Barrett Business Services, Inc. (BBSI) 10-Year Financial Performance & Capital Metrics

BBSI • • Industrial / General

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

AboutBarrett Business Services, Inc. provides business management solutions for small and mid-sized companies in the United States. The company develops a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry. It offers professional employer services under which it enters into a client services agreement to establish a co-employment relationship with each client company, assuming responsibility for payroll, payroll taxes, workers' compensation coverage, and other administration functions for the client's existing workforce. The company also provides staffing and recruiting services, such as on-demand or short-term staffing assignment, contract staffing, direct placement, and long-term or indefinite-term on-site management services. It serves electronics manufacturers, light-manufacturing industries, agriculture-based companies, transportation and shipping enterprises, food processors, telecommunications companies, public utilities, general contractors in various construction-related fields, and professional services firms. The company was incorporated in 1965 and is headquartered in Vancouver, Washington.Show more

Revenue $1.14B +7.0%
EBITDA $67M -0.6%
Net Income $53M +4.7%
EPS (Diluted) 1.98 +7.0%
Gross Margin 22.13% -2.4%
EBITDA Margin 5.89% -7.1%
Operating Margin 5.22% -7.9%
Net Margin 4.63% -2.2%
ROE 25.2% -6.1%
ROIC 26.63% -24.8%
Debt/Equity 0.10 -9.1%
Interest Coverage 335.85 -8.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 25.5%
✓Strong Piotroski F-Score: 7/9
✓Share count reduced 2.5% through buybacks
✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.05%

5Y3.96%

3Y6.21%

TTM9.64%

Profit (Net Income) CAGR

10Y-

5Y1.88%

3Y11.65%

TTM8.08%

EPS CAGR

10Y-

5Y4.75%

3Y16.57%

TTM10.36%

ROCE

10Y Avg11.77%

5Y Avg12.82%

3Y Avg15.76%

Latest15.63%

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+	740.84M	840.59M	920.43M	940.7M	942.31M	880.82M	955.17M	1.05B	1.07B	1.14B
Revenue Growth %	0.16%	0.13%	0.09%	0.02%	0%	-0.07%	0.08%	0.1%	0.01%	0.07%
Cost of Goods Sold+	611.38M	695.05M	761.9M	754.02M	734.06M	697.92M	750.66M	819.48M	826.77M	891.28M
COGS % of Revenue	0.83%	0.83%	0.83%	0.8%	0.78%	0.79%	0.79%	0.78%	0.77%	0.78%
Gross Profit+	129.46M	145.54M	158.53M	186.67M	208.25M	182.91M	204.51M	234.84M	242.53M	253.25M
Gross Margin %	0.17%	0.17%	0.17%	0.2%	0.22%	0.21%	0.21%	0.22%	0.23%	0.22%
Gross Profit Growth %	3.26%	0.12%	0.09%	0.18%	0.12%	-0.12%	0.12%	0.15%	0.03%	0.04%
Operating Expenses+	93.03M	116.59M	128.59M	149.68M	157.76M	146.76M	160.59M	175.87M	181.88M	193.47M
OpEx % of Revenue	0.13%	0.14%	0.14%	0.16%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%
Selling, General & Admin	90.18M	113.34M	123.14M	145.47M	153.88M	141.92M	155.26M	169.64M	174.77M	185.87M
SG&A % of Revenue	0.12%	0.13%	0.13%	0.15%	0.16%	0.16%	0.16%	0.16%	0.16%	0.16%
Research & Development	0	0	0	368K	0	0	0	0	0	0
R&D % of Revenue	-	-	-	0%	-	-	-	-	-	-
Other Operating Expenses	-1.28M	-3.35M	4.44M	7.78M	3.89M	4.84M	5.33M	6.23M	7.11M	7.6M
Operating Income+	36.43M	28.94M	29.94M	36.99M	50.49M	36.15M	43.92M	58.98M	60.65M	59.78M
Operating Margin %	0.05%	0.03%	0.03%	0.04%	0.05%	0.04%	0.05%	0.06%	0.06%	0.05%
Operating Income Growth %	1.79%	-0.21%	0.03%	0.24%	0.36%	-0.28%	0.22%	0.34%	0.03%	-0.01%
EBITDA+	39.28M	32.19M	35.39M	41.21M	54.37M	40.99M	49.25M	65.2M	67.76M	67.38M
EBITDA Margin %	0.05%	0.04%	0.04%	0.04%	0.06%	0.05%	0.05%	0.06%	0.06%	0.06%
EBITDA Growth %	1.9%	-0.18%	0.1%	0.16%	0.32%	-0.25%	0.2%	0.32%	0.04%	-0.01%
D&A (Non-Cash Add-back)	2.85M	3.25M	5.45M	4.22M	3.89M	4.84M	5.33M	6.23M	7.11M	7.6M
EBIT	36.43M	28.94M	29.94M	36.99M	62.93M	43.84M	51.03M	65.44M	69.15M	70.64M
Net Interest Income+	-1.97M	-807K	-313K	-1.05M	-1.79M	-1.24M	-372K	-141K	-166K	-178K
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.97M	807K	313K	1.05M	1.79M	1.24M	372K	141K	166K	178K
Other Income/Expense	-1.28M	-3.35M	4.44M	7.78M	10.65M	6.45M	6.74M	6.33M	8.34M	11.04M
Pretax Income+	35.15M	25.59M	34.38M	44.77M	61.14M	42.6M	50.66M	65.3M	68.99M	70.82M
Pretax Margin %	0.05%	0.03%	0.04%	0.05%	0.06%	0.05%	0.05%	0.06%	0.06%	0.06%
Income Tax+	9.65M	6.79M	9.21M	6.71M	12.85M	8.83M	12.58M	18.04M	18.38M	17.83M
Effective Tax Rate %	0.73%	0.73%	0.73%	0.85%	0.79%	0.79%	0.75%	0.72%	0.73%	0.75%
Net Income+	25.49M	18.8M	25.17M	38.06M	48.29M	33.77M	38.08M	47.27M	50.61M	52.99M
Net Margin %	0.03%	0.02%	0.03%	0.04%	0.05%	0.04%	0.04%	0.04%	0.05%	0.05%
Net Income Growth %	1.94%	-0.26%	0.34%	0.51%	0.27%	-0.3%	0.13%	0.24%	0.07%	0.05%
Net Income (Continuing)	25.49M	18.8M	25.17M	38.06M	48.29M	33.77M	38.08M	47.27M	50.61M	52.99M
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)+	0.87	0.64	0.83	1.24	1.57	1.10	1.25	1.64	1.85	1.98
EPS Growth %	1.92%	-0.26%	0.3%	0.49%	0.27%	-0.3%	0.14%	0.31%	0.13%	0.07%
EPS (Basic)	0.89	0.65	0.87	1.30	1.62	1.12	1.26	1.66	1.88	2.03
Diluted Shares Outstanding	29.41M	29.51M	30.2M	30.59M	30.8M	30.75M	30.48M	28.9M	27.4M	26.71M
Basic Shares Outstanding	28.69M	28.9M	29.1M	29.37M	29.8M	30.31M	30.16M	28.52M	26.92M	26.08M
Dividend Payout Ratio	0.25%	0.34%	0.29%	0.19%	0.17%	0.27%	0.24%	0.18%	0.16%	0.15%

