# Randstad NV (RAND.AS)

Canonical: https://gigainvestors.com/s/RAND.AS

Analysis as of: 2026-10-16T07:36:44.673Z. Financial observations: FY1998–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 34.71 per share; close as of 2026-10-15.

Estimated value: low EUR 41.35 per share, central EUR 47.05 per share, high EUR 54.64 per share. Buy at or below the central value EUR 47.05 per share. Valuation as of 2026-10-16T07:36:44.673Z; scenarios are not confidence intervals.

Expected annual return: 12.6% at the stated quote. About 12.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.04×

- FY2020: 0.02×

- FY2021: 0.04×

- FY2022: 0.04×

- FY2023: 0.03×

- FY2024: 0.02×

- FY2025: 0.02×

### moat: pass

- ROIC, median of available years: 27.9%

- ROIC, second-lowest year: 14.8%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 19.8%

- Recent gross margin (lower of latest and 3-year median): 18.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 12.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 29.6%

- FY2017: 29.5%

- FY2018: 28.9%

- FY2019: 22.8%

- FY2020: 15.9%

- FY2021: 34.3%

- FY2022: 35.4%

- FY2023: 27.0%

- FY2024: 9.6%

- FY2025: 14.8%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.20×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.3B

- Net income, five-year total: EUR 2.7B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 10.1 pp

- Working capital / revenue, final three-year average: 16.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.12×

- FY2022: 1.07×

- FY2023: 1.17×

- FY2024: 2.03×

- FY2025: 1.48×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 29.5% vs 14.8%

- Per-share earnings: 3.21 to 1.70 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: EUR -3.7B

- Cumulative retained earnings: EUR 1.1B

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.7%

- Per-share value change: EUR -1.51

- Per-share value, starting three-year median: EUR 3.21

- Per-share value, ending three-year median: EUR 1.70

- Buybacks concentrated in cheaper years (correlation): 0.19

- Average buyback yield: 0.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 1.5B

- Cumulative net income, 10 years: EUR 5.6B

- ROIC, first three-year median: 29.5%

- ROIC, last three-year median: 14.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.21

- FY2017: EUR 3.44

- FY2018: EUR 3.83

- FY2019: EUR 3.30

- FY2020: EUR 1.65

- FY2021: EUR 4.18

- FY2022: EUR 5.06

- FY2023: EUR 3.52

- FY2024: EUR 0.70

- FY2025: EUR 1.70

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.3%

- FY2017: -0.6%

- FY2018: -0.4%

- FY2019: -6.5%

- FY2020: -12.1%

- FY2021: -1.3%

- FY2022: -1.3%

- FY2023: -5.3%

- FY2024: -4.7%

- FY2025: -5.1%

## Holders

## Price story

Down 44% since Oct 2021 · "Revenue Decline: 4.2% year-over-year decline in organic revenue." (finance.yahoo.com, Apr 2025) · sales -4.3%

Story as of 2026-10-16T10:00:08.001Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.9% a year for ten years

- 2025-12-24: Market is not liking Randstad's (AMS:RAND) earnings decline as stock retreats 3.9% this week ([finance.yahoo.com](https://finance.yahoo.com/news/market-not-liking-randstads-ams-052842338.html))

### Sales · FY2024–2025

sales -4.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 21B 

- FY2017: EUR 23B 

- FY2018: EUR 24B 

- FY2019: EUR 24B 

- FY2020: EUR 21B 

- FY2021: EUR 25B 

- FY2022: EUR 28B 

- FY2023: EUR 25B 

- FY2024: EUR 24B 

- FY2025: EUR 23B 

### Gross margin · FY2025

gross margin 18.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.0% 

- FY2017: 20.2% 

- FY2018: 19.7% 

- FY2019: 19.9% 

- FY2020: 19.1% 

- FY2021: 19.9% 

- FY2022: 20.9% 

- FY2023: 20.8% 

- FY2024: 19.5% 

- FY2025: 18.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in staffing & employment services; annual sales are EUR 23.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2025: revenue 23077000000; grossProfit 4309000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RAND.AS: Randstad N.V. provides solutions in the field of work and human resources services primarily in North America, Northern Europe, Southern Europe, the United Kingdom, Latin America, and the Asia Pacific. The company offers temporary staffing and permanent placement, job posting, and résumé services on digital platforms. It also provides recruitment process outsourcing, payroll, and outplacement services, as well as managed services programs. In addition, the company offers inhouse, enterprise and digital, and tech suite services, as well as career development and online talent acquisition services. The company was formerly known as Randstad Holding NV and changed its name to Randstad N.V. in April 2018. Randstad N.V. was founded in 1960 and is headquartered in Diemen, the Netherlands.

