# Robert Half International (RHI.US)

Canonical: https://gigainvestors.com/s/RHI

Analysis as of: 2026-10-16T07:31:34.281Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## 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: $34.39 per share; close as of 2026-10-15.

Estimated value: low $39.23 per share, central $44.35 per share, high $51.16 per share. Buy at or below the central value $44.35 per share. Valuation as of 2026-10-16T07:31:34.281Z; scenarios are not confidence intervals.

Expected annual return: 12.2% at the stated quote. About 12.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.55×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.09×

- FY2020: 0.07×

- FY2021: 0.11×

- FY2022: 0.13×

- FY2023: 0.07×

- FY2024: 0.04×

- FY2025: 0.01×

- LTM to Jun 2026: 0.00×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 34.4%

- ROIC, second-lowest year: 5.3%

- Typical minus recent gross margin: 3.9 pp

- Typical gross margin (annual median): 40.7%

- Recent gross margin (lower of latest and 3-year median): 36.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 32.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 55.8%

- FY2018: 74.7%

- FY2019: 36.2%

- FY2020: 26.9%

- FY2021: 56.1%

- FY2022: 67.5%

- FY2023: 32.6%

- FY2024: 16.9%

- FY2025: 5.3%

- LTM to Jun 2026: 0.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.2B

- Net income, five-year total: $2.1B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.0 pp

- Working capital / revenue, final three-year average: 14.7%

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

- FY2021: 1.03×

- FY2022: 1.03×

- FY2023: 1.02×

- FY2024: 1.13×

- FY2025: 1.21×

### 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: 58.2% vs 16.9%

- Per-share earnings: 2.67 to 2.44 (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: -2.8%

- Ordinary dilution, 5-year annual growth: -2.4%

- Market cap gain: -$3.5B

- Cumulative retained earnings: -$85M

- Diluted shares, 10-year annual growth: -2.8%

- Diluted shares, 5-year annual growth: -2.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.1%

- Per-share value change: -$0.22

- Per-share value, starting three-year median: $2.67

- Per-share value, ending three-year median: $2.44

- Buybacks concentrated in cheaper years (correlation): 0.41

- Average buyback yield: 3.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $50M

- Cumulative net income, 10 years: $3.9B

- ROIC, first three-year median: 58.2%

- ROIC, last three-year median: 16.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.67

- FY2017: $2.33

- FY2018: $3.57

- FY2019: $3.90

- FY2020: $2.70

- FY2021: $5.36

- FY2022: $6.03

- FY2023: $3.88

- FY2024: $2.44

- FY2025: $1.33

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 18.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.41×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.20×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.6%

- FY2017: -8.7%

- FY2018: -7.3%

- FY2019: -2.8%

- FY2020: -11.3%

- FY2021: -0.2%

- FY2022: -0.9%

- FY2023: -7.5%

- FY2024: -5.6%

- FY2025: -6.5%

## Holders

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 71% since Feb 2022 · "RHI Q2 Deep Dive: Margin Pressure and Regulatory Shifts Challenge Sequential Recovery" (finance.yahoo.com, Aug 2026) · sales -1.6%

Story as of 2026-10-16T09:59:30.036Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.5% a year for ten years

- 2025-04-23: Robert Half (NYSE:RHI) Misses Q1 Sales Targets, Stock Drops 10% ([finance.yahoo.com](https://finance.yahoo.com/news/robert-half-nyse-rhi-misses-200947153.html))

- 2025-05-12: RHI Q1 Earnings Call: Management Cites Cautious Clients and Cost Actions Amid Revenue Miss ([finance.yahoo.com](https://finance.yahoo.com/news/rhi-q1-earnings-call-management-083249037.html))

- 2026-01-30: Robert Half outlines Q1 2026 revenue guidance of $1.26B–$1.36B as sequential growth returns ([seekingalpha.com](https://seekingalpha.com/news/4544634-robert-half-outlines-q1-2026-revenue-guidance-of-1_26b-1_36b-as-sequential-growth-returns?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-03-11: Robert Half Tackles AI Hiring Delays As Verification Demand Meets Weak Stock ([finance.yahoo.com](https://finance.yahoo.com/news/robert-half-tackles-ai-hiring-140854585.html))

- 2026-07-26: Robert Half (RHI) Falls On Earnings And Guidance But Is The Valuation Now Compelling ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/robert-half-rhi-falls-earnings-110911170.html))

### Sales · FY2025–2026

sales -1.6%; source https://www.sec.gov/Archives/edgar/data/315213/000031521326000006/rhi-20251231.htm; observed 2026-02-13.

- FY2017: $5.3B 

- FY2018: $5.8B 

- FY2019: $6.1B 

- FY2020: $5.1B 

- FY2021: $6.5B 

- FY2022: $7.2B 

- FY2023: $6.4B 

- FY2024: $5.8B 

- FY2025: $5.4B 

- FY2026: $5.3B 

### Gross margin · FY2026

gross margin 36.8%; source https://www.sec.gov/Archives/edgar/data/315213/000031521326000006/rhi-20251231.htm; observed 2026-02-13.

