Revenue has contracted by 65.76% year-over-year as of 2026Q1, though the company has maintained gross margins near 35.5% through its strategic focus on specialized services.
BGSF, Inc. (BGSF) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 90.35M | 93.31M | 272.5M | 313.17M | 298.42M | 239.03M | 207.13M | 219.76M | 286.86M | 272.6M | 253.85M | 217.53M | 172.81M | 151.68M | 76.76M |
| Revenue Growth % | -49.25% | -65.76% | -12.99% | 4.94% | 24.85% | 15.4% | -5.75% | -23.39% | 5.23% | 7.39% | 16.7% | 25.88% | 13.93% | 97.6% | - |
| Cost of Goods Sold | 58.39M | 61.53M | 179.64M | 201.38M | 194.87M | 158.09M | 141.09M | 149.94M | 210.27M | 204.2M | 193.78M | 169.63M | 138.28M | 122.62M | 61.21M |
| COGS % of Revenue | - | 65.94% | 65.92% | 64.31% | 65.3% | 66.14% | 68.12% | 68.23% | 73.3% | 74.91% | 76.34% | 77.98% | 80.02% | 80.84% | 79.74% |
| Gross Profit | 31.96M | 31.78M | 92.86M | 111.78M | 103.55M | 80.94M | 66.04M | 69.83M | 76.6M | 68.4M | 60.07M | 47.91M | 34.53M | 29.06M | 15.55M |
| Gross Margin % | 35.37% | 34.06% | 34.08% | 35.69% | 34.7% | 33.86% | 31.88% | 31.77% | 26.7% | 25.09% | 23.66% | 22.02% | 19.98% | 19.16% | 20.26% |
| Gross Profit Growth % | - | -65.77% | -16.93% | 7.95% | 27.93% | 22.56% | -5.42% | -8.84% | 11.98% | 13.86% | 25.4% | 38.75% | 18.8% | 86.87% | - |
| Operating Expenses | 36.26M | 41.14M | 91.65M | 118.97M | 87.27M | 66.41M | 67.27M | 54.94M | 52.34M | 50.64M | 44.54M | 35.93M | 28.73M | 23.93M | 15.08M |
| OpEx % of Revenue | - | 44.09% | 33.63% | 37.99% | 29.24% | 27.78% | 32.48% | 25% | 18.24% | 18.58% | 17.54% | 16.52% | 16.62% | 15.78% | 19.64% |
| Selling, General & Admin | 32.32M | 47.21M | 83.04M | 87.85M | 82.9M | 67.05M | 54.9M | 50.11M | 47.29M | 44.35M | 37.8M | 30.39M | 24.08M | 19.04M | 10.61M |
| SG&A % of Revenue | - | 50.6% | 30.47% | 28.05% | 27.78% | 28.05% | 26.51% | 22.8% | 16.49% | 16.27% | 14.89% | 13.97% | 13.94% | 12.55% | 13.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.48M | -6.08M | 8.61M | 31.12M | 4.37M | -643K | 12.37M | 4.83M | 5.04M | 6.29M | 6.73M | 5.54M | 4.64M | 4.89M | 4.47M |
| Operating Income | -4.3M | -9.35M | 1.21M | -7.18M | 16.28M | 14.53M | -1.23M | 14.89M | 24.26M | 17.76M | 15.54M | 11.97M | 5.8M | 5.13M | 476.73K |
| Operating Margin % | -4.76% | -10.02% | 0.45% | -2.29% | 5.46% | 6.08% | -0.59% | 6.77% | 8.46% | 6.52% | 6.12% | 5.5% | 3.36% | 3.38% | 0.62% |
| Operating Income Growth % | - | -871.06% | 116.88% | -144.13% | 12.06% | 1282.35% | -108.26% | -38.64% | 36.59% | 14.32% | 29.76% | 106.38% | 13.13% | 975.69% | - |
| EBITDA | -3.67M | -7.8M | 8.98M | 589K | 20.34M | 18.23M | 3.63M | 19.6M | 29.3M | 24.05M | 22.27M | 17.52M | 10.44M | 10.02M | 4.95M |
| EBITDA Margin % | -4.06% | -8.36% | 3.3% | 0.19% | 6.81% | 7.63% | 1.75% | 8.92% | 10.22% | 8.82% | 8.77% | 8.05% | 6.04% | 6.61% | 6.44% |
| EBITDA Growth % | -2597.06% | -186.87% | 1424.96% | -97.1% | 11.57% | 401.89% | -81.47% | -33.1% | 21.83% | 8.01% | 27.13% | 67.74% | 4.19% | 102.65% | - |
| D&A (Non-Cash Add-back) | 636K | 1.55M | 7.77M | 7.77M | 4.05M | 3.7M | 4.86M | 4.72M | 5.04M | 6.29M | 6.73M | 5.54M | 4.64M | 4.89M | 4.47M |
