TrueBlue, Inc.

TBI

IndustrialsStaffing & Employment ServicesNYSE

$6.01

Market Cap: $182.46M

TrueBlue, Inc. (TBI) Valuation Summary

Updated May 11, 2026 05:03

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$9.14 – $151.92	$38.31	+537.4%
Revenue DCF 10Y	$6.79 – $113.63	$28.55	+375.0%
▸ Trading Multiples
EV/Revenue	$14.24 – $264.03	$85.49	+1322.4%

Valuation History

DCF Analysis

TrueBlue, Inc. (TBI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$28.55

Market Price

$6.01

Upside / Downside

+375.0%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -1.7% to a target of 10.3% over 5 years, discounted at a WACC of 7.7%, TrueBlue, Inc. (TBI) has an intrinsic value of $28.55 per share (range: $6.79 – $113.63).

Key Assumptions

Current Operating Margin

-1.7%

Target Operating Margin

10.3%

WACC

7.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.4%

Target CapEx/Rev

6.0%

D&A/Revenue

1.5%

Tax Rate

15.9%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,709	5.8%	0.7%	13	11	26	(32)	-3	7	7
2027	1,779	4.1%	3.1%	56	47	27	(42)	8	24	21
2028	1,652	-7.1%	5.5%	91	77	25	(46)	-15	71	59
2029	1,534	-7.1%	7.9%	121	102	23	(50)	-14	89	69
2030	1,425	-7.1%	10.3%	147	123	22	(53)	-13	105	75
2031	1,347	-5.5%	10.3%	139	117	20	(56)	-9	90	60
2032	1,296	-3.8%	10.3%	134	112	20	(60)	-6	78	48
2033	1,270	-2.1%	10.3%	131	110	19	(65)	-3	68	39
2034	1,265	-0.4%	10.3%	130	110	19	(70)	-1	59	32
2035	1,281	1.3%	10.3%	132	111	19	(77)	2	52	26

Enterprise Value Bridge

Sum of PV(FCFF)436

Terminal Value (Gordon Growth at 3.0%)1,136

PV of Terminal Value562

Enterprise Value998

(–) Net Debt146

Equity Value852

(÷) Shares Outstanding30

Fair Value per Share$28.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.7%	$-3	$19	$50	$82	$114
6.7%	$-3	$14	$37	$60	$83
7.7%	$-3	$10	$29	$47	$65
8.7%	$-3	$8	$23	$38	$53
9.7%	$-3	$7	$20	$32	$45

Current price: $6.01. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

TrueBlue, Inc. (TBI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$38.31

Market Price

$6.01

Upside / Downside

+537.4%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1.7%

Target Operating Margin

10.3%

WACC

7.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.4%

Target CapEx/Rev

6.0%

D&A/Revenue

1.5%

Tax Rate

15.9%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,709	5.8%	0.7%	13	11	26	(40)	-3	-0	-0
2027	1,779	4.1%	3.1%	56	47	27	(58)	8	8	7
2028	1,652	-7.1%	5.5%	91	77	25	(69)	-15	48	40
2029	1,534	-7.1%	7.9%	121	102	23	(78)	-14	61	47
2030	1,425	-7.1%	10.3%	147	123	22	(85)	-13	73	52

Enterprise Value Bridge

Sum of PV(FCFF)146

Terminal Value (Gordon Growth at 3.0%)1,596

PV of Terminal Value1,144

Enterprise Value1,289

(–) Net Debt146

Equity Value1,143

(÷) Shares Outstanding30

Fair Value per Share$38.31

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.7%	$-6	$34	$73	$113	$152
6.7%	$-6	$23	$51	$79	$108
7.7%	$-6	$16	$38	$60	$83
8.7%	$-6	$12	$30	$48	$66
9.7%	$-6	$9	$24	$40	$55

Current price: $6.01. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$85.49

Market Price

$6.01

Upside / Downside

+1322.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), TrueBlue, Inc. (TBI) has a fair value of $85.49 based on 7 comparable companies in the Staffing & Employment Services industry.

