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Staffing scale creates revenue sensitive to labor demand, while thin operating margins make profitability depend on activity levels and overhead control. Capital spending is modest relative to revenue, but payroll timing versus customer collections can make operating and free cash flow volatile.
Revenue and earnings improved, but quarterly operating and free cash flow remained negative even as trailing free cash flow returned just above zero. The results show a recovery in reported earnings without yet establishing dependable quarterly cash conversion.
Whether operating cash flow becomes consistently positive as payroll and receivables timing normalizes.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 598.5m | 689m | 591.9m | 1B | 1.6B | 847.8m | 639m | 581.3m | 509.4m | 871m | |
| 598.5m | 689m | 591.9m | 1B | 1.6B | 847.8m | 639m | 581.3m | 509.4m | 871m | |
| 4.4B | 5.4B | 5.3B | 5.3B | 4.9B | 5.4B | 5.1B | 4.8B | 4.3B | 4.8B | |
| 4.4B | 5.4B | 5.3B | 5.3B | 4.9B | 5.4B | 5.1B | 4.8B | 4.3B | 4.8B | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 121.3m | 111.7m | 129.1m | 185.6m | 186.9m | 126.7m | 158m | 160.8m | 163.7m | 149.1m | |
| 5.1B | 6.2B | 6B | 6.5B | 6.7B | 6.4B | 5.9B | 5.6B | 5B | 5.8B | |
| 147.3m | 157.7m | 152.6m | 591.8m | 535.8m | 528.4m | 525.6m | 588.6m | 516.2m | 555.2m | |
| 147.3m | 157.7m | 152.6m | 591.8m | 535.8m | 528.4m | 525.6m | 588.6m | 516.2m | 555.2m | |
| (419.7m) | (475.7m) | (461m) | (462.2m) | (479.6m) | (478.1m) | (472.7m) | (396.6m) | (369.8m) | (403.7m) | |
| 294.4m | 284m | 246.3m | 268.6m | 248.6m | 583.6m | 549.5m | 519.6m | 486.1m | 430.1m | |
| 1.2B | 1.3B | 1.3B | 1.3B | 1.2B | 1.7B | 1.6B | 1.6B | 1.6B | 1.5B | |
| 759.7m | 927.7m | 826.7m | 618.8m | 651.6m | 572m | 492.8m | 563.1m | 665m | 839.8m | |
| 1.2B | 1.3B | 1.3B | 1.3B | 1.2B | 1.7B | 1.6B | 1.6B | 1.6B | 1.5B | |
| 7.6B | 8.9B | 8.5B | 9.2B | 9.3B | 9.8B | 9.1B | 8.8B | 8.2B | 9.2B | |
| 1.9B | 2.3B | 2.3B | 2.5B | 2.5B | 3B | 2.8B | 2.7B | 2.6B | 2.7B | |
| 1.7B | 2.1B | 1.9B | 1.9B | 2.1B | 2.2B | 2.1B | 2.1B | 1.8B | 1.9B | |
| 39.5m | 49.1m | 49.9m | 61m | 20.4m | 16.8m | 21.5m | 9m | 21m | 34.6m | |
| 300k | 420.3m | 200k | 0 | 0 | 535.8m | 5.1m | 3.1m | 2.4m | 590.4m | |
| 3.7B | 4.8B | 4.2B | 4.4B | 4.7B | 5.8B | 4.9B | 4.8B | 4.4B | 5.2B | |
| 785.6m | 478.1m | 1B | 1B | 1.1B | 565.7m | 959.9m | 990.5m | 929.4m | 1.1B | |
| 84.5m | 82.7m | 73.6m | 18.5m | 12.6m | 10m | 10.8m | 10.8m | 1.7m | 700k | |
| 683.4m | 737.5m | 620.1m | 1B | 1.1B | 951m | 800.7m | 805.9m | 707.6m | 814.1m | |
| 5.2B | 6.1B | 5.9B | 6.5B | 6.9B | 7.3B | 6.7B | 6.6B | 6.1B | 7.1B | |
| 1.2m | 1.2m | 1.2m | 1.2m | 1.2m | 1.2m | 1.2m | 1.2m | 1.2m | 1.2m | |
| 2.3B | 2.7B | 3.2B | 3.5B | 3.4B | 3.6B | 3.9B | 3.8B | 3.8B | 3.7B | |
| 3.2B | 3.3B | 3.3B | 3.4B | 3.4B | 3.4B | 3.5B | 3.5B | 3.5B | 3.6B | |
| 18.6m | 15.3m | 0 | — | — | — | — | — | — | — | |
| (2.7B) | (3B) | (3.5B) | (3.7B) | (4B) | (4.2B) | (4.4B) | (4.6B) | (4.8B) | (4.8B) | |
| (444.7m) | (303.5m) | (399.8m) | (441m) | (397.3m) | (389.4m) | (458.7m) | (466m) | (443m) | (412.1m) | |
| 2.4B | 2.8B | 2.6B | 2.7B | 2.4B | 2.5B | 2.4B | 2.2B | 2.1B | 2.1B | |
| 7.6B | 8.9B | 8.5B | 9.2B | 9.3B | 9.8B | 9.1B | 8.8B | 8.2B | 9.2B | |
| 67m | 66.1m | 60.8m | 58.7m | 55.6m | 53.6m | 50.6m | 48.4m | 46.7m | 46.3m |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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