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Kelly Services Inc (KELYA) stock

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NASDAQ: KELYA Nasdaq Human Resource & Employment Services Next results ~November 5, 2026

C Fundamentals grade

Kelly Services Inc is a US-listed company in the human resource & employment services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$26

Cash-flow model

Base case. Range ~$19–$35 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 56% above it.

Price used: $16.84, November 2, 2026

Kelly Services Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 3 selling7 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds97 adding, 65 cuttingOf 35 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Kelly Services files

Where Kelly Services stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.06bn, down 9.6% on a year earlier, a steeper fall than the 7.3% decline a quarter earlier. That puts it 13 of 13 for growth among the human resource & employment services companies we cover. Free-cash-flow margin fell to 0.5% from 2.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $25.93 a share, against a share price of $16.47. At that price, our model says the market is pricing in cash flow shrinking about 5.2% a year for five years, close to the -3.7% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Kelly Services Inc's trailing-twelve-month revenue fell 9.6% year on year, with a free-cash-flow margin of 0.5%. Where it stands out: stock pay as % of revenue of 0.3% ranks 2 of 20 human resource & employment services companies we cover. Where it lags: days sales outstanding of 110 days ranks 17 of 18 human resource & employment services companies we cover.

Our discounted-cash-flow model values the business at ~$26 per share in the base case (~$19–$35 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 80.5% while net income fell 4309.7%: a 4229pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $16.84 is 56% below our value per share of $26.
  • Shrinking share count. Diluted shares fell 1.9% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.4% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 9.6% over the last 12 months.
  • Loss-making. Operating margin is -2.3%: costs exceed revenue.
  • Growth easing. The growth rate is 2.3 points lower than a quarter earlier.
  • Below peers: days sales outstanding. Days sales outstanding of 110 days ranks 17 of 18 human resource & employment services companies we cover (median 68 days).
  • Below peers: change in growth rate. Change in growth rate of -2.3pp ranks 18 of 20 human resource & employment services companies we cover (median +0.5pp).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.37 against an average estimate of $0.23: beat by 57.5%
Revenue
$1.04bn, down 5.8% on a year earlier
Share reaction
-0.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
underlying revenue growth growth 1% to 2% (Third Quarter of 2026); adjusted EBITDA margin 2% (Third Quarter of 2026)
Next report
November 5, 2026; average EPS estimate $0.07

Kelly Services' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week+1.6%
  • 1 month+7.1%
  • This year+95.3%
  • 1 year+54.7%
  • 5 years-5.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.1B
Operating margin
-2.3%
Net margin
-6.7%
EPS (TTM, diluted)
$-7.88

Growth

Revenue growth
−9.6%
Change in growth rate
−2.3 pts
Share count change
−1.9%

Cash

Free cash flow (TTM)
$20.5M
FCF margin
0.5%
Stock pay % of revenue
0.3%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Product
  5. Product
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Results
  11. Guidance
  12. Announcement
  13. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Kelly Services Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 5.0% a year for five years.That is close to the -3.7% a year revenue growth Kelly Services has delivered.

  • Priced in-5.0%
  • Last 12 months-9.6%
  • 3 years a year-6.0%
  • 5 years a year-3.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($16.72, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$26
Price used
$16.72close November 3, 2026
Implied change
▲ +57%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Kelly Services Inc's free cash flow after stock-based pay with after-tax interest added back ($58.2M, FY2026 Q2 TTM), growing 2.3% and 2.5% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$19–~$35 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Kelly Services Inc's free cash flow after stock-based pay ( $58.2M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Kelly Services Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.77 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$26 ~$19–$35 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$26 ~$22–$35 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$26 ~$26–$26 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Kelly Services Inc with Human Resource & Employment Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Last year's free-cash-flow margin change, if it persists ▼ −75%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $22$31$42$57$77$102
8.5% $17$23$31$42$56$73
10% $13$18$24$33$43$57

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$24.04$18.08$20.06$18.65$15.29$15.63$20.33$12.59$8.44$16.84
Market value$937m$707m$786m$733m$604m$596m$738m$447m$296m$584m
+ Net debt (− = net cash)−$22m−$33m−$24m−$223m−$113m−$153m−$126m$200m$69m$54m
Enterprise value$915m$674m$763m$510m$491m$443m$612m$647m$365m$638m
Multiples
Price / sales 0.2x0.1x0.1x0.2x0.1x0.1x0.2x0.1x0.1x0.1x
Price / earnings 13.1x30.9x7.0x—3.9x—20.3x———
Price / free cash flow 20.3x19.7x9.6x4.3x8.2x—12.0x28.3x2.6x28.5x
EV / EBITDA 8.6x5.9x6.7x—6.3x9.2x10.5x25.8x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

23 /100

Weak moat

How hard Kelly Services's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median 2.2% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 19.7%, moving by 1.0 percentage points (standard deviation) across 9 years.

