$Barrett Business Services (BBSI.US)$It is an American compa...

In the single US market, the gross profit margin has been around 20% over the past five years, while the return on equity has reached 36.6% at one point, before falling to 18.7%.

Revenue has not changed much in the past five years, falling only by 6.5% in 2020, while operating profit increased in the first three years, fell by 28.4% in 2020, rebounded in 2021, but did not reach the high point in 2019. Net profit fell by 30.1% in 2020 and rebounded by 12.8% in 2021, basically at the 2018 level. Net profit has grown by an average of 15% over the past five years and has risen to 0% in the past three years.

In the first two quarters of 2022, revenue increased by 12.6%, operating profit by 68.2% and net profit by 46%.

The income statement shows that interest expenses account for 0.8% of operating profit in 2021, and the burden is very light, but because the expenses are higher than in 2019, the operating profit has not reached the high level of 2019.

Over the past five years, the asset-liability ratio has fallen from 87% to 72% and rebounded to 77% in the first two quarters of 2022.

The balance sheet is relatively simple, the month-on-month increase in receivables in the first two quarters of 2022 is very fast, the year-on-year increase is normal, and should be seasonal. Both short-term and long-term loans have been cleared, and the company's finances are very healthy.

The net operating volume has declined year by year over the past five years, especially the net operating outflow in 2020 and 2021, which is mainly caused by other changes in working capital, while the net investment is net outflow for two years. Net operating volume accumulated net inflow 220 million, net investment cumulative net outflow 177 million, there is still a certain shareholder surplus.

In the first two quarters of 2022, it was a magical company with net operating outflow and net investment inflow, with a cumulative basic balance.

With a price-to-earnings ratio of 15.8 and a price-to-earnings ratio of TTM 13.5, the valuation is less attractive relative to revenue or profit growth over the past five years.