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Robert Half Inc. (the Company ) provides specialized talent solutions and business consulting services through the Robert Half and Protiviti company names. Prior to 1986, the Company was primarily a franchisor, under the names Accountemps and Robert Half , with offices providing contract and permanent professionals in the fields of accounting and finance.
Operating margin is thin at 1.42%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 7.2% YoY. Margins deteriorated 2.7pp alongside, both lines moving the wrong way.
Free cash flow declined 25% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.87% to 3.86%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$5.33B
▼ -7.2% YoY
Net Income (TTM)
$129M
▼ -47.1% YoY
Op. Margin
1.40%
▼ -2.7pp YoY
ROIC
3.87%
▼ -4.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$218M
▼ -24.7% YoY
Op. Cash Flow (TTM)
$267M
▼ -22.0% YoY
Net Debt
-$26M
Net Cash Position
Cash & Equiv.
$278M
5Y CAGR: +1.0%
5Y CAGR: -13.9%
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