  • Durability 0 / 20

    Operating margin has been a median 0.7%; its worst year was -2.3%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 8 of 9 years, at a median 0.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 11.9% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (38 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $926m and EPS of $0.07 (range $0.03 to $0.14) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.09 −13% $4.1bn −4%
Next $1.82 +66% $4.3bn +4%

Next year's EPS estimate has moved +6.4% in 90 days, across 4 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.23 $0.37 +57.5%
Mar 2026 $0.06 $0.03 −47.8%
Dec 2025 $0.43 $0.16 −63.2%
Sept 2025 $0.41 $0.18 −56.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • underlying revenue growth Third Quarter of 2026 1% growth to 2% growth
    “Third Quarter of 2026 - Expect year-over-year improvement relative to second quarter, with overall underlying revenue growth of 1% to 2%, and total revenue to be flat to a decline of 2% versus the prior year.” source
  • Adjusted EBITDA margin year-over-year improvement (bps) Full Year 2026 10 to 20 Non-GAAP Maintained
    “Full Year 2026 - On a full year basis, expect low-to-mid single digit total revenue decline and a 10 to 20 bps year-over-year improvement in adjusted EBITDA margin.” source
  • Adjusted EBITDA margin Third Quarter of 2026 about 2% Non-GAAP
    “Adjusted EBITDA margin in the low 2% range, representing 40 to 50 bps of year-over-year improvement relative to the prior year.” source
  • Adjusted EBITDA margin year-over-year improvement (bps) Third Quarter of 2026 40 to 50 Non-GAAP
    “Adjusted EBITDA margin in the low 2% range, representing 40 to 50 bps of year-over-year improvement relative to the prior year.” source
  • Adjusted EBITDA margin Fourth Quarter of 2026 about 4% Non-GAAP
    “Fourth Quarter of 2026 - Expect substantial improvement in year-over-year performance versus third quarter for both revenue and adjusted EBITDA margin resulting in mid-to-upper single digits revenue growth and approximately 200 bps of year-over-year adjusted EBITDA margin expansion resulting in adjusted EBITDA margin of approximately 4%.” source
  • Adjusted EBITDA margin year-over-year expansion (bps) Fourth Quarter of 2026 about 200 Non-GAAP
    “Fourth Quarter of 2026 - Expect substantial improvement in year-over-year performance versus third quarter for both revenue and adjusted EBITDA margin resulting in mid-to-upper single digits revenue growth and approximately 200 bps of year-over-year adjusted EBITDA margin expansion resulting in adjusted EBITDA margin of approximately 4%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Kelly Services Inc's revenue by +2.3% next year and +2.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.8%, weight 49%) , management guidance (+1.5%, weight 22%) and the company's own record (+2.0%, weight 29%) . How the weights are set.

Analyst recommendations

3 analysts, Oct 2026
Buy267%
Hold133%
Sell00%

Monthly trend

  1. Oct 20261113
  2. Sep 20261113
  3. Aug 20261113

Counts of recommendations published by analysts covering Kelly Services Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.6%
of tradable shares
Days to cover
3.72
at average volume
Short interest, 1 month
−14%
to September 30, 2026
Held by institutions
96%
of shares
Held by insiders
10.1%
of shares
Employees
4,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +54.7%

$10.89 on October 31, 2025 to $16.84

ThenNowEffect
Revenue (last 12 months) $4.5bn $4.1bn −9.6%
P/S multiple 0.1x 0.1x +67.9%
Share count 35m 35m +1.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −4.5%

