TrueBlue, Inc. — Earnings Quality Grade F
TBI · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 54 days, change +4 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 3.1%, CFFO -240.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -35.1% vs revenue 3.1%. Normal
SG&A/Gross Profit = 100.9%, exceeds 70%
Gross margin 22.8%, change -3.2pp. Stable
Cash Flow Quality
CFFO/NI = 1.21. Profits backed by cash
FCF is negative ($-0.1B)
Accruals ratio = 1.6%. Low accruals
Cash $0.0B covers only 20% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 22% of equity. Manageable
Debt/EBITDA = 157.9x (>4x). Financial stress
Other assets -33.4% vs revenue 3.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 99% YoY
Manipulation Score
M-Score = -2.34 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25