Za zgodą użytkownika stosujemy ograniczoną analitykę chroniącą prywatność, aby zrozumieć, które ścieżki badawcze działają. Nie używamy trackerów reklamowych ani nagrywania sesji. Ten wybór można zmienić w Preferencjach. Przeczytaj Politykę prywatności.
Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
RHI — frequently asked questions
Is Robert Half Inc. overvalued?
In our latest published analysis dated 2026-10-17, RHI looks meaningfully overvalued. The price recorded at analysis is 33,3 USD versus our fair value of 28,3 USD; the high endpoint is presented separately as potential value of 32,8 USD. That implies roughly 15.2% downside to fair value at that date.
Our latest published report, analyzed 2026-10-17, gives RHI a fair value of 28,3 USD and a potential value of 32,8 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Robert Half Inc.'s archetype; it is a dated research output, not a live price.
Should I buy RHI now?
Our latest published rating for RHI, analyzed 2026-10-17, is Reduce. Robert Half Inc. looks meaningfully overvalued at the analysis-date price of 33,3 USD versus fair value of 28,3 USD; potential value is 32,8 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for RHI?
The dedicated bear-case section in our report analyzed 2026-10-17 documents Robert Half Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is RHI's rating?
Our latest published rating for RHI, analyzed 2026-10-17, is Reduce, with a published moat assessment of 6/10 (Narrow). It reflects our fair value of 28,3 USD, the potential value of 32,8 USD, and the price recorded at analysis (33,3 USD).
Ten raport nie został jeszcze przetłumaczony. Odśwież za kilka minut, gdy kolejka tłumaczeń go przetworzy.
§1 Podsumowanie wykonawczeEN
Odpowiedź w 30 sekundReduce
Cena a wartość
Cena
$33.31
Wartość godziwa
$28.25
Wartość potencjalna
$32.84
Stan na
2026-10-16
Dlaczego to może zadziałać
A synchronized global recovery in enterprise white-collar hiring and corporate digital transformation projects, which would unlock aggressive operational leverage on Robert Half's rationalized cost base ($45M annualized savings) and propel operating margins from 1.42% in FY2025 back toward historical double-digit levels.
Co zmieniłoby naszą ocenę
Protracted regulatory deregulation in financial services anti-money laundering compliance combined with persistent public-sector project roll-offs in Germany.
Robert Half Inc. is navigating the cyclical trough of a severe professional staffing downturn, but with shares trading at $33.31 compared to our Fair value of $28.25, the market has prematurely discounted an aggressive margin recovery despite ongoing consulting headwinds at Protiviti.
Robert Half is demonstrating operational resilience at the trough of the professional staffing cycle. Second-quarter 2026 results showed contract talent gross margins holding firm at 39.1%, matching the prior-year period, as bill-pay spreads remained protected. Management took decisive cost restructuring actions in Q2, absorbing $7 million in severance to unlock $45 million in annualized operating savings. Furthermore, Talent Solutions achieved its third consecutive quarter of sequential adjusted revenue growth, indicating that the rate of decline in temp staffing has firmly bottomed.
Nevertheless, material headwinds cloud the velocity of earnings expansion. Protiviti, previously the company's high-margin growth engine, has slipped into contraction, with reported revenues falling 4.9% in Q2 2026 and management guiding for a 4% to 8% contraction (target -6%) in Q3 2026. This consulting drag stems from shifting regulatory enforcement in anti-money laundering and banking compliance, alongside large public sector project roll-offs in Germany. With international operations ($1.21B FY2025 revenue) pressured and executive leadership transitioning at Protiviti, consolidated operating margins face friction.5,8
From a valuation perspective, current market pricing reflects undue optimism. At $33.31 per share, Robert Half trades at 16.69x forward earnings and a 17.9% premium to our intrinsic fair value midpoint of $28.25. While a pristine balance sheet with $324.7M in cash, $240.8M in debt, and a $2.36 annual dividend limit solvency risk, expected risk-adjusted return stands at -15.2%. We therefore issue a Reduce rating, advising investors to trim holdings on liquidity strength.2,4
Robert Half generates robust free cash flow through downturns ($266.8M in FY2025) due to minimal capex requirements (0.99% of revenue) and countercyclical working capital release.6,7
Solid Balance Sheet and Dividend Support
With $324.7M in cash and modest total debt of $240.8M (6.6% debt weight), the company comfortably supports its $2.36 annual dividend.2
A synchronized recovery in professional hiring would leverage the $45M structural cost reduction, driving operating margins from 1.42% in FY2025 toward historical mid-cycle levels.5,7
Rekomendacja domu
Reduce. Trim exposure into near-term strength and reallocate capital toward assets offering an adequate margin of safety.