$17.64 on November 3, 2023 to $16.84

ThenNowEffect
Revenue (last 12 months) $4.9bn $4.1bn −16.9%
P/S multiple 0.1x 0.1x +6.7%
Share count 37m 35m +7.6%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KELYA−18%+2%+30%−35%−35%+95%
Industry peers (median)+48%−21%+4%−15%−29%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KELYA33%58%58%33%42%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KELYA−39%−39%−18%−48%−44%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 72% from April 19, 2018 to November 20, 2025. Getting back needed a 253% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$7.92 – $17.28
From 52-week high
−2.5%
vs 50-day average
+3.3%
vs 200-day average
+35.2%
Volatility (1 year)
41%
Beta vs S&P 500
0.34

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±7.6%
After a week
7 up, 5 down
typical move ±9.8%
After a month
6 up, 6 down
typical move ±13.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −0.2% +0.5% +7.2% +11.3%
May 7, 2026 +0.8% +0.5% +0.2% +22.3%
February 12, 2026 −1.2% −1.5% −0.6% −13.0%
November 6, 2025 −15.6% −1.0% −23.6% −24.0%
August 7, 2025 +15.5% +0.7% +15.2% +12.0%
May 8, 2025 +6.1% +0.6% +8.0% +6.5%
February 13, 2025 +6.4% +1.1% +4.4% −0.9%
November 7, 2024 −25.8% +1.2% −32.4% −33.5%
August 8, 2024 −4.9% +2.8% −1.4% −0.9%
May 9, 2024 −1.3% +0.7% −2.6% −8.4%
February 15, 2024 +7.2% +0.2% +10.9% +11.5%
November 9, 2023 +6.0% +0.8% +11.1% +15.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Kelly Services Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Kelly Services Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Kelly Services Inc
$4B $4.2B $4.4B $4.6B $4.8B $5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $4.8B Revenue (TTM), FY23 Q4: $4.8B Revenue (TTM), FY24 Q1: $4.6B Revenue (TTM), FY24 Q2: $4.5B Revenue (TTM), FY24 Q3: $4.4B Revenue (TTM), FY24 Q4: $4.3B Revenue (TTM), FY25 Q1: $4.5B Revenue (TTM), FY25 Q2: $4.5B Revenue (TTM), FY25 Q3: $4.4B Revenue (TTM), FY25 Q4: $4.3B Revenue (TTM), FY26 Q1: $4.1B Revenue (TTM), FY26 Q2: $4.1B $4.1B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $4.8B
FY23 Q4 $4.8B
FY24 Q1 $4.6B
FY24 Q2 $4.5B
FY24 Q3 $4.4B
FY24 Q4 $4.3B
FY25 Q1 $4.5B
FY25 Q2 $4.5B
FY25 Q3 $4.4B
FY25 Q4 $4.3B
FY26 Q1 $4.1B
FY26 Q2 $4.1B
Revenue growth, TTM YoY Kelly Services Inc
-15% -10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -2.9% Revenue growth, TTM YoY, FY23 Q4: -2.6% Revenue growth, TTM YoY, FY24 Q1: -6.6% Revenue growth, TTM YoY, FY24 Q2: -8.9% Revenue growth, TTM YoY, FY24 Q3: -9.6% Revenue growth, TTM YoY, FY24 Q4: -10.4% Revenue growth, TTM YoY, FY25 Q1: -3.5% Revenue growth, TTM YoY, FY25 Q2: 1.0% Revenue growth, TTM YoY, FY25 Q3: 0.5% Revenue growth, TTM YoY, FY25 Q4: -1.9% Revenue growth, TTM YoY, FY26 Q1: -7.3% Revenue growth, TTM YoY, FY26 Q2: -9.6% -9.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -2.9%
FY23 Q4 -2.6%
FY24 Q1 -6.6%
FY24 Q2 -8.9%
FY24 Q3 -9.6%
FY24 Q4 -10.4%
FY25 Q1 -3.5%
FY25 Q2 1.0%
FY25 Q3 0.5%
FY25 Q4 -1.9%
FY26 Q1 -7.3%
FY26 Q2 -9.6%
Operating margin (TTM) Kelly Services Inc
