Recent News
On June 25, 2026 Robert Half received recognition as one of TIME’s World’s Most Sustainable Companies; on July 29, 2026 the company published hiring-survey results showing two-thirds of U.S. employers plan to increase hiring in H2 2026; on July 23, 2026 Robert Half filed results for the quarter ended June 30, 2026 reporting $1.336 billion in second-quarter revenues with segment detail showing modest weakness in Contract Talent Solutions and declines in Protiviti billable hours; on August 3, 2026 the company announced a leadership transition at Protiviti, naming Cory S. Gunderson to succeed Joseph A. Tarantino as Protiviti CEO effective January 1, 2027.
Technical Analysis
ADX reads 27.14, indicating a strong underlying trend; that strength increases the weight of directional signals when assessing near-term price movement.
Directional indicators show a bearish alignment: DI+ at 27.85 declined while DI- at 22.31 increased, a combination that favors downside pressure on price action relative to recent ranges.
MACD sits at 0.51 while the signal line sits at 1.33 and the MACD trend decreases, registering bearish momentum with MACD below its signal line.
MRO stands at 23.22 and trending lower; the positive MRO implies the market price sits above the model target and therefore carries measurable downside potential from current levels.
RSI at 55.6 with a downward trajectory signals neutral-to-slightly-weak momentum rather than an overbought condition, supporting a view of limited near-term upside.
Price trades below short-term averages—the 20-day average at $43.47 and the 12/26-day EMAs in decline—while remaining above the 200-day average of $29.85; this configuration suggests short-term weakness inside a longer-term constructive price envelope.
Ichimoku lines show the Tenkan-Sen at $42.34 and Kijun-Sen at $41.42 with price below both, although price sits above the cloud boundary (Senkou A $36.50 / Senkou B $32.66), implying short-term resistance near recent averages but no breakdown of longer-term support.
Fundamental Analysis
Revenue totaled $1,336,365,000 for the quarter (YoY revenue growth 1.11%), while QoQ revenue contracted by 17.47%, reflecting near-term volatility in demand. Contract and Protiviti segments showed divergent drivers: contract revenues reflected a drop in hours offset by slightly higher bill rates; Protiviti reported a meaningful decline in billable hours partially offset by rate increases. (QoQ and YoY figures reported above.)
Operating performance sits under pressure: operating (EBIT) margin equals -4.66%, a YoY decline of 42.63% and a QoQ deterioration of 264.21% (expressed consistent with the provided QoQ label), placing the margin above the industry peer low but well below the industry peer mean and median for profit margin. Operating income reported $-62,299,000 and EBITDA at $-43,961,000, reflecting margin compression during the period.
Profitability ratios show modest returns: return on equity 2.18% and return on assets 0.95%, both improved QoQ but down YoY; these remain small absolute returns while capital structure stays conservative with debt-to-assets at 8.42% and debt-to-equity at 19.94%.
Cash generation remains a stabilizing factor: cash and short-term investments $324,714,000, operating cash flow $108,698,000, and free cash flow $101,542,000 producing a free cash flow yield of 3.14% and a free-cash-to-net-income ratio of 3.86x. Dividend yield equals 1.83% with a dividend payout ratio of 224.62% and dividend coverage at 44.52%, indicating the dividend exceeds trailing net income but remains supported by solid cash flow.
Market multiples show a stretched trailing P/E of 121.68 and a forward P/E of 58.01, with price-to-book at 2.68—below the industry peer mean and median for price-to-book—and a price-target mean at $51.52 versus a current close of $38.55. WMDST values the stock as under-valued, reflecting the combination of subdued near-term earnings and stronger cash-generation metrics that support a longer-term valuation gap.
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 | 35.2 % | |
| 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: 130.013 median: 51.061 mean: 49.206 low: -40.387 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: 0.303 median: 0.254 RHI: 0.084 low: 0.008 |
|
| 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: 0.723 median: 0.553 RHI: 0.199 low: 0.01 |
|
| 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: 6.971 median: 3.557 mean: 3.507 RHI: 2.682 low: 0.366 |
|
| 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: 0.152 median: 0.108 low: 0.057 |
|
| 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: 1.54 low: 0.764 |
|
| 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: 9.233 low: -32.716 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: 48.941 % median: 3.105 % RHI: 2.783 % mean: 1.445 % low: -23.693 % |
|
| 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 % mean: 58.514 % median: 58.415 % RHI: 35.471 % low: 10.618 % |
|
| EBIT Margin | -4.662 % | |
| EBIT Margin QoQ | -264.213 % | |
| EBIT Margin YoY | -4262.5 % | |
| EBIT Margin IPRWA | high: 56.364 % median: 20.418 % mean: 19.942 % 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: 19.621 % 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: 2.181 % 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: 29.185 % 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: 9.953 % mean: 1.833 % median: 1.825 % RHI: 0.946 % low: -9.685 % |
|
| 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: 0.037 RHI: 0.022 low: -0.169 |
|
| 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: 2.737 % low: -2.994 % RHI: -3.345 % |
|