EV/Revenue Valuation — Staffing & Employment Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
TrueBlue, Inc.TBI	179	0.2x	0.2x
Microvast Holdings, Inc.MVST	707	1.8x	1.7x
HUHUTECH International Group Inc. Ordinary SharesHUHU	250	11.8x	—
Taylor Devices, Inc.TAYD	168	3.6x	3.7x
HireQuest, Inc.HQI	167	5.0x	5.5x
Resources Connection, Inc.RGP	153	0.2x	0.1x
Forrester Research, Inc.FORR	132	0.4x	0.3x
Surf Air Mobility Inc.SRFM	50	1.1x	0.9x
Industry Median		1.8x	1.3x
(*) Revenue		1,616	1,844
= Enterprise Value		2,979	2,417
(-) Net Debt		146	146
Equity Value		2,833	2,271
(/) Outstanding shares		30	30
Fair Price		$95	$76

Selected Fair Value (avg of trailing + forward)

$85.49

+1322.4%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$9.14 – $151.92

$38.31

+537.4%

Revenue DCF 10Y

$6.79 – $113.63

$28.55

+375.0%

▸ Trading Multiples

EV/Revenue

$14.24 – $264.03

$85.49

+1322.4%

DCF Analysis

TrueBlue, Inc. (TBI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$28.55

Market Price

$6.01

Upside / Downside

+375.0%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1.7%

Target Operating Margin

10.3%

WACC

7.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.4%

Target CapEx/Rev

6.0%

D&A/Revenue

1.5%

Tax Rate

15.9%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,709	5.8%	0.7%	13	11	26	(32)	-3	7	7
2027	1,779	4.1%	3.1%	56	47	27	(42)	8	24	21
2028	1,652	-7.1%	5.5%	91	77	25	(46)	-15	71	59
2029	1,534	-7.1%	7.9%	121	102	23	(50)	-14	89	69
2030	1,425	-7.1%	10.3%	147	123	22	(53)	-13	105	75
2031	1,347	-5.5%	10.3%	139	117	20	(56)	-9	90	60
2032	1,296	-3.8%	10.3%	134	112	20	(60)	-6	78	48
2033	1,270	-2.1%	10.3%	131	110	19	(65)	-3	68	39
2034	1,265	-0.4%	10.3%	130	110	19	(70)	-1	59	32
2035	1,281	1.3%	10.3%	132	111	19	(77)	2	52	26

Enterprise Value Bridge

Sum of PV(FCFF)436

Terminal Value (Gordon Growth at 3.0%)1,136

PV of Terminal Value562

Enterprise Value998

(–) Net Debt146

Equity Value852

(÷) Shares Outstanding30

Fair Value per Share$28.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.7%	$-3	$19	$50	$82	$114
6.7%	$-3	$14	$37	$60	$83
7.7%	$-3	$10	$29	$47	$65
8.7%	$-3	$8	$23	$38	$53
9.7%	$-3	$7	$20	$32	$45

Current price: $6.01. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$85.49

Market Price

$6.01

Upside / Downside

+1322.4%

Verdict

Undervalued

EV/Revenue Valuation — Staffing & Employment Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
TrueBlue, Inc.TBI	179	0.2x	0.2x
Microvast Holdings, Inc.MVST	707	1.8x	1.7x
HUHUTECH International Group Inc. Ordinary SharesHUHU	250	11.8x	—
Taylor Devices, Inc.TAYD	168	3.6x	3.7x
HireQuest, Inc.HQI	167	5.0x	5.5x
Resources Connection, Inc.RGP	153	0.2x	0.1x
Forrester Research, Inc.FORR	132	0.4x	0.3x
Surf Air Mobility Inc.SRFM	50	1.1x	0.9x
Industry Median		1.8x	1.3x
(*) Revenue		1,616	1,844
= Enterprise Value		2,979	2,417
(-) Net Debt		146	146
Equity Value		2,833	2,271
(/) Outstanding shares		30	30
Fair Price		$95	$76

Selected Fair Value (avg of trailing + forward)

$85.49

+1322.4%