BBSIBARRETT BUSINESS SERVICES INC

Services-Help Supply Services

Revenue: $1.2B; 8.4% YoY
Operating margin: 5.0%; 4.0% YoY
EBITDA: $70M; 4.5% YoY
Market cap: $783M
Employees: 3,197; $388K revenue each
Net debt / EBITDA: -0.3×; −$24M net debt
AI in 10-K: 7.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
121% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
76% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$388K · 40th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.1 per 10K words · 88th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$783M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$402K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$955M	$1.1B	$1.1B	$1.1B	$1.2B	8.4%
Operating income	$44M	$59M	$61M	$60M	$62M	4.0%
Net income	$38M	$47M	$51M	$53M	$54M	2.7%
Operating cash flow	−$15M	$28M	$67M	$10M	$66M	554%
Capex	$7M	$16M	$12M	$14M	$19M	33%
Stock-based comp	$5M	$7M	$8M	$9M	$10M	17%
Buybacks	$17M	$47M	$34M	$29M	$42M	44%
Dividends	$9M	$9M	$8M	$8M	$8M	1.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $435K · 9
Open-market sells, 12 mo: $838K · 5
Net: −$402K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	226	122
FY2024	—	—	269	143
FY2023	—	—	177	120
FY2022	—	—	141	113
FY2021	—	—	102	151