Przegląd spółki
Robert Half Inc. (NYSE: RHI) is the world's first and largest specialized talent solutions and business consulting firm. Founded in 1948 and headquartered in Menlo Park, California, the company connects highly skilled job seekers with enterprise opportunities across specialized finance and accounting, technology, legal, marketing, and administrative disciplines. Robert Half operates through three core reporting segments: Contract Talent Solutions ($2.99B revenue in FY2025), Permanent Placement Talent Solutions ($439.5M revenue), and Protiviti ($1.95B revenue).
Protiviti, the company's global consulting subsidiary, delivers internal audit, risk advisory, digital transformation, and business consulting solutions, serving more than 80% of Fortune 100 corporations. Geographically, Robert Half generates the vast majority of its business in the United States ($4.17B in FY2025), complemented by established international operations across Europe, Asia-Pacific, and Latin America ($1.21B in FY2025). The enterprise differentiates itself through combined staffing and consulting capabilities, deep client relationships, and an asset-light operating model.
§2 Scenariusz negatywnyEN
Our downside stress testing evaluates the compound vulnerability of Robert Half to a protracted professional services contraction. In this scenario, corporate enterprise hiring remains frozen through 2027, preventing the expected cyclical volume recovery in Contract Talent Solutions ($2.99B FY2025 revenue). Concurrently, Protiviti consulting revenue contracts at an accelerated mid-single-digit pace as regulatory enforcement scrutiny in banking and anti-money laundering is relaxed and European public sector roll-offs fail to be replaced. Under these strained conditions, the $45 million in annualized structural cost savings achieved in Q2 2026 is completely absorbed by negative operating deleverage, keeping consolidated operating margins suppressed below 3.8% across the forecast horizon rather than recovering toward mid-cycle levels of 6.8%. This structural margin cap, coupled with multiple compression to 12.0x exit P/E on recruitment disintermediation concerns, generates severe downside risk from the October 16, 2026 share price ($33.31), well below the committee fair value estimate.
Protiviti consulting revenue contracts mid-single digits annually on regulatory roll-offs5
Consolidated operating margins fail to exceed low-single-digit levels across the forecast horizon
Terminal valuation multiple derates substantially below historical average on AI talent discovery disruption
In the bear scenario, corporate white-collar hiring remains frozen across North America and Europe. Protiviti consulting contracts mid-single digits as financial services AML deregulation reduces advisory demand. Squeezed bill-pay spreads and high fixed overhead constrain operating margins to low-single digits, preventing recovery toward historical mid-cycle profitability.
Jak ta teza może się załamać
Protracted White-Collar Hiring Stagnation and Protiviti Deleveraging
FY2025 operating margin was 1.42%. If Protiviti consulting contracts -6% due to regulatory deregulation in AML and Talent Solutions hiring remains sluggish, normalized margins fail to exceed 3.8%.5,7
FV impact
0%
Operating margin 3 points lower throughout
Trigger
Within 12 months
Sygnały wczesnego ostrzegania do monitorowania
Pięć zdarzeń, które osłabiłyby naszą tezę inwestycyjną.
Robert Half possesses a narrow economic moat established over decades of specialization in finance, accounting, and professional business staffing. The core source of this advantage is local candidate network density and institutional brand equity. In professional contract talent solutions, enterprise clients require pre-vetted, high-quality candidates on short notice, which requires extensive relational networks and proprietary matching capabilities. This specialized focus allows Robert Half to defend bill-pay spreads across economic cycles, as evidenced by contract talent gross margins holding firmly at 39.1% in Q2 2026, exactly matching the 39.1% achieved in Q2 2025.
The company's moat is further reinforced by Protiviti, its wholly owned global business consulting subsidiary. Protiviti provides internal audit, risk consulting, and technology services to premier corporations ($1.95B revenue in FY2025). Protiviti's consulting engagements generate high-margin advisory billings and create joint go-to-market opportunities through blended staffing and consulting projects. These integrated solutions elevate customer switching costs relative to commoditized temporary staffing providers.
