Forensic Analysis · General / Diversified · as of Jul 11, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.5
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-18.7%
ROE
$254M
Market cap
TrueBlue, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 3.5, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-8%Return on invested capital.Return on invested capital is -8% in the latest fiscal year and slipping from 9% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
stoppedShareholder 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; understand why before reading it as neutral.
$217MGoodwill impairments.Took $217M of goodwill writedowns across 4 years (FY2021 ($9M), FY2023 ($9M), FY2024 ($59M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Latest Revenue$1.62B
Revenue Growth YoY+3.1%
Revenue CAGR (3yr)-10.5%
Net Margin-3.0%
Free Cash Flow$-59.5M
Return on Equity-17.5%
Debt / Equity0.34x
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on TrueBlue, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TBI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown