# Staffing & Employment Services — company-by-company sector analysis

> Staffing & Employment Services: Insperity, Inc. owns the largest revenue base; TrueBlue, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Staffing & Employment Services has outperformed S&P 500 by 18.7% over 52 weeks and 42.9% over 13 weeks. 9 of 9 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 9 beat the sector itself. Insperity, Inc. leads with revenue of $6,844 million, based on 8 of 11 comparable companies through Mar 2026.

### Is the Staffing & Employment Services sector outperforming S&P 500?

Staffing & Employment Services has outperformed S&P 500 by 18.7% over 52 weeks and 42.9% over 13 weeks. 9 of 9 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 9 beat the sector itself.

### Which Staffing & Employment Services company is largest by revenue?

Insperity, Inc. leads with revenue of $6,844 million, based on 8 of 11 comparable companies through Mar 2026.

### Which Staffing & Employment Services company is growing fastest?

TrueBlue, Inc. has the fastest current revenue growth at 7.2%, across 8 of 11 comparable companies.

### Which Staffing & Employment Services company has the strongest 4-Factor Sector Score?

ManpowerGroup Inc. ranks first at 58.2/100 with 52.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Staffing & Employment Services company reports the most CAPEX?

TriNet Group, Inc. reports the largest latest CAPEX at $26 million, with 10 of 11 companies comparable.

### Which Staffing & Employment Services company has the least gross debt?

HireQuest, Inc. has the lowest comparable gross debt at $0 million. ManpowerGroup Inc. has the highest at $1,420 million.

### Which Staffing & Employment Services company has the lowest comparable PEG?

Korn Ferry has the lowest comparable Guarded PEG at 0.95, among 5 of 11 companies that pass the metric’s comparability rules.

### How much history does this Staffing & Employment Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Staffing & Employment Services has outperformed S&P 500 by 18.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 42.9%. 9 of 9 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Kforce Inc. is the strongest against the sector itself at +13.5%.

13-week sector return versus NIFTY 500: 43%
52-week sector return versus NIFTY 500: 19%
Stocks leading NIFTY: 9/9
Stocks leading sector: 2/9

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 11
Combined market value: ₹19.1K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. ManpowerGroup Inc. (MAN): 58/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 21.4/35 | Capital efficiency 10.4/25 | Valuation 10.5/20 | Relative strength 15.9/20
   - Exact sum: 21.4 + 10.4 + 10.5 + 15.9 = 58.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Kforce Inc. (KFRC): 56/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 16.0/35 | Capital efficiency 12.4/25 | Valuation 10.2/20 | Relative strength 17.0/20
   - Exact sum: 16 + 12.4 + 10.2 + 17 = 55.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 55.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. TriNet Group, Inc. (TNET): 50/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 18.7/35 | Capital efficiency 12.1/25 | Valuation 9.5/20 | Relative strength 10.0/20
   - Exact sum: 18.7 + 12.1 + 9.5 + 10 = 50.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Korn Ferry (KFY): 49/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 16.6/35 | Capital efficiency 14.1/25 | Valuation 15.4/20 | Relative strength 2.9/20
   - Exact sum: 16.6 + 14.1 + 15.4 + 2.9 = 49
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. HireQuest, Inc. (HQI): 49/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 21.5/35 | Capital efficiency 14.8/25 | Valuation 4.5/20 | Relative strength 8.2/20
   - Exact sum: 21.5 + 14.8 + 4.5 + 8.2 = 49
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Robert Half Inc. (RHI): 47/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.1/35 | Capital efficiency 10.4/25 | Valuation 9.2/20 | Relative strength 12.3/20
   - Exact sum: 15.1 + 10.4 + 9.2 + 12.3 = 47
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. TrueBlue, Inc. (TBI): 41/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 14.0/35 | Capital efficiency 6.2/25 | Valuation 8.8/20 | Relative strength 12.2/20
   - Exact sum: 14 + 6.2 + 8.8 + 12.2 = 41.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Insperity, Inc. (NSP): 41/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 12.3/35 | Capital efficiency 9.8/25 | Valuation 8.5/20 | Relative strength 10.4/20
   - Exact sum: 12.3 + 9.8 + 8.5 + 10.4 = 41
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Barrett Business Services, Inc. (BBSI): 36/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 15.5/35 | Capital efficiency 10.1/25 | Valuation 5.8/20 | Relative strength 4.5/20
   - Exact sum: 15.5 + 10.1 + 5.8 + 4.5 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. CALM Chain International Limited (CCIL): 54/100 — Thin evidence · provisional; evidence 9%
   - Growth & earnings 17.5/35 | Capital efficiency 16.8/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 16.8 + 10 + 10 = 54.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Kelly Services, Inc. (KELYB): 40/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 9.7/35 | Capital efficiency 9.8/25 | Valuation 10.2/20 | Relative strength 10.0/20
   - Exact sum: 9.7 + 9.8 + 10.2 + 10 = 39.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Insperity, Inc. is the scale leader at $6,844 million, 38.4% ahead of TriNet Group, Inc.. TrueBlue, Inc.'s growth is 7.2% from a $1,644 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Insperity, Inc. is the scale benchmark; TrueBlue, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Insperity, Inc.'s growth falls below TrueBlue, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Insperity, Inc. · $6,844 million | 38.4% versus #2 · TriNet Group, Inc. | 8/8 recent comparable periods | 8/11 companies · 191 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Insperity, Inc. (NSP): ₹6.8K Cr
2. TriNet Group, Inc. (TNET): ₹4.9K Cr
3. Kelly Services, Inc. (KELYB): ₹4.1K Cr
4. Korn Ferry (KFY): ₹2.9K Cr
5. TrueBlue, Inc. (TBI): ₹1.6K Cr

### Revenue growth — fastest growers
1. TrueBlue, Inc. (TBI): 7.2%
2. Barrett Business Services, Inc. (BBSI): 7.1%
3. Korn Ferry (KFY): 6.4%
4. Insperity, Inc. (NSP): 3.0%
5. TriNet Group, Inc. (TNET): -2.4%

### 20-quarter Revenue history
- KFY: Sep 2021 ₹588 Cr | Dec 2021 ₹643 Cr | Mar 2022 ₹685 Cr | Jun 2022 ₹727 Cr | Sep 2022 ₹703 Cr | Dec 2022 ₹736 Cr | Mar 2023 ₹687 Cr | Jun 2023 ₹738 Cr | Sep 2023 ₹706 Cr | Dec 2023 ₹712 Cr | Mar 2024 ₹677 Cr | Jun 2024 ₹700 Cr | Sep 2024 ₹683 Cr | Dec 2024 ₹682 Cr | Mar 2025 ₹677 Cr | Jun 2025 ₹720 Cr | Sep 2025 ₹716 Cr | Dec 2025 ₹730 Cr | Mar 2026 ₹725 Cr | Jun 2026 ₹768 Cr
- RHI: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- TNET: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- MAN: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.4K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹4.6K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- NSP: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- BBSI: Sep 2021 ₹247 Cr | Dec 2021 ₹257 Cr | Mar 2022 ₹246 Cr | Jun 2022 ₹262 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹272 Cr | Mar 2023 ₹255 Cr | Jun 2023 ₹265 Cr | Sep 2023 ₹273 Cr | Dec 2023 ₹277 Cr | Mar 2024 ₹266 Cr | Jun 2024 ₹280 Cr | Sep 2024 ₹294 Cr | Dec 2024 ₹305 Cr | Mar 2025 ₹293 Cr | Jun 2025 ₹308 Cr | Sep 2025 ₹319 Cr | Dec 2025 ₹321 Cr | Mar 2026 ₹307 Cr | Jun 2026 —
- KFRC: Sep 2021 ₹403 Cr | Dec 2021 ₹410 Cr | Mar 2022 ₹417 Cr | Jun 2022 ₹437 Cr | Sep 2022 ₹438 Cr | Dec 2022 ₹420 Cr | Mar 2023 ₹406 Cr | Jun 2023 ₹389 Cr | Sep 2023 ₹373 Cr | Dec 2023 ₹363 Cr | Mar 2024 ₹352 Cr | Jun 2024 ₹356 Cr | Sep 2024 ₹353 Cr | Dec 2024 ₹344 Cr | Mar 2025 ₹330 Cr | Jun 2025 ₹334 Cr | Sep 2025 ₹333 Cr | Dec 2025 ₹332 Cr | Mar 2026 ₹330 Cr | Jun 2026 —
- KELYB: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹935 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- TBI: Sep 2021 ₹577 Cr | Dec 2021 ₹622 Cr | Mar 2022 ₹552 Cr | Jun 2022 ₹569 Cr | Sep 2022 ₹576 Cr | Dec 2022 ₹558 Cr | Mar 2023 ₹465 Cr | Jun 2023 ₹476 Cr | Sep 2023 ₹473 Cr | Dec 2023 ₹492 Cr | Mar 2024 ₹403 Cr | Jun 2024 ₹396 Cr | Sep 2024 ₹382 Cr | Dec 2024 ₹386 Cr | Mar 2025 ₹370 Cr | Jun 2025 ₹396 Cr | Sep 2025 ₹431 Cr | Dec 2025 ₹418 Cr | Mar 2026 ₹399 Cr | Jun 2026 —
- HQI: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹7 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- KFY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 20% | Dec 2022 14% | Mar 2023 0.3% | Jun 2023 1.5% | Sep 2023 0.4% | Dec 2023 -3.3% | Mar 2024 -1.5% | Jun 2024 -5.2% | Sep 2024 -3.3% | Dec 2024 -4.2% | Mar 2025 0.0% | Jun 2025 2.9% | Sep 2025 4.8% | Dec 2025 7.0% | Mar 2026 7.1% | Jun 2026 6.7%
- RHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 7.0% | Dec 2022 -2.4% | Mar 2023 -5.5% | Jun 2023 -12% | Sep 2023 -15% | Dec 2023 -15% | Mar 2024 -14% | Jun 2024 -10% | Sep 2024 -6.3% | Dec 2024 -6.2% | Mar 2025 -8.4% | Jun 2025 -7.0% | Sep 2025 -7.6% | Dec 2025 -5.8% | Mar 2026 -3.9% | Jun 2026 —
- TNET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 8.1% | Dec 2022 1.3% | Mar 2023 2.3% | Jun 2023 0.8% | Sep 2023 -1.5% | Dec 2023 5.5% | Mar 2024 2.9% | Jun 2024 2.8% | Sep 2024 2.5% | Dec 2024 -3.0% | Mar 2025 0.8% | Jun 2025 -0.4% | Sep 2025 -1.6% | Dec 2025 -2.3% | Mar 2026 -5.1% | Jun 2026 —
- MAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.9% | Sep 2022 -6.6% | Dec 2022 -11% | Mar 2023 -7.6% | Jun 2023 -4.3% | Sep 2023 -2.6% | Dec 2023 -3.7% | Mar 2024 -7.3% | Jun 2024 -6.9% | Sep 2024 -3.1% | Dec 2024 -5.0% | Mar 2025 -7.1% | Jun 2025 -0.0% | Sep 2025 2.3% | Dec 2025 7.1% | Mar 2026 10% | Jun 2026 —
- NSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 19% | Dec 2022 15% | Mar 2023 12% | Jun 2023 11% | Sep 2023 7.8% | Dec 2023 6.0% | Mar 2024 1.8% | Jun 2024 1.3% | Sep 2024 0.6% | Dec 2024 2.1% | Mar 2025 3.4% | Jun 2025 3.3% | Sep 2025 4.0% | Dec 2025 3.4% | Mar 2026 1.7% | Jun 2026 —
- BBSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 11% | Dec 2022 5.8% | Mar 2023 3.7% | Jun 2023 1.2% | Sep 2023 -0.4% | Dec 2023 1.8% | Mar 2024 4.3% | Jun 2024 5.7% | Sep 2024 7.7% | Dec 2024 10% | Mar 2025 10% | Jun 2025 10% | Sep 2025 8.5% | Dec 2025 5.3% | Mar 2026 4.8% | Jun 2026 —
- KFRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.2% | Sep 2022 8.7% | Dec 2022 2.4% | Mar 2023 -2.6% | Jun 2023 -11% | Sep 2023 -15% | Dec 2023 -14% | Mar 2024 -13% | Jun 2024 -8.5% | Sep 2024 -5.4% | Dec 2024 -5.2% | Mar 2025 -6.3% | Jun 2025 -6.2% | Sep 2025 -5.7% | Dec 2025 -3.5% | Mar 2026 0.0% | Jun 2026 —
- KELYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.7% | Dec 2022 -2.3% | Mar 2023 -1.3% | Jun 2023 -2.2% | Sep 2023 -4.0% | Dec 2023 -4.3% | Mar 2024 -15% | Jun 2024 -17% | Sep 2024 -15% | Dec 2024 6.5% | Mar 2025 11% | Jun 2025 4.2% | Sep 2025 -9.9% | Dec 2025 -12% | Mar 2026 -11% | Jun 2026 —
- TBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 -0.2% | Dec 2022 -10% | Mar 2023 -16% | Jun 2023 -16% | Sep 2023 -18% | Dec 2023 -12% | Mar 2024 -13% | Jun 2024 -17% | Sep 2024 -19% | Dec 2024 -22% | Mar 2025 -8.2% | Jun 2025 0.0% | Sep 2025 13% | Dec 2025 8.3% | Mar 2026 7.8% | Jun 2026 —
- HQI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 14% | Dec 2022 14% | Mar 2023 43% | Jun 2023 13% | Sep 2023 13% | Dec 2023 25% | Mar 2024 -20% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 -20% | Mar 2025 -13% | Jun 2025 -11% | Sep 2025 -11% | Dec 2025 -13% | Mar 2026 0.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: HireQuest, Inc. leads both opm at 22.6% and margin change at +2.8 percentage points.