-3% -2% -1% 0% 1% 2% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 0.4% Operating margin (TTM), FY23 Q4: 0.5% Operating margin (TTM), FY24 Q1: 0.9% Operating margin (TTM), FY24 Q2: 1.0% Operating margin (TTM), FY24 Q3: 1.1% Operating margin (TTM), FY24 Q4: -0.3% Operating margin (TTM), FY25 Q1: -0.7% Operating margin (TTM), FY25 Q2: -0.5% Operating margin (TTM), FY25 Q3: -2.9% Operating margin (TTM), FY25 Q4: -1.6% Operating margin (TTM), FY26 Q1: -2.1% Operating margin (TTM), FY26 Q2: -2.3% -2.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 0.4%
FY23 Q4 0.5%
FY24 Q1 0.9%
FY24 Q2 1.0%
FY24 Q3 1.1%
FY24 Q4 -0.3%
FY25 Q1 -0.7%
FY25 Q2 -0.5%
FY25 Q3 -2.9%
FY25 Q4 -1.6%
FY26 Q1 -2.1%
FY26 Q2 -2.3%
FCF margin (TTM) Kelly Services Inc
0% 1% 2% 3% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 1.0% FCF margin (TTM), FY23 Q4: 1.3% FCF margin (TTM), FY24 Q1: 1.1% FCF margin (TTM), FY24 Q2: 1.6% FCF margin (TTM), FY24 Q3: 1.0% FCF margin (TTM), FY24 Q4: 0.4% FCF margin (TTM), FY25 Q1: 1.5% FCF margin (TTM), FY25 Q2: 2.3% FCF margin (TTM), FY25 Q3: 2.3% FCF margin (TTM), FY25 Q4: 2.7% FCF margin (TTM), FY26 Q1: 1.6% FCF margin (TTM), FY26 Q2: 0.5% 0.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 1.0%
FY23 Q4 1.3%
FY24 Q1 1.1%
FY24 Q2 1.6%
FY24 Q3 1.0%
FY24 Q4 0.4%
FY25 Q1 1.5%
FY25 Q2 2.3%
FY25 Q3 2.3%
FY25 Q4 2.7%
FY26 Q1 1.6%
FY26 Q2 0.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Jan 2012 2012 Dec 2012 2013 Dec 2013 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Jan 2023 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5,551 5,451 5,413 5,374 5,514 5,356 4,516 4,910 4,965 4,836 4,332 4,251 4,063
Gross profit 883 897 890 954 972 968 828 919 1,012 961 883 853 799
EBITDA 89 95 74 106 114 113 −69 78 48 58 25 −27 −51
Operating income 58 72 53 83 87 82 −94 49 15 24 −15 −70 −92
Net income 64 50 59 72 23 112 −72 156 −63 36 −1 −254 −273
Diluted EPS $1.69 $1.32 $1.54 $1.81 $0.58 $2.84 −$1.83 $3.91 −$1.64 $0.98 −$0.02 −$7.24 −$7.88
Growth (year on year)
Revenue — −1.8% −0.7% −0.7% +2.6% −2.9% −15.7% +8.7% +1.1% −2.6% −10.4% −1.9% −9.6%
EBITDA — — — — — −0.2% −161.2% — — — — — —
Net income — — — — — — −164.1% — −140.0% — — — —
Diluted EPS — — — — — — −164.4% — −141.9% — — — —
Margins
Gross margin 15.9% 16.4% 16.4% 17.8% 17.6% 18.1% 18.3% 18.7% 20.4% 19.9% 20.4% 20.1% 19.7%
EBITDA margin 1.6% 1.7% 1.4% 2.0% 2.1% 2.1% −1.5% 1.6% 1.0% 1.2% 0.6% −0.6% −1.3%
Operating margin 1.0% 1.3% 1.0% 1.5% 1.6% 1.5% −2.1% 1.0% 0.3% 0.5% −0.3% −1.6% −2.3%
Net margin 1.1% 0.9% 1.1% 1.3% 0.4% 2.1% −1.6% 3.2% −1.3% 0.8% −0.0% −6.0% −6.7%
Free-cash-flow margin 0.1% 0.7% 1.8% 0.9% 0.6% 1.5% 3.8% 1.5% −1.8% 1.3% 0.4% 2.7% 0.5%
Cash flow
Cash from operations 19 61 115 71 61 102 186 85 −76 77 27 123 27
Capital spending 15 22 20 25 26 20 16 11 12 15 11 9 7
Free cash flow 4 40 95 46 36 82 171 74 −88 61 16 114 21
Stock-based pay 5 5 4 9 8 6 4 5 8 10 12 12 12
Free cash flow after stock pay −1 35 92 37 28 77 167 69 −96 52 4 102 9
Balance sheet
Cash 81 76 126 33 35 26 223 113 154 126 39 33 24
Total debt 96 64 28 10 2 2 0 0 1 0 239 102 78
Net debt (negative = net cash) 15 −12 −97 −22 −33 −24 −223 −113 −153 −126 200 69 54
Diluted shares 37m 37m 37m 39m 39m 39m 39m 40m 38m 36m 36m 35m 35m
Returned to shareholders
Dividends 4 8 8 12 12 12 3 4 11 11 11 11 11
Total returned 4 8 8 12 12 12 3 4 11 11 11 11 11