Nevertheless, the economic moat remains narrow rather than wide due to the lack of contractual exclusivity and modest entry barriers for boutique staffing agencies. Clients typically engage staffing firms on non-exclusive, short-term assignments. While Robert Half's operational efficiency and candidate depth ensure durable mid-cycle profitability, pricing discipline is continually tested during broad cyclical downturns when larger competitors, such as the Big Four, aggressively bid for market share.
Zysk ekonomiczny
During the cyclical peak in FY2021-FY2022, Robert Half generated operating margins of 12.47% and 12.30%, yielding economic profits far exceeding its cost of capital. However, the severe staffing downturn compressed FY2025 operating income to $76.46M (1.42% margin), generating returns temporarily below the moderate WACC of 8.8863%. As operating margins normalize toward 4.50% in FY2027 and 6.80% in FY2030, economic value creation is projected to recover, underpinned by minimal reinvestment requirements.2,7
6/ 10
Narrow
Sources of advantage
01Specialized Candidate Network Density & Brand Reputation — Robert Half is the established pioneer in specialized finance and accounting staffing ($2.99B contract talent revenue in FY2025), maintaining proprietary candidate databases and local branch recruiter relationships that support consistent bill-pay spread discipline (39.1% gross margin in Q2 2026).Moderate
02Integrated Consulting Platform (Protiviti) & Blended Solution Capabilities — Protiviti provides internal audit, risk advisory, and technology consulting solutions ($1.95B FY2025 revenue), serving over 80% of Fortune 100 corporations. The integration of consulting expertise with contract talent enables blended solutions that traditional staffing agencies cannot match.
Znane zagrożenia dla przewagi
Zagrożenie
Powaga
Oś czasu
Złagodzenie
AI and automated talent discovery platforms disintermediating transactional placement and eroding recruiter placement spreads.
medium
2-4 years
Management blends proprietary high-tech AI matching algorithms with experienced recruiter high-touch validation, shifting practice mix toward higher-level specialized professionals.5
The highlighted cell is Fair value when every assumption sits at its base level ($28.25). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $77.1M after modeled reinvestment of $10.5M, with terminal value at 80.5% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
FY2026 revenue of $5.31B (-1.27%) and FY2027 revenue of $5.53B (+4.14%)1
Consolidated operating margin recovers from cyclical trough levels in FY2025 through staged expansion in FY2026 and FY2027 toward mid-cycle profitability by FY2030
Consensus EPS tracks $1.26 in FY2026 and $1.97 in FY20271
In the modal base scenario, revenue stabilizes in FY2026 at $5.31B and expands to $5.53B in FY2027. Operating margins recover from the 1.42% FY2025 trough to 2.50% in FY2026 and 4.50% in FY2027, supported by $45M in annualized cost savings. Diluted EPS reaches $1.26 in FY2026 and $1.97 in FY2027. Intrinsic fair value centers at $28.25.1,5,7
Consolidated revenue growth accelerates to mid-to-high single digits annually over FY2027 through FY2029
Operating margin reaches 8.5% by FY2030, supported by mix shift toward higher-level placements
§7 Drzewo decyzyjne wynikówEN
Powyżej
Maintain Reduce; Maintain position reduction; do not deploy fresh capital on initial volume beats until full-year margin expansion durability is verified.
Wyzwalacz: Q3 2026 consolidated revenue exceeding $1.41B and EPS exceeding $0.53, accompanied by Protiviti YoY growth turning positive.5
A top- and bottom-line beat would confirm that the $45 million in annualized cost savings is dropping to the bottom line, but at $33.31, the stock trades well ahead of our fair value midpoint of $28.25. Stance remains unchanged.
Zgodnie
Maintain Reduce; Continue trimming existing holdings on any liquidity spikes; monitor European project roll-offs and bill-pay spreads.
Wyzwalacz: Q3 2026 revenue within $1.31B-$1.41B (midpoint $1.36B) and EPS within $0.43-$0.53, with Protiviti revenue down 4% to 8%.5
In-line results would validate the baseline stabilization path but fail to justify the stock's 17.9% market premium over intrinsic fair value ($33.31 vs $28.25). Stance remains unchanged.
