Kelly Services Inc. (KELYB) intrinsic value & 10-year financials
Kelly Services Inc. (KELYB) has a Graham intrinsic value of $2.22 per share. Over the last 10 fiscal years revenue shrank 2.9% a year to $4.3B, with an average return on invested capital of 2.1%.
- Graham intrinsic value
- $2.22
- Revenue (FY2025)
- $4.3B
- Revenue growth (10-yr CAGR)
- -2.9%
- ROIC (10-yr avg)
- 2.1%
- Free cash flow (FY2025)
- $114.1M
KELYB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.3B | -$254.1M | -$7.24 | $114.1M | -1.6% | -5.4% |
| FY2024 | $4.3B | -$600.0K | -$0.02 | $15.8M | -0.3% | -0.6% |
| FY2023 | $4.8B | $36.4M | $0.98 | $61.4M | 0.5% | 2.0% |
| FY2022 | $4.9B | $156.1M | $3.91 | $73.8M | 1.0% | 3.4% |
| FY2021 | $4.5B | -$72.0M | -$1.83 | $170.5M | -2.1% | -5.4% |
| FY2019 | $5.4B | $112.4M | $2.84 | $82.2M | 1.5% | 6.8% |
| FY2018 | $5.5B | $22.9M | $0.58 | $35.8M | 1.6% | 3.9% |
| FY2017 | $5.4B | $71.6M | $1.81 | $46.6M | 1.5% | 6.9% |
| FY2016 | $5.5B | $53.8M | $1.39 | $6.6M | 1.2% | 6.6% |
| FY2014 | $5.6B | $23.7M | $0.61 | -$91.7M | 0.4% | 2.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
KELLY SERVICES INC is facing top-line stagnation, with revenue contracting over the decade.
KELLY SERVICES INC has historically struggled to out-earn its cost of capital, averaging just 2.1% ROIC.
Over the decade, KELLY SERVICES INC shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, KELLY SERVICES INC is modeled at -2.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.22 per share.