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BBSI

Barrett Business Services, Inc.

BBSI

Barrett Business Services, Inc. • NASDAQ
$35.09 ▼ -0.62% (-0.22)
Market Cap $903.50 M
52w High $49.65
52w Low $33.01
Dividend Yield 0.32%
P/E 16.87
Volume 61.75K
Outstanding Shares 25.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $318.949M ▲ $51.983M ▲ $20.619M ▲ 6.465% ▲ $0.8 ▲ $28.894M ▲
Q2-2025 $307.657M ▲ $50.226M ▲ $18.454M ▲ 5.998% ▲ $0.72 ▲ $27.412M ▲
Q1-2025 $292.566M ▼ $46.796M ▼ $-1.021M ▼ -0.349% ▼ $-0.04 ▼ $464K ▼
Q4-2024 $304.82M ▲ $50.756M ▼ $16.8M ▼ 5.511% ▼ $0.65 ▼ $25.044M ▼
Q3-2024 $294.278M $50.959M $19.628M 6.67% $0.75 $27.648M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $109.752M ▲ $777.925M ▲ $537.78M ▲ $240.145M ▲
Q2-2025 $90.445M ▼ $713.628M ▼ $487.811M ▼ $225.817M ▲
Q1-2025 $99.137M ▼ $778.567M ▲ $565.216M ▲ $213.351M ▼
Q4-2024 $121.859M ▲ $745.508M ▲ $524.104M ▲ $221.404M ▲
Q3-2024 $97.438M $725.768M $510.382M $215.386M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $20.619M ▲ $38.428M ▲ $1.266M ▼ $-10.83M ▼ $28.864M ▲ $34.073M ▲
Q2-2025 $18.454M ▲ $-53.816M ▼ $58.095M ▲ $-10.125M ▲ $-53.077M ▼ $-58.228M ▼
Q1-2025 $-1.021M ▼ $5.211M ▼ $-31.978M ▼ $-12.798M ▼ $-39.565M ▼ $697K ▼
Q4-2024 $16.8M ▼ $53.375M ▲ $9.763M ▲ $-9.265M ▲ $-14.85M ▲ $50.216M ▲
Q3-2024 $19.628M $-935K $-27.984M $-12.362M $-41.281M $-4.227M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Staffing Services
Staffing Services
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement BBSI’s income statement shows a steady, healthy business rather than a hyper‑growth story. Sales have risen gradually over the last five years, and profit margins have held up well, with a slight improvement over time. Earnings per share have climbed consistently, suggesting better efficiency and disciplined cost control. Overall, profitability looks solid and relatively stable, with no obvious signs of stress in recent years.

Balance Sheet

Balance Sheet The balance sheet looks conservative and generally well balanced. Total assets have moved within a relatively narrow range, while shareholder equity has trended upward, which points to value building over time. Debt levels are low, limiting financial risk and giving the company flexibility if conditions worsen. Cash is modest but stable, so BBSI doesn’t appear overextended, though it also doesn’t sit on an unusually large cash cushion.

Cash Flow

Cash Flow Cash flow is more uneven than the income statement, which is common in this type of business. Operating cash flow swung from negative a few years ago to clearly positive more recently, though the latest year shows a step down from an especially strong prior year. Free cash flow has been positive in most recent periods, helped by modest capital spending needs. The main takeaway is that the business can generate cash, but year‑to‑year swings in working capital and claims can create noticeable volatility that is worth monitoring.

Competitive Edge

Competitive Edge BBSI operates in a crowded staffing and PEO market but has carved out a differentiated niche. Its edge comes from a blend of high‑touch, local consulting teams and a proprietary technology platform, rather than technology alone. The focus on industry specialization, on‑site risk management, and embedded business partners tends to deepen relationships and make client switching less likely. The flip side is exposure to smaller businesses and cyclical sectors like construction and manufacturing, where downturns or rising workers’ compensation claims could pressure results.

Innovation and R&D

Innovation and R&D Innovation at BBSI is practical and service‑oriented rather than lab‑heavy. The myBBSI platform and its recently added applicant tracking system show a clear focus on integrating HR, payroll, and hiring into a single, easy‑to‑use environment. Regular, incremental updates indicate ongoing investment in technology, even if formal R&D spending is likely modest compared with pure software firms. The key risk is that larger HR tech and PEO competitors may outspend BBSI, so its ability to keep the platform modern and tightly woven into its consulting model will be important.

Summary

Overall, BBSI looks like a steady, profitable services business with a conservative balance sheet and a distinctive “high‑touch plus tech” approach. Earnings and margins have improved gradually over several years, backed by low leverage and growing equity, though cash flows can be choppy from year to year. Its branch‑based consulting model, industry specialization, and integrated platform give it a clear identity in the PEO space and can foster sticky client relationships. The main things to watch are the consistency of cash generation, claims and workers’ compensation trends, client retention through economic cycles, and whether the company continues to refresh and extend its technology fast enough to stay competitive.

NEWS

October 22, 2025 · 4:05 PM UTC

BBSI Sets Third Quarter 2025 Conference Call for Wednesday, November 5, 2025, at 5:00 p.m. ET

Read more