Poniżej
Downgrade the rating; Downgrade rating immediately and execute complete liquidation of remaining tactical holdings.
Wyzwalacz: Q3 2026 revenue below $1.31B, EPS below $0.43, or Protiviti revenue contraction worse than -8%.5
A quarterly miss indicates that regulatory AML headwinds in banking and German public-sector weakness are exacerbating operating deleverage, placing FY2026 EBIT targets at immediate risk.
Jakość wyników
Reported GAAP operating income exhibits artificial volatility due to mark-to-market adjustments on employee deferred compensation plan trusts (e.g. $100.9M investment loss in Q2 2026 producing a GAAP operating loss of -$62.3M). However, core operating earnings quality is strong when adjusted for these offsetting non-operational items (Q2 2026 adjusted operating income was $38.6M). Free cash flow conversion is outstanding ($266.81M FCF in FY2025), supported by countercyclical working capital release and negligible capex ($53.16M).6,7
Dynamika prognoz
Consensus earnings expectations have flattened following the Q2 2026 earnings release, with post-earnings consensus FY2026 EPS steady at $1.26 and FY2027 EPS steady at $1.97 across the October 15-17 tracking window. Revenue expectations remain anchored at $5.31B for FY2026 (-1.27% YoY) and $5.53B for FY2027 (+4.14% YoY), reflecting analyst consensus that top-line contraction has stabilized without establishing clear expansion momentum.1
Robert Half demonstrated strong cash conversion in FY2025, generating operating cash flow of $319.97M and free cash flow of $266.81M. The asset-light business model required only $53.16M in capital expenditures (0.99% of revenue). In the first six months of 2026, capex remained constrained at $15.65M, tracking within full-year guidance of $50M to $70M. Free cash flow conversion benefits from countercyclical working capital inflows as receivables contract during downturns.5,6
Operating margins collapsed from 12.30% in FY2022 and 7.27% in FY2023 to 1.42% in FY2025, depressing returns on invested capital. As EBIT margins recover toward 2.50% in FY2026 ($132.75M EBIT) and 4.50% in FY2027 ($248.85M EBIT), ROIC is poised to rebound off cyclical trough levels.
In FY2025, operating profit of $76.46M produced returns below the moderate WACC of 8.8863%. Forecasted FY2027 NOPAT of $169.22M begins restoring value creation comfortably above capital costs.
Najnowsze wolne przepływy pieniężne266,8 mln USDFY2025
Gotówka netto43,2 mln USDFY2025
Struktura rachunku zysków i stratJak skala działalności przekłada się na raportowany zysk.30 cze 2026
Przychody1,3 mld USDKoszt sprzedaży−862,3 mln USDZysk brutto474 mln USDKoszty operacyjne−536,3 mln USDZysk operacyjny-62,3 mln USDPozycje pozaoperacyjne i podatki+88,6 mln USDZysk netto26,3 mln USD
Dane historii finansowej
Przychody
1 336 365 000 USD
Koszt sprzedaży
862 338 000 USD
Zysk brutto
474 027 000 USD
Koszty operacyjne
536 326 000 USD
Zysk operacyjny
-62 299 000 USD
Pozycje pozaoperacyjne i podatki
88 617 000 USD
Zysk netto
26 318 000 USD
Podsumowanie bilansuJak wykazane aktywa są utrzymywane i finansowane w wybranym okresie.
Most przepływów pieniężnychJak przepływy operacyjne przełożyły się na wolne przepływy pieniężne w FY2025.
StockMarketAgent.AI
Uzgodnienie przepływów operacyjnych
Zysk netto133 mln USDAmortyzacja+81,6 mln USDWynagrodzenie w akcjach+59,4 mln USDPozostałe korekty operacyjne+45,9 mln USDOperacyjne przepływy pieniężne320 mln USD
Uzgodnienie środków na początek i koniec
Środki pieniężne na początek537,6 mln USDOperacyjne przepływy pieniężne+320 mln USDPrzepływy inwestycyjne−85,7 mln USDPrzepływy finansowe−330,3 mln USDWpływ kursów walutowych+22,9 mln USDŚrodki pieniężne na koniec464,4 mln USD
320 mln USD − 53,2 mln USDWolne przepływy pieniężne 266,8 mln USD
Dane mostu przepływów pieniężnych
Zysk netto
132 990 000 USD
Wpływy operacyjne
319 965 000 USD
Amortyzacja
81 626 000 USD
Wynagrodzenie w akcjach
59 416 000 USD
Pozostałe korekty operacyjne
45 933 000 USD
Operacyjne przepływy pieniężne
319 965 000 USD
Dostępne środki pieniężne
880 452 000 USD
Środki pieniężne na początek
537 583 000 USD
Wpływ kursów walutowych
22 904 000 USD
Wydatki inwestycyjne
85 704 000 USD
Capex
53 155 000 USD
Pozostała działalność inwestycyjna
32 549 000 USD
Wydatki finansowe
330 313 000 USD
Skup akcji
92 093 000 USD
Wypłacone dywidendy
238 220 000 USD
Środki pieniężne na koniec
464 435 000 USD
Przepływy inwestycyjne
-85 704 000 USD
Przepływy finansowe
-330 313 000 USD
Przychody według segmentu operacyjnegoUdział w łącznych przychodach za 2025-12-31.
5,4 mld USDŁączne przychody
Przychody według segmentu operacyjnegoUdział
Contract Talent Solutions3 mld USD55,6%−11% r/r
Protiviti1,9 mld USD36,2%−0,1% r/r
Permanent Placement Talent Solutions439,5 mln USD8,2%−9,8% r/r
Źródło: SEC EDGAR · Złożono 2026-02-13 · SEC EDGAR
Dane o strukturze przychodów: Przychody według segmentu operacyjnego
Przychody według segmentu operacyjnego
Przychody
Udział
r/r
Contract Talent Solutions
3 mld USD
55,6%
-11%
Protiviti
1,9 mld USD
36,2%
-0,1%
Permanent Placement Talent Solutions
439,5 mln USD
8,2%
-9,8%
Przychody według regionuUdział w łącznych przychodach za 2025-12-31.
5,4 mld USDŁączne przychody
Przychody według regionuUdział
United States4,2 mld USD77,6%−7,7% r/r
Non Us1,2 mld USD22,4%−5,4% r/r
Źródło: SEC EDGAR · Złożono 2026-02-13 · SEC EDGAR
Dane o strukturze przychodów: Przychody według regionu
Przychody według regionu
Przychody
Udział
r/r
United States
4,2 mld USD
77,6%
-7,7%
Non Us
1,2 mld USD
22,4%
-5,4%
Przychody i wynikiJak skala działalności przekłada się na raportowany zysk.
Gotówka i zadłużenieDostępna płynność wobec całkowitego zadłużenia.
Generowanie gotówkiPrzepływy operacyjne w porównaniu z wolnymi przepływami pieniężnymi.
RentownośćZmiany marży brutto, operacyjnej i netto.
Dane finansowe na określony moment użyte w analizie z 2026-10-17.
Dane historii finansowej
Okres
Przychody
EBITDA
Zysk netto
Operacyjne przepływy pieniężne
Wolne przepływy pieniężne
Capex
Amortyzacja
Wynagrodzenie w akcjach
Skup akcji
Wypłacone dywidendy
Emisja długu netto
Przepływy inwestycyjne
Przepływy finansowe
Środki pieniężne na początek
Środki pieniężne na koniec
Gotówka i inwestycje
Zadłużenie ogółem
Marża operacyjna
ROIC
WACC
Spread ROIC−WACC
2016-12-31
5,3 mld USD
617,5 mln USD
343,4 mln USD
442,1 mln USD
359,1 mln USD
83 mln USD
64,3 mln USD
42,7 mln USD
176 mln USD
114,2 mln USD
—
-112,2 mln USD
-288,3 mln USD
—
260,2 mln USD
260,2 mln USD
1 mln USD
10,6%
—
6,8%
—
2017-12-31
5,3 mld USD
581,2 mln USD
290,6 mln USD
453 mln USD
412,2 mln USD
40,8 mln USD
65,5 mln USD
42,2 mln USD
231,7 mln USD
121 mln USD
—
-78,5 mln USD
-352,9 mln USD
260,2 mln USD
294,8 mln USD
294,8 mln USD
840 tys. USD
9,8%
—
6,4%
—
2018-12-31
5,8 mld USD
664,7 mln USD
434,3 mln USD
572,3 mln USD
529,8 mln USD
42,5 mln USD
65,9 mln USD
45 mln USD
353,5 mln USD
136,4 mln USD
—
-88,5 mln USD
-490,1 mln USD
294,8 mln USD
276,6 mln USD
276,6 mln USD
657 tys. USD
10,2%
—
7,0%
—
2019-12-31
6,1 mld USD
631,1 mln USD
454,4 mln USD
519,6 mln USD
460,2 mln USD
59,5 mln USD
65,6 mln USD
48,3 mln USD
277,5 mln USD
145,6 mln USD
—
-102,1 mln USD
-423,4 mln USD
276,6 mln USD
270,5 mln USD
270,5 mln USD
457 tys. USD
10,2%
—
6,7%
—
2020-12-31
5,1 mld USD
427,3 mln USD
306,3 mln USD
596,5 mln USD
563,2 mln USD
33,4 mln USD
63,5 mln USD
52,5 mln USD
159,2 mln USD
155,9 mln USD
—
9,5 mln USD
-315,3 mln USD
270,5 mln USD
574,4 mln USD
574,4 mln USD
526,6 mln USD
8,3%
—
5,5%
—
2021-12-31
6,5 mld USD
797 mln USD
598,6 mln USD
603,1 mln USD
566,5 mln USD
36,6 mln USD
54,5 mln USD
55,9 mln USD
287,7 mln USD
170,6 mln USD
-239 tys. USD
-87,6 mln USD
-458,6 mln USD
574,4 mln USD
619 mln USD
619 mln USD
446,4 mln USD
12,5%
—
6,0%
—
2022-12-31
7,2 mld USD
1,1 mld USD
657,9 mln USD
683,8 mln USD
622,6 mln USD
61,1 mln USD
49,1 mln USD
57,7 mln USD
319,9 mln USD
189,3 mln USD
0 USD
-116,6 mln USD
-509,2 mln USD
619 mln USD
658,6 mln USD
658,6 mln USD
389,6 mln USD
12,3%
—
8,2%
—
2023-12-31
6,4 mld USD
467,5 mln USD
411,1 mln USD
636,9 mln USD
591 mln USD
45,9 mln USD
99 mln USD
61,1 mln USD
254,6 mln USD
205,9 mln USD
0 USD
-112,3 mln USD
-460,5 mln USD
658,6 mln USD
731,7 mln USD
760,4 mln USD
403,3 mln USD
7,3%
—
8,2%
—
2024-12-31
5,8 mld USD
447 mln USD
251,6 mln USD
410,5 mln USD
354,2 mln USD
56,3 mln USD
89,3 mln USD
63,4 mln USD
276 mln USD
220,4 mln USD
—
-87,1 mln USD
-496,4 mln USD
731,7 mln USD
537,6 mln USD
537,6 mln USD
402,4 mln USD
4,2%
—
8,7%
—
2025-12-31
5,4 mld USD
276 mln USD
133 mln USD
320 mln USD
266,8 mln USD
53,2 mln USD
81,6 mln USD
59,4 mln USD
92,1 mln USD
238,2 mln USD
—
-85,7 mln USD
-330,3 mln USD
537,6 mln USD
464,4 mln USD
464,4 mln USD
421,3 mln USD
1,4%
—
8,1%
—
§9 Porównanie wyceny z konkurentami
Wartość godziwaReport-date price
Robert Half Inc.RHI
Cena / wartość godziwa
Wartość godziwa28,25 USDReport-date price33,31 USD
Data oceny
Przewaga konkurencyjnaNarrow
Karta wyników inwestycyjnych51 / 100
A. O. Smith CorporationAOS
Cena / wartość godziwa
Wartość godziwa60,06 USDReport-date price57,83 USD
Data oceny
Przewaga konkurencyjnaNarrow
Karta wyników inwestycyjnych64 / 100
Pool CorporationPOOL
Cena / wartość godziwa
Wartość godziwa166,85 USDReport-date price172,57 USD
Data oceny
Przewaga konkurencyjnaNarrow
Karta wyników inwestycyjnych65 / 100
Robert Half Inc.RHI
Cena / wartość godziwa
Wartość godziwa28,25 USDReport-date price33,31 USD
Robert Half Inc. (RHI) trades at 16.7x forward earnings against a peer median of 14.7x. Its EV/EBITDA of 53.4x compares with a peer median of 11.6x. The comparison uses 4 peers: A. O. Smith Corporation, Pool Corporation, Stanley Black & Decker Inc. and C.H. Robinson Worldwide Inc., as of 2026-10-17.