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+	227.01M	260.63M	308.24M	321.67M	423.85M	407.88M	406.72M	454.36M	447.5M	475.44M
Cash & Short-Term Investments	25.22M	56.44M	60.51M	35.79M	127.16M	169.93M	166.17M	159.75M	152.19M	121.86M
Cash Only	25.22M	50.77M	59.84M	35.37M	44.57M	68.69M	69.41M	91.42M	71.17M	55.37M
Short-Term Investments	0	5.67M	674K	416K	82.59M	101.24M	96.76M	68.33M	81.03M	66.49M
Accounts Receivable	91.57M	126.48M	138.35M	151.6M	164.9M	124.99M	155.71M	163.84M	179.39M	237.19M
Days Sales Outstanding	45.11	54.92	54.86	58.82	63.87	51.79	59.5	56.72	61.23	75.64
Inventory	107.05M	73.8M	103.65M	120.41M	0	0	0	0	0	0
Days Inventory Outstanding	63.91	38.76	49.66	58.29	-	-	-	-	-	-
Other Current Assets	107.05M	48.56M	103.65M	120.41M	116.87M	96.99M	67.24M	130.78M	115.91M	97.69M
Total Non-Current Assets+	269.77M	337.13M	374.25M	434.42M	437.08M	367.07M	340.23M	232.58M	274.04M	270.07M
Property, Plant & Equipment	22.82M	26.67M	24.91M	24.81M	55.53M	57.94M	56.97M	65.76M	70.19M	77.11M
Fixed Asset Turnover	32.46x	31.51x	36.95x	37.91x	16.97x	15.20x	16.76x	16.03x	15.23x	14.84x
Goodwill	47.82M	47.82M	47.82M	47.82M	47.82M	47.82M	47.82M	47.82M	47.82M	47.82M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	6.08M	642K	1.2M	1.69M	0	0	0	0	0	0
Other Non-Current Assets	173.91M	236.76M	294.49M	351.64M	330.94M	261.31M	235.44M	107.56M	151.81M	140.66M
Total Assets+	496.78M	597.76M	682.49M	756.09M	860.93M	774.95M	746.95M	686.94M	721.54M	745.51M
Asset Turnover	1.49x	1.41x	1.35x	1.24x	1.09x	1.14x	1.28x	1.53x	1.48x	1.54x
Asset Growth %	0.11%	0.2%	0.14%	0.11%	0.14%	-0.1%	-0.04%	-0.08%	0.05%	0.03%
Total Current Liabilities+	237.39M	275.16M	322.25M	326.74M	342.12M	290.64M	315.4M	334.73M	343.25M	358.9M
Accounts Payable	3.22M	4.94M	5.17M	4.34M	5.99M	4.75M	4.49M	8.26M	6.59M	6.79M
Days Payables Outstanding	1.92	2.6	2.47	2.1	2.98	2.48	2.18	3.68	2.91	2.78
Short-Term Debt	19.83M	221K	221K	221K	221K	221K	3.51M	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	0	3.04M	0	4.4M	146.22M	120.87M	84.35M	64.97M	50.01M	1.7M
Current Ratio	0.96x	0.95x	0.96x	0.98x	1.24x	1.40x	1.29x	1.36x	1.30x	1.32x
Quick Ratio	0.51x	0.68x	0.63x	0.62x	1.24x	1.40x	1.29x	1.36x	1.30x	1.32x
Cash Conversion Cycle	107.1	91.08	102.04	115.01	-	-	-	-	-	-
Total Non-Current Liabilities+	204.83M	252.9M	271.4M	310.31M	347.01M	286.08M	223.03M	174.37M	179.15M	165.21M
Long-Term Debt	0	4.39M	4.17M	3.95M	3.73M	3.51M	0	0	0	0
Capital Lease Obligations	0	0	0	0	17.88M	16.42M	14.6M	14.22M	14.59M	15.21M
Deferred Tax Liabilities	13.26M	15.87M	264.46M	301.79M	0	4.52M	1.69M	0	0	0
Other Non-Current Liabilities	191.58M	216.77M	267.23M	306.36M	320.71M	255.71M	199.38M	153.07M	164.56M	149.99M
Total Liabilities	442.23M	528.07M	593.65M	637.05M	689.13M	576.72M	538.42M	509.1M	522.4M	524.1M
Total Debt+	19.83M	4.61M	4.39M	4.17M	28.5M	27.69M	25.3M	21.18M	21.21M	21.45M
Net Debt	-5.38M	-46.16M	-55.44M	-31.2M	-16.07M	-41M	-44.11M	-70.24M	-49.95M	-33.92M
Debt / Equity	0.36x	0.07x	0.05x	0.04x	0.17x	0.14x	0.12x	0.12x	0.11x	0.10x
Debt / EBITDA	0.50x	0.14x	0.12x	0.10x	0.52x	0.68x	0.51x	0.32x	0.31x	0.32x
Net Debt / EBITDA	-0.14x	-1.43x	-1.57x	-0.76x	-0.30x	-1.00x	-0.90x	-1.08x	-0.74x	-0.50x
Interest Coverage	18.54x	35.86x	95.66x	35.16x	28.22x	29.06x	118.07x	418.26x	365.36x	335.85x
Total Equity+	54.55M	69.69M	88.83M	119.04M	171.8M	198.24M	208.53M	177.84M	199.14M	221.4M
Equity Growth %	0.41%	0.28%	0.27%	0.34%	0.44%	0.15%	0.05%	-0.15%	0.12%	0.11%
Book Value per Share	1.85	2.36	2.94	3.89	5.58	6.45	6.84	6.15	7.27	8.29
Total Shareholders' Equity	54.55M	69.69M	88.83M	119.04M	171.8M	198.24M	208.53M	177.84M	199.14M	221.4M
Common Stock	72K	72K	73K	74K	75K	76K	74K	69K	263K	258K
Retained Earnings	47.55M	59.99M	77.88M	108.59M	148.68M	165.71M	178.32M	172.62M	182.94M	200M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-31K	-3K	-1.43M	-5.07M	2.82M	7.56M	1.08M	-27.59M	-20.8M	-19.25M
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+	100.63M	80.31M	112.86M	69.78M	77.14M	-27.91M	-15.46M	27.78M	67.22M	10.09M
Operating CF Margin %	0.14%	0.1%	0.12%	0.07%	0.08%	-0.03%	-0.02%	0.03%	0.06%	0.01%
Operating CF Growth %	0.45%	-0.2%	0.41%	-0.38%	0.11%	-1.36%	0.45%	2.8%	1.42%	-0.85%
Net Income	25.49M	18.8M	25.17M	38.06M	48.29M	33.77M	38.08M	47.27M	50.61M	52.99M
Depreciation & Amortization	2.85M	3.25M	5.45M	4.22M	3.89M	4.84M	5.33M	6.23M	7.11M	7.6M
Stock-Based Compensation	2.39M	2.78M	4.18M	5.5M	7.17M	3.44M	5.37M	7.39M	8.46M	8.84M
Deferred Taxes	2.73M	-1.7M	4.04M	-1.19M	2.66M	5.49M	-347K	-2.17M	4.63M	-854K
Other Non-Cash Items	66K	-225K	-51K	227K	8.11M	8.41M	9.59M	8.95M	8.69M	6.31M
Working Capital Changes	67.11M	57.4M	74.06M	22.97M	7.02M	-83.86M	-73.47M	-39.89M	-12.28M	-64.81M
Change in Receivables	12.1M	-35.95M	-10.18M	-14.93M	-11.96M	45.05M	-37.2M	-8.13M	-7.57M	-63.13M
Change in Inventory	17.11M	36.88M	23.33M	-11.38M	0	0	47.96M	0	0	0
Change in Payables	498K	1.73M	222K	-830K	1.66M	-1.25M	-261K	3.78M	-1.67M	194K
Cash from Investing+	-55.6M	-33.07M	-94.78M	-39.34M	66.31M	4.14M	-112.86M	61.15M	-55.19M	38.78M
Capital Expenditures	-3M	-7.11M	-3.69M	-5.68M	-10.8M	-8.61M	-6.8M	-15.97M	-11.83M	-14.16M
CapEx % of Revenue	0%	0.01%	0%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	104.33M	-31.95M	-95.53M	-34.09M	42.68M	30.57M	-126.48M	62.74M	-49.33M	8K
Cash from Financing+	-31.36M	-21.69M	-9.01M	-9.94M	-10.81M	-15.73M	-26.89M	-60.18M	-44.57M	-41.13M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-6.31M	-6.36M	-7.28M	-7.35M	-8.21M	-9.12M	-9.07M	-8.52M	-8.09M	-8.09M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	634K	325K	163K	577K	-2.38M	1.67M	0	-981K	-2.29M	-3.91M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	97.64M	73.2M	109.17M	64.11M	66.34M	-36.52M	-22.26M	11.8M	55.4M	-4.07M
FCF Margin %	0.13%	0.09%	0.12%	0.07%	0.07%	-0.04%	-0.02%	0.01%	0.05%	-0%
FCF Growth %	0.5%	-0.25%	0.49%	-0.41%	0.03%	-1.55%	0.39%	1.53%	3.69%	-1.07%
FCF per Share	3.32	2.48	3.61	2.10	2.15	-1.19	-0.73	0.41	2.02	-0.15
FCF Conversion (FCF/Net Income)	3.95x	4.27x	4.48x	1.83x	1.60x	-0.83x	-0.41x	0.59x	1.33x	0.19x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	54.7%	30.26%	31.75%	36.62%	33.21%	18.25%	18.72%	24.47%	26.85%	25.2%
Return on Invested Capital (ROIC)	45.03%	59.71%	78.89%	45.77%	31.09%	17.32%	20.48%	32.52%	35.43%	26.63%
Gross Margin	17.47%	17.31%	17.22%	19.84%	22.1%	20.77%	21.41%	22.27%	22.68%	22.13%
Net Margin	3.44%	2.24%	2.73%	4.05%	5.12%	3.83%	3.99%	4.48%	4.73%	4.63%
Debt / Equity	0.36x	0.07x	0.05x	0.04x	0.17x	0.14x	0.12x	0.12x	0.11x	0.10x
Interest Coverage	18.54x	35.86x	95.66x	35.16x	28.22x	29.06x	118.07x	418.26x	365.36x	335.85x
FCF Conversion	3.95x	4.27x	4.48x	1.83x	1.60x	-0.83x	-0.41x	0.59x	1.33x	0.19x
Revenue Growth	16.45%	13.46%	9.5%	2.2%	0.17%	-6.53%	8.44%	10.38%	1.42%	7.03%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Staffing Services	147.3M	122.44M	103.39M	111.35M	116.96M	87.04M	81.14M
Staffing Services Growth	-	-16.88%	-15.55%	7.70%	5.04%	-25.58%	-6.77%
Professional Employer Service Fees	793.4M	819.87M	777.43M	843.82M	-	-	-
Professional Employer Service Fees Growth	-	3.34%	-5.18%	8.54%	-	-	-

