Recent News
On July 23, 2026 Robert Half reported second-quarter results and issued guidance for the upcoming quarter; the release noted Protiviti margin compression and a sequential decline in adjusted Protiviti revenues. In late July companies and outlets highlighted profit pressure tied to Protiviti and management commentary on market demand; a separate August announcement noted a planned leadership transition at Protiviti. Cash and operating cash flow figures for June 30, 2026 were disclosed in the company filings.
Technical Analysis
Directional indicators and ADX: ADX at 31.65 signals a strong underlying trend; DI+ sits at 34.41 with a peak & reversal, and DI− at 16.40 with a dip & reversal — both DI patterns read as bearish under the current directional rules, implying downside-biased directional pressure despite trend strength.
MACD and signal line: MACD equals 1.77 while the MACD signal line sits at 1.92 and the MACD trend shows decreasing momentum; MACD below the signal line and declining denotes bearish momentum in the near term and weakens the case for an immediate bullish extension.
Price versus moving averages: Close at $43.55 sits below the 12-day EMA ($43.97, peak & reversal) and roughly in line with the 20-day average ($43.95), while the 50-day ($38.66) and 200-day ($29.34) averages remain well below price — the configuration supports medium-term constructive bias but shows short-term rollover.
MRO and over/under target: MRO reads 32.57 and is decreasing; a positive MRO indicates price above the target framework and therefore a higher likelihood of price contraction toward the model target if MRO continues falling, which increases near-term downside risk to momentum.
RSI and volatility bands: RSI at 60.8 with a peak & reversal signals waning upside momentum from elevated levels. Price trades inside the 20-day Bollinger bands (lower ~ $42.75, upper ~ $45.16) and above the SuperTrend lower support (~ $41.46), indicating consolidation potential inside a defined short-term range. Volume sits below the 10/50/200-day averages, suggesting lower conviction behind recent moves.
Fundamental Analysis
Revenue and growth: Total revenue equals $1,336,365,000 with revenue growth shown as 2.78% and revenue growth year-over-year near 1.11%; quarter-over-quarter revenue change reads -17.47%, reflecting notable sequential softness that aligns with the Protiviti slowdown disclosed in the quarter.
Profitability and margins: Operating (EBIT) margin at -4.662% shows contraction versus the industry peer mean and median (industry peer mean ~19.84%, industry peer median ~20.42%), placing Robert Half below the industry peer mean and median on operating profitability. EBIT margin declined roughly 42.63% year-over-year and fell about 2.64 percentage points sequentially, consistent with Protiviti margin pressure reported in the quarter.
Earnings and valuation multiples: Reported EPS matched the company estimate at $0.26 with an EPS surprise ratio of 0.84%, indicating essentially in-line earnings execution for the period. Trailing PE stands at 121.68, which sits above the industry peer mean and median; forward PE around 58.01 sits below the industry peer mean. Price-to-book at 2.68 sits below the industry peer mean and median. WMDST values the stock as under-valued; free cash flow yield near 3.14% compares favorably to the industry peer mean on that metric.
Balance sheet and cash flow: Cash and short-term investments total $324,714,000 and operating cash flow for the period equals $108,698,000 with free cash flow of $101,542,000. Debt levels remain modest relative to capital (debt-to-equity ~0.20, total debt $240,809,000), supporting financial flexibility amid margin pressure.
Valuation note: WMDST’s valuation assessment labels Robert Half under-valued, balancing below-peer operating margins and elevated trailing multiples against positive cash conversion, modest leverage, and forward multiples that compress relative to trailing levels.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-23 |
| NEXT REPORT DATE: | 2026-10-22 |
| CASH FLOW | Begin Period Cash Flow | $ 278.4 M |
| Operating Cash Flow | $ 108.7 M | |
| Capital Expenditures | $ -7.16 M | |
| Change In Working Capital | $ 152.1 M | |
| Dividends Paid | $ -59.12 M | |
| Cash Flow Delta | $ 46.3 M | |
| End Period Cash Flow | $ 324.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.3 B | |
| Forward Revenue | $ 639.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 862.3 M | |
| Depreciation | $ 12.4 M | |
| Depreciation and Amortization | $ 18.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 474.0 M | |
| EBITDA | $ -43.96 M | |
| EBIT | $ -62.30 M | |
| Operating Income | $ -62.30 M | |
| Interest Income | $ 2.0 M | |
| Interest Expense | — | |
| Net Interest Income | $ 2.0 M | |
| Income Before Tax | $ 40.6 M | |
| Tax Provision | $ 14.3 M | |
| Tax Rate | 35.165 % | |
| Net Income | $ 26.3 M | |
| Net Income From Continuing Operations | $ 26.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.26 | |
| EPS Actual | $ 0.26 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | 0.84 % | |
| Forward EPS | $ 0.49 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.9 B | |
| Intangible Assets | $ 252.2 M | |
| Net Tangible Assets | $ 955.5 M | |
| Total Current Assets | $ 2.1 B | |
| Cash and Short-Term Investments | $ 324.7 M | |
| Cash | $ 324.7 M | |
| Net Receivables | $ 821.4 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 171.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 1.5 B | |
| Net Debt | — | |
| Total Debt | $ 240.8 M | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 11.80 | |
| Shares Outstanding | 102.362 M | |
| Revenue Per-Share | $ 13.06 | |
| VALUATION | Market Capitalization | $ 3.2 B |
| Enterprise Value | $ 3.2 B | |
| Enterprise Multiple | -71.758 | |
| Enterprise Multiple QoQ | -251.02 % | |
| Enterprise Multiple YoY | -141.873 % | |
| Enterprise Multiple IPRWA | high: 87.564 median: 51.061 mean: 48.826 low: -17.741 RHI: -71.758 |
|
| EV/R | 2.361 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.367 | |
| Asset To Liability | 1.732 | |
| Debt To Capital | 0.166 | |
| Debt To Assets | 0.084 | |
| Debt To Assets QoQ | -9.614 % | |
| Debt To Assets YoY | -2.081 % | |
| Debt To Assets IPRWA | high: 0.825 mean: 0.305 median: 0.254 low: 0.087 RHI: 0.084 |
|
| Debt To Equity | 0.199 | |
| Debt To Equity QoQ | -2.57 % | |
| Debt To Equity YoY | 7.366 % | |
| Debt To Equity IPRWA | high: 1.577 mean: 0.728 median: 0.553 RHI: 0.199 low: 0.133 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.682 | |
| Price To Book QoQ | 23.78 % | |
| Price To Book YoY | -12.374 % | |
| Price To Book IPRWA | high: 6.868 median: 3.557 mean: 3.512 RHI: 2.682 low: 0.852 |
|
| Price To Earnings (P/E) | 121.681 | |
| Price To Earnings QoQ | -34.604 % | |
| Price To Earnings YoY | 11.863 % | |
| Price To Earnings IPRWA | RHI: 121.681 high: 92.268 median: 75.78 mean: 74.654 low: -12.997 |
|
| PE/G Ratio | 1.42 | |
| Price To Sales (P/S) | 2.423 | |
| Price To Sales QoQ | 18.123 % | |
| Price To Sales YoY | -17.323 % | |
| Price To Sales IPRWA | high: 20.251 mean: 12.758 median: 11.794 RHI: 2.423 low: 0.54 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 58.014 | |
| Forward PE/G | 0.677 | |
| Forward P/S | 5.067 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -96.574 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.481 | |
| Asset Turnover Ratio QoQ | 2.743 % | |
| Asset Turnover Ratio YoY | -3.015 % | |
| Asset Turnover Ratio IPRWA | RHI: 0.481 high: 0.403 mean: 0.153 median: 0.108 low: 0.108 |
|
| Receivables Turnover | 1.673 | |
| Receivables Turnover Ratio QoQ | -1.912 % | |
