Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| TrueBlue, Inc.TBI · other | |
|---|---|
| Grade |  C/Don the C/D boundary of 336 graded peers; percentile 59.4, sampling error 2.6 points; lower is stronger |
| Rank | 200 of 336 |
| Profitability | Cpercentile 43.7 |
| Solvency | Bpercentile 26.1 |
| Growth and financing | Epercentile 82.8 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $638.7M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | short runway · fortress balance sheetnot computable: distress |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Feb 18, 2026233 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $9.172026-10-08; market equity $279.2M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 18, 2026; the document on sec.gov.
TrueBlue, Inc. (the “company,” “TrueBlue,” “we,” “us” and “our”) began operations in 1989 and is a leading provider of specialized workforce solutions that connect employers and talent. Backed by decades of experience, an extensive national footprint, expansive talent network, deep local market insight, and global recruitment process outsourcing (“RPO”) reach, TrueBlue delivers total workforce solutions helping clients improve quality, streamline operations and meet evolving talent demands. In fiscal 2025, we connected approximately 291,000 people with work and served approximately 53,000 clients.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 43.7 | |||||||
| Gross profitability | 57.6% | [1,6] | 27.1% | 12.2 | 289 | 2025-12-28 | |
| Return on invested capital | not computable | 10.0% | |||||
| latest aligned inputs end 2019-12-29; latest annual assets end 2025-12-28 | |||||||
| Accruals ratio | 1.5% | [1,7-9] | (5.9%) | 86.5 | 506 | 2025-12-28 | |
| Gross margin stability, five years | 1.4 pts | [2,6,10-17] | 2.2 pts | 32.5 | 204 | 2025-12-28 | |
| Solvency, sleeve percentile 26.1 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 3.45 | [1,18-23] | 2.05 | 26.8 | 386 | 2025-12-28 | |
| Net debt to EBITDA | not computable | 2.52x | |||||
| required facts have no common fiscal period end | |||||||
| Interest coverage | not computable | 2.18x | |||||
| latest aligned inputs end 2019-12-29; latest annual assets end 2025-12-28 | |||||||
| Current ratio | 2.15x | [18-19] | 1.32x | 25.5 | 506 | 2025-12-28 | |
| Growth and financing, sleeve percentile 82.8 | |||||||
| Revenue growth, three-year compound | (10.5%) | [2,11,13,15] | 5.1% | 89.3 | 403 | 2025-12-28 | |
| Free cash flow growth, three-year compound | not computable | 8.7% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 11.9% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (14.4%) | [1,9,24-25] | 4.1% | 93.4 | 438 | 2025-12-28 | |
| Net share issuance, one year | 1.2% | [26-27] | (0.4%) | 65.6 | 356 | 2026-02-11 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.020; sampling error 2.6 percentile points on 336 peers.
