	44.37x	40.44x	38.35x	24.41x	24.29x	23.24x	17.61x	8.11x	4.18x
FCF Conversion	1.65x	2.01x	2.42x	1.36x	1.36x	2.51x	2.10x	1.94x	1.16x	5.71x
Revenue Growth	10.43%	12.97%	12.2%	16.01%	12.7%	-0.64%	16%	19.42%	9.21%	1.46%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Northeast	996.54M	1.14B	1.19B	1.39B	1.62B	1.76B	1.8B
Northeast Growth	-	13.97%	4.76%	16.84%	16.86%	8.15%	2.51%
West	797.94M	880.43M	839.35M	1.03B	1.25B	1.34B	1.34B
West Growth	-	10.34%	-4.67%	23.19%	21.00%	6.88%	0.50%
Southwest	895.24M	1B	935.63M	993.75M	1.16B	1.25B	1.25B
Southwest Growth	-	11.91%	-6.61%	6.21%	17.04%	7.47%	-0.39%
Central	637.78M	743.51M	761.9M	867.91M	1.05B	1.17B	1.2B
Central Growth	-	16.58%	2.47%	13.91%	20.41%	12.00%	2.09%
Southeast	447.58M	499.2M	509.85M	630.34M	796.22M	906.71M	926M
Southeast Growth	-	11.53%	2.13%	23.63%	26.32%	13.88%	2.13%

Frequently Asked Questions

Valuation & Price

Insperity, Inc. (NSP) has a price-to-earnings (P/E) ratio of 19.4x. This is roughly in line with market averages.

Growth & Financials

Insperity, Inc. (NSP) reported $6.76B in revenue for fiscal year 2024. This represents a 242% increase from $1.98B in 2011.

Insperity, Inc. (NSP) grew revenue by 1.5% over the past year. Growth has been modest.

Yes, Insperity, Inc. (NSP) is profitable, generating $17.0M in net income for fiscal year 2024 (1.4% net margin).

Dividend & Returns

Yes, Insperity, Inc. (NSP) pays a dividend with a yield of 5.06%. This makes it attractive for income-focused investors.

Insperity, Inc. (NSP) has a return on equity (ROE) of 95.3%. This is excellent, indicating efficient use of shareholder capital.

Insperity, Inc. (NSP) generated $51.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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