| Receivables Turnover Ratio YoY | -1.482 % | |
| Receivables Turnover Ratio IPRWA | high: 2.8 RHI: 1.673 median: 1.563 mean: 1.539 low: 0.881 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 54.551 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 214.847 mean: 9.114 RHI: 0 median: -12.298 low: -54.626 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.96 | |
| CapEx To Revenue | -0.005 | |
| CapEx To Depreciation | -0.579 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.2 B | |
| Net Invested Capital | $ 1.2 B | |
| Invested Capital | $ 1.2 B | |
| Net Tangible Assets | $ 955.5 M | |
| Net Working Capital | $ 681.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.223 | |
| Current Ratio | 1.468 | |
| Current Ratio QoQ | -5.398 % | |
| Current Ratio YoY | -6.538 % | |
| Current Ratio IPRWA | high: 4.765 RHI: 1.468 mean: 1.074 median: 0.602 low: 0.441 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -5.478 | |
| Cost Of Debt | 0.0 % | |
| Interest Coverage Ratio | -6229.9 | |
| Interest Coverage Ratio QoQ | -268.782 % | |
| Interest Coverage Ratio YoY | -4145.39 % | |
| Interest Coverage Ratio IPRWA | high: 22.063 median: 12.043 mean: 9.309 low: -4.336 RHI: -6229.9 |
|
| Operating Cash Flow Ratio | 0.018 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 17.655 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.445 | |
| Dividend Payout Ratio | 2.246 | |
| Dividend Rate | $ 0.58 | |
| Dividend Yield | 0.018 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.725 % | |
| Revenue Growth | 2.783 % | |
| Revenue Growth QoQ | -1746.746 % | |
| Revenue Growth YoY | 110.993 % | |
| Revenue Growth IPRWA | high: 33.261 % median: 3.105 % RHI: 2.783 % mean: 0.765 % low: -19.606 % |
|
| Earnings Growth | 85.714 % | |
| Earnings Growth QoQ | -252.38 % | |
| Earnings Growth YoY | -39.286 % | |
| Earnings Growth IPRWA | high: 166.667 % RHI: 85.714 % median: 4.237 % mean: 2.732 % low: -63.6 % |
|
| MARGINS | ||
| Gross Margin | 35.471 % | |
| Gross Margin QoQ | -3.901 % | |
| Gross Margin YoY | -4.635 % | |
| Gross Margin IPRWA | high: 89.337 % median: 54.491 % mean: 48.963 % RHI: 35.471 % low: 10.618 % |
|
| EBIT Margin | -4.662 % | |
| EBIT Margin QoQ | -264.213 % | |
| EBIT Margin YoY | -4262.5 % | |
| EBIT Margin IPRWA | high: 28.966 % median: 20.418 % mean: 19.84 % RHI: -4.662 % low: -6.937 % |
|
| Return On Sales (ROS) | -4.662 % | |
| Return On Sales QoQ | -264.213 % | |
| Return On Sales YoY | -4262.5 % | |
| Return On Sales IPRWA | high: 28.557 % median: 19.701 % mean: 19.622 % RHI: -4.662 % low: -6.937 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 101.5 M | |
| Free Cash Flow Yield | 3.136 % | |
| Free Cash Flow Yield QoQ | -169.227 % | |
| Free Cash Flow Yield YoY | 20.848 % | |
| Free Cash Flow Yield IPRWA | high: 7.976 % RHI: 3.136 % mean: 2.192 % median: 1.878 % low: -3.323 % |
|
| Free Cash Growth | -184.034 % | |
| Free Cash Growth QoQ | 7.779 % | |
| Free Cash Growth YoY | -24.958 % | |
| Free Cash Growth IPRWA | high: 288.871 % median: 68.56 % mean: 27.988 % RHI: -184.034 % low: -587.473 % |
|
| Free Cash To Net Income | 3.858 | |
| Cash Flow Margin | 1.918 % | |
| Cash Flow To Earnings | 0.974 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.946 % | |
| Return On Assets QoQ | 90.726 % | |
| Return On Assets YoY | -36.167 % | |
| Return On Assets IPRWA | high: 4.346 % mean: 1.853 % median: 1.825 % RHI: 0.946 % low: -2.457 % |
|
| Return On Capital Employed (ROCE) | -4.442 % | |
| Return On Equity (ROE) | 0.022 | |
| Return On Equity QoQ | 94.554 % | |
| Return On Equity YoY | -30.227 % | |
| Return On Equity IPRWA | high: 0.1 median: 0.04 mean: 0.038 RHI: 0.022 low: -0.156 |
|
| DuPont ROE | 2.158 % | |
| Return On Invested Capital (ROIC) | -3.345 % | |
| Return On Invested Capital QoQ | -285.937 % | |
| Return On Invested Capital YoY | -4388.462 % | |
| Return On Invested Capital IPRWA | high: 6.604 % median: 2.898 % mean: 2.78 % low: -2.601 % RHI: -3.345 % |
|