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ZYBERNO

Stock Report

Updated Aug 21, 2026

TrueBlue, Inc. (TBI)

NYSE

$10.59

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

28.0/100

POOR BUSINESS

TrueBlue, Inc. (TBI) scores 28/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full TBI quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full TBI valuation analysis · → View full TBI Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-20.8%)

Debt-to-Equity (Solvency Risk):GOOD (0.35x)

Operating Margin (Operational Efficiency):CRITICAL (-2.9%)

Return on Capital (Capital Efficiency):CRITICAL (-10.5%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

TrueBlue, Inc. (TBI) stock report — Zyberno Score 28/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, TBI generated -$59.53M in Owner Earnings. Capital was deployed as follows: $13.83M invested in capital expenditures. Reinvestment rate: -45.5%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:10.59

Market Cap:$322.08M

Valuation Multiples (3)

P/B Ratio:1.26x

P/S Ratio:0.19x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$412.92M

Price Action & Momentum (3)

12-1 Momentum:

+7.1% (50th pctile)

📈 Click to view full TBI Momentum analysis →

Momentum Percentile:50 / 100

% of 52-Week High:98.6%

B. Profitability Assessment

Return Metrics (5)

ROE:

-20.8%

📊 Click to view full TBI ROE analysis →

ROA:-8.8%

Roic:

-10.5%

📊 Click to view full TBI ROIC analysis →

Reinvestment Rate:-45.5%

Fundamental Growth Rate (g):4.8%

Margin Analysis (3)

Operating Margin Ttm:-2.9%

Net Margin Ttm:-3.3%

Ebitda Margin:-1.3%

TTM Performance (3)

Gross Margin Ttm:21.2%

Operating Margin Ttm:-2.9%

Net Margin Ttm:-3.3%

Yield Metrics (2)

Earnings Yield:-$18.98

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.10

📊 Click to view full TBI Earnings Surprise analysis →

EPS Surprise vs Expected:53.6%

Latest Earnings Filed:2026-08-04

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-7.5%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-50.0%

Operating Cash Flow Growth Rate (Linear):-45.9%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.28x

Quick Ratio:2.28x

Cash Ratio:0.17x

Leverage Analysis (3)

Debt To Equity Ttm:0.35x

Debt-to-Equity Ratio:0.35x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:178,994,000.00

Cash And Cash Equivalents:23,253,000.00

Long Term Debt:$82.40M

Net Debt:$90.84M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.69B

Linear Growth: -7.5%

📊 Click to view full TBI Revenue analysis & methodology →

Cost Of Revenue Ttm:$1.33B

Profitability Breakdown (2)

Gross profit TTM: $358.54M

Linear Growth: -14.2%

📊 Click to view full TBI Gross Profit analysis & methodology →

-$48.58M

Bottom Line Performance (3)

-$56.62M

Income Before Tax:-$53.36M

Ebitda Ttm:-21,285,000.00

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:357,798,000.00

Income Tax Expense:$3.25M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:80.8%

Ebitda Margin:-1.3%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$622.96M

Current Assets:$318.36M

Ppe Net:66,393,000.00

Goodwill:38,930,000.00

Intangible Assets:$16.78M

Liability Structure (4)

Total Liabilities:368,298,000.00

Current Liabilities:139,361,000.00

Long Term Debt:$82.40M

Short Term Debt:$31.69M

Equity & Capital (3)

Equity:$254.67M

Retained Earnings:$276.46M

Common Stock:100,000,000.00

Working Capital Items (3)

Accounts Receivable:267,770,000.00

Inventory:0.00

Accounts Payable:31,693,000.00

Special Items (2)

Contract Liabilities:3,825,000.00

Stock Based Compensation:1,793,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$45.71M

Linear Growth: -45.9%

Free cash flow TTM: -$59.53M

Linear Growth: -50.0%

📊 Click to view full TBI Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$3.22M

Capital Expenditures Ttm:13,827,000.00

Financing Activities (3)

Financing Cash Flow:$7.17M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:27,294,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.89

-$1.89

Earnings Per Share Ttm:-$1.86

Revenue & Cash Per Share (2)

Sales Per Share Ttm:55.60

Operating Cash Flow Per Share:-$1.91

Book Value & Capital (2)

Book Value Per Share:$8.37

Cash Per Share:0.76

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:2.63x

Working Capital Turnover Ttm:9.45x

Receivables Management (2)

Receivables Turnover Ttm:6.32x

Days Sales Outstanding Ttm:57.80

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:8.68

Cash Conversion Cycle:-949.88

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:80.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$59.53M

Damodaran Growth Analysis (2)

Reinvestment Rate:-45.5%

Fundamental Growth Rate (g):4.8%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-7.5%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-50.0%

Operating Cash Flow Growth Rate (Linear):-45.9%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):-14.2%

Book Value Growth Rate (Linear):-15.4%

C. Company Profile & Context

Corporate Information (6)

Symbol:TBI

Company Name:TrueBlue, Inc.

Sector:Unknown

Industry:Services-Help Supply Services

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:30.41M

Shares Outstanding Basic:30.41M

Shares Outstanding Diluted:30.41M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-21 16:33:30 UTC

Data Timestamp:2026-08-18T22:04:14.750512