### Why customers stay

Margins ranged from 18.7% to 20.8% during 2023–25; it earns 27.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2023: grossProfit / revenue = 20.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2024: grossProfit / revenue = 19.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2025: grossProfit / revenue = 18.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); 10-year return on capital observations [[2016,0.29613213467015687],[2017,0.2948542920071559],[2018,0.2886446332256625],[2019,0.2276493802281768],[2020,0.15907901622187337],[2021,0.3434624532760249],[2022,0.3542581149753425],[2023,0.2698270963552236],[2024,0.09562295677442789],[2025,0.1483642312415018]]; median 0.27923586479044304. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 21% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); Gross margin observations: [[2021,0.19874162776537446],[2022,0.20861143354614045],[2023,0.20758278927082513]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2016: growth capex 0; upkeep 97200000; owner earnings 652900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2017: growth capex 0; upkeep 107300000; owner earnings 742100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2018: growth capex 0; upkeep 113000000; owner earnings 985000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2019: growth capex 0; upkeep 122000000; owner earnings 756800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2020: growth capex 0; upkeep 106000000; owner earnings 482400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2021: growth capex 0; upkeep 128000000; owner earnings 861200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2022: growth capex 0; upkeep 122000000; owner earnings 996400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2023: growth capex 0; upkeep 93000000; owner earnings 732600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2024: growth capex 0; upkeep 84000000; owner earnings 249800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2025: growth capex 0; upkeep 73000000; owner earnings 443400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); Dividend observations: [[2016,319800000],[2017,358900000],[2018,518000000],[2019,632000000],[2020,12000000],[2021,604000000],[2022,922000000],[2023,530000000],[2024,635000000],[2025,292000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); FY2025: cash repurchases 2000000 EUR.

### Are managers owners

Insiders own 38.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RAND.AS SharesStats.PercentInsiders = 38.189 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.9% yearly over ten years; actual decline was 3.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.673Z); Ten-year compound average after fade. Initial solved rate -0.05393313569306188. Price 34.71; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.513100436681223 → FY2025 2.515031196823596. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 46.92 per share