Investor read: HireQuest, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: HireQuest, Inc. · 22.6% | 71.2% versus #2 · Korn Ferry | 4/8 recent comparable periods | 10/11 companies · 191 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. HireQuest, Inc. (HQI): 23%
2. Korn Ferry (KFY): 13%
3. TriNet Group, Inc. (TNET): 11%
4. Kforce Inc. (KFRC): 3.6%
5. Insperity, Inc. (NSP): 3.3%

### Margin change — fastest expanders
1. HireQuest, Inc. (HQI): +2.8 pp
2. TriNet Group, Inc. (TNET): +1.1 pp
3. Kforce Inc. (KFRC): +0.1 pp
4. ManpowerGroup Inc. (MAN): −0.1 pp
5. Robert Half Inc. (RHI): −0.1 pp

### 20-quarter OPM history
- KFY: Sep 2021 17% | Dec 2021 16% | Mar 2022 18% | Jun 2022 19% | Sep 2022 16% | Dec 2022 16% | Mar 2023 1.8% | Jun 2023 9.8% | Sep 2023 8.0% | Dec 2023 3.2% | Mar 2024 7.4% | Jun 2024 12% | Sep 2024 11% | Dec 2024 13% | Mar 2025 12% | Jun 2025 15% | Sep 2025 12% | Dec 2025 14% | Mar 2026 13% | Jun 2026 13%
- RHI: Sep 2021 13% | Dec 2021 11% | Mar 2022 14% | Jun 2022 16% | Sep 2022 13% | Dec 2022 10% | Mar 2023 7.9% | Jun 2023 7.1% | Sep 2023 9.1% | Dec 2023 4.4% | Mar 2024 2.8% | Jun 2024 5.1% | Sep 2024 4.1% | Dec 2024 4.7% | Mar 2025 2.9% | Jun 2025 0.1% | Sep 2025 1.0% | Dec 2025 1.7% | Mar 2026 2.8% | Jun 2026 —
- TNET: Sep 2021 9.1% | Dec 2021 7.4% | Mar 2022 17% | Jun 2022 9.9% | Sep 2022 9.7% | Dec 2022 6.3% | Mar 2023 14% | Jun 2023 8.0% | Sep 2023 9.5% | Dec 2023 12% | Mar 2024 11% | Jun 2024 7.8% | Sep 2024 5.8% | Dec 2024 -1.7% | Mar 2025 10% | Jun 2025 5.3% | Sep 2025 5.1% | Dec 2025 1.2% | Mar 2026 11% | Jun 2026 —
- MAN: Sep 2021 2.9% | Dec 2021 3.1% | Mar 2022 2.7% | Jun 2022 3.6% | Sep 2022 3.4% | Dec 2022 2.1% | Mar 2023 2.5% | Jun 2023 2.2% | Sep 2023 1.5% | Dec 2023 -0.9% | Mar 2024 1.5% | Jun 2024 2.2% | Sep 2024 1.6% | Dec 2024 1.6% | Mar 2025 0.7% | Jun 2025 -0.6% | Sep 2025 1.4% | Dec 2025 1.7% | Mar 2026 0.6% | Jun 2026 —
- NSP: Sep 2021 3.3% | Dec 2021 1.1% | Mar 2022 6.2% | Jun 2022 3.4% | Sep 2022 3.7% | Dec 2022 3.4% | Mar 2023 6.8% | Jun 2023 1.0% | Sep 2023 3.8% | Dec 2023 1.5% | Mar 2024 6.0% | Jun 2024 1.4% | Sep 2024 0.1% | Dec 2024 -0.9% | Mar 2025 3.7% | Jun 2025 -0.4% | Sep 2025 -1.5% | Dec 2025 -2.8% | Mar 2026 3.3% | Jun 2026 —
- BBSI: Sep 2021 7.2% | Dec 2021 5.2% | Mar 2022 -0.5% | Jun 2022 8.8% | Sep 2022 8.2% | Dec 2022 5.5% | Mar 2023 -0.5% | Jun 2023 8.1% | Sep 2023 8.2% | Dec 2023 6.6% | Mar 2024 -1.8% | Jun 2024 7.3% | Sep 2024 8.0% | Dec 2024 6.8% | Mar 2025 -1.4% | Jun 2025 7.5% | Sep 2025 7.8% | Dec 2025 5.8% | Mar 2026 -2.1% | Jun 2026 —
- KFRC: Sep 2021 7.3% | Dec 2021 6.0% | Mar 2022 6.7% | Jun 2022 7.8% | Sep 2022 7.2% | Dec 2022 5.7% | Mar 2023 5.8% | Jun 2023 6.7% | Sep 2023 4.3% | Dec 2023 6.0% | Mar 2024 4.5% | Jun 2024 5.5% | Sep 2024 5.3% | Dec 2024 4.5% | Mar 2025 3.5% | Jun 2025 4.5% | Sep 2025 4.5% | Dec 2025 2.6% | Mar 2026 3.6% | Jun 2026 —
- KELYB: Sep 2021 1.1% | Dec 2021 0.8% | Mar 2022 1.2% | Jun 2022 1.8% | Sep 2022 0.6% | Dec 2022 -1.8% | Mar 2023 0.4% | Jun 2023 0.8% | Sep 2023 0.5% | Dec 2023 0.0% | Mar 2024 2.6% | Jun 2024 1.2% | Sep 2024 0.3% | Dec 2024 -4.8% | Mar 2025 0.9% | Jun 2025 2.0% | Sep 2025 -11% | Dec 2025 -0.1% | Mar 2026 -0.5% | Jun 2026 —
- TBI: Sep 2021 3.7% | Dec 2021 3.5% | Mar 2022 2.2% | Jun 2022 5.1% | Sep 2022 4.2% | Dec 2022 1.2% | Mar 2023 -1.3% | Jun 2023 -1.4% | Sep 2023 -0.6% | Dec 2023 -1.8% | Mar 2024 -3.8% | Jun 2024 -15% | Sep 2024 -1.8% | Dec 2024 -2.7% | Mar 2025 -3.8% | Jun 2025 -0.7% | Sep 2025 0.0% | Dec 2025 -7.0% | Mar 2026 -4.5% | Jun 2026 —
- HQI: Sep 2021 50% | Dec 2021 25% | Mar 2022 55% | Jun 2022 53% | Sep 2022 67% | Dec 2022 33% | Mar 2023 34% | Jun 2023 30% | Sep 2023 24% | Dec 2023 25% | Mar 2024 25% | Jun 2024 31% | Sep 2024 -29% | Dec 2024 28% | Mar 2025 20% | Jun 2025 14% | Sep 2025 29% | Dec 2025 19% | Mar 2026 23% | Jun 2026 —