- FY2017: 41.1% 

- FY2018: 41.6% 

- FY2019: 41.6% 

- FY2020: 39.4% 

- FY2021: 41.7% 

- FY2022: 42.7% 

- FY2023: 40.3% 

- FY2024: 38.8% 

- FY2025: 37.2% 

- FY2026: 36.8% 

## Owner memo

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

### How it makes money

Operates in staffing & employment services; annual sales are USD 5.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/315213/000031521326000006/rhi-20251231.htm (filed 2026-02-13); FY2025: revenue 5378506000; grossProfit 2002313000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RHI.US: Robert Half Inc. provides talent solutions and business consulting services in the United States and internationally. The company operates through three segments: Contract Talent Solutions, Permanent Placement Talent Solutions, and Protiviti. The Contract Talent Solutions segment provides contract engagement professionals in the fields of finance and accounting, technology, marketing and creative, legal and administrative, and customer support. The Permanent Placement Talent Solutions segment engages in the placement of full-time accounting, finance, and tax and accounting operations personnel. The Protiviti segment offers a range of consulting and managed solutions for regulatory compliance, finance, technology, operations, data, digital, legal, HR, governance, risk, and internal audit. The company markets its contract talent and permanent placement services to clients and employment candidates through national and local advertising activities, including radio, digital advertising, job boards, alliance partners, and events. The company offers its services primarily under the Robert Half and Protiviti brands. The company was formerly known as Robert Half International Inc. and changed its name to Robert Half Inc. in July 2023. Robert Half Inc. was founded in 1948 and is headquartered in Menlo Park, California.

### Why customers stay

Margins ranged from 37.2% to 40.3% during 2023–25; it earns 34.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 40.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 38.8%.

- Source: https://www.sec.gov/Archives/edgar/data/315213/000031521326000006/rhi-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 37.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2017,0.5582589051521566],[2018,0.7466789981568646],[2019,0.3616647365780214],[2020,0.2692682944795845],[2021,0.5610905197401571],[2022,0.6747889137566048],[2023,0.326173272825663],[2024,0.1689052260547501],[2025,0.0533208316758465],[2026,0.007929798237224459]]; median 0.3439190047018422. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 6.6% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 4274208.9692246765; upkeep 78681791.03077532; cash acquisitions 2200000; owner earnings 329022208.9692247. Growth capex plus acquisitions / owner earnings = 0.019677118421602493.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 40753000; cash acquisitions 1160000; owner earnings 315324000. Growth capex plus acquisitions / owner earnings = 0.0036787558194111454.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 0; upkeep 42484000; cash acquisitions 0; owner earnings 457753000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 59464000; cash acquisitions 0; owner earnings 460594000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 33377000; cash acquisitions 15836000; owner earnings 354798000. Growth capex plus acquisitions / owner earnings = 0.04463384799237876.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 0; upkeep 36611000; cash acquisitions 0; owner earnings 616466000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 0; upkeep 61120000; cash acquisitions 18984000; owner earnings 674789000. Growth capex plus acquisitions / owner earnings = 0.02813323868646347.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 45874000; cash acquisitions 1035000; owner earnings 419519000. Growth capex plus acquisitions / owner earnings = 0.0024671111439529556.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 56318000; cash acquisitions 264000; owner earnings 284595000. Growth capex plus acquisitions / owner earnings = 0.0009276340062193643.

- Source: https://www.sec.gov/Archives/edgar/data/315213/000031521326000006/rhi-20251231.htm (filed 2026-02-13); FY2025: growth capex 0; upkeep 53155000; cash acquisitions 10722000; owner earnings 161461000. Growth capex plus acquisitions / owner earnings = 0.06640612903425595.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,114164000],[2017,121000000],[2018,136423000],[2019,145631000],[2020,155935000],[2021,170612000],[2022,189286000],[2023,205910000],[2024,220409000],[2025,238220000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/315213/000031521326000006/rhi-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 92093000 USD.

### Are managers owners

Insiders own 3.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RHI.US SharesStats.PercentInsiders = 3.58 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.5% yearly over ten years; actual decline was 4.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate -0.0477088809117468. Price 34.39; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.610584603496821 → FY2025 1.6095880851742563. Closing-price date 2026-10-15.