- 2016-11: EUR 47.91 per share

- 2016-12: EUR 51.53 per share

- 2017-01: EUR 53.80 per share

- 2017-02: EUR 54.91 per share

- 2017-03: EUR 54.10 per share

- 2017-04: EUR 54.71 per share

- 2017-05: EUR 51.50 per share

- 2017-06: EUR 51.12 per share

- 2017-07: EUR 50.98 per share

- 2017-08: EUR 49.11 per share

- 2017-09: EUR 52.34 per share

- 2017-10: EUR 52.82 per share

- 2017-11: EUR 51.74 per share

- 2017-12: EUR 51.24 per share

- 2018-01: EUR 56.88 per share

- 2018-02: EUR 58.86 per share

- 2018-03: EUR 53.42 per share

- 2018-04: EUR 53.38 per share

- 2018-05: EUR 51.06 per share

- 2018-06: EUR 50.42 per share

- 2018-07: EUR 54.26 per share

- 2018-08: EUR 53.96 per share

- 2018-09: EUR 45.98 per share

- 2018-10: EUR 44.55 per share

- 2018-11: EUR 42.98 per share

- 2018-12: EUR 40.09 per share

- 2019-01: EUR 42.11 per share

- 2019-02: EUR 46.95 per share

- 2019-03: EUR 43.47 per share

- 2019-04: EUR 50.92 per share

- 2019-05: EUR 46.20 per share

- 2019-06: EUR 48.30 per share

- 2019-07: EUR 45.54 per share

- 2019-08: EUR 42.45 per share

- 2019-09: EUR 45.09 per share

- 2019-10: EUR 49.64 per share

- 2019-11: EUR 52.86 per share

- 2019-12: EUR 54.44 per share

- 2020-01: EUR 51.96 per share

- 2020-02: EUR 46.71 per share

- 2020-03: EUR 32.17 per share

- 2020-04: EUR 36.63 per share

- 2020-05: EUR 37.73 per share

- 2020-06: EUR 39.66 per share

- 2020-07: EUR 40.66 per share

- 2020-08: EUR 43.67 per share

- 2020-09: EUR 44.53 per share

- 2020-10: EUR 42.91 per share

- 2020-11: EUR 52.00 per share

- 2020-12: EUR 53.24 per share

- 2021-01: EUR 51.46 per share

- 2021-02: EUR 55.34 per share

- 2021-03: EUR 59.98 per share

- 2021-04: EUR 60.08 per share

- 2021-05: EUR 63.74 per share

- 2021-06: EUR 64.50 per share

- 2021-07: EUR 61.16 per share

- 2021-08: EUR 62.30 per share

- 2021-09: EUR 58.10 per share

- 2021-10: EUR 62.20 per share

- 2021-11: EUR 55.72 per share

- 2021-12: EUR 60.04 per share

- 2022-01: EUR 57.56 per share

- 2022-02: EUR 60.70 per share

- 2022-03: EUR 54.64 per share

- 2022-04: EUR 50.86 per share

- 2022-05: EUR 52.56 per share

- 2022-06: EUR 46.20 per share

- 2022-07: EUR 49.25 per share

- 2022-08: EUR 46.49 per share

- 2022-09: EUR 44.58 per share

- 2022-10: EUR 50.44 per share

- 2022-11: EUR 55.00 per share

- 2022-12: EUR 56.96 per share

- 2023-01: EUR 58.68 per share

- 2023-02: EUR 58.10 per share

- 2023-03: EUR 54.60 per share

- 2023-04: EUR 49.22 per share

- 2023-05: EUR 45.86 per share

- 2023-06: EUR 48.31 per share

- 2023-07: EUR 53.28 per share

- 2023-08: EUR 54.18 per share

- 2023-09: EUR 52.38 per share

- 2023-10: EUR 48.84 per share

- 2023-11: EUR 54.50 per share

- 2023-12: EUR 56.72 per share

- 2024-01: EUR 52.76 per share

- 2024-02: EUR 50.94 per share

- 2024-03: EUR 48.92 per share

- 2024-04: EUR 47.20 per share

- 2024-05: EUR 48.40 per share

- 2024-06: EUR 42.33 per share

- 2024-07: EUR 44.96 per share

- 2024-08: EUR 43.55 per share

- 2024-09: EUR 44.60 per share

- 2024-10: EUR 42.35 per share

- 2024-11: EUR 41.61 per share

- 2024-12: EUR 40.71 per share

- 2025-01: EUR 41.86 per share

- 2025-02: EUR 38.69 per share

- 2025-03: EUR 38.20 per share

- 2025-04: EUR 35.22 per share

- 2025-05: EUR 36.96 per share

- 2025-06: EUR 39.20 per share

- 2025-07: EUR 41.84 per share

- 2025-08: EUR 40.39 per share

- 2025-09: EUR 36.17 per share

- 2025-10: EUR 33.99 per share

- 2025-11: EUR 33.52 per share

- 2025-12: EUR 32.37 per share

- 2026-01: EUR 30.11 per share

- 2026-02: EUR 27.83 per share

- 2026-03: EUR 22.31 per share

- 2026-04: EUR 25.14 per share

- 2026-05: EUR 26.34 per share

- 2026-06: EUR 25.21 per share

- 2026-07: EUR 36.50 per share

- 2026-08: EUR 40.43 per share

- 2026-09: EUR 35.04 per share

- 2026-10: EUR 35.26 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 36.26 per share, central EUR 43.27 per share, high EUR 50.38 per share

- FY2017: low EUR 43.76 per share, central EUR 49.79 per share, high EUR 57.82 per share

- FY2018: low EUR 45.20 per share, central EUR 51.44 per share, high EUR 59.73 per share

- FY2019: low EUR 51.65 per share, central EUR 67.86 per share, high EUR 79.39 per share

- FY2020: low EUR 39.46 per share, central EUR 44.86 per share, high EUR 52.04 per share

- FY2021: low EUR 48.85 per share, central EUR 55.31 per share, high EUR 63.91 per share

- FY2022: low EUR 57.34 per share, central EUR 65.25 per share, high EUR 75.77 per share

- FY2023: low EUR 50.10 per share, central EUR 57.01 per share, high EUR 66.21 per share

- FY2024: low EUR 43.21 per share, central EUR 49.17 per share, high EUR 57.10 per share

- FY2025: low EUR 41.22 per share, central EUR 46.91 per share, high EUR 54.47 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:25.856Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations