Robert Half Inc. Continued Uneven Path Keeps Us Sell

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Robert Half Inc. Continued Uneven Path Keeps Us Sell

Global Research

24 July 2026ab

Robert Half Inc. Equities

AmericasContinued Uneven Path Keeps Us Sell

Software

12-month rating Sell

Many moving parts coupled with another restructuring

The RHI stock is indicating down 5-7% after hours on low volume—modestly below its 12m price target US$20.00

implied 8.7% move—as the market discounts an uneven pace of recovery and another

restructuring charge that helped Q3 guidance 11¢. While Q2 was in line with UBSe and

Price (23 Jul 2026) US$37.85

Street, we remind investors Q2 guidance when it was initially provided was 30% below

the Street, 3¢ miss EVEN if adjusted for severance + cost savings. Looking forward, we RIC: RHI.N BBG: RHI US

remain cautious—amid continued signs of contracting talent solutions [~55% revenue]

Trading data and key metrics

in the two first weeks of July, down 1%YoY [2% contraction in Q2]. We also highlight

52-wk range US$41.83-21.86

weak Q3 trends Protiviti—down 4 to 8%—decelerating further at -6% midpoint vs. ~-

5% in Q2. Amid lack of a sustainable recovery, Robert Half has been restructuring to Market cap. US$3.82b

help EPS—3 restructuring charges since Q224—with the lower end of the Q3 guided Shares o/s 101m (COM)

range 43¢-53¢—essentially flat EPS. If not for the11¢ restructuring benefit, Q3 Free float 98%

EPS would have been 32¢-42¢ (UBSe/St.: 49¢/47¢). In addition, there was ZERO share Avg. daily volume ('000) 780

repurchase again—down 90%YoY last quarter in Q425 and zero in Q126, which we Avg. daily value (m) US$24.1

consider a proxy for confidence in inflection. Amid lack of reasons to believe in a Common s/h equity (12/26E) US$1.20b

sustainable recovery, we remain Sell with $20 PT as continued macro uncertainty + P/BV (12/26E) 3.4x