| EBIT | -4.28M | -8.9M | 1.21M | -7.18M | 16.28M | 14.53M | -1.23M | 14.34M | 24.26M | 17.54M | 15.37M | 12.97M | 5.14M | 5.55M | 476.73K |
| Net Interest Income | 364K | -4.51M | -4.92M | -5.98M | -1.36M | -1.43M | -1.58M | -1.57M | -2.85M | -3.25M | -3.96M | -3M | -2.69M | -4.06M | -2.19M |
| Interest Income | 360K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -4K | 4.51M | 4.92M | 5.98M | 1.36M | 1.43M | 1.58M | 1.57M | 2.85M | 3.25M | 3.96M | 3M | 2.69M | 4.06M | 2.19M |
| Other Income/Expense | 355K | -4.06M | -4.92M | -5.98M | -1.36M | -1.43M | -1.58M | -2.11M | -2.85M | -3.25M | -4.37M | -3.26M | -4.86M | -4.29M | -2.19M |
| Pretax Income | -3.95M | -13.41M | -3.71M | -13.16M | 14.92M | 13.1M | -2.81M | 12.78M | 21.41M | 14.51M | 11.17M | 8.71M | 944.7K | 835.31K | -1.72M |
| Pretax Margin % | -4.37% | -14.38% | -1.36% | -4.2% | 5% | 5.48% | -1.36% | 5.81% | 7.46% | 5.32% | 4.4% | 4.01% | 0.55% | 0.55% | -2.24% |
| Income Tax | -556K | -1.88M | -370K | -2.94M | 3.66M | 2.64M | -740.66K | 3.13M | 3.86M | 8.66M | 4.29M | 3.37M | 1.37M | -7.46M | 31.86K |
| Effective Tax Rate % | 14.08% | 14.02% | 9.98% | 22.32% | 24.52% | 20.15% | 26.33% | 24.54% | 18.03% | 59.69% | 38.39% | 38.65% | 145.4% | -893.44% | -1.85% |
| Net Income | -3.04M | -7.71M | -3.34M | -10.22M | 25.36M | 14.11M | 1.44M | 13.25M | 17.55M | 5.85M | 6.88M | 5.35M | -428.86K | 8.3M | -1.75M |
| Net Margin % | -3.36% | -8.26% | -1.23% | -3.26% | 8.5% | 5.9% | 0.7% | 6.03% | 6.12% | 2.15% | 2.71% | 2.46% | -0.25% | 5.47% | -2.28% |
| Net Income Growth % | 72.99% | -130.89% | 67.35% | -140.31% | 79.75% | 878.79% | -89.12% | -24.52% | 200.09% | -15.02% | 28.71% | 1346.78% | -105.17% | 574.23% | - |
| Net Income (Continuing) | -3.39M | -11.53M | -3.34M | -10.22M | 11.26M | 10.46M | -2.07M | 9.64M | 17.55M | 5.85M | 6.88M | 5.35M | -428.86K | 8.3M | -1.75M |
| Discontinued Operations | 354K | 3.83M | 0 | 0 | 14.1M | 3.65M | 3.51M | 3.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.29 | -0.70 | -0.31 | -0.95 | 1.08 | 1.00 | 0.14 | 1.28 | 1.79 | 0.65 | 0.79 | 0.72 | -0.08 | 1.48 | -0.31 |
| EPS Growth % | 79.55% | -125.81% | 67.37% | -187.96% | 8% | 614.29% | -89.06% | -28.49% | 175.38% | -17.72% | 9.72% | 1048.62% | -105.13% | 577.42% | - |
| EPS (Basic) | - | -0.70 | -0.31 | -0.95 | 1.08 | 1.01 | 0.14 | 1.29 | 1.83 | 0.67 | 0.79 | 0.72 | -0.08 | 1.48 | -0.31 |
| Diluted Shares Outstanding | 10.56M | 11.09M | 10.9M | 10.77M | 10.47M | 10.42M | 10.34M | 10.35M | 9.81M | 9.04M | 8.67M | 7.39M | 5.65M | 5.6M | 5.6M |
| Basic Shares Outstanding | 10.55M | 11.09M | 10.9M | 10.77M | 10.43M | 10.37M | 10.31M | 10.24M | 9.58M | 8.73M | 8.39M | 7.08M | 5.65M | 5.6M | 5.6M |
| Dividend Payout Ratio | - | - | - | - | 24.8% | 32.37% | 357.63% | 92.72% | 62.23% | 149.38% | 116.69% | 121.42% | - | 15.93% | - |
Quick answers to the most common questions about buying BGSF stock.
For fiscal year 2025, BGSF, Inc. (BGSF) reported total revenue of $93.3M. This represents a 21.6% increase compared to $76.8M in 2012.
BGSF, Inc. (BGSF) reported a net loss of $7.7M for the fiscal year ending 2025.
BGSF, Inc. (BGSF) reported an operating income of $-9.4M, resulting in an operating profit margin of -10.0%. This margin reflects the operational efficiency of the business before interest and taxes.
BGSF, Inc. (BGSF) generated $31.8M in gross profit for the year, representing a gross profit margin of 34.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Unsustainable operating expense load
Metrics are mathematically derived from official filings.
Revenue Contraction Reflects Structural Pivot
According to quarterly financial data, BGSF experienced a severe revenue decline of 65.76% year-over-year, a trend that appears to be driven by the strategic divestiture of lower-margin business units rather than a collapse in the core multifamily and professional staffing segments.
The sharp drop in top-line figures suggests the company is actively re-baselining its operations toward a more specialized, albeit smaller, revenue base. Investors should monitor whether this reduced scale can eventually support organic growth, as the current trajectory remains heavily influenced by the removal of legacy industrial revenue streams.
Gross Margin Resilience Amid Downsizing
As reported in recent income statements, BGSF has maintained gross margins near 35%, suggesting that the company's shift toward specialized real estate and professional services has successfully preserved pricing power despite the significant reduction in total volume.
The stability of these margins indicates that the remaining business segments possess a higher value-add component than the divested operations. However, maintaining these levels will likely require continued discipline in managing direct labor costs, particularly as the firm navigates competitive pressures in the Sunbelt staffing market.
Operating Leverage Constrained by Overhead
Based on the provided income statement data, BGSF's operating margin of -10.02% highlights a significant mismatch between current revenue scale and existing SG&A expenses, suggesting that the company has not yet successfully right-sized its corporate infrastructure following recent divestitures.
The inability to achieve positive operating income despite healthy gross margins implies that fixed costs remain disproportionately high for the current revenue profile. This suggests that further cost-rationalization efforts may be necessary to reach a sustainable break-even point in the coming quarters.
Profitability Inflection Remains Highly Uncertain
While management has successfully deleveraged the balance sheet, the persistent negative net income, as shown in recent filings, warrants caution regarding the company's ability to achieve consistent profitability without a meaningful recovery in professional services demand.
Short-term investors should be wary of the risk that the current cost structure may be too rigid to support the company's new, smaller footprint. The lack of clear GAAP profitability suggests that the turnaround remains in a precarious phase where operational execution is more critical than balance sheet strength.