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · June 28, 2026
What it owns · $2.3bn
Short-term assets $1.3bnLonger-term assets $984m
What it owes, and who funded it · $1.8bn
Short-term liabilities $867mShareholders' equity $982m
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $867m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $24m of cash against $78m of debt.
  • Debt below 40% of shareholders' equity Debt is 8% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $27m of operating cash flow against $78m of debt.
  • Operating profit covers interest at least five times over Operating income of −$92m against $9m of interest.

From Kelly Services Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$11M
Returned to shareholders
54%
of free cash flow
Diluted share count
−1.9%
year over year
Total shareholder yield
1.9%
dividends 1.9% + buybacks 0.0% of market value
Sales & admin spending
19.4%
of revenue
Days sales outstanding
110 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in human resource & employment services
Last 12 months unless stated KELYA EFOR TNET RHI KFY PAYX Median
Revenue, last 12 months $4.1bn $4.0bn $4.8bn $5.3bn $3.0bn $6.6bn $1.7bn
Revenue growth, last 12 months −9.6% 0.0% −4.2% −2.9% 6.9% 14.0% 5.6%
Revenue growth, 3-year average −6.0% −4.1% −0.7% −7.3% 1.4% 9.1% −0.5%
Revenue growth, latest quarter −5.8% 2.0% −4.6% 0.4% 6.9% 5.9% 5.2%
Gross margin 19.7% 28.3% — 37.3% — 74.4% 28.0%
Operating margin −2.3% 4.6% 6.8% 1.4% 12.9% 39.2% 1.0%
Operating margin, 3-year average −0.6% 6.1% 8.9% 2.3% 11.3% 39.5% 2.3%
Net margin −6.7% 1.7% 3.6% 2.3% 9.4% 27.4% 1.5%
Cash from operations / revenue 0.7% 5.8% 7.8% 4.6% 13.5% 34.1% 1.9%
Free-cash-flow margin 0.5% 4.9% 5.9% 3.9% 10.7% 30.5% 1.2%
Free-cash-flow margin, 3-year average 1.5% 7.1% 8.2% 4.6% 10.3% 30.9% 2.4%
Stock pay / revenue 0.3% 1.3% 1.4% — 1.6% 1.3% 1.3%
Change in share count −1.9% −5.8% −2.1% −0.7% −0.8% −0.9% −0.1%

Median of all 21 companies we cover in human resource & employment services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

21 human resource & employment services companies
Measure Company Peer median Rank
Revenue growth Growth -9.6% 5.6% 19 of 21
Change in growth rate Growth -2.3pp +0.5pp 18 of 20
Gross margin Profitability 19.7% 27.8% 12 of 17
Operating margin Profitability -2.3% 0.6% 13 of 19
Net margin Profitability -6.7% 1.5% 17 of 21
Free-cash-flow margin Cash generation 0.5% 1.2% 13 of 21
Stock pay as % of revenue Cash generation 0.3% 1.3% 2 of 20
Long-term debt as % of assets Balance sheet 3.4% 11.3% 3 of 14
Change in share count Balance sheet -1.9% -0.1% 5 of 20
Days sales outstanding Balance sheet 110 days 68 days 17 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 28, 2025
Geography
Region Revenue Share YoY
Americas $4.1B 97.4% ▼ 2.2%
United States $3.8B 92.0% ▼ 1.8%
Other Americas $332M 8.0% ▼ 7.0%
Asia Pacific $65M 1.5% ▲ 16.7%
Europe $45.6M 1.1% ▲ 8.8%

From Kelly Services Inc's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$322M
Institutions reporting
168
Shares held vs prior quarter
▲ 8.3%
Positions opened / closed
28 / 19

