Barrett Business Services Inc (BBSI) is fairly valued and Insperity Inc (NSP) is undervalued.
Against our estimates of intrinsic value, NSP trades at the wider discount: a margin of safety of +29%, against +4% for BBSI.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.6% (average of 3 methods) values the shares at $34.76; the price of $33.26 is 4% below that value, and 74% of that value comes from beyond year five.
Leak Score 55/100 on 9 of 12 signals
Its through-the-cycle earnings (3.8% median margin), capitalised at 7.9% with no growth, values the shares at $70.34; the price of $50.26 is 29% below that value.
Leak Score 55/100 on 7 of 12 signals
| Metric | BBSI | NSP |
|---|---|---|
| Verdict | Fairly valued | Undervalued |
| Price | $33.26 | $50.26 |
| Intrinsic value | $34.76 | $70.34 |
| Margin of safety | +4% | +29% |
| Leak Score | 55/100 (9/12) | 55/100 (7/12) |
| Market cap | $806M | $1.9B |
| Revenue growth, 5 years | 7.1% | 9.7% |
| Operating margin | 4.1% | -0.0% |
| Net margin | 2.8% | -0.2% |
| Return on equity | 16.3% | -18.5% |
| Debt to equity | 0.12 | 7.84 |
| P/E | 24.6x | — |
| Forward P/E | 16.6x | 18.6x |
| P/B | 3.9x | 30.5x |
| Dividend yield | 1.0% | 4.8% |