ROBERT HALF INC.

RHI

Robert Half Inc. provides talent solutions and business consulting services in the United States and internationally. The company operates through three segments: Contract Talent Solutions, Permanent Placement Talent Solutions, and Protiviti. The Contract Talent Solutions segment provides contract engagement professionals in the fields of finance and accounting, technology, marketing and creative, legal and administrative, and customer support.

About the company

Country: United StatesPrice: $36.88Market Cap: $3.8B

Investment snapshot

25%positive consensus

Scored 37d ago

Positive

BUY / PASS

Neutral / negative

3 / 8

NEUTRAL / FAIL

Median fair value

$32.70

-11.3% vs price

Models with upside

4 / 16

Positive margin of safety

Key risk

14 of 15 flag RHI's profitability — Oshaughnessy, Marks, Buffett +11 more

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Scored from 10-K37d ago

Metric	O'Shaughnessy Systematic Factor Composite	Munger Quality Focus	Marks Risk-Aware Value	Buffett Quality Compounder	Lynch GARP	Pabrai Dhandho Framework	Akre Three-Legged Stool	Schloss Asset-Value Discipline	Neff Low-P/E Total Return	Sleep Scale Economies Shared	Templeton Global Bargain Hunter	Ackman Activist Value	Dreman Contrarian Value	Piotroski F-Score	Greenblatt Magic Formula	Graham Defensive Value
Verdict	NEUTRAL	FAIL	FAIL	PASS	FAIL	FAIL	FAIL	NEUTRAL	FAIL	NEUTRAL	FAIL	PASS	FAIL	PASS	FAIL · Rank #1525 (Top 47.5%)	PASS
Score
Analysis
Intrinsic Value	N/A			N/A	N/A	N/A		N/A	N/A	N/A				N/A
Margin of Safety	N/A	-35.9%	+28.1%	N/A	N/A	N/A	+72.9%	N/A	N/A	N/A	+35.4%	-69.1%	+3.6%	N/A	-81.1%	-89.8%
Data As Of	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-25)	10-K (2026-08-24)	10-K (2026-08-24)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)	10-K (2026-08-23)

Where It Passes

Where It Falls Short

Profitability7% pass✓ 8✗ 23▾
14 of 15 flag RHI's profitability — Oshaughnessy, Marks, Buffett +11 more
Net income / market capitalization+3.52%; #2038/6251 (top 32.6%)
✗OshaughnessyTop 10% of eligible cross-section
Discount to Intrinsic Value3.6% (IV=$38.25 vs Price=$36.88)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency28/28 years positive
✓MarksPositive net income in >= 7 of last 10 years
Net Income Positive (10+ years)28/28 years positive
✓BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)28.0%
✓Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)1.4% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)0.74
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)P/E 27.7x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-13.2%
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE10.4%
✗Lynch> 15%
Margin of SafetyP/E=27.7x, P/B=2.9x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity18.2% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
3-5 Year Diluted EPS CAGR-13.2% over 5 years
✗Neff7%-20% annualized
Revenue growth vs. gross and operating margin trendgross margin 40.3% -> 37.2%, operating margin 7.3% -> 1.4%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-Year EPS CAGR-13.2% CAGR over 5 years
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend7.3% (2023) -> 1.4% (2025)
✗TempletonNon-negative operating-margin trend over 3 years
Operating Income / Revenue1.4%
✗Ackman>= 15%
Net Income / Shareholders Equity10.4%
✗Ackman>= 15%
Pre-Tax Income / Revenue3.6%
✗Dreman>= 8%
Net Income / Shareholders' Equity10.4%
✗Dreman> 12%
Net Income / Total Assets4.66%
✓PiotroskiROA > 0
ROA Change YoY8.81% -> 4.66% (delta: -4.16%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=11.20%, ROA=4.66%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY38.8% -> 37.2%
✗PiotroskiImproved YoY
EBIT / Enterprise Value2.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=2.3%, ROC=19.2%
✗GreenblattBoth EY > 10% and ROC > 25%
Positive EPS (10 years)26/28 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)155.0%
✓Graham>= 33% growth
Valuation8% pass✓ 3✗ 23▾
11 of 12 flag RHI's valuation — Oshaughnessy, Munger, Marks +8 more
Revenue / market capitalization+1.4247; #1285/5203 (top 24.7%)
✗OshaughnessyTop 10% of eligible cross-section
Net income / market capitalization+3.52%; #2038/6251 (top 32.6%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+7.07%; #1068/4487 (top 23.8%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+45.20%; #817/6203 (top 13.2%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation ReasonablenessP/E=27.7x
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/B or P/E vs. Historical AverageP/E=27.7x, P/B=2.9x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value3.6% (IV=$38.25 vs Price=$36.88)
✗Marks>= 20% below intrinsic value
Basic earnings-growth PEG (dividends excluded)P/E 27.7x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
P/E or FCF YieldP/E=27.7x, FCF Yield=7.1%
✗PabraiP/E < 15 or FCF Yield > 10%
Price / Book Value per Share2.92x
✗SchlossP/B <= 0.80x (app cutoff)✗Templeton< 1.5x✗Dreman< 1.2x
Price / Tangible Book Value per Share3.64x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+18.4%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Price / Diluted EPS27.7x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E-0.25
✗Neff> 0.7 (Neff's published traditional edge)
Price / EPS27.7x
✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x
Price vs. Trailing Low156% of trailing low ($23.59)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Price / FCF per Share14.0x
✓Ackman<= 25
Price / (CFO / Shares)11.7x
✗Dreman< 8x
EBIT / Enterprise Value2.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=2.3%, ROC=19.2%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / 3-yr avg EPS14.5x
✓Graham<= 15x
Price-to-Book Ratio2.9x
✗Graham<= 1.5x
P/E x P/B42.30
✗Graham<= 22.5
Debt & Leverage9% pass✓ 3✗ 11▾
10 of 11 flag RHI's debt & leverage — Munger, Marks, Buffett +7 more
Debt Levels
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=339.8x, D/EBITDA=N/A (D&A unavailable)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Debt/Equity & Interest Coverage
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
Total Debt / Shareholders' Equity
✗SchlossD/E < 1.00x✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗Dreman< 0.8
Current Assets / Current Liabilities1.53x
✓SchlossCurrent ratio >= 1.50x (app cutoff)✓Dreman> 1.5
Total Debt / Shareholders Equity
✗Ackman<= 1.0
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Growth25% pass✓ 4✗ 9▾
6 of 8 flag RHI's growth — Lynch, Neff, Sleep +3 more
Positive Net Income Frequency28/28 years positive
✓MarksPositive net income in >= 7 of last 10 years
Basic earnings-growth PEG (dividends excluded)P/E 27.7x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-13.2%
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
3-5 Year Diluted EPS CAGR-13.2% over 5 years
✗Neff7%-20% annualized
Revenue growth vs. gross and operating margin trendgross margin 40.3% -> 37.2%, operating margin 7.3% -> 1.4%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR1.0%
✗SleepCAGR > 7%
5-Year EPS CAGR-13.2% CAGR over 5 years
✗Templeton> 0% (5-year EPS CAGR)
3yr Median Revenue Growth-9.3%
✗Ackman>= 5%
Positive EPS Growth Frequency2/5 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
EPS Growth Direction$1.00 (2000) -> $1.33 (2025)
✓DremanPositive over recent years
EPS CAGR1.1% CAGR over 25 years
✗Dreman> 5% annualized
EPS Growth (3-yr avg, 10-yr window)155.0%
✓Graham>= 33% growth
Verdicts31% pass✓ 4✗ 9▾
Split decision: 8 FAIL · 4 PASS · 3 NEUTRAL
Overall verdict
•OshaughnessyNEUTRAL (Not ranked)✗MungerFAIL (1/4)✗MarksFAIL (2/5)✓BuffettPASS (5/9)✗LynchFAIL (1/7)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)•SchlossNEUTRAL (4/7)✗NeffFAIL (3/6)•SleepNEUTRAL (4/6)✗TempletonFAIL (2/8)✓AckmanPASS (4/9)✗DremanFAIL (4/11)✓PiotroskiPASS (F-Score 5)✗GreenblattRank #1525✓GrahamPASS (4/9)
Efficiency38% pass✓ 4✗ 7▾
5 of 8 flag RHI's efficiency — Munger, Akre, Piotroski +2 more
Return on Invested Capital
✗Munger> 15%
ROIC (3-5 yr avg)60.4%
✓Buffett> 10%
ROIC - WACC+50.4%
✓BuffettPositive (WACC = 10%)
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)1/1 years above 12% (latest 46.1%)
✓SleepROIC > 12% in a majority of years
Current Assets / Current Liabilities1.53
✓Dreman> 1.5
Current Ratio Change YoY1.66 -> 1.53
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY2.03x -> 1.88x
✗PiotroskiImproved YoY
EBIT / (NWC + Net Fixed Assets)19.2%
✗Greenblatt> 25%
Current Ratio1.53
✗Graham>= 2.0
Cash Flow50% pass✓ 7✗ 5▾
5 of 10 pass — Oshaughnessy, Buffett, Lynch +2 more object
(Operating cash flow - capex) / market capitalization+7.07%; #1068/4487 (top 23.8%)
✗OshaughnessyTop 10% of eligible cross-section
FCF Positive18/18 years FCF positive
✓MarksPositive FCF in majority of recent years
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing$266.8M
✗LynchPositive and growing
P/E or FCF YieldP/E=27.7x, FCF Yield=7.1%
✗PabraiP/E < 15 or FCF Yield > 10%
Operating Cash Flow - Capital Expenditures$266.8M
✓Neff> $0 (app proxy for a strong fundamental case)
Positive Operating Cash Flow frequency18/18 years positive
✓SleepPositive OCF in >= 70% of available years
(OCF - CapEx) / Market Cap7.2%
✓Ackman>= 4%
Price / FCF per Share14.0x
✓Ackman<= 25
Price / (CFO / Shares)11.7x
✗Dreman< 8x
Operating Cash Flow$320.0M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=11.20%, ROA=4.66%
✓PiotroskiCFO/Assets > ROA
Valuation models50% pass✓ 4✗ 4▾
Models split on RHI at $36.88 — fair values range $19.43–$135.88
Munger fair value$27.14
✗Munger-35.9% margin vs $36.88
Marks fair value$51.32
✓Marks+28.1% margin vs $36.88
Akre fair value$135.88
✓Akre+72.9% margin vs $36.88
Templeton fair value$57.12
✓Templeton+35.4% margin vs $36.88
Ackman fair value$21.81
✗Ackman-69.1% margin vs $36.88
Dreman fair value$38.25
✓Dreman+3.6% margin vs $36.88
Greenblatt fair value$20.37
✗Greenblatt-81.1% margin vs $36.88
Graham fair value$19.43
✗Graham-89.8% margin vs $36.88

Business & financials

Company Profile

Industry: Business Services

Size: Mid Cap($3.8B)

Revenue: $5.4B-7.2% YoY

Net Income: $133.0M-47.1% YoY

Financial Snapshot

Operating Margin1.4%

Return on Equity10.4%

Debt / Equity--

Current Ratio1.53

EPS (Diluted)$1.33−45.5% 1y

Buybacks (1y)$92.1M

Buybacks (2y)$368.1M

Shares Retired1.0% / 3.9% 2y

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Shareholder Return

Fiscal 2025

Retired 1.0% of shares last year, 3.9% over two.

Buybacks: $92.1M
Dividends: $238.2M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

12.5% = 9.9% + 2.4%

FY23

−35.7% = −37.5% + 3.0%

FY24

−37.1% = −38.8% + 2.8%

FY25

−45.5% = −47.1% + 3.1%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Market Cap	$3.8B	$6.1Best.	$7.5Best.	$7.9Best.	$10.7Best.
Revenue	$5.4B↓7%	$5.8B↓9%	$6.4B↓12%	$7.2B↑12%	$6.5B
Operating Income	$76.5M↓68%	$241.5M↓48%	$464.6M↓48%	$890.6M↑11%	$805.8M
Net Income	$133.0M↓47%	$251.6M↓39%	$411.1M↓38%	$657.9M↑10%	$598.6M
EPS (Diluted)	$1.33↓45%	$2.44↓37%	$3.88↓36%	$6.03↑12%	$5.36
Gross Margin	37.2%↓4%	38.8%↓4%	40.3%↓6%	42.7%↑2%	41.7%
Operating Margin	1.4%↓66%	4.2%↓43%	7.3%↓41%	12.3%↓1%	12.5%
ROE	10.4%↓43%	18.3%↓29%	25.9%↓38%	41.9%↓3%	43.3%
Total Debt	--	--	--	--	$0
Shareholders' Equity	$1.3B↓7%	$1.4B↓13%	$1.6B↑1%	$1.6B↑14%	$1.4B
Current Ratio	1.53↓8%	1.66↓11%	1.86↓1%	1.88↑13%	1.67
Debt / Equity	—	—	—	—	0.00
Operating Cash Flow	$320.0M↓22%	$410.5M↓36%	$636.9M↓7%	$683.8M↑13%	$603.1M
Free Cash Flow	$266.8M↓25%	$354.2M↓40%	$591.0M↓5%	$622.6M↑10%	$566.5M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

RHI vs Peers — Financial Grading

Revenue$5.4BMedian

Net Income$133.0MMedian

ROE10.4%Bottom 25%

D/E—

Op. Margin1.4%Bottom 25%

Curr. Ratio1.53Median

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
Mastercard IncMA	$514.8B	$568.26	$32.8B	$15.0B	193.5%	2.46	57.6%	1.03	2/9	5/9	4/7	0/3	F-Score 8	3/11
AUTOMATIC DATA PROCESSING INCADP	$103.7B	$261.80	$21.9B	$4.4B	73.2%	0.82	24.2%	1.05	4/9	5/9	3/7	0/3	F-Score 6	5/11
ELECTRONIC ARTS INC.EA	$52.9B	$209.70	$7.5B	$887.0M	13.1%	0.22	15.4%	1.05	1/9	4/9	3/7	0/3	F-Score 6	6/11
PAYCHEX INCPAYX	$35.4B	$99.31	$6.5B	$1.8B	47.1%	1.22	38.6%	1.26	4/9	6/9	4/7	1/3	F-Score 7	6/11
Rubrik, Inc.RBRK	$23.4B	$113.80	$1.3B	$348.8M	67.1%	—	-26.2%	1.69	1/9	0/9	0/7	0/3	F-Score 4	2/11
Grab Holdings LtdGRAB	$12.7B	$3.10	$3.4B	$268.0M	4.0%	0.31	1.9%	1.75	2/9	2/9	2/7	0/3	F-Score 4	4/11
COMMVAULT SYSTEMS INCCVLT	$6.1B	$148.08	$1.2B	$70.7M	942.8%	—	6.3%	1.95	1/9	2/9	4/7	0/3	F-Score 6	5/11
CSG SYSTEMS INTERNATIONAL INCCSGS	$2.3B	$80.04	$1.2B	$55.9M	19.7%	1.90	9.7%	1.44	1/9	3/9	4/7	1/3	F-Score 6	4/11