Frequently Asked Questions

Valuation & Price

Barrett Business Services, Inc. (BBSI) has a price-to-earnings (P/E) ratio of 19.9x. This is roughly in line with market averages.

Growth & Financials

Barrett Business Services, Inc. (BBSI) reported $1.22B in revenue for fiscal year 2024. This represents a 289% increase from $314.9M in 2011.

Barrett Business Services, Inc. (BBSI) grew revenue by 7.0% over the past year. This is steady growth.

Yes, Barrett Business Services, Inc. (BBSI) is profitable, generating $54.9M in net income for fiscal year 2024 (4.6% net margin).

Dividend & Returns

Yes, Barrett Business Services, Inc. (BBSI) pays a dividend with a yield of 0.77%. This makes it attractive for income-focused investors.

Barrett Business Services, Inc. (BBSI) has a return on equity (ROE) of 25.2%. This is excellent, indicating efficient use of shareholder capital.

Barrett Business Services, Inc. (BBSI) generated $26.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Barrett Business Services, Inc. (BBSI) 10-Year Financial Performance & Capital Metrics

BBSI • • Industrial / General

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

Revenue $1.14B +7.0%
EBITDA $67M -0.6%
Net Income $53M +4.7%
EPS (Diluted) 1.98 +7.0%
Gross Margin 22.13% -2.4%
EBITDA Margin 5.89% -7.1%
Operating Margin 5.22% -7.9%
Net Margin 4.63% -2.2%
ROE 25.2% -6.1%
ROIC 26.63% -24.8%
Debt/Equity 0.10 -9.1%
Interest Coverage 335.85 -8.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 25.5%
✓Strong Piotroski F-Score: 7/9
✓Share count reduced 2.5% through buybacks
✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.05%

5Y3.96%

3Y6.21%

TTM9.64%

Profit (Net Income) CAGR

10Y-

5Y1.88%

3Y11.65%

TTM8.08%

EPS CAGR

10Y-

5Y4.75%

3Y16.57%

TTM10.36%

ROCE

10Y Avg11.77%

5Y Avg12.82%

3Y Avg15.76%

Latest15.63%

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+	740.84M	840.59M	920.43M	940.7M	942.31M	880.82M	955.17M	1.05B	1.07B	1.14B
Revenue Growth %	0.16%	0.13%	0.09%	0.02%	0%	-0.07%	0.08%	0.1%	0.01%	0.07%
Cost of Goods Sold+	611.38M	695.05M	761.9M	754.02M	734.06M	697.92M	750.66M	819.48M	826.77M	891.28M
COGS % of Revenue	0.83%	0.83%	0.83%	0.8%	0.78%	0.79%	0.79%	0.78%	0.77%	0.78%
Gross Profit+	129.46M	145.54M	158.53M	186.67M	208.25M	182.91M	204.51M	234.84M	242.53M	253.25M
Gross Margin %	0.17%	0.17%	0.17%	0.2%	0.22%	0.21%	0.21%	0.22%	0.23%	0.22%
Gross Profit Growth %	3.26%	0.12%	0.09%	0.18%	0.12%	-0.12%	0.12%	0.15%	0.03%	0.04%
Operating Expenses+	93.03M	116.59M	128.59M	149.68M	157.76M	146.76M	160.59M	175.87M	181.88M	193.47M
