Industrials · Staffing & Employment Services · NYSE · United States
$45.87+21.74%
Market cap $4.7BNext earnings 2026-10-22Updated Oct 23, 2026
Our verdict
Trades 73% above our fair value
Price
$45.87
Model fair valueConfidence: good
$26.45
Model range
$20.11 to $30.81
Fair value $26.45
Price $45.87
3 models fit Robert Half Inc. Common Stock and they disagree: 1 of 3 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Silver63
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionRobert Half Inc. Common Stock (RHI)
Fair value (3 models)
$26.45
ACCE price target
$47.00
Rating
Overvalued
Horizon
12 months
Fair value published on 21 Oct 2026, 13:04 CEST; previously $25.62 since 17 Oct 2026, 00:00 CEST.
ACCE price target published on 24 Oct 2026, 03:20 CEST; previously $34.00 since 11 Oct 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 13:04 CEST.
Price used: $45.87 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
73.4% above
-42.3% to fair value
ACCE score
50
out of 100
Analysts
36% buy
11 covering
P/E
39.9x
forward 23.3x
1-year return
+56.7%
Dividend yield
6.26%
Robert Half Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Robert Half runs staffing businesses under the Robert Half, Protiviti and Accountemps brands, placing accountants, finance and technology professionals, and supplying consultants for internal audit, risk and cybersecurity work through Protiviti. The moat is in the Protiviti consulting arm and its specialist recruiting franchise, but the current picture is weak: revenue is shrinking 2.4%, the operating margin is negative at -4.7%, and ROE sits at 9.1%. The stock trades at 29.9 times trailing earnings against 16.7 times forward, a gap that signals the market expects earnings to recover from a depressed base rather than that the business is already compounding. The case for a deeper look rests on whether white-collar hiring stabilises and margins rebuild, and the score of 47/100 with no index membership suggests the market has not yet been persuaded that it will.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Earnings collapsing
Earnings fell 36.3% year over year and revenue fell 2.4%, while operating margin sits at -4.7%. Net margin of +2.2% is being held up by non-operating items, not the core business.
high
Heavy short interest
Short interest is 23.4% of shares. A stock with shrinking revenue and earnings drawing that much short interest signals sustained professional skepticism about the outlook.
moderate
Valuation rests on forecasts
The gap depends on earnings recovering from the current decline.
AI research notes
AI-assisted·How I use AIWritten Oct 18, 2026 · figures from 2026-10-16 · prices to Oct 23, 2026
Why it could do well
Free cash flow of $267M over the last twelve months gives a 7.6% yield, a sizeable cash return for a stock at this price.
Analysts' mean price target of $35.00 sits 5.1% above the current share price, suggesting some upside in the eyes of covering analysts.
Robert Half cut its diluted share count by 2.6% last year, so each remaining share holds a slightly larger slice of the business.
Why it could disappoint
Revenue fell 2.4% year over year, and the stock trades at a trailing P/E of 29.0x, a premium that revenue no longer supports.
A 7.6% free cash flow yield and a 7.1% dividend yield look generous, but the business earns a return on equity of only 9.1%.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
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Valuation
INVESTOR
Where RHI's valuation models land
Price
$45.87
Model fair value
$26.45
Model range
$20.11 to $30.81
Fair value $26.45
Price $45.87
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores