TrueBlue, Inc. (TBI)

NYSE · Common Stock · Services-Help Supply Services

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

24 entities across 13 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-18 — see the exhibit.

Which other public companies file entities in the same places:

Nevada4 Delaware4 Washington3 Australia2 Illinois2 Netherlands2 California1 Puerto Rico1 Canada1 Poland1 United Kingdom1 India1

Subsidiaries of TrueBlue, Inc. as disclosed in its SEC filing
Entity	Jurisdiction	Note
Centerline Drivers, LLC	Nevada
Healthcare Staffing Professionals, Inc.	California
Labor Ready Holdings, Inc.	Nevada
PeopleReady, Inc.	Washington
PeopleReady Florida, Inc.	Washington
PeopleScout, Inc.	Delaware
PeopleScout MSP, LLC	Nevada
PeopleScout Pty, Ltd	Australia
PeopleScout Technology PTY	Australia
RenewableWorks, LLC	Washington
SIMOS Insourcing Solutions, LLC	Delaware
SMX, LLC	Illinois
Spartan Staffing Puerto Rico, LLC	Puerto Rico
Staff Management Solutions, LLC	Illinois
Staffing Solutions Holdings, Inc.	Delaware
TBI Outsourcing Canada, Inc.	Canada
TBI Outsourcing Poland, Sp. z o.o.	Poland
PeopleScout Limited	United Kingdom
TrueBlue Enterprises, Inc.	Nevada
TrueBlue India LLP	India
TrueBlue Netherlands I, B.V.	Netherlands
TrueBlue Netherlands II, B.V.	Netherlands
TrueBlue Services, Inc.	Delaware
Worker’s Assurance of Hawaii, Inc.	Hawaii

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 7

FAILReturn on assets positiveROA -7.5%
FAILOperating cash flow positiveOCF -58M
PASSReturn on assets improving-18.6% → -7.5%
FAILCash flow exceeds earningsOCF -58M vs NI -48M
FAILLong-term debt ratio falling1.1% → 10.3% of assets
PASSCurrent ratio improving1.73 → 2.15
PASSNo share dilution30M → 30M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improvingno data

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	—	−$141.8M	$125.5M	—	35,365,000
FY2021	—	$61.6M	−$14.6M	—	35,434,000
FY2022	—	$62.3M	$89.9M	—	33,447,000
FY2023	—	−$14.2M	$3.5M	—	31,317,000
FY2024	—	−$125.7M	−$41.2M	—	30,177,000
FY2025	—	−$48.0M	−$73.7M	—	29,849,000

Ownership flow

10 institutions tracked — 6 added, 4 reduced, 1 sold out. Index money added 88,014 shares while active managers cut 11,137.

Institutional holders of TrueBlue, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
AQR CAPITAL MANAGEMENT LLC	Hedge fund	232,882	+150,660	$1.6M
BANK OF AMERICA CORP /DE/	Active fund	319,212	−140,318	$2.2M
BlackRock, Inc.	Index	2,230,995	+73,150	$15.6M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	172,500	−48,434	$1.2M
MORGAN STANLEY	Active fund	132,946	+32,705	$926,638
GEODE CAPITAL MANAGEMENT, LLC	Index	753,807	+31,776	$5.3M
STATE STREET CORP	Index	657,470	−16,912	$4.6M
JPMORGAN CHASE & CO	Active fund	239,116	−13,464	$1.7M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	53,898	+6,939	$376,000
FMR LLC	Active fund	7,973	+775	$55,572

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0000768899
LEI: 984500CFC05CC9FFFA48
FIGI: BBG000BP69N0
SIC: 7363 · Services-Help Supply Services
Incorporated: WA
Headquarters: TACOMA, WA

Ownership

Institutional: 90.9%
Institutions: 170
Insiders: 7.7%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other services-help supply services companies

TrueBlue, Inc. files under SIC 7363 — all 11 services-help supply services companies compared on assets and F-score.

ManpowerGroup Inc.MAN ROBERT HALF INC.RHI KELLY SERVICES INCKELYA INSPERITY, INC.NSP AMN HEALTHCARE SERVICES INCAMN TTEC Holdings, Inc.TTEC

Questions about TrueBlue, Inc.

