Robert Half Inc. (RHI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-6.3%

$42.01

vs $44.82 price

Levered DCF

$43.85

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.89

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.42×	28.76×	22.54×	12.14×	20.58×	22.97×	16.07×	15.89×
P/B	2.13×	5.25×	5.84×	5.09×	8.92×	5.84×	6.39×	6.48×
P/S	0.51×	1.25×	1.45×	1.1×	1.91×	1.38×	1.2×	1.19×
EV / EBITDA	9.7×	15.88×	13.25×	7.33×	15.24×	16.37×	11.9×	9.96×
Gross margin	37.2%	38.8%	40.3%	42.7%	41.7%	39.4%	41.6%	41.6%
Operating margin	1.4%	4.2%	7.3%	13.5%	11.5%	6.8%	9.3%	10.1%
Net margin	2.5%	4.3%	6.4%	9.1%	9.3%	6.0%	7.5%	7.5%
Current ratio	1.52×	1.66×	1.83×	1.83×	1.67×	1.76×	1.73×	1.8×
Debt / equity	0.33×	0.29×	0.25×	0.25×	0.32×	0.44×	0.42×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	8.8%	3.0%	2.2%	2.4%	1.4%	2.2%	2.0%	2.0%
Payout ratio	179.1%	87.6%	50.1%	28.8%	28.5%	50.9%	32.0%	31.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.4%	18.3%	25.9%	41.9%	43.3%	25.4%	39.7%	40.8%
Return on invested capital	3.4%	10.4%	17.8%	39.1%	33.0%	15.8%	28.6%	39.8%
Return on assets	4.7%	8.8%	13.7%	22.2%	20.3%	12.0%	19.7%	22.8%
Free cash flow yield	9.8%	4.9%	6.4%	7.8%	4.6%	8.0%	6.3%	7.7%
Earnings yield	4.9%	3.5%	4.4%	8.2%	4.9%	4.3%	6.2%	6.3%
Enterprise value	$2.7B	$7.1B	$8.9B	$7.7B	$12.1B	$7B	$7.5B	$6.6B
Net debt / EBITDA	-0.16×	-0.3×	-0.49×	-0.26×	-0.22×	-0.11×	0.33×	-0.42×
Cash conversion cycle (days)	36	34	37	38	40	38	39	65