Among 336 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 195 | GEE Group Inc. (JOB) GEE Group Inc. (JOB) C/Don the C/D boundary; percentile 57.9 NYSE · Services-Employment Agencies market equity $23.7M; last close $0.21 No active warnings; 10 of 14 inputs | 57.9 | C/D | |
| 196 | Concrete Pumping Holdings, Inc. (BBCP) Concrete Pumping Holdings, Inc. (BBCP) C/Don the C/D boundary; percentile 58.2 Nasdaq · Construction - Special Trade Contractors market equity $474.7M; last close $9.41 No active warnings; 11 of 14 inputs | 58.2 | C/D | |
| 197 | Compass Minerals International Inc. (CMP) Compass Minerals International Inc. (CMP) C/Don the C/D boundary; percentile 58.5 NYSE · Mining & Quarrying of Nonmetallic Minerals (No Fuels) market equity $968.9M; last close $23.03 No active warnings; 8 of 14 inputs | 58.5 | C/D | |
| 198 | Heritage Global Inc. (HGBL) Heritage Global Inc. (HGBL) C/Don the C/D boundary; percentile 58.8 Nasdaq · Services-Business Services, NEC market equity $44.3M; last close $1.28 Warnings: fortress balance sheet; 8 of 14 inputs | 58.8 | C/D | fortress balance sheet |
| 199 | Xponential Fitness, Inc. (XPOF) Xponential Fitness, Inc. (XPOF) C/Don the C/D boundary; percentile 59.1 NYSE · Services-Miscellaneous Amusement & Recreation last close $4.96 No active warnings; 7 of 14 inputs | 59.1 | C/D | |
| 200 | TrueBlue, Inc. (TBI) TrueBlue, Inc. (TBI) C/Don the C/D boundary; percentile 59.4 NYSE · Services-Help Supply Services market equity $278.9M; last close $9.17 Warnings: short runway, fortress balance sheet; 8 of 14 inputs | 59.4 | C/D | short runway, fortress balance sheet |
| 201 | Full House Resorts Inc. (FLL) Full House Resorts Inc. (FLL) C/Don the C/D boundary; percentile 59.7 Nasdaq · Hotels & Motels market equity $44.7M; last close $1.23 No active warnings; 8 of 14 inputs | 59.7 | C/D | |
| 202 | Caesars Entertainment, Inc. (CZR) Caesars Entertainment, Inc. (CZR) C/Don the C/D boundary; percentile 60.0 Nasdaq · Hotels & Motels market equity $6.0B; last close $29.51 No active warnings; 11 of 14 inputs | 60.0 | C/D | |
| 203 | Dorian LPG Ltd. (LPG) Dorian LPG Ltd. (LPG) C/Don the C/D boundary; percentile 60.3 NYSE · Deep Sea Foreign Transportation of Freight market equity $2.5B; last close $58.23 No active warnings; 8 of 14 inputs | 60.3 | C/D | |
| 204 | Western Union Co. (WU) Western Union Co. (WU) C/Don the C/D boundary; percentile 60.6 NYSE · Services-Business Services, NEC market equity $2.0B; last close $6.33 No active warnings; 9 of 14 inputs | 60.6 | C/D | |
| 205 | Waste Connections, Inc. (WCN) Waste Connections, Inc. (WCN) C/Don the C/D boundary; percentile 60.9 NYSE · Refuse Systems market equity $39.0B; last close $154.73 No active warnings; 12 of 14 inputs | 60.9 | C/D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C/D | 60.0 | 2204 |
| sector peers, equal sleeves (the grade) | C/D | 59.4 | 336 |
| same exchange, equal sleeves | D | 64.7 | 984 |
| sector peers, equal inputs | D | 68.7 | 336 |
Each letter is one fifth of the 336 graded peers, about 67 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 71.1% | 2.0% | 92 | hotter than 92 of 100 peers |
| Distance from 52-week high | (15.6%) | (26.8%) | 68 | closer to its high than 68 of 100 peers |
| EBIT to enterprise value | (15.5%) | 4.4% | 8 | pricier than 92 of 100 peers |
| Free cash flow yield | (26.4%) | 4.1% | 6 | pricier than 94 of 100 peers |
| Book value to price | 0.91 | 0.34 | 85 | pricier than 15 of 100 peers |
| Sales to price | 5.79 | 0.70 | 93 | pricier than 7 of 100 peers |
| Composite equity issuance, five years | (15.3%) | (8.8%) | 38 | more equity-funded than 38 of 100 peers |
| Relative strength against the sector, log excess return | 0.39 | (0.13) | 92 | ahead of 92 of 100 peers |
Inputs: market equity $278.9M; EBIT -$46.6M; free cash flow -$73.7M; book equity $254.7M; sales $1.6B; debt $45.0M; cash $23.3M[28].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 3 of 9, period end 2025-12-28 | ||
|---|---|---|
| Return on assets above zero | (7.1%) | ✗ fail[7,9] |
| Operating cash flow above zero | -$58.0M | ✗ fail[8] |
| Return on assets improved | 6.9 pts | ✓ pass[7,9,24,29] |
| Operating cash flow exceeds net income | -$10.1M | ✗ fail[7-8] |
| Long-term leverage fell | 9.0 pts | ✗ fail[1,9,24,30-31] |
| Current ratio improved | 41.8 pts | ✓ pass[18-19,32-33] |
| No new shares issued | 1.2% | ✗ fail[26-27] |
| Gross margin improved | (3.2 pts) | ✗ fail[2,6,10-11] |
| Asset turnover improved | 65.0 pts | ✓ pass[2,9,11,24] |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $638.7M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $1.6B | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $23.3M | 2026-06-28 | 2026-08-04 | 10-Q | filing · viewer · series |
| 4 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $37.6M | 2019-12-29 | 2021-02-22 | 10-K | filing · viewer · series |
| 5 | total debt | us-gaap:LongTermDebt | $37.1M | 2019-12-29 | 2020-02-24 | 10-K | filing · viewer · series |
| 6 | gross profit | us-gaap:GrossProfit | $367.8M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 7 | net income | us-gaap:NetIncomeLoss | -$48.0M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 8 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$58.0M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 9 | assets | us-gaap:Assets | $675.4M | 2024-12-29 | 2026-02-18 | 10-K | filing · viewer · series |
| 10 | gross profit | us-gaap:GrossProfit | $406.4M | 2024-12-29 | 2026-02-18 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $1.6B | 2024-12-29 | 2026-02-18 | 10-K | filing · viewer · series |
| 12 | gross profit | us-gaap:GrossProfit | $506.1M | 2023-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $1.9B | 2023-12-31 | 2026-02-18 | 10-K | filing · viewer · series |
| 14 | gross profit | us-gaap:GrossProfit | $602.1M | 2022-12-25 | 2025-02-19 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $2.3B | 2022-12-25 | 2025-02-19 | 10-K | filing · viewer · series |
| 16 | gross profit | us-gaap:GrossProfit | $560.3M | 2021-12-26 | 2024-02-21 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $2.2B | 2021-12-26 | 2024-02-21 | 10-K | filing · viewer · series |
| 18 | current assets | us-gaap:AssetsCurrent | $297.6M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 19 | current liabilities | us-gaap:LiabilitiesCurrent | $138.5M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 20 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $296.2M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 21 | operating income | us-gaap:OperatingIncomeLoss | -$46.6M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 22 | book equity | us-gaap:StockholdersEquity | $274.6M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 23 | liabilities | us-gaap:Liabilities | $364.1M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 24 | assets | us-gaap:Assets | $899.4M | 2023-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $1.0B | 2022-12-25 | 2024-02-21 | 10-K | filing · viewer · series |
| 26 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,062,641 | 2026-02-11 | 2026-02-18 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 29,707,861 | 2025-02-12 | 2025-02-19 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,444,344 | 2026-07-26 | 2026-08-04 | 10-Q | filing · viewer · series |
| 29 | net income | us-gaap:NetIncomeLoss | -$125.7M | 2024-12-29 | 2026-02-18 | 10-K | filing · viewer · series |
| 30 | long term debt | us-gaap:LongTermDebtNoncurrent | $65.8M | 2025-12-28 | 2026-02-18 | 10-K | filing · viewer · series |
| 31 | long term debt | us-gaap:LongTermDebtNoncurrent | $7.6M | 2024-12-29 | 2026-02-18 | 10-K | filing · viewer · series |
| 32 | current assets | us-gaap:AssetsCurrent | $277.1M | 2024-12-29 | 2026-02-18 | 10-K | filing · viewer · series |
| 33 | current liabilities | us-gaap:LiabilitiesCurrent | $160.1M | 2024-12-29 | 2026-02-18 | 10-K | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$30.4M | 2026-06-28 | 2026-08-04 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$9.8M | 2026-03-29 | 2026-05-05 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$53.7M | 2025-09-28 | 2025-11-03 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$33.9M | 2025-06-29 | 2026-08-04 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 59.4 is 0.6 points from the nearest band edge; sampling error is 2.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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