How many subsidiaries does TrueBlue, Inc. file with the SEC?: 24, listed in its most recent exhibit 21. They are incorporated across 13 jurisdictions, led by Nevada, California, Washington. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is TrueBlue, Inc. financially healthy?: TrueBlue, Inc. scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of TrueBlue, Inc.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), GEODE CAPITAL MANAGEMENT, LLC (adding), STATE STREET CORP (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

24 entities across 13 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-18 — see the exhibit.

Entity

Jurisdiction

Note

Centerline Drivers, LLC

Nevada

Healthcare Staffing Professionals, Inc.

California

Labor Ready Holdings, Inc.

Nevada

PeopleReady, Inc.

Washington

PeopleReady Florida, Inc.

Washington

PeopleScout, Inc.

Delaware

PeopleScout MSP, LLC

Nevada

PeopleScout Pty, Ltd

Australia

PeopleScout Technology PTY

Australia

RenewableWorks, LLC

Washington

SIMOS Insourcing Solutions, LLC

Delaware

SMX, LLC

Illinois

Spartan Staffing Puerto Rico, LLC

Puerto Rico

Staff Management Solutions, LLC

Illinois

Staffing Solutions Holdings, Inc.

Delaware

TBI Outsourcing Canada, Inc.

Canada

TBI Outsourcing Poland, Sp. z o.o.

Poland

PeopleScout Limited

United Kingdom

TrueBlue Enterprises, Inc.

Nevada

TrueBlue India LLP

India

TrueBlue Netherlands I, B.V.

Netherlands

TrueBlue Netherlands II, B.V.

Netherlands

TrueBlue Services, Inc.

Delaware

Worker’s Assurance of Hawaii, Inc.

Hawaii

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 7

FAILReturn on assets positiveROA -7.5%
FAILOperating cash flow positiveOCF -58M
PASSReturn on assets improving-18.6% → -7.5%
FAILCash flow exceeds earningsOCF -58M vs NI -48M
FAILLong-term debt ratio falling1.1% → 10.3% of assets
PASSCurrent ratio improving1.73 → 2.15
PASSNo share dilution30M → 30M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improvingno data

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

—

−$141.8M

$125.5M

—

35,365,000

FY2021

—

$61.6M

−$14.6M

—

35,434,000

FY2022

—

$62.3M

$89.9M

—

33,447,000

FY2023

—

−$14.2M

$3.5M

—

31,317,000

FY2024

—

−$125.7M

−$41.2M

—

30,177,000

FY2025

—

−$48.0M

−$73.7M

—

29,849,000

Ownership flow

10 institutions tracked — 6 added, 4 reduced, 1 sold out. Index money added 88,014 shares while active managers cut 11,137.

Institutional holders of TrueBlue, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
AQR CAPITAL MANAGEMENT LLC	Hedge fund	232,882	+150,660	$1.6M
BANK OF AMERICA CORP /DE/	Active fund	319,212	−140,318	$2.2M
BlackRock, Inc.	Index	2,230,995	+73,150	$15.6M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	172,500	−48,434	$1.2M
MORGAN STANLEY	Active fund	132,946	+32,705	$926,638
GEODE CAPITAL MANAGEMENT, LLC	Index	753,807	+31,776	$5.3M
STATE STREET CORP	Index	657,470	−16,912	$4.6M
JPMORGAN CHASE & CO	Active fund	239,116	−13,464	$1.7M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	53,898	+6,939	$376,000
FMR LLC	Active fund	7,973	+775	$55,572

Questions about TrueBlue, Inc.

How many subsidiaries does TrueBlue, Inc. file with the SEC?

24, listed in its most recent exhibit 21. They are incorporated across 13 jurisdictions, led by Nevada, California, Washington. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is TrueBlue, Inc. financially healthy?

TrueBlue, Inc. scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of TrueBlue, Inc.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), GEODE CAPITAL MANAGEMENT, LLC (adding), STATE STREET CORP (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.