§10 Branża i cyklEN
Faza cyklu
Trough
The industrial staffing/services sector benchmark exhibits a capex-to-revenue ratio of 3.4% and capex-to-depreciation of 0.65. Robert Half operates an ultra-asset-light model, with FY2025 capex of $53.16M on $5.38B revenue (0.99% of revenue) and guided FY2026 capex of $50M to $70M. Industry demand remains cyclically depressed following post-pandemic over-hiring.5,7
Cykl byczy
During a cyclical upswing, enterprise clients face critical skill shortages in specialized finance, accounting, and IT transformation, driving rapid volume expansion, rising bill rates, and surging permanent placement fees that produce peak operating margins.
Cykl niedźwiedzi
In a prolonged industry downturn, enterprise clients implement hiring freezes, extend temp contract terminations, and curtail external advisory projects, driving sharp operational deleverage across staffing branch networks and consulting practices.
Trendy długoterminowe
Trend
Wpływ
Uwaga
Shift to Flexible Professional Project-Based Talent
positive
Enterprises increasingly utilize flexible specialized talent for interim accounting, tax, and IT system transformations rather than expanding fixed headcount.
Regulatory Volatility in Banking and AML Compliance
negative
Changes in administrative enforcement stances regarding banking regulation and anti-money laundering lead to periodic pauses in compliance advisory engagements.
Pozycjonowanie
Robert Half is positioned as a premium provider of specialized talent solutions and business consulting. By pairing Contract Talent Solutions ($2.99B revenue) with Protiviti's risk and technology consulting ($1.95B revenue), Robert Half occupies higher-value specialized niches than generalist staffing peers, supporting gross margin durability through the cycle.8
§11 Zarządzanie pozycjąEN
Wielkość pozycji
0-1%
Under our Reduce rating, tactical exposure should be minimized. The shares trade at $33.31 against Fair value of $28.25, offering -15.2% upside. Maintaining minimal allocation protects capital while awaiting cyclical entry points.4
Ryzyko
Robert Half's zero-net-debt balance sheet ($324.7M cash vs $240.8M debt) and asset-light operations provide strong structural protection against insolvency. However, investors face substantial cyclical valuation risk as the stock's 16.69x forward P/E discounts a seamless earnings rebound that remains vulnerable to European economic weakness and Protiviti consulting deceleration.
Transze wejścia
Poziom
Działanie
Dlaczego
Moderate discount to $28.25
Consider establishing an initial exploratory tracking position if price corrects.
Provides an adequate margin of safety below $28.25 to account for ongoing cyclical staffing uncertainty.
Substantial discount to $28.25
Accumulate core cyclical allocation upon macro stabilization confirmation.
Valuation at 16.69x forward P/E fully discounts an aggressive margin recovery that is contradicted by Protiviti consulting contraction (-6% target guidance), European headwinds, and structural disintermediation threats from AI sourcing platforms.4,5
Base Perspective
Avoid
While contract gross margins have stabilized at 39.1% and $45M in annualized cost savings confirm troughing fundamentals, the stock's $33.31 price trades 17.9% above our $28.25 fair value midpoint, offering an unfavorable risk/reward profile (-15.2% implied return).4,5
Bull Perspective
Hold
Long-term income-oriented investors may choose to hold existing positions for the secure 7.1% dividend yield ($2.36 annual dividend) backed by $324.7M in cash, anticipating high operating leverage once white-collar hiring fully normalizes.
§14 Końcowa rekomendacjaEN
Działanie
Redukuj
We issue a Reduce recommendation on Robert Half Inc. While the company is an established specialized talent solutions leader with an asset-light model and modest total debt, the share price of $33.31 exceeds Fair value of $28.25, offering -15.2% upside.2,4
Near-term earnings face friction from Protiviti consulting contraction (guided down 4% to 8% in Q3 2026), German public sector roll-offs, and sluggish white-collar hiring velocity. Investors should trim holdings and reallocate toward opportunities with greater margin of safety.
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Sources
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Extended Staffing Contraction Across North America and Europe
FY2026 consensus revenue projects -1.27% growth to $5.31B, with non-US revenue ($1.21B) dragged by European headwinds. A 500 bps drag across 5 years eliminates volume leverage.1,5,8
FV impact
-1.8%
Revenue and EPS growth 5 points lower for five years
The base model assumes a 15.0x terminal P/E. If permanent placement remains constrained and AI sourcing tools erode recruitment spreads, terminal valuation de-rates 20% to 12.0x, below peer medians (AOS 14.60x, SWK 14.68x).3
Failure of operating leverage to materialize despite $45 million in annualized cost savings, indicating fixed SG&A cost absorption is stalled by persistent volume declines.
Obecnie:1.42% in FY2025; adjusted 2.9% in Q2 2026
Alarm, jeśliFull-year FY2026 operating margin failing to reach 2.50%
Macro stagnation, high energy costs, and inflation across Germany and Belgium persisting and spreading to other European markets, preventing replacement of wound-down public sector contracts.
Obecnie:-1.0% reported in Q2 2026 on $1.21B FY2025 non-US base
Enterprise clients freezing permanent direct-hire recruitment decisions, indicating corporate risk aversion has returned and terminating the green shoots of hiring recovery.
Obecnie:+2.9% reported (+2.5% adjusted) in Q2 2026 on $439.5M FY2025 revenue
Alarm, jeśliReversal back into negative growth below 0.0% YoY
Moderate
Aggressive price discounting by Big Four accounting firms and large consulting competitors during periods of advisory bench overcapacity.
medium
1-2 years
Protiviti dynamically adjusts contractor-to-employee delivery mix to protect gross margins while expanding non-financial services and technology consulting practice groups.5
Protiviti revenue rebounds to low double-digit growth as technology consulting and banking advisory expand
In the bull scenario, enterprise clients unfreeze deferred finance, accounting, and IT transformation projects. Talent Solutions volume expands rapidly, while Protiviti delivers record revenues in technology consulting and non-financial services practices. Operating leverage on the rationalized cost structure drives EBIT margins toward historical high-single-digit levels over the forecast horizon.5
Management maintains a disciplined capital allocation strategy focused on liquidity preservation and shareholder distributions. Cash and cash equivalents stood at $324.71M as of June 30, 2026, against total debt of $240.81M (debt weight 6.6%). The company returns capital primarily through its $2.36 annual dividend per share. Open market share repurchases were halted in the first half of 2026 ($0 spent) compared to 1.128M shares repurchased in H1 2025, reflecting prudent cash management at the cyclical trough.
Fixed recruiter overhead and branch infrastructure create significant operational leverage, causing profits to drop sharply during hiring freezes and surge rapidly upon recovery.
Resilient Bill-Pay Spread Discipline
Q2 2026 contract talent gross margin remained identical to Q2 2025 at 39.1%, with management guiding 38% to 40% for Q3 2026.
The company possesses genuine pricing power in specialized accounting staffing, successfully adjusting bill rates in tandem with wage inflation.
Cost Rationalization Lowers Operating Breakeven
Management executed cost reductions in Q2 2026 costing $7M in severance to generate $45M in annualized run-rate savings.
Structural cost reductions lower the enterprise breakeven point and position operating margins to expand toward 2.50% in FY2026 and 4.50% in FY2027 as revenue stabilizes.
C.H. Robinson Worldwide, Inc.CHRW
Cena / wartość godziwa
Wartość godziwa102,26 USDReport-date price138,97 USD
Data oceny
Przewaga konkurencyjnaNarrow
Karta wyników inwestycyjnych65 / 100
Marża
RHI
Robert Half Inc.
$3.4B
16.7x
0.6x
53.4x
9.1%
—
AOS
A. O. Smith Corporation
$8.0B
14.6x
2.1x
10.9x
27.1%
18.9%
POOL
Pool Corporation
$6.3B
14.7x
1.2x
12.3x
31.3%
15.1%
SWK
Stanley Black & Decker Inc.
$14.0B
14.7x
0.9x
10.4x
6.9%
8.4%
CHRW
C.H. Robinson Worldwide Inc.
$16.3B
18.6x
1.0x
19.4x
37.1%
5.3%
AI and Automation in Accounting and Clerical Functions