OpEx % of Revenue	0.13%	0.14%	0.14%	0.16%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%
Selling, General & Admin	90.18M	113.34M	123.14M	145.47M	153.88M	141.92M	155.26M	169.64M	174.77M	185.87M
SG&A % of Revenue	0.12%	0.13%	0.13%	0.15%	0.16%	0.16%	0.16%	0.16%	0.16%	0.16%
Research & Development	0	0	0	368K	0	0	0	0	0	0
R&D % of Revenue	-	-	-	0%	-	-	-	-	-	-
Other Operating Expenses	-1.28M	-3.35M	4.44M	7.78M	3.89M	4.84M	5.33M	6.23M	7.11M	7.6M
Operating Income+	36.43M	28.94M	29.94M	36.99M	50.49M	36.15M	43.92M	58.98M	60.65M	59.78M
Operating Margin %	0.05%	0.03%	0.03%	0.04%	0.05%	0.04%	0.05%	0.06%	0.06%	0.05%
Operating Income Growth %	1.79%	-0.21%	0.03%	0.24%	0.36%	-0.28%	0.22%	0.34%	0.03%	-0.01%
EBITDA+	39.28M	32.19M	35.39M	41.21M	54.37M	40.99M	49.25M	65.2M	67.76M	67.38M
EBITDA Margin %	0.05%	0.04%	0.04%	0.04%	0.06%	0.05%	0.05%	0.06%	0.06%	0.06%
EBITDA Growth %	1.9%	-0.18%	0.1%	0.16%	0.32%	-0.25%	0.2%	0.32%	0.04%	-0.01%
D&A (Non-Cash Add-back)	2.85M	3.25M	5.45M	4.22M	3.89M	4.84M	5.33M	6.23M	7.11M	7.6M
EBIT	36.43M	28.94M	29.94M	36.99M	62.93M	43.84M	51.03M	65.44M	69.15M	70.64M
Net Interest Income+	-1.97M	-807K	-313K	-1.05M	-1.79M	-1.24M	-372K	-141K	-166K	-178K
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.97M	807K	313K	1.05M	1.79M	1.24M	372K	141K	166K	178K
Other Income/Expense	-1.28M	-3.35M	4.44M	7.78M	10.65M	6.45M	6.74M	6.33M	8.34M	11.04M
Pretax Income+	35.15M	25.59M	34.38M	44.77M	61.14M	42.6M	50.66M	65.3M	68.99M	70.82M
Pretax Margin %	0.05%	0.03%	0.04%	0.05%	0.06%	0.05%	0.05%	0.06%	0.06%	0.06%
Income Tax+	9.65M	6.79M	9.21M	6.71M	12.85M	8.83M	12.58M	18.04M	18.38M	17.83M
Effective Tax Rate %	0.73%	0.73%	0.73%	0.85%	0.79%	0.79%	0.75%	0.72%	0.73%	0.75%
Net Income+	25.49M	18.8M	25.17M	38.06M	48.29M	33.77M	38.08M	47.27M	50.61M	52.99M
Net Margin %	0.03%	0.02%	0.03%	0.04%	0.05%	0.04%	0.04%	0.04%	0.05%	0.05%
Net Income Growth %	1.94%	-0.26%	0.34%	0.51%	0.27%	-0.3%	0.13%	0.24%	0.07%	0.05%
Net Income (Continuing)	25.49M	18.8M	25.17M	38.06M	48.29M	33.77M	38.08M	47.27M	50.61M	52.99M
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)+	0.87	0.64	0.83	1.24	1.57	1.10	1.25	1.64	1.85	1.98
EPS Growth %	1.92%	-0.26%	0.3%	0.49%	0.27%	-0.3%	0.14%	0.31%	0.13%	0.07%
EPS (Basic)	0.89	0.65	0.87	1.30	1.62	1.12	1.26	1.66	1.88	2.03
Diluted Shares Outstanding	29.41M	29.51M	30.2M	30.59M	30.8M	30.75M	30.48M	28.9M	27.4M	26.71M
Basic Shares Outstanding	28.69M	28.9M	29.1M	29.37M	29.8M	30.31M	30.16M	28.52M	26.92M	26.08M
Dividend Payout Ratio	0.25%	0.34%	0.29%	0.19%	0.17%	0.27%	0.24%	0.18%	0.16%	0.15%

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+	227.01M	260.63M	308.24M	321.67M	423.85M	407.88M	406.72M	454.36M	447.5M	475.44M
Cash & Short-Term Investments	25.22M	56.44M	60.51M	35.79M	127.16M	169.93M	166.17M	159.75M	152.19M	121.86M
Cash Only	25.22M	50.77M	59.84M	35.37M	44.57M	68.69M	69.41M	91.42M	71.17M	55.37M
Short-Term Investments	0	5.67M	674K	416K	82.59M	101.24M	96.76M	68.33M	81.03M	66.49M
Accounts Receivable	91.57M	126.48M	138.35M	151.6M	164.9M	124.99M	155.71M	163.84M	179.39M	237.19M
Days Sales Outstanding	45.11	54.92	54.86	58.82	63.87	51.79	59.5	56.72	61.23	75.64
Inventory	107.05M	73.8M	103.65M	120.41M	0	0	0	0	0	0
Days Inventory Outstanding	63.91	38.76	49.66	58.29	-	-	-	-	-	-
Other Current Assets	107.05M	48.56M	103.65M	120.41M	116.87M	96.99M	67.24M	130.78M	115.91M	97.69M
Total Non-Current Assets+	269.77M	337.13M	374.25M	434.42M	437.08M	367.07M	340.23M	232.58M	274.04M	270.07M
Property, Plant & Equipment	22.82M	26.67M	24.91M	24.81M	55.53M	57.94M	56.97M	65.76M	70.19M	77.11M
Fixed Asset Turnover	32.46x	31.51x	36.95x	37.91x	16.97x	15.20x	16.76x	16.03x	15.23x	14.84x
Goodwill	47.82M	47.82M	47.82M	47.82M	47.82M	47.82M	47.82M	47.82M	47.82M	47.82M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	6.08M	642K	1.2M	1.69M	0	0	0	0	0	0
Other Non-Current Assets	173.91M	236.76M	294.49M	351.64M	330.94M	261.31M	235.44M	107.56M	151.81M	140.66M
Total Assets+	496.78M	597.76M	682.49M	756.09M	860.93M	774.95M	746.95M	686.94M	721.54M	745.51M
Asset Turnover	1.49x	1.41x	1.35x	1.24x	1.09x	1.14x	1.28x	1.53x	1.48x	1.54x
Asset Growth %	0.11%	0.2%	0.14%	0.11%	0.14%	-0.1%	-0.04%	-0.08%	0.05%	0.03%
Total Current Liabilities+	237.39M	275.16M	322.25M	326.74M	342.12M	290.64M	315.4M	334.73M	343.25M	358.9M
Accounts Payable	3.22M	4.94M	5.17M	4.34M	5.99M	4.75M	4.49M	8.26M	6.59M	6.79M
Days Payables Outstanding	1.92	2.6	2.47	2.1	2.98	2.48	2.18	3.68	2.91	2.78
Short-Term Debt	19.83M	221K	221K	221K	221K	221K	3.51M	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	0	3.04M	0	4.4M	146.22M	120.87M	84.35M	64.97M	50.01M	1.7M
Current Ratio	0.96x	0.95x	0.96x	0.98x	1.24x	1.40x	1.29x	1.36x	1.30x	1.32x
Quick Ratio	0.51x	0.68x	0.63x	0.62x	1.24x	1.40x	1.29x	1.36x	1.30x	1.32x
Cash Conversion Cycle	107.1	91.08	102.04	115.01	-	-	-	-	-	-
Total Non-Current Liabilities+	204.83M	252.9M	271.4M	310.31M	347.01M	286.08M	223.03M	174.37M	179.15M	165.21M
Long-Term Debt	0	4.39M	4.17M	3.95M	3.73M	3.51M	0	0	0	0
Capital Lease Obligations	0	0	0	0	17.88M	16.42M	14.6M	14.22M	14.59M	15.21M
Deferred Tax Liabilities	13.26M	15.87M	264.46M	301.79M	0	4.52M	1.69M	0	0	0
Other Non-Current Liabilities	191.58M	216.77M	267.23M	306.36M	320.71M	255.71M	199.38M	153.07M	164.56M	149.99M