Top buyers and sellers, Q2 2026: 97 institutions bought and 65 sold ; the biggest buyer was Gate City Capital Management, LLC (+1.2M shares) and the biggest seller Charles Schwab Investment Management Inc (−453K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $31.6M 2.6M 9.8% ▲ 8.7%
Private Management Group Inc $18.3M 1.5M 5.7% ▼ 0.6%
Vanguard Capital Management LLC $16M 1.3M 5.0% ▼ 1.6%
Charles Schwab Investment Management Inc $15.2M 1.2M 4.7% ▼ 26.7%
Gate City Capital Management, LLC $15.1M 1.2M 4.7% New
American Century Companies Inc $14.8M 1.2M 4.6% ▲ 40.3%
Dimensional Fund Advisors LP $14.5M 1.2M 4.5% ▼ 24.3%
AQR Capital Management LLC $12.6M 1.0M 3.9% ▼ 1.0%
Geode Capital Management, LLC $9.8M 799K 3.0% ▲ 1.5%
Jb Capital Partners LP $9.4M 769K 2.9% ▲ 1.3%
Pacific Ridge Capital Partners, LLC $9.4M 764K 2.9% ▲ 39.6%
State Street Corp $8.4M 684K 2.6% ▼ 0.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Kelly Services Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $327,209 7 trades by 3 insiders, last 12 months Insider sales History → $106M 3 trades by 3 insiders · 0% under pre-set plans
Net ▼ $106M net selling
Insider Date Trade Shares Price Value
Williams Vanessa Peterson EVP, Gen Counsel & Corp Sec May 14, 2026 Sell 29,999 $9.78 $293,392
Layden Christopher D. President, and CEO March 24, 2026 Buy 10,000 $8.76 $87,600
Layden Christopher D. President, and CEO March 24, 2026 Buy 100 $13.52 $1,352
Brock-Kyle Angela Director March 4, 2026 Buy 100 $14.77 $1,477
Hunt James Christopher Director February 25, 2026 Buy 4,000 $9.30 $37,200
Hunt James Christopher Director February 23, 2026 Buy 10,000 $9.43 $94,300
Hunt James Christopher Director February 20, 2026 Buy 10,000 $9.57 $95,700
Hunt James Christopher Director February 18, 2026 Buy 1,000 $9.58 $9,580
Terence E. Adderley Revocable Trust K 10% owner January 30, 2026 Sell 3,039,940 $34.87 $106M
Murphy Leslie A Director December 24, 2025 Sell 47 $8.52 $400

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 12, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Kelly Services Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Kelly Services Inc in brief

What does Kelly Services Inc do?
Kelly Services Inc is a US-listed company in the human resource & employment services industry. Its financial year ends in December.
What is Kelly Services Inc's stock ticker?
Kelly Services Inc trades under the ticker KELYA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Kelly Services Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Kelly Services Inc reported revenue of $4.1B, 9.6% lower than a year earlier, according to its SEC filings.
What is Kelly Services Inc's free cash flow?
Kelly Services Inc's free-cash-flow margin is 0.5% of revenue over the trailing twelve months, ranking 13 of the 21 human resource & employment services companies we cover.
What is Kelly Services Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Kelly Services Inc's free cash flow after stock-based pay gives ~$26 per share in the base case, and ~$19–$35 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Kelly Services Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Private Management Group Inc and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Kelly Services Inc's market cap?
On November 2, 2026, Kelly Services Inc's market capitalisation was about $584M and net debt of $53.9M. Market figures come from third-party market data and may be delayed.
Does Kelly Services Inc pay a dividend?
Yes: Kelly Services Inc paid $11M in dividends over the trailing twelve months, a dividend yield of 1.86%.
How much debt does Kelly Services Inc have?
Kelly Services Inc's debt-to-equity ratio is 8.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Kelly Services Inc's competitors?
In our Human Resource & Employment Services peer group, the companies closest to Kelly Services Inc are Everforth Inc, Trinet Group, Inc., Robert Half Inc., Korn Ferry and Paychex. The side-by-side comparison below sets their revenue, margins and growth against Kelly Services Inc's.
Are insiders buying or selling Kelly Services Inc stock?
Over the last 12 months, Kelly Services Inc's directors and officers reported 7 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Kelly Services Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Kelly Services Inc announces its own schedule.