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

- 2016-10: $37.42 per share

- 2016-11: $44.87 per share

- 2016-12: $48.78 per share

- 2017-01: $47.06 per share

- 2017-02: $48.24 per share

- 2017-03: $48.83 per share

- 2017-04: $46.05 per share

- 2017-05: $46.49 per share

- 2017-06: $47.93 per share

- 2017-07: $45.25 per share

- 2017-08: $45.30 per share

- 2017-09: $50.34 per share

- 2017-10: $51.77 per share

- 2017-11: $57.04 per share

- 2017-12: $55.54 per share

- 2018-01: $57.88 per share

- 2018-02: $57.07 per share

- 2018-03: $57.89 per share

- 2018-04: $60.75 per share

- 2018-05: $63.68 per share

- 2018-06: $65.10 per share

- 2018-07: $75.76 per share

- 2018-08: $78.18 per share

- 2018-09: $70.38 per share

- 2018-10: $60.53 per share

- 2018-11: $61.83 per share

- 2018-12: $57.20 per share

- 2019-01: $64.43 per share

- 2019-02: $68.19 per share

- 2019-03: $65.16 per share

- 2019-04: $62.09 per share

- 2019-05: $53.66 per share

- 2019-06: $57.01 per share

- 2019-07: $60.41 per share

- 2019-08: $53.47 per share

- 2019-09: $55.66 per share

- 2019-10: $57.27 per share

- 2019-11: $58.20 per share

- 2019-12: $63.15 per share

- 2020-01: $58.17 per share

- 2020-02: $50.41 per share

- 2020-03: $37.75 per share

- 2020-04: $47.27 per share

- 2020-05: $50.74 per share

- 2020-06: $52.83 per share

- 2020-07: $50.87 per share

- 2020-08: $53.20 per share

- 2020-09: $52.94 per share

- 2020-10: $50.69 per share

- 2020-11: $64.18 per share

- 2020-12: $62.48 per share

- 2021-01: $67.50 per share

- 2021-02: $77.79 per share

- 2021-03: $78.07 per share

- 2021-04: $87.61 per share

- 2021-05: $88.79 per share

- 2021-06: $88.97 per share

- 2021-07: $98.21 per share

- 2021-08: $103.40 per share

- 2021-09: $100.33 per share

- 2021-10: $113.07 per share

- 2021-11: $111.17 per share

- 2021-12: $111.52 per share

- 2022-01: $113.26 per share

- 2022-02: $120.29 per share

- 2022-03: $114.18 per share

- 2022-04: $98.31 per share

- 2022-05: $90.15 per share

- 2022-06: $74.89 per share

- 2022-07: $79.14 per share

- 2022-08: $76.97 per share

- 2022-09: $76.50 per share

- 2022-10: $76.46 per share

- 2022-11: $78.78 per share

- 2022-12: $73.83 per share

- 2023-01: $83.96 per share

- 2023-02: $80.62 per share

- 2023-03: $80.57 per share

- 2023-04: $73.00 per share

- 2023-05: $65.02 per share

- 2023-06: $75.22 per share

- 2023-07: $74.15 per share

- 2023-08: $73.96 per share

- 2023-09: $73.28 per share

- 2023-10: $74.77 per share

- 2023-11: $81.98 per share

- 2023-12: $87.92 per share

- 2024-01: $79.54 per share

- 2024-02: $80.40 per share

- 2024-03: $79.28 per share

- 2024-04: $69.14 per share

- 2024-05: $64.23 per share

- 2024-06: $63.98 per share

- 2024-07: $64.19 per share

- 2024-08: $62.67 per share

- 2024-09: $67.41 per share

- 2024-10: $68.11 per share

- 2024-11: $74.61 per share

- 2024-12: $70.46 per share

- 2025-01: $64.79 per share

- 2025-02: $59.09 per share

- 2025-03: $54.55 per share

- 2025-04: $44.30 per share

- 2025-05: $45.79 per share

- 2025-06: $41.05 per share

- 2025-07: $36.91 per share

- 2025-08: $37.32 per share

- 2025-09: $33.98 per share

- 2025-10: $26.19 per share

- 2025-11: $27.04 per share

- 2025-12: $27.16 per share

- 2026-01: $34.61 per share

- 2026-02: $24.42 per share

- 2026-03: $25.40 per share

- 2026-04: $26.61 per share

- 2026-05: $29.44 per share

- 2026-06: $30.70 per share

- 2026-07: $37.80 per share

- 2026-08: $45.34 per share

- 2026-09: $36.75 per share

- 2026-10: $34.39 per share

## Annual estimated value (USD per share)

- FY2016: low $31.36 per share, central $38.41 per share, high $44.60 per share

- FY2017: low $31.23 per share, central $36.34 per share, high $42.03 per share

- FY2018: low $39.60 per share, central $50.79 per share, high $59.15 per share

- FY2019: low $49.60 per share, central $70.30 per share, high $82.36 per share

- FY2020: low $39.87 per share, central $44.86 per share, high $51.51 per share

- FY2021: low $68.06 per share, central $97.28 per share, high $113.57 per share

- FY2022: low $80.69 per share, central $115.54 per share, high $134.98 per share

- FY2023: low $58.23 per share, central $68.73 per share, high $79.11 per share

- FY2024: low $46.79 per share, central $52.68 per share, high $60.52 per share

- FY2025: low $42.02 per share, central $47.32 per share, high $54.38 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

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/315213/000031521326000006/rhi-20251231.htm); period 2025-12-31, filed 2026-02-13.

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.