### 20-quarter Margin change history
- KFY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 +0.2 pp | Mar 2023 −16.6 pp | Jun 2023 −9.3 pp | Sep 2023 −7.9 pp | Dec 2023 −13.1 pp | Mar 2024 +5.6 pp | Jun 2024 +2.1 pp | Sep 2024 +3.1 pp | Dec 2024 +9.6 pp | Mar 2025 +4.2 pp | Jun 2025 +2.6 pp | Sep 2025 +0.6 pp | Dec 2025 +0.7 pp | Mar 2026 +1.0 pp | Jun 2026 −1.3 pp
- RHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.3 pp | Sep 2022 −0.3 pp | Dec 2022 −1.2 pp | Mar 2023 −6.3 pp | Jun 2023 −9.3 pp | Sep 2023 −3.9 pp | Dec 2023 −5.6 pp | Mar 2024 −5.1 pp | Jun 2024 −2.0 pp | Sep 2024 −5.0 pp | Dec 2024 +0.3 pp | Mar 2025 +0.1 pp | Jun 2025 −5.0 pp | Sep 2025 −3.1 pp | Dec 2025 −3.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- TNET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +0.6 pp | Dec 2022 −1.1 pp | Mar 2023 −3.1 pp | Jun 2023 −1.9 pp | Sep 2023 −0.2 pp | Dec 2023 +5.8 pp | Mar 2024 −2.7 pp | Jun 2024 −0.2 pp | Sep 2024 −3.7 pp | Dec 2024 −13.8 pp | Mar 2025 −0.9 pp | Jun 2025 −2.5 pp | Sep 2025 −0.7 pp | Dec 2025 +2.9 pp | Mar 2026 +1.1 pp | Jun 2026 —
- MAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 +0.5 pp | Dec 2022 −1.0 pp | Mar 2023 −0.2 pp | Jun 2023 −1.4 pp | Sep 2023 −1.9 pp | Dec 2023 −3.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 +2.5 pp | Mar 2025 −0.8 pp | Jun 2025 −2.8 pp | Sep 2025 −0.2 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- NSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 +0.4 pp | Dec 2022 +2.3 pp | Mar 2023 +0.6 pp | Jun 2023 −2.4 pp | Sep 2023 +0.1 pp | Dec 2023 −1.9 pp | Mar 2024 −0.8 pp | Jun 2024 +0.4 pp | Sep 2024 −3.7 pp | Dec 2024 −2.4 pp | Mar 2025 −2.3 pp | Jun 2025 −1.8 pp | Sep 2025 −1.6 pp | Dec 2025 −1.9 pp | Mar 2026 −0.4 pp | Jun 2026 —
- BBSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 pp | Sep 2022 +1.0 pp | Dec 2022 +0.3 pp | Mar 2023 0.0 pp | Jun 2023 −0.7 pp | Sep 2023 0.0 pp | Dec 2023 +1.1 pp | Mar 2024 −1.3 pp | Jun 2024 −0.8 pp | Sep 2024 −0.2 pp | Dec 2024 +0.2 pp | Mar 2025 +0.4 pp | Jun 2025 +0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −1.0 pp | Mar 2026 −0.7 pp | Jun 2026 —
- KFRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 −0.1 pp | Dec 2022 −0.3 pp | Mar 2023 −0.9 pp | Jun 2023 −1.1 pp | Sep 2023 −2.9 pp | Dec 2023 +0.3 pp | Mar 2024 −1.3 pp | Jun 2024 −1.2 pp | Sep 2024 +1.0 pp | Dec 2024 −1.5 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −0.8 pp | Dec 2025 −1.9 pp | Mar 2026 +0.1 pp | Jun 2026 —
- KELYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −2.6 pp | Mar 2023 −0.8 pp | Jun 2023 −1.0 pp | Sep 2023 −0.1 pp | Dec 2023 +1.8 pp | Mar 2024 +2.2 pp | Jun 2024 +0.4 pp | Sep 2024 −0.2 pp | Dec 2024 −4.8 pp | Mar 2025 −1.7 pp | Jun 2025 +0.8 pp | Sep 2025 −11.2 pp | Dec 2025 +4.7 pp | Mar 2026 −1.4 pp | Jun 2026 —
- TBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +0.5 pp | Dec 2022 −2.3 pp | Mar 2023 −3.5 pp | Jun 2023 −6.5 pp | Sep 2023 −4.8 pp | Dec 2023 −3.0 pp | Mar 2024 −2.5 pp | Jun 2024 −13.7 pp | Sep 2024 −1.2 pp | Dec 2024 −0.9 pp | Mar 2025 0.0 pp | Jun 2025 +14.4 pp | Sep 2025 +1.8 pp | Dec 2025 −4.3 pp | Mar 2026 −0.7 pp | Jun 2026 —
- HQI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.6 pp | Sep 2022 +16.4 pp | Dec 2022 +7.6 pp | Mar 2023 −21.6 pp | Jun 2023 −23.6 pp | Sep 2023 −42.9 pp | Dec 2023 −7.9 pp | Mar 2024 −8.6 pp | Jun 2024 +1.4 pp | Sep 2024 −52.5 pp | Dec 2024 +3.0 pp | Mar 2025 −5.2 pp | Jun 2025 −17.3 pp | Sep 2025 +57.4 pp | Dec 2025 −9.3 pp | Mar 2026 +2.8 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Korn Ferry leads with $280 million of TTM profit, 76.1% above TriNet Group, Inc.. HireQuest, Inc. shows ≥100% on the scoring scale (133.3% uncapped) growth from a $7 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Korn Ferry sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Korn Ferry · $280 million | 76.1% versus #2 · TriNet Group, Inc. | 6/8 recent comparable periods | 8/11 companies · 191 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Korn Ferry (KFY): ₹280 Cr
2. TriNet Group, Inc. (TNET): ₹159 Cr
3. Barrett Business Services, Inc. (BBSI): ₹40 Cr
4. Kforce Inc. (KFRC): ₹34 Cr
5. HireQuest, Inc. (HQI): ₹7 Cr

### Profit growth — fastest growers
1. HireQuest, Inc. (HQI): 100%
2. Korn Ferry (KFY): 12%
3. TriNet Group, Inc. (TNET): -4.8%
4. Kforce Inc. (KFRC): -28%
5. Insperity, Inc. (NSP): -140%

### 20-quarter Net profit history
- KFY: Sep 2021 ₹76 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹66 Cr | Jun 2026 ₹74 Cr
- RHI: Sep 2021 ₹170 Cr | Dec 2021 ₹167 Cr | Mar 2022 ₹168 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹166 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹95 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- TNET: Sep 2021 ₹77 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹89 Cr | Jun 2026 —
- MAN: Sep 2021 ₹98 Cr | Dec 2021 ₹111 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹-85 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹-67 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- NSP: Sep 2021 ₹27 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- BBSI: Sep 2021 ₹15 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹-15 Cr | Jun 2026 —
- KFRC: Sep 2021 ₹20 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- KELYB: Sep 2021 ₹22 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹-48 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-56 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹-150 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —
- TBI: Sep 2021 ₹19 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-105 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-32 Cr | Mar 2026 ₹-20 Cr | Jun 2026 —
- HQI: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter Profit growth history
- KFY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.0% | Dec 2022 -1.3% | Mar 2023 -86% | Jun 2023 -48% | Sep 2023 -41% | Dec 2023 -100% | Mar 2024 400% | Jun 2024 38% | Sep 2024 36% | Dec 2024 — | Mar 2025 -1.7% | Jun 2025 -1.5% | Sep 2025 4.7% | Dec 2025 18% | Mar 2026 12% | Jun 2026 14%
- RHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 -2.4% | Dec 2022 -12% | Mar 2023 -28% | Jun 2023 -39% | Sep 2023 -43% | Dec 2023 -74% | Mar 2024 -47% | Jun 2024 -36% | Sep 2024 -32% | Dec 2024 42% | Mar 2025 -73% | Jun 2025 -40% | Sep 2025 -34% | Dec 2025 -41% | Mar 2026 -18% | Jun 2026 —
- TNET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.6% | Sep 2022 0.0% | Dec 2022 -30% | Mar 2023 -10% | Jun 2023 -2.4% | Sep 2023 22% | Dec 2023 40% | Mar 2024 -31% | Jun 2024 -28% | Sep 2024 -52% | Dec 2024 -134% | Mar 2025 -6.6% | Jun 2025 -38% | Sep 2025 -24% | Dec 2025 — | Mar 2026 4.7% | Jun 2026 —
- MAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.9% | Sep 2022 13% | Dec 2022 -56% | Mar 2023 -15% | Jun 2023 -47% | Sep 2023 -73% | Dec 2023 -273% | Mar 2024 -49% | Jun 2024 -7.7% | Sep 2024 -23% | Dec 2024 — | Mar 2025 -85% | Jun 2025 -212% | Sep 2025 -22% | Dec 2025 30% | Mar 2026 -50% | Jun 2026 —
- NSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 41% | Dec 2022 280% | Mar 2023 36% | Jun 2023 -65% | Sep 2023 18% | Dec 2023 -50% | Mar 2024 -17% | Jun 2024 50% | Sep 2024 -93% | Dec 2024 -147% | Mar 2025 -35% | Jun 2025 -128% | Sep 2025 -767% | Dec 2025 — | Mar 2026 -35% | Jun 2026 —
- BBSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.9% | Sep 2022 13% | Dec 2022 9.1% | Mar 2023 — | Jun 2023 -5.6% | Sep 2023 5.9% | Dec 2023 25% | Mar 2024 -100% | Jun 2024 0.0% | Sep 2024 11% | Dec 2024 13% | Mar 2025 — | Jun 2025 5.9% | Sep 2025 5.0% | Dec 2025 -5.9% | Mar 2026 — | Jun 2026 —
- KFRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 10% | Dec 2022 -67% | Mar 2023 -16% | Jun 2023 -30% | Sep 2023 -50% | Dec 2023 129% | Mar 2024 -31% | Jun 2024 -26% | Sep 2024 27% | Dec 2024 -31% | Mar 2025 -27% | Jun 2025 -29% | Sep 2025 -21% | Dec 2025 -55% | Mar 2026 0.0% | Jun 2026 —
- KELYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -91% | Dec 2022 -148% | Mar 2023 -101% | Jun 2023 — | Sep 2023 300% | Dec 2023 — | Mar 2024 — | Jun 2024 -55% | Sep 2024 -88% | Dec 2024 -900% | Mar 2025 -77% | Jun 2025 280% | Sep 2025 -15,100% | Dec 2025 — | Mar 2026 -200% | Jun 2026 —
- TBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 11% | Dec 2022 -65% | Mar 2023 -136% | Jun 2023 -129% | Sep 2023 -100% | Dec 2023 -143% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HQI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 33% | Dec 2022 50% | Mar 2023 — | Jun 2023 -60% | Sep 2023 -50% | Dec 2023 -100% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 -200% | Dec 2024 — | Mar 2025 -50% | Jun 2025 -50% | Sep 2025 — | Dec 2025 0.0% | Mar 2026 100% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: TriNet Group, Inc. reports $26 million of CAPEX; Korn Ferry has the highest covered intensity at 3.3%. Coverage is only 10 of 11 companies and 189 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: TriNet Group, Inc. · $26 million | 4% versus #2 · Korn Ferry | 8/8 recent comparable periods | 10/11 companies · 189 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. TriNet Group, Inc. (TNET): ₹26 Cr
2. Korn Ferry (KFY): ₹25 Cr
3. Robert Half Inc. (RHI): ₹8 Cr
4. Barrett Business Services, Inc. (BBSI): ₹6 Cr
5. ManpowerGroup Inc. (MAN): ₹6 Cr

### CAPEX intensity — highest reinvestment intensity
1. Korn Ferry (KFY): 3.3%
2. TriNet Group, Inc. (TNET): 2.1%
3. Barrett Business Services, Inc. (BBSI): 2.0%
4. Kforce Inc. (KFRC): 0.9%
5. TrueBlue, Inc. (TBI): 0.8%

### 20-quarter CAPEX history
- KFY: Sep 2021 ₹9 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹22 Cr | Jun 2026 ₹25 Cr
- RHI: Sep 2021 ₹9 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- TNET: Sep 2021 ₹12 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- MAN: Sep 2021 ₹15 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹6 Cr
- NSP: Sep 2021 ₹3 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- BBSI: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- KFRC: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- KELYB: Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- TBI: Sep 2021 ₹9 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- HQI: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- KFY: Sep 2021 1.5% | Dec 2021 1.6% | Mar 2022 2.0% | Jun 2022 2.3% | Sep 2022 2.4% | Dec 2022 2.7% | Mar 2023 2.5% | Jun 2023 2.2% | Sep 2023 2.3% | Dec 2023 2.2% | Mar 2024 1.8% | Jun 2024 1.7% | Sep 2024 1.5% | Dec 2024 2.1% | Mar 2025 2.5% | Jun 2025 2.8% | Sep 2025 3.2% | Dec 2025 2.9% | Mar 2026 3.0% | Jun 2026 3.3%
- RHI: Sep 2021 0.5% | Dec 2021 0.7% | Mar 2022 0.8% | Jun 2022 1.1% | Sep 2022 0.7% | Dec 2022 0.7% | Mar 2023 0.5% | Jun 2023 0.6% | Sep 2023 1.0% | Dec 2023 0.8% | Mar 2024 0.8% | Jun 2024 0.8% | Sep 2024 1.2% | Dec 2024 1.0% | Mar 2025 0.9% | Jun 2025 1.1% | Sep 2025 1.0% | Dec 2025 0.9% | Mar 2026 0.6% | Jun 2026 —
- TNET: Sep 2021 1.0% | Dec 2021 0.9% | Mar 2022 0.9% | Jun 2022 1.3% | Sep 2022 1.0% | Dec 2022 1.4% | Mar 2023 1.4% | Jun 2023 1.4% | Sep 2023 1.6% | Dec 2023 1.6% | Mar 2024 1.4% | Jun 2024 1.4% | Sep 2024 2.0% | Dec 2024 1.4% | Mar 2025 1.2% | Jun 2025 1.5% | Sep 2025 1.4% | Dec 2025 1.4% | Mar 2026 2.1% | Jun 2026 —
- MAN: Sep 2021 0.3% | Dec 2021 0.5% | Mar 2022 0.4% | Jun 2022 0.4% | Sep 2022 0.3% | Dec 2022 0.4% | Mar 2023 0.3% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.5% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.4% | Dec 2024 0.3% | Mar 2025 0.3% | Jun 2025 0.4% | Sep 2025 0.3% | Dec 2025 0.2% | Mar 2026 0.2% | Jun 2026 —
- NSP: Sep 2021 0.2% | Dec 2021 0.7% | Mar 2022 0.3% | Jun 2022 0.3% | Sep 2022 0.5% | Dec 2022 0.9% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.5% | Dec 2023 1.1% | Mar 2024 0.3% | Jun 2024 0.4% | Sep 2024 0.9% | Dec 2024 0.8% | Mar 2025 0.3% | Jun 2025 0.4% | Sep 2025 0.6% | Dec 2025 0.5% | Mar 2026 0.3% | Jun 2026 —
- BBSI: Sep 2021 0.8% | Dec 2021 0.8% | Mar 2022 2.8% | Jun 2022 0.8% | Sep 2022 1.1% | Dec 2022 1.8% | Mar 2023 1.2% | Jun 2023 1.1% | Sep 2023 0.7% | Dec 2023 1.4% | Mar 2024 1.1% | Jun 2024 1.8% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 1.7% | Jun 2025 1.3% | Sep 2025 1.3% | Dec 2025 1.6% | Mar 2026 2.0% | Jun 2026 —
- KFRC: Sep 2021 0.5% | Dec 2021 0.2% | Mar 2022 0.5% | Jun 2022 0.2% | Sep 2022 0.2% | Dec 2022 0.7% | Mar 2023 0.5% | Jun 2023 0.8% | Sep 2023 0.3% | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 0.8% | Sep 2024 1.1% | Dec 2024 0.3% | Mar 2025 1.2% | Jun 2025 1.2% | Sep 2025 1.2% | Dec 2025 0.9% | Mar 2026 0.9% | Jun 2026 —
- KELYB: Sep 2021 0.2% | Dec 2021 0.3% | Mar 2022 0.3% | Jun 2022 0.2% | Sep 2022 0.2% | Dec 2022 0.2% | Mar 2023 0.5% | Jun 2023 0.3% | Sep 2023 0.4% | Dec 2023 0.3% | Mar 2024 0.4% | Jun 2024 0.3% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.3% | Jun 2025 0.2% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 0.1% | Jun 2026 —
- TBI: Sep 2021 1.6% | Dec 2021 1.0% | Mar 2022 1.1% | Jun 2022 1.4% | Sep 2022 1.6% | Dec 2022 1.4% | Mar 2023 1.7% | Jun 2023 1.7% | Sep 2023 1.5% | Dec 2023 1.6% | Mar 2024 1.7% | Jun 2024 1.5% | Sep 2024 1.6% | Dec 2024 1.3% | Mar 2025 1.4% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 —
- HQI: Sep 2021 0.0% | Dec 2021 14% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Korn Ferry has the clearest covered balance-sheet capacity with $542 million net cash and gross debt of $592 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: HireQuest, Inc. · $0 million | 100% versus #2 · Barrett Business Services, Inc. | 2/8 recent comparable periods | 10/11 companies · 192 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. HireQuest, Inc. (HQI): ₹0 Cr
2. Barrett Business Services, Inc. (BBSI): ₹26 Cr
3. Kforce Inc. (KFRC): ₹95 Cr
4. TrueBlue, Inc. (TBI): ₹130 Cr
5. Kelly Services, Inc. (KELYB): ₹184 Cr

### Net debt — lowest net debt
1. Korn Ferry (KFY): ₹-542 Cr
2. Insperity, Inc. (NSP): ₹-205 Cr
3. Barrett Business Services, Inc. (BBSI): ₹-66 Cr
4. Robert Half Inc. (RHI): ₹-26 Cr
5. HireQuest, Inc. (HQI): ₹-1 Cr

### 20-quarter Gross debt history
- KFY: Sep 2021 ₹586 Cr | Dec 2021 ₹578 Cr | Mar 2022 ₹584 Cr | Jun 2022 ₹595 Cr | Sep 2022 ₹583 Cr | Dec 2022 ₹573 Cr | Mar 2023 ₹560 Cr | Jun 2023 ₹561 Cr | Sep 2023 ₹551 Cr | Dec 2023 ₹540 Cr | Mar 2024 ₹585 Cr | Jun 2024 ₹577 Cr | Sep 2024 ₹570 Cr | Dec 2024 ₹578 Cr | Mar 2025 ₹565 Cr | Jun 2025 ₹568 Cr | Sep 2025 ₹561 Cr | Dec 2025 ₹550 Cr | Mar 2026 ₹560 Cr | Jun 2026 ₹592 Cr
- RHI: Sep 2021 ₹269 Cr | Dec 2021 ₹265 Cr | Mar 2022 ₹263 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹232 Cr | Dec 2022 ₹238 Cr | Mar 2023 ₹222 Cr | Jun 2023 ₹218 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹242 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹239 Cr | Sep 2024 ₹239 Cr | Dec 2024 ₹234 Cr | Mar 2025 ₹243 Cr | Jun 2025 ₹244 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹246 Cr | Mar 2026 ₹252 Cr | Jun 2026 —
- TNET: Sep 2021 ₹550 Cr | Dec 2021 ₹547 Cr | Mar 2022 ₹558 Cr | Jun 2022 ₹555 Cr | Sep 2022 ₹552 Cr | Dec 2022 ₹552 Cr | Mar 2023 ₹843 Cr | Jun 2023 ₹544 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹943 Cr | Dec 2025 ₹942 Cr | Mar 2026 ₹946 Cr | Jun 2026 —
- MAN: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.4K Cr
- NSP: Sep 2021 ₹435 Cr | Dec 2021 ₹434 Cr | Mar 2022 ₹432 Cr | Jun 2022 ₹428 Cr | Sep 2022 ₹425 Cr | Dec 2022 ₹425 Cr | Mar 2023 ₹421 Cr | Jun 2023 ₹419 Cr | Sep 2023 ₹421 Cr | Dec 2023 ₹427 Cr | Mar 2024 ₹425 Cr | Jun 2024 ₹424 Cr | Sep 2024 ₹435 Cr | Dec 2024 ₹435 Cr | Mar 2025 ₹436 Cr | Jun 2025 ₹436 Cr | Sep 2025 ₹436 Cr | Dec 2025 ₹435 Cr | Mar 2026 ₹430 Cr | Jun 2026 —
- BBSI: Sep 2021 ₹27 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- KFRC: Sep 2021 ₹106 Cr | Dec 2021 ₹106 Cr | Mar 2022 ₹105 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- KELYB: Sep 2021 ₹87 Cr | Dec 2021 ₹83 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹272 Cr | Sep 2024 ₹292 Cr | Dec 2024 ₹303 Cr | Mar 2025 ₹266 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹177 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹184 Cr | Jun 2026 —
- TBI: Sep 2021 ₹70 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹130 Cr | Jun 2026 —
- HQI: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Net debt history
- KFY: Sep 2021 ₹-132 Cr | Dec 2021 ₹-225 Cr | Mar 2022 ₹-336 Cr | Jun 2022 ₹-440 Cr | Sep 2022 ₹-128 Cr | Dec 2022 ₹-80 Cr | Mar 2023 ₹-260 Cr | Jun 2023 ₹-328 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹-107 Cr | Mar 2024 ₹-198 Cr | Jun 2024 ₹-407 Cr | Sep 2024 ₹-104 Cr | Dec 2024 ₹-158 Cr | Mar 2025 ₹-255 Cr | Jun 2025 ₹-475 Cr | Sep 2025 ₹-160 Cr | Dec 2025 ₹-251 Cr | Mar 2026 ₹-417 Cr | Jun 2026 ₹-542 Cr
- RHI: Sep 2021 ₹-365 Cr | Dec 2021 ₹-354 Cr | Mar 2022 ₹-287 Cr | Jun 2022 ₹-340 Cr | Sep 2022 ₹-361 Cr | Dec 2022 ₹-421 Cr | Mar 2023 ₹-326 Cr | Jun 2023 ₹-505 Cr | Sep 2023 ₹-514 Cr | Dec 2023 ₹-490 Cr | Mar 2024 ₹-300 Cr | Jun 2024 ₹-308 Cr | Sep 2024 ₹-331 Cr | Dec 2024 ₹-304 Cr | Mar 2025 ₹-99 Cr | Jun 2025 ₹-137 Cr | Sep 2025 ₹-124 Cr | Dec 2025 ₹-218 Cr | Mar 2026 ₹-26 Cr | Jun 2026 —
- TNET: Sep 2021 ₹-130 Cr | Dec 2021 ₹-200 Cr | Mar 2022 ₹169 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹891 Cr | Dec 2023 ₹785 Cr | Mar 2024 ₹751 Cr | Jun 2024 ₹856 Cr | Sep 2024 ₹812 Cr | Dec 2024 ₹662 Cr | Mar 2025 ₹670 Cr | Jun 2025 ₹628 Cr | Sep 2025 ₹622 Cr | Dec 2025 ₹655 Cr | Mar 2026 ₹606 Cr | Jun 2026 —
- MAN: Sep 2021 ₹-279 Cr | Dec 2021 ₹546 Cr | Mar 2022 ₹543 Cr | Jun 2022 ₹759 Cr | Sep 2022 ₹585 Cr | Dec 2022 ₹614 Cr | Mar 2023 ₹565 Cr | Jun 2023 ₹902 Cr | Sep 2023 ₹697 Cr | Dec 2023 ₹745 Cr | Mar 2024 ₹695 Cr | Jun 2024 ₹924 Cr | Sep 2024 ₹913 Cr | Dec 2024 ₹821 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.2K Cr
- NSP: Sep 2021 ₹-113 Cr | Dec 2021 ₹-221 Cr | Mar 2022 ₹-227 Cr | Jun 2022 ₹-167 Cr | Sep 2022 ₹-223 Cr | Dec 2022 ₹-391 Cr | Mar 2023 ₹-359 Cr | Jun 2023 ₹-245 Cr | Sep 2023 ₹-323 Cr | Dec 2023 ₹-339 Cr | Mar 2024 ₹-319 Cr | Jun 2024 ₹-332 Cr | Sep 2024 ₹-118 Cr | Dec 2024 ₹-689 Cr | Mar 2025 ₹-206 Cr | Jun 2025 ₹-96 Cr | Sep 2025 ₹-83 Cr | Dec 2025 ₹-307 Cr | Mar 2026 ₹-205 Cr | Jun 2026 —
- BBSI: Sep 2021 ₹-89 Cr | Dec 2021 ₹-141 Cr | Mar 2022 ₹-107 Cr | Jun 2022 ₹-91 Cr | Sep 2022 ₹-110 Cr | Dec 2022 ₹-139 Cr | Mar 2023 ₹-112 Cr | Jun 2023 ₹-112 Cr | Sep 2023 ₹-109 Cr | Dec 2023 ₹-131 Cr | Mar 2024 ₹-102 Cr | Jun 2024 ₹-89 Cr | Sep 2024 ₹-72 Cr | Dec 2024 ₹-101 Cr | Mar 2025 ₹-76 Cr | Jun 2025 ₹-64 Cr | Sep 2025 ₹-85 Cr | Dec 2025 ₹-133 Cr | Mar 2026 ₹-66 Cr | Jun 2026 —
- KFRC: Sep 2021 ₹-10 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹94 Cr | Jun 2026 —
- KELYB: Sep 2021 ₹23 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹-155 Cr | Sep 2022 ₹-61 Cr | Dec 2022 ₹-52 Cr | Mar 2023 ₹-84 Cr | Jun 2023 ₹-44 Cr | Sep 2023 ₹-58 Cr | Dec 2023 ₹-52 Cr | Mar 2024 ₹-151 Cr | Jun 2024 ₹234 Cr | Sep 2024 ₹259 Cr | Dec 2024 ₹264 Cr | Mar 2025 ₹238 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹158 Cr | Jun 2026 —
- TBI: Sep 2021 ₹21 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- HQI: Sep 2021 ₹-2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: CALM Chain International Limited leads ROCE at 112.4%, 100.7 percentage points above TriNet Group, Inc.. CALM Chain International Limited has the strongest latest improvement at +155.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: CALM Chain International Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: CALM Chain International Limited · 112.4% | 860.7% versus #2 · TriNet Group, Inc. | Not enough history | 11/11 companies · 191 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. CALM Chain International Limited (CCIL): 112%
2. TriNet Group, Inc. (TNET): 12%
3. Insperity, Inc. (NSP): 9.6%
4. Kforce Inc. (KFRC): 4.6%
5. Korn Ferry (KFY): 3.4%

### ROCE change — fastest improvers
1. CALM Chain International Limited (CCIL): +155.9 pp
2. ManpowerGroup Inc. (MAN): +4.0 pp
3. TriNet Group, Inc. (TNET): +1.1 pp
4. Kforce Inc. (KFRC): +0.1 pp
5. HireQuest, Inc. (HQI): 0.0 pp

### 20-quarter ROCE history
- KFY: Sep 2021 — | Dec 2021 4.6% | Mar 2022 5.4% | Jun 2022 5.8% | Sep 2022 4.6% | Dec 2022 4.9% | Mar 2023 0.5% | Jun 2023 2.9% | Sep 2023 2.2% | Dec 2023 0.9% | Mar 2024 1.9% | Jun 2024 3.1% | Sep 2024 2.8% | Dec 2024 3.2% | Mar 2025 2.8% | Jun 2025 3.7% | Sep 2025 2.9% | Dec 2025 3.4% | Mar 2026 3.1% | Jun 2026 3.4%
- RHI: Sep 2021 15% | Dec 2021 13% | Mar 2022 16% | Jun 2022 19% | Sep 2022 15% | Dec 2022 10% | Mar 2023 7.9% | Jun 2023 6.8% | Sep 2023 8.3% | Dec 2023 3.7% | Mar 2024 2.4% | Jun 2024 4.4% | Sep 2024 3.5% | Dec 2024 3.9% | Mar 2025 2.4% | Jun 2025 0.1% | Sep 2025 0.9% | Dec 2025 1.5% | Mar 2026 2.5% | Jun 2026 -8.3%
- TNET: Sep 2021 7.7% | Dec 2021 6.6% | Mar 2022 15% | Jun 2022 8.2% | Sep 2022 7.8% | Dec 2022 5.2% | Mar 2023 12% | Jun 2023 6.4% | Sep 2023 8.2% | Dec 2023 12% | Mar 2024 10% | Jun 2024 6.9% | Sep 2024 5.7% | Dec 2024 -1.9% | Mar 2025 11% | Jun 2025 5.5% | Sep 2025 5.1% | Dec 2025 1.3% | Mar 2026 12% | Jun 2026 —
- MAN: Sep 2021 3.4% | Dec 2021 3.8% | Mar 2022 3.3% | Jun 2022 4.1% | Sep 2022 3.9% | Dec 2022 2.4% | Mar 2023 2.8% | Jun 2023 2.5% | Sep 2023 1.7% | Dec 2023 -1.0% | Mar 2024 1.6% | Jun 2024 2.5% | Sep 2024 1.7% | Dec 2024 1.7% | Mar 2025 0.7% | Jun 2025 -0.7% | Sep 2025 1.8% | Dec 2025 2.1% | Mar 2026 0.7% | Jun 2026 3.3%
- NSP: Sep 2021 5.6% | Dec 2021 2.3% | Mar 2022 14% | Jun 2022 7.0% | Sep 2022 7.6% | Dec 2022 7.7% | Mar 2023 17% | Jun 2023 2.3% | Sep 2023 8.8% | Dec 2023 3.4% | Mar 2024 15% | Jun 2024 3.2% | Sep 2024 0.1% | Dec 2024 -2.2% | Mar 2025 9.7% | Jun 2025 -1.0% | Sep 2025 -3.8% | Dec 2025 -7.4% | Mar 2026 9.6% | Jun 2026 —
- BBSI: Sep 2021 3.8% | Dec 2021 2.9% | Mar 2022 -0.3% | Jun 2022 5.6% | Sep 2022 5.5% | Dec 2022 3.8% | Mar 2023 -0.4% | Jun 2023 6.1% | Sep 2023 6.3% | Dec 2023 5.0% | Mar 2024 -1.3% | Jun 2024 5.9% | Sep 2024 6.4% | Dec 2024 5.4% | Mar 2025 -1.2% | Jun 2025 6.7% | Sep 2025 6.6% | Dec 2025 4.9% | Mar 2026 -2.0% | Jun 2026 —
- KFRC: Sep 2021 8.2% | Dec 2021 6.9% | Mar 2022 7.8% | Jun 2022 13% | Sep 2022 10% | Dec 2022 7.9% | Mar 2023 7.7% | Jun 2023 10% | Sep 2023 6.4% | Dec 2023 8.4% | Mar 2024 6.1% | Jun 2024 7.5% | Sep 2024 7.4% | Dec 2024 6.2% | Mar 2025 4.5% | Jun 2025 5.7% | Sep 2025 5.9% | Dec 2025 3.4% | Mar 2026 4.6% | Jun 2026 —
- KELYB: Sep 2021 — | Dec 2021 0.5% | Mar 2022 0.9% | Jun 2022 1.4% | Sep 2022 0.5% | Dec 2022 -1.3% | Mar 2023 0.3% | Jun 2023 0.7% | Sep 2023 0.4% | Dec 2023 0.0% | Mar 2024 1.7% | Jun 2024 0.7% | Sep 2024 0.2% | Dec 2024 -3.4% | Mar 2025 0.6% | Jun 2025 1.3% | Sep 2025 -5.9% | Dec 2025 0.0% | Mar 2026 -0.3% | Jun 2026 —
- TBI: Sep 2021 2.9% | Dec 2021 3.0% | Mar 2022 1.6% | Jun 2022 3.9% | Sep 2022 3.1% | Dec 2022 0.9% | Mar 2023 -0.8% | Jun 2023 -0.9% | Sep 2023 -0.4% | Dec 2023 -1.2% | Mar 2024 -2.2% | Jun 2024 -9.3% | Sep 2024 -1.1% | Dec 2024 -1.7% | Mar 2025 -2.3% | Jun 2025 -0.5% | Sep 2025 0.0% | Dec 2025 -5.8% | Mar 2026 -3.5% | Jun 2026 —
- HQI: Sep 2021 7.6% | Dec 2021 3.5% | Mar 2022 7.7% | Jun 2022 7.6% | Sep 2022 9.0% | Dec 2022 4.3% | Mar 2023 5.4% | Jun 2023 4.1% | Sep 2023 3.4% | Dec 2023 3.6% | Mar 2024 3.1% | Jun 2024 3.9% | Sep 2024 -4.0% | Dec 2024 3.3% | Mar 2025 2.1% | Jun 2025 1.5% | Sep 2025 3.5% | Dec 2025 1.8% | Mar 2026 2.1% | Jun 2026 —

### 20-quarter ROCE change history
- KFY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.3 pp | Mar 2023 −4.9 pp | Jun 2023 −2.9 pp | Sep 2023 −2.4 pp | Dec 2023 −4.0 pp | Mar 2024 +1.4 pp | Jun 2024 +0.2 pp | Sep 2024 +0.6 pp | Dec 2024 +2.3 pp | Mar 2025 +0.9 pp | Jun 2025 +0.6 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.3 pp | Jun 2026 −0.3 pp
- RHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −2.4 pp | Mar 2023 −8.4 pp | Jun 2023 −12.2 pp | Sep 2023 −6.3 pp | Dec 2023 −6.7 pp | Mar 2024 −5.5 pp | Jun 2024 −2.4 pp | Sep 2024 −4.8 pp | Dec 2024 +0.2 pp | Mar 2025 0.0 pp | Jun 2025 −4.3 pp | Sep 2025 −2.6 pp | Dec 2025 −2.4 pp | Mar 2026 +0.1 pp | Jun 2026 −8.4 pp
- TNET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −1.4 pp | Mar 2023 −3.1 pp | Jun 2023 −1.8 pp | Sep 2023 +0.4 pp | Dec 2023 +6.6 pp | Mar 2024 −1.6 pp | Jun 2024 +0.5 pp | Sep 2024 −2.5 pp | Dec 2024 −13.7 pp | Mar 2025 +0.6 pp | Jun 2025 −1.4 pp | Sep 2025 −0.6 pp | Dec 2025 +3.2 pp | Mar 2026 +1.1 pp | Jun 2026 —
- MAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −1.4 pp | Mar 2023 −0.5 pp | Jun 2023 −1.6 pp | Sep 2023 −2.2 pp | Dec 2023 −3.4 pp | Mar 2024 −1.2 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.7 pp | Mar 2025 −0.9 pp | Jun 2025 −3.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.4 pp | Mar 2026 0.0 pp | Jun 2026 +4.0 pp
- NSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +5.4 pp | Mar 2023 +3.1 pp | Jun 2023 −4.7 pp | Sep 2023 +1.2 pp | Dec 2023 −4.3 pp | Mar 2024 −2.6 pp | Jun 2024 +0.9 pp | Sep 2024 −8.7 pp | Dec 2024 −5.6 pp | Mar 2025 −5.1 pp | Jun 2025 −4.2 pp | Sep 2025 −3.9 pp | Dec 2025 −5.2 pp | Mar 2026 −0.1 pp | Jun 2026 —
- BBSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 +0.9 pp | Mar 2023 −0.1 pp | Jun 2023 +0.5 pp | Sep 2023 +0.8 pp | Dec 2023 +1.2 pp | Mar 2024 −0.9 pp | Jun 2024 −0.2 pp | Sep 2024 +0.1 pp | Dec 2024 +0.4 pp | Mar 2025 +0.1 pp | Jun 2025 +0.8 pp | Sep 2025 +0.2 pp | Dec 2025 −0.5 pp | Mar 2026 −0.8 pp | Jun 2026 —
- KFRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +1.0 pp | Mar 2023 −0.1 pp | Jun 2023 −2.8 pp | Sep 2023 −3.9 pp | Dec 2023 +0.5 pp | Mar 2024 −1.6 pp | Jun 2024 −2.5 pp | Sep 2024 +1.0 pp | Dec 2024 −2.2 pp | Mar 2025 −1.6 pp | Jun 2025 −1.8 pp | Sep 2025 −1.5 pp | Dec 2025 −2.8 pp | Mar 2026 +0.1 pp | Jun 2026 —
- KELYB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.8 pp | Mar 2023 −0.6 pp | Jun 2023 −0.7 pp | Sep 2023 −0.1 pp | Dec 2023 +1.3 pp | Mar 2024 +1.4 pp | Jun 2024 0.0 pp | Sep 2024 −0.2 pp | Dec 2024 −3.4 pp | Mar 2025 −1.1 pp | Jun 2025 +0.6 pp | Sep 2025 −6.1 pp | Dec 2025 +3.4 pp | Mar 2026 −0.9 pp | Jun 2026 —
- TBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −2.1 pp | Mar 2023 −2.4 pp | Jun 2023 −4.8 pp | Sep 2023 −3.5 pp | Dec 2023 −2.1 pp | Mar 2024 −1.4 pp | Jun 2024 −8.4 pp | Sep 2024 −0.7 pp | Dec 2024 −0.5 pp | Mar 2025 −0.1 pp | Jun 2025 +8.8 pp | Sep 2025 +1.1 pp | Dec 2025 −4.1 pp | Mar 2026 −1.2 pp | Jun 2026 —
- HQI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 +0.8 pp | Mar 2023 −2.3 pp | Jun 2023 −3.5 pp | Sep 2023 −5.6 pp | Dec 2023 −0.7 pp | Mar 2024 −2.3 pp | Jun 2024 −0.2 pp | Sep 2024 −7.4 pp | Dec 2024 −0.3 pp | Mar 2025 −1.0 pp | Jun 2025 −2.4 pp | Sep 2025 +7.5 pp | Dec 2025 −1.5 pp | Mar 2026 0.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Korn Ferry has the lowest comparable Guarded PEG at 0.95×, 59.6% below Kforce Inc.. Only 5 of 11 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Korn Ferry · 0.95× | 59.6% versus #2 · Kforce Inc. | 0/8 recent comparable periods | 5/11 companies · 23 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Korn Ferry (KFY): 1.0
2. Kforce Inc. (KFRC): 2.4
3. TriNet Group, Inc. (TNET): 2.5
4. Barrett Business Services, Inc. (BBSI): 3.1
5. HireQuest, Inc. (HQI): 6.2

### P/E — lowest P/E
1. TriNet Group, Inc. (TNET): 10.8
2. Korn Ferry (KFY): 12.7
3. Kforce Inc. (KFRC): 14.8
4. ManpowerGroup Inc. (MAN): 15.3
5. Kelly Services, Inc. (KELYB): 18.4

### 20-quarter Guarded PEG history
- KFY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.3 | Sep 2025 0.4 | Dec 2025 2.5 | Mar 2026 1.6 | Jun 2026 1.0
- TNET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.1 | Mar 2024 2.1 | Jun 2024 2.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BBSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 1.0 | Sep 2023 1.5 | Dec 2023 1.2 | Mar 2024 — | Jun 2024 2.0 | Sep 2024 2.2 | Dec 2024 3.4 | Mar 2025 — | Jun 2025 1.8 | Sep 2025 2.1 | Dec 2025 3.1 | Mar 2026 — | Jun 2026 —
- KFRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HQI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 6.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- KFY: Sep 2021 — | Dec 2021 15.8 | Mar 2022 12.1 | Jun 2022 10.3 | Sep 2022 10.8 | Dec 2022 9.2 | Mar 2023 11.4 | Jun 2023 12.2 | Sep 2023 15.5 | Dec 2023 23.1 | Mar 2024 20.3 | Jun 2024 18.8 | Sep 2024 21.1 | Dec 2024 15.1 | Mar 2025 15.2 | Jun 2025 13.4 | Sep 2025 15.1 | Dec 2025 13.1 | Mar 2026 13.7 | Jun 2026 12.7
- RHI: Sep 2021 21.4 | Dec 2021 20.8 | Mar 2022 19.4 | Jun 2022 12.2 | Sep 2022 12.4 | Dec 2022 12.2 | Mar 2023 14.3 | Jun 2023 14.9 | Sep 2023 16.6 | Dec 2023 22.7 | Mar 2024 23.7 | Jun 2024 21.3 | Sep 2024 24.6 | Dec 2024 28.9 | Mar 2025 27.3 | Jun 2025 23.5 | Sep 2025 22.1 | Dec 2025 20.4 | Mar 2026 19.5 | Jun 2026 26.7
- TNET: Sep 2021 21.7 | Dec 2021 18.8 | Mar 2022 17.1 | Jun 2022 13.5 | Sep 2022 12.3 | Dec 2022 12.1 | Mar 2023 14.6 | Jun 2023 17.1 | Sep 2023 19.5 | Dec 2023 18.1 | Mar 2024 21.7 | Jun 2024 16.9 | Sep 2024 18.7 | Dec 2024 26.5 | Mar 2025 23.7 | Jun 2025 25.1 | Sep 2025 24.6 | Dec 2025 18.5 | Mar 2026 10.8 | Jun 2026 —
- MAN: Sep 2021 17.4 | Dec 2021 14.1 | Mar 2022 12.5 | Jun 2022 9.9 | Sep 2022 8.0 | Dec 2022 11.8 | Mar 2023 12.0 | Jun 2023 13.5 | Sep 2023 16.9 | Dec 2023 45.2 | Mar 2024 80.0 | Jun 2024 75.9 | Sep 2024 91.9 | Dec 2024 19.2 | Mar 2025 25.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 15.3
- NSP: Sep 2021 36.3 | Dec 2021 37.1 | Mar 2022 29.5 | Jun 2022 27.6 | Sep 2022 26.2 | Dec 2022 24.5 | Mar 2023 23.0 | Jun 2023 25.0 | Sep 2023 19.8 | Dec 2023 26.2 | Mar 2024 26.8 | Jun 2024 21.5 | Sep 2024 27.9 | Dec 2024 32.0 | Mar 2025 53.1 | Jun 2025 56.7 | Sep 2025 107.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BBSI: Sep 2021 16.8 | Dec 2021 13.8 | Mar 2022 13.7 | Jun 2022 12.4 | Sep 2022 12.2 | Dec 2022 14.2 | Mar 2023 13.3 | Jun 2023 13.0 | Sep 2023 13.0 | Dec 2023 15.7 | Mar 2024 17.4 | Jun 2024 18.0 | Sep 2024 19.9 | Dec 2024 21.9 | Mar 2025 21.1 | Jun 2025 20.5 | Sep 2025 21.3 | Dec 2025 17.4 | Mar 2026 19.0 | Jun 2026 —
- KFRC: Sep 2021 17.3 | Dec 2021 21.3 | Mar 2022 19.1 | Jun 2022 14.7 | Sep 2022 13.6 | Dec 2022 14.9 | Mar 2023 17.8 | Jun 2023 19.5 | Sep 2023 22.4 | Dec 2023 21.6 | Mar 2024 24.4 | Jun 2024 23.1 | Sep 2024 21.2 | Dec 2024 21.2 | Mar 2025 19.2 | Jun 2025 17.2 | Sep 2025 13.2 | Dec 2025 15.8 | Mar 2026 14.8 | Jun 2026 —
- KELYB: Sep 2021 — | Dec 2021 7.2 | Mar 2022 4.3 | Jun 2022 10.6 | Sep 2022 13.0 | Dec 2022 68.0 | Mar 2023 — | Jun 2023 — | Sep 2023 440.3 | Dec 2023 28.0 | Mar 2024 18.0 | Jun 2024 16.3 | Sep 2024 18.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TBI: Sep 2021 20.1 | Dec 2021 15.9 | Mar 2022 15.1 | Jun 2022 7.9 | Sep 2022 8.5 | Dec 2022 10.5 | Mar 2023 11.3 | Jun 2023 34.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HQI: Sep 2021 23.9 | Dec 2021 23.2 | Mar 2022 30.4 | Jun 2022 17.8 | Sep 2022 15.0 | Dec 2022 17.4 | Mar 2023 20.7 | Jun 2023 31.4 | Sep 2023 24.9 | Dec 2023 34.1 | Mar 2024 34.1 | Jun 2024 32.5 | Sep 2024 128.7 | Dec 2024 54.5 | Mar 2025 47.6 | Jun 2025 55.6 | Sep 2025 19.2 | Dec 2025 23.4 | Mar 2026 21.7 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: TriNet Group, Inc. leads ev/ebitda at 5.77×; Kelly Services, Inc. leads p/bv at 0.31×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: TriNet Group, Inc. · 5.77× | 2.4% versus #2 · Korn Ferry | 0/8 recent comparable periods | 10/11 companies · 180 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. TriNet Group, Inc. (TNET): 5.8
2. Korn Ferry (KFY): 5.9
3. ManpowerGroup Inc. (MAN): 8.0
4. Barrett Business Services, Inc. (BBSI): 9.5
5. Kforce Inc. (KFRC): 11.1

### P/BV — lowest P/BV
1. Kelly Services, Inc. (KELYB): 0.3
2. TrueBlue, Inc. (TBI): 0.4
3. ManpowerGroup Inc. (MAN): 0.8
4. Korn Ferry (KFY): 1.7
5. HireQuest, Inc. (HQI): 2.1

### 20-quarter EV/EBITDA history
- KFY: Sep 2021 — | Dec 2021 9.5 | Mar 2022 6.8 | Jun 2022 5.3 | Sep 2022 6.2 | Dec 2022 5.1 | Mar 2023 5.7 | Jun 2023 5.7 | Sep 2023 8.2 | Dec 2023 9.6 | Mar 2024 10.4 | Jun 2024 9.5 | Sep 2024 12.1 | Dec 2024 9.3 | Mar 2025 8.4 | Jun 2025 6.3 | Sep 2025 8.0 | Dec 2025 6.8 | Mar 2026 6.7 | Jun 2026 5.9
- RHI: Sep 2021 15.1 | Dec 2021 14.6 | Mar 2022 13.2 | Jun 2022 7.4 | Sep 2022 7.4 | Dec 2022 7.2 | Mar 2023 9.0 | Jun 2023 10.1 | Sep 2023 11.1 | Dec 2023 15.5 | Mar 2024 17.1 | Jun 2024 14.9 | Sep 2024 19.4 | Dec 2024 20.9 | Mar 2025 16.7 | Jun 2025 16.0 | Sep 2025 16.3 | Dec 2025 16.0 | Mar 2026 16.8 | Jun 2026 294.9
- TNET: Sep 2021 12.8 | Dec 2021 10.1 | Mar 2022 10.7 | Jun 2022 8.8 | Sep 2022 8.0 | Dec 2022 6.6 | Mar 2023 10.0 | Jun 2023 9.8 | Sep 2023 11.8 | Dec 2023 10.4 | Mar 2024 12.0 | Jun 2024 9.3 | Sep 2024 9.6 | Dec 2024 12.7 | Mar 2025 11.4 | Jun 2025 11.5 | Sep 2025 10.9 | Dec 2025 8.9 | Mar 2026 5.8 | Jun 2026 —
- MAN: Sep 2021 8.9 | Dec 2021 8.8 | Mar 2022 7.9 | Jun 2022 6.6 | Sep 2022 5.3 | Dec 2022 7.3 | Mar 2023 7.3 | Jun 2023 8.5 | Sep 2023 9.0 | Dec 2023 13.4 | Mar 2024 15.1 | Jun 2024 14.9 | Sep 2024 15.3 | Dec 2024 9.0 | Mar 2025 10.7 | Jun 2025 14.4 | Sep 2025 13.9 | Dec 2025 11.0 | Mar 2026 11.4 | Jun 2026 8.0
- NSP: Sep 2021 20.6 | Dec 2021 20.3 | Mar 2022 15.9 | Jun 2022 15.1 | Sep 2022 14.3 | Dec 2022 13.5 | Mar 2023 13.5 | Jun 2023 15.3 | Sep 2023 11.8 | Dec 2023 15.4 | Mar 2024 15.1 | Jun 2024 12.1 | Sep 2024 16.0 | Dec 2024 13.6 | Mar 2025 26.3 | Jun 2025 23.8 | Sep 2025 27.2 | Dec 2025 32.9 | Mar 2026 28.4 | Jun 2026 —
- BBSI: Sep 2021 10.8 | Dec 2021 7.5 | Mar 2022 8.2 | Jun 2022 7.2 | Sep 2022 6.8 | Dec 2022 7.7 | Mar 2023 7.5 | Jun 2023 7.4 | Sep 2023 7.6 | Dec 2023 9.3 | Mar 2024 11.3 | Jun 2024 12.0 | Sep 2024 13.9 | Dec 2024 15.1 | Mar 2025 14.4 | Jun 2025 14.1 | Sep 2025 14.5 | Dec 2025 11.1 | Mar 2026 9.5 | Jun 2026 —
- KFRC: Sep 2021 11.5 | Dec 2021 14.6 | Mar 2022 13.2 | Jun 2022 10.6 | Sep 2022 10.0 | Dec 2022 9.5 | Mar 2023 11.2 | Jun 2023 11.8 | Sep 2023 12.8 | Dec 2023 14.8 | Mar 2024 16.8 | Jun 2024 15.8 | Sep 2024 14.9 | Dec 2024 14.9 | Mar 2025 13.8 | Jun 2025 12.5 | Sep 2025 9.8 | Dec 2025 11.4 | Mar 2026 11.1 | Jun 2026 —
- KELYB: Sep 2021 — | Dec 2021 8.7 | Mar 2022 6.3 | Jun 2022 6.1 | Sep 2022 6.3 | Dec 2022 6.0 | Mar 2023 8.4 | Jun 2023 10.6 | Sep 2023 11.2 | Dec 2023 8.2 | Mar 2024 8.3 | Jun 2024 10.7 | Sep 2024 10.4 | Dec 2024 20.5 | Mar 2025 30.2 | Jun 2025 15.2 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TBI: Sep 2021 12.1 | Dec 2021 10.2 | Mar 2022 10.0 | Jun 2022 5.4 | Sep 2022 5.6 | Dec 2022 6.2 | Mar 2023 6.7 | Jun 2023 12.3 | Sep 2023 26.2 | Dec 2023 242.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 296.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HQI: Sep 2021 31.9 | Dec 2021 30.2 | Mar 2022 19.4 | Jun 2022 13.3 | Sep 2022 10.6 | Dec 2022 12.9 | Mar 2023 17.7 | Jun 2023 23.2 | Sep 2023 17.4 | Dec 2023 17.0 | Mar 2024 16.1 | Jun 2024 15.4 | Sep 2024 28.8 | Dec 2024 41.6 | Mar 2025 60.3 | Jun 2025 117.6 | Sep 2025 21.3 | Dec 2025 22.1 | Mar 2026 21.1 | Jun 2026 —

