Forensic Analysis · Professional & Commercial Services · as of Oct 10, 2026
Trueblue, Inc. (TBI)
A forensic read on Trueblue, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
3.5
Distress distance
Clean
Earnings quality
4
Forensic signals
-4.8
P / E (ttm)
-17.5%
ROE
$274M
Market cap
0.00%
Dividend yield
3.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Trueblue, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 3.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-7.7%
FY2025
Return on invested capital.Return on invested capital is -7.7% in the latest fiscal year, against -3.0% in FY2023, having run between -14.9% and -3.0% across FY2023–FY2025 with no direction held. After-tax operating profit was ($19M) in FY2023 and ($37M) in FY2025, with operating income at -1.3% of revenue in FY2023, -5.9% in FY2024 and -2.9% in FY2025. The capital base behind it came down -25% across FY2023–FY2025, from $633M to $476M, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $9M goodwill write-off that alone took about 1.1 points off that year's return, so the FY2025 return is being compared with a base year that charge had already pulled down. FY2024's operating profit carried a $59M goodwill write-off that alone took about 9.5 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $21M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
54d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 50 to 54 days FY2024→FY2025 (receivables +12% vs revenue +3%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 48 → 50 → 54 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Latest Revenue$1.62B
Revenue Growth YoY+3.1%
Revenue CAGR (2yr)-7.9%
Net Margin-3.0%
Free Cash Flow-$73.7M
Return on Equity-17.5%
Debt / Equity0.24x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Trueblue, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Oct 10, 2026. Forensic signals flag probability, not certainty.
Trueblue, Inc. (TBI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
$68M
FY2023–FY2024
Goodwill impairments.Took $68M of goodwill writedowns across 2 years (FY2023 ($9M), FY2024 ($59M)). Writedowns mean past acquisitions underperformed what was paid for them.