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World's largest HR services and staffing company, placing temporary and permanent workers globally.
World's largest HR services and staffing company, placing temporary and permanent workers globally.
Bills clients for the hours temporary workers put in, earning the markup over the wage and associated costs, with smaller, higher-margin fees for finding permanent hires. Temporary staffing is the first thing employers cut in a downturn and the first they add in a recovery, so results swing with the economy. The business spans Europe, North America and Asia-Pacific.
In one line: A Dutch ManpowerGroup/Robert Half.
Moat: narrow (scale, brand, distribution). Global branch/recruiter network and brand recognition, in a low-differentiation staffing industry.
Headquarters: Diemen, Netherlands · Founded: 1960 · Employees: 38,480
Size Randstad (RAND.AS) is a Netherlands Industrials company (Personnel Services) with a market value of $8.14B, the 24th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €41.24 on 6 Nov 2026.
Performance Over six months the shares gained 68.9%, against +23.0% for the median peer and +0.4% for the Netherlands market (cap-weighted) — highest of 7 in its peer set.
Growth Revenue was unchanged over the last twelve months (peer median +7.1%); the operating margin is 2.8% (peer median 2.1%).
Valuation It trades at 15.5× forward earnings against a peer median of 13.0× (2nd most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 points above its cost of capital (6.6% WACC).
Credit Randstad has 1 bond outstanding ($557M), rated Baa1 by the agencies and trading like BBB- at a weighted spread of 93 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €23.3B | €23.1B | €24.1B | €25.4B | €27.6B |
| Revenue growth | — | -4% | -5% | -8% | — |
| Gross profit | €4.16B | €4.00B | €4.43B | €4.97B | €5.43B |
| EBITDA | €963M | €953M | €908M | €1.30B | €1.55B |
| Net income | €348M | €299M | €123M | €624M | €929M |
| Free cash flow | €604M | €786M | €563M | €1.12B | €997M |
| Capital expenditure | €20.0M | €74.0M | €88.0M | €94.0M | €129M |
| Total debt | €1.85B | €1.91B | €2.22B | €1.18B | €1.14B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Randstad RAND.AS | $8.14B | +69% | 0% | 3% | 15.5× | 1.1% |
| ManpowerGroup MAN | $2.07B | +49% | +7% | 2% | 10.3× | -0.4% |
| Adecco ADEN.SW | $4.82B | +24% | 0% | 2% | 10.3× | -3.5% |
| Robert Half RHI | $4.28B | +55% | -3% | 1% | 23.5× | 26.7% |
| Recruit 6098.T | $149B | +133% | +9% | 20% | 30.3× | 22.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RAND.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.5% | +0.3% | 2nd highest of 7 |
| 6-month return | +68.9% | +23.0% | highest of 7 |
| Distance from 52-week high | -2.4% | -13.7% | highest of 7 |
| Revenue growth (TTM) | 0.0% | +7.1% | 2nd lowest of 7 |
| Operating margin | 2.8% | 2.1% | 3rd highest of 7 |
| Forward P/E | 15.5× | 13.0× | 2nd most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 1.1% | -0.4% | 3rd most demanding of 6 |
| Growth delivered (Del g) | +2.2% | +1.0% | 3rd highest of 6 |
| Hurdle (Req g minus delivered) | -1.1 pp | -4.1 pp | 3rd most demanding of 6 |
| ROIC minus cost of capital | +2.0 pp | +1.3 pp | 3rd highest of 7 |
| Net debt / EBITDA | 1.6× | 0.0× | 3rd most indebted of 6 |
| Bond spread | 93 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Randstad RAND.AS | Netherlands | $8.14B | +69% | 0% | 3% | 15.5× | 1.1% | +2.2% |
| Adecco ADEN.SW | Switzerland | $4.82B | +24% | 0% | 2% | 10.3× | -3.5% | +0.7% |
| Robert Half RHI | United States | $4.28B | +55% | -3% | 1% | 23.5× | 26.7% | +1.0% |
| Korn Ferry KFY | United States | $4.11B | +11% | +7% | 13% | 13.0× | 2.0% | +10.1% |
| Persol 2181.T | Japan | $4.11B | +22% | +10% | 4% | 13.7× | -10.3% | +10.4% |
| Jinhai Medical Technology 2225.HK | Hong Kong | $3.02B | -6% | +75% | -17% | n/a | n/a | n/a |
| ManpowerGroup MAN | United States | $2.07B | +49% | +7% | 2% | 10.3× | -0.4% | 0.0% |
Randstad has 1 bond outstanding with $557M face value. The agencies rate it Baa1; its bonds trade like BBB-. Weighted yield 3.94%, a spread of 93 bp over government bonds.