### 20-quarter P/BV history
- KFY: Sep 2021 — | Dec 2021 2.8 | Mar 2022 2.4 | Jun 2022 2.1 | Sep 2022 2.2 | Dec 2022 1.9 | Mar 2023 1.8 | Jun 2023 1.5 | Sep 2023 1.7 | Dec 2023 1.5 | Mar 2024 1.8 | Jun 2024 1.8 | Sep 2024 2.2 | Dec 2024 2.1 | Mar 2025 2.0 | Jun 2025 1.7 | Sep 2025 1.9 | Dec 2025 1.7 | Mar 2026 1.8 | Jun 2026 1.7
- RHI: Sep 2021 8.5 | Dec 2021 8.9 | Mar 2022 8.7 | Jun 2022 5.6 | Sep 2022 5.6 | Dec 2022 5.1 | Mar 2023 5.4 | Jun 2023 5.0 | Sep 2023 4.9 | Dec 2023 5.8 | Mar 2024 5.5 | Jun 2024 4.5 | Sep 2024 4.7 | Dec 2024 5.2 | Mar 2025 4.2 | Jun 2025 3.2 | Sep 2025 2.7 | Dec 2025 2.2 | Mar 2026 2.1 | Jun 2026 —
- TNET: Sep 2021 7.7 | Dec 2021 7.1 | Mar 2022 8.8 | Jun 2022 6.3 | Sep 2022 5.2 | Dec 2022 5.3 | Mar 2023 5.8 | Jun 2023 6.2 | Sep 2023 588.3 | Dec 2023 77.3 | Mar 2024 46.9 | Jun 2024 49.7 | Sep 2024 37.3 | Dec 2024 65.2 | Mar 2025 60.9 | Jun 2025 33.2 | Sep 2025 29.3 | Dec 2025 51.9 | Mar 2026 20.3 | Jun 2026 —
- MAN: Sep 2021 2.4 | Dec 2021 2.1 | Mar 2022 2.0 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.7 | Mar 2024 1.7 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 0.8
- NSP: Sep 2021 44.1 | Dec 2021 -2,552.0 | Mar 2022 113.4 | Jun 2022 108.9 | Sep 2022 64.2 | Dec 2022 53.0 | Mar 2023 34.5 | Jun 2023 34.8 | Sep 2023 44.8 | Dec 2023 46.5 | Mar 2024 29.2 | Jun 2024 24.2 | Sep 2024 26.4 | Dec 2024 29.7 | Mar 2025 28.5 | Jun 2025 20.2 | Sep 2025 21.3 | Dec 2025 31.7 | Mar 2026 15.3 | Jun 2026 —
- BBSI: Sep 2021 2.8 | Dec 2021 2.5 | Mar 2022 3.1 | Jun 2022 3.0 | Sep 2022 3.2 | Dec 2022 3.6 | Mar 2023 3.5 | Jun 2023 3.3 | Sep 2023 3.3 | Dec 2023 3.8 | Mar 2024 4.4 | Jun 2024 4.3 | Sep 2024 4.5 | Dec 2024 5.1 | Mar 2025 5.0 | Jun 2025 4.7 | Sep 2025 4.7 | Dec 2025 3.8 | Mar 2026 3.5 | Jun 2026 —
- KFRC: Sep 2021 6.7 | Dec 2021 8.6 | Mar 2022 8.0 | Jun 2022 6.2 | Sep 2022 5.9 | Dec 2022 6.2 | Mar 2023 6.9 | Jun 2023 6.7 | Sep 2023 6.6 | Dec 2023 8.3 | Mar 2024 8.4 | Jun 2024 7.2 | Sep 2024 7.1 | Dec 2024 7.1 | Mar 2025 6.7 | Jun 2025 5.7 | Sep 2025 4.2 | Dec 2025 4.6 | Mar 2026 4.5 | Jun 2026 —
- KELYB: Sep 2021 — | Dec 2021 0.6 | Mar 2022 0.5 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.4 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.3 | Sep 2025 0.4 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 —
- TBI: Sep 2021 2.0 | Dec 2021 2.0 | Mar 2022 2.1 | Jun 2022 1.2 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 —
- HQI: Sep 2021 5.9 | Dec 2021 5.9 | Mar 2022 5.6 | Jun 2022 3.8 | Sep 2022 3.2 | Dec 2022 3.8 | Mar 2023 5.0 | Jun 2023 5.9 | Sep 2023 3.4 | Dec 2023 3.4 | Mar 2024 2.8 | Jun 2024 2.7 | Sep 2024 3.2 | Dec 2024 3.1 | Mar 2025 2.6 | Jun 2025 2.1 | Sep 2025 2.0 | Dec 2025 2.2 | Mar 2026 2.1 | Jun 2026 —

## Market action

Kelly Services, Inc. has the strongest one-year price move in Staffing & Employment Services at +85.4%. Kforce Inc. leads on Mansfield relative strength against the S&P 500 at +55.5%. 9 of 9 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Kelly Services, Inc. (KELYB): 85%
2. Kforce Inc. (KFRC): 71%
3. HireQuest, Inc. (HQI): 41%
4. ManpowerGroup Inc. (MAN): 41%
5. Korn Ferry (KFY): 21%

### Strongest relative strength versus NIFTY 500
1. Kforce Inc. (KFRC): 56%
2. ManpowerGroup Inc. (MAN): 53%
3. TrueBlue, Inc. (TBI): 32%
4. Insperity, Inc. (NSP): 25%
5. Robert Half Inc. (RHI): 23%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Korn Ferry (KFY) — market value ₹4.3K Cr; latest fundamentals Jun 2026
- Robert Half Inc. (RHI) — market value ₹4.0K Cr; latest fundamentals Jun 2026
- TriNet Group, Inc. (TNET) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- ManpowerGroup Inc. (MAN) — market value ₹2.6K Cr; latest fundamentals Jun 2026
- Insperity, Inc. (NSP) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Barrett Business Services, Inc. (BBSI) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Kforce Inc. (KFRC) — market value ₹979 Cr; latest fundamentals Mar 2026
- Kelly Services, Inc. (KELYB) — market value ₹583 Cr; latest fundamentals Mar 2026
- TrueBlue, Inc. (TBI) — market value ₹235 Cr; latest fundamentals Mar 2026
- HireQuest, Inc. (HQI) — market value ₹193 Cr; latest fundamentals Mar 2026
- CALM Chain International Limited (CCIL) — market value ₹138 Cr; latest fundamentals unavailable

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Staffing & Employment Services company is the biggest?

Insperity, Inc. is the largest, with trailing-twelve-month revenue of $6,844 million, ahead of TriNet Group, Inc. at $4,944 million. That covers 8 of 11 companies with comparable reporting through Mar 2026.

### Which Staffing & Employment Services company is growing fastest?

TrueBlue, Inc. has the fastest revenue growth at 7.2% year on year, across 8 of 11 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Staffing & Employment Services company has the best profit margins?

HireQuest, Inc. has the highest operating margin at 22.6%, from 10 of 11 comparable companies. HireQuest, Inc. shows the biggest recent improvement, at +2.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Staffing & Employment Services company makes the most profit?

Korn Ferry earns the most, at $280 million of trailing-twelve-month net profit, from 8 of 11 comparable companies. HireQuest, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Staffing & Employment Services company earns the highest return on capital?

CALM Chain International Limited leads on return on capital employed at 112.4%, across 11 of 11 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Staffing & Employment Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Korn Ferry screens cheapest at 0.95×. Only 5 of 11 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Staffing & Employment Services company has the strongest balance sheet?

HireQuest, Inc. carries the lowest comparable gross debt at $0 million, from 10 of 11 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Staffing & Employment Services company is investing most in new capacity?

TriNet Group, Inc. reports the largest capital spending at $26 million, across 10 of 11 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Staffing & Employment Services sector beating the market?

Staffing & Employment Services has outperformed S&P 500 by 18.7% over the last 52 weeks and 42.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Staffing & Employment Services stock has the strongest price momentum?

Kforce Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Staffing & Employment Services company scores highest for research priority?

ManpowerGroup Inc. scores 58.2 out of 100 with 52.7% evidence confidence, from 21.4 points on growth and earnings, 10.4 on capital efficiency, 10.5 on valuation and 15.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Staffing & Employment Services companies does this comparison cover, and over what period?

It compares 11 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Staffing & Employment Services sector?

The 11 Staffing & Employment Services companies on this page carry $19,089 million of combined market value. Korn Ferry is the largest at $4,257 million, about 22% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Staffing & Employment Services sector's P/E ratio?

The median price-to-earnings ratio across the 11 Staffing & Employment Services companies on this page is 18.9×, measured on the 10 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Staffing & Employment Services sector performing?

9 of the 9 covered Staffing & Employment Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 18.7% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Staffing & Employment Services stocks are listed in the US?

This comparison covers 11 listed Staffing & Employment Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/staffing-employment-services