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Robert Half

0KX9.L
40
Staffing & Employment Services · Industrials
Price
46.27 GBp
+9.23 (+24.92%)
Market Cap
£4.74B
Exchange
London Stock Exchange
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
5/30
Growth
Weak
1/20
Cash Flow
Strong
7/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
8/15
Dividends
Good
3/5

40 of 100 counted points = Winston Score 40.

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Share count falling — buybacks

−10.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 111.7M (2021) → 100.3M (2025)

§Winston Score History

The full picture

Robert Half International helps businesses find workers when they need extra help. The company specializes in placing skilled professionals — mainly accountants, finance staff, lawyers, and technology workers — into temporary or permanent jobs at other companies. It also runs Protiviti, an internal consulting division that helps businesses manage risk and improve operations.

Robert Half makes money by charging client companies a fee based on the hours or salaries of the workers it places. It operates primarily in the United States but also has offices in Europe, Asia, and Australia, giving it a broad geographic footprint for a staffing firm. The company has built a reputation over decades in specialized finance and accounting roles, which is harder to replicate than general staffing. However, with an operating margin of just 1.4%, the business is sensitive to economic slowdowns — when companies freeze hiring, revenue and profits can fall quickly, which is the main risk investors watch closely.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.4% YoY

YoY Growth Rate

Revenue declining

Reported EPS Growth

-36.6% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.41

30 Jun 2026: $0.26

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

9.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$325M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Robert Half's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
35.5%
Modest — 35.5% gross margin
Profit after running costs
Operating Margin
-4.7%
Losing money on operations — -4.7%
Return on the money invested
ROCE
0.7%
Weak — 0.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-4.9%
Shrinking sales (-4.9% YoY)
Profit growth
EPS YoY
-34.3%
Earnings shrinking (-34.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
223%
Turns 223% of profit into real cash
Spare cash per sale
FCF Margin
4.1%
Thin free cash flow (4.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.20
Conservative — low debt load (0.20)
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
37.6x
Pricey — P/E 37.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+20.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (37.6 → 17.2)

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Dividends

Dividend
Dividend Yield
6.92%
Healthy income — 6.92% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+2.6%
Dividend flat
Payout Ratio
196%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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