Total Liabilities	442.23M	528.07M	593.65M	637.05M	689.13M	576.72M	538.42M	509.1M	522.4M	524.1M
Total Debt+	19.83M	4.61M	4.39M	4.17M	28.5M	27.69M	25.3M	21.18M	21.21M	21.45M
Net Debt	-5.38M	-46.16M	-55.44M	-31.2M	-16.07M	-41M	-44.11M	-70.24M	-49.95M	-33.92M
Debt / Equity	0.36x	0.07x	0.05x	0.04x	0.17x	0.14x	0.12x	0.12x	0.11x	0.10x
Debt / EBITDA	0.50x	0.14x	0.12x	0.10x	0.52x	0.68x	0.51x	0.32x	0.31x	0.32x
Net Debt / EBITDA	-0.14x	-1.43x	-1.57x	-0.76x	-0.30x	-1.00x	-0.90x	-1.08x	-0.74x	-0.50x
Interest Coverage	18.54x	35.86x	95.66x	35.16x	28.22x	29.06x	118.07x	418.26x	365.36x	335.85x
Total Equity+	54.55M	69.69M	88.83M	119.04M	171.8M	198.24M	208.53M	177.84M	199.14M	221.4M
Equity Growth %	0.41%	0.28%	0.27%	0.34%	0.44%	0.15%	0.05%	-0.15%	0.12%	0.11%
Book Value per Share	1.85	2.36	2.94	3.89	5.58	6.45	6.84	6.15	7.27	8.29
Total Shareholders' Equity	54.55M	69.69M	88.83M	119.04M	171.8M	198.24M	208.53M	177.84M	199.14M	221.4M
Common Stock	72K	72K	73K	74K	75K	76K	74K	69K	263K	258K
Retained Earnings	47.55M	59.99M	77.88M	108.59M	148.68M	165.71M	178.32M	172.62M	182.94M	200M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-31K	-3K	-1.43M	-5.07M	2.82M	7.56M	1.08M	-27.59M	-20.8M	-19.25M
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+	100.63M	80.31M	112.86M	69.78M	77.14M	-27.91M	-15.46M	27.78M	67.22M	10.09M
Operating CF Margin %	0.14%	0.1%	0.12%	0.07%	0.08%	-0.03%	-0.02%	0.03%	0.06%	0.01%
Operating CF Growth %	0.45%	-0.2%	0.41%	-0.38%	0.11%	-1.36%	0.45%	2.8%	1.42%	-0.85%
Net Income	25.49M	18.8M	25.17M	38.06M	48.29M	33.77M	38.08M	47.27M	50.61M	52.99M
Depreciation & Amortization	2.85M	3.25M	5.45M	4.22M	3.89M	4.84M	5.33M	6.23M	7.11M	7.6M
Stock-Based Compensation	2.39M	2.78M	4.18M	5.5M	7.17M	3.44M	5.37M	7.39M	8.46M	8.84M
Deferred Taxes	2.73M	-1.7M	4.04M	-1.19M	2.66M	5.49M	-347K	-2.17M	4.63M	-854K
Other Non-Cash Items	66K	-225K	-51K	227K	8.11M	8.41M	9.59M	8.95M	8.69M	6.31M
Working Capital Changes	67.11M	57.4M	74.06M	22.97M	7.02M	-83.86M	-73.47M	-39.89M	-12.28M	-64.81M
Change in Receivables	12.1M	-35.95M	-10.18M	-14.93M	-11.96M	45.05M	-37.2M	-8.13M	-7.57M	-63.13M
Change in Inventory	17.11M	36.88M	23.33M	-11.38M	0	0	47.96M	0	0	0
Change in Payables	498K	1.73M	222K	-830K	1.66M	-1.25M	-261K	3.78M	-1.67M	194K
Cash from Investing+	-55.6M	-33.07M	-94.78M	-39.34M	66.31M	4.14M	-112.86M	61.15M	-55.19M	38.78M
Capital Expenditures	-3M	-7.11M	-3.69M	-5.68M	-10.8M	-8.61M	-6.8M	-15.97M	-11.83M	-14.16M
CapEx % of Revenue	0%	0.01%	0%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	104.33M	-31.95M	-95.53M	-34.09M	42.68M	30.57M	-126.48M	62.74M	-49.33M	8K
Cash from Financing+	-31.36M	-21.69M	-9.01M	-9.94M	-10.81M	-15.73M	-26.89M	-60.18M	-44.57M	-41.13M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-6.31M	-6.36M	-7.28M	-7.35M	-8.21M	-9.12M	-9.07M	-8.52M	-8.09M	-8.09M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	634K	325K	163K	577K	-2.38M	1.67M	0	-981K	-2.29M	-3.91M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	97.64M	73.2M	109.17M	64.11M	66.34M	-36.52M	-22.26M	11.8M	55.4M	-4.07M
FCF Margin %	0.13%	0.09%	0.12%	0.07%	0.07%	-0.04%	-0.02%	0.01%	0.05%	-0%
FCF Growth %	0.5%	-0.25%	0.49%	-0.41%	0.03%	-1.55%	0.39%	1.53%	3.69%	-1.07%
FCF per Share	3.32	2.48	3.61	2.10	2.15	-1.19	-0.73	0.41	2.02	-0.15
FCF Conversion (FCF/Net Income)	3.95x	4.27x	4.48x	1.83x	1.60x	-0.83x	-0.41x	0.59x	1.33x	0.19x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	54.7%	30.26%	31.75%	36.62%	33.21%	18.25%	18.72%	24.47%	26.85%	25.2%
Return on Invested Capital (ROIC)	45.03%	59.71%	78.89%	45.77%	31.09%	17.32%	20.48%	32.52%	35.43%	26.63%
Gross Margin	17.47%	17.31%	17.22%	19.84%	22.1%	20.77%	21.41%	22.27%	22.68%	22.13%
Net Margin	3.44%	2.24%	2.73%	4.05%	5.12%	3.83%	3.99%	4.48%	4.73%	4.63%
Debt / Equity	0.36x	0.07x	0.05x	0.04x	0.17x	0.14x	0.12x	0.12x	0.11x	0.10x
Interest Coverage	18.54x	35.86x	95.66x	35.16x	28.22x	29.06x	118.07x	418.26x	365.36x	335.85x
FCF Conversion	3.95x	4.27x	4.48x	1.83x	1.60x	-0.83x	-0.41x	0.59x	1.33x	0.19x
Revenue Growth	16.45%	13.46%	9.5%	2.2%	0.17%	-6.53%	8.44%	10.38%	1.42%	7.03%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Staffing Services	147.3M	122.44M	103.39M	111.35M	116.96M	87.04M	81.14M
Staffing Services Growth	-	-16.88%	-15.55%	7.70%	5.04%	-25.58%	-6.77%
Professional Employer Service Fees	793.4M	819.87M	777.43M	843.82M	-	-	-
Professional Employer Service Fees Growth	-	3.34%	-5.18%	8.54%	-	-	-

Frequently Asked Questions

Valuation & Price

Barrett Business Services, Inc. (BBSI) has a price-to-earnings (P/E) ratio of 19.9x. This is roughly in line with market averages.

Growth & Financials

Barrett Business Services, Inc. (BBSI) reported $1.22B in revenue for fiscal year 2024. This represents a 289% increase from $314.9M in 2011.

Barrett Business Services, Inc. (BBSI) grew revenue by 7.0% over the past year. This is steady growth.

Yes, Barrett Business Services, Inc. (BBSI) is profitable, generating $54.9M in net income for fiscal year 2024 (4.6% net margin).

Dividend & Returns

Yes, Barrett Business Services, Inc. (BBSI) pays a dividend with a yield of 0.77%. This makes it attractive for income-focused investors.

Barrett Business Services, Inc. (BBSI) has a return on equity (ROE) of 25.2%. This is excellent, indicating efficient use of shareholder capital.

Barrett Business Services, Inc. (BBSI) generated $26.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.