Insperity Inc (NSP)
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symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business itself works: revenue rose again in 2025 to $6,812 million, client retention improved from 81 percent to 83 percent, equity is positive, all credit covenants were met at March 31, 2026, and the first quarter of 2026 was profitable with $33 million of net income. There is no substance finding in the sense of a going-concern warning, negative equity or a cash runway below four quarters. What is open is the decisive operating question: whether prices durably rise faster than health costs is not proven — one seasonally strong quarter with operating income below the prior year does not settle it. Add equity of only $67 million against $2,196 million of total assets, covenants loosened twice, a dividend not covered by 2025 earnings, and dependence on a single carrier that bears roughly 85 percent of health costs. This is the textbook case for yellow: a working business with an unproven turn. The share price does not determine this color. The decision is yours.
symbol.quality_note
Insperity is the employer that appears on nobody's business card: roughly 310,000 people work at small U.S. companies and sit on this Texas company's payroll. In 2025, $45,565 million of gross billings ran through the books. Gross profit came to $900 million — ten million less than the business cost to run that year. One scissor movement explains it: benefits cost per covered employee rose 9 percent, pricing only 3 percent. We read the annual report and the quarterly report for March 31, 2026, and check whether that gap is really closing. Dated numbers instead of opinions with exclamation marks.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at NSP since then.
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Appears in These Scanners
This stock currently matches 16 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 50.60 $ — 77% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIInsperity setzt KI operativ ein — im Geschäftsbericht 10-K für 2025 nennt das Unternehmen selbst entwickelte KI-gestützte Werkzeuge für die eigenen Servicemitarbeiter und den Wettbewerbszwang, KI in die eigenen Lösungen zu bringen; eine eigene KI-Umsatzquelle wird in keinem der geprüften Berichte ausgewiesen.
View the full file — quotes, sources, reviewed filings
„We have developed AI-based technologies to assist our service personnel in addressing client needs and are working to expand certain AI-based tools for our clients and WSEEs."
Wir haben KI-gestützte Technologien entwickelt, die unser Servicepersonal bei der Bearbeitung von Kundenanliegen unterstützen, und arbeiten daran, bestimmte KI-gestützte Werkzeuge auf unsere Kunden und die bei ihnen beschäftigten Mitarbeiter auszuweiten.
„Further, in order to effectively compete in this environment, we must identify and predict trends, and adapt our technology and service offerings accordingly, including by leveraging AI in our solutions."
Um in diesem Umfeld wirksam bestehen zu können, müssen wir außerdem Trends erkennen und vorhersagen und unsere Technologie und unser Leistungsangebot entsprechend anpassen — auch dadurch, dass wir KI in unseren Lösungen nutzen.
„These costs are further impacted by a number of factors, including coverage options elected by employees, macro-economic changes, proposed and enacted regulatory changes, wide-spread health-related outbreaks, increased utilization of new pharmaceuticals, and the use of AI-based billing solutions by healthcare providers."
Diese Kosten werden zusätzlich von mehreren Faktoren beeinflusst, darunter die von den Beschäftigten gewählten Versicherungsoptionen, gesamtwirtschaftliche Veränderungen, geplante und beschlossene Regeländerungen, großflächige Krankheitsausbrüche, die stärkere Nutzung neuer Arzneimittel und der Einsatz KI-gestützter Abrechnungslösungen durch Leistungserbringer im Gesundheitswesen.
Filings Reviewed: 10-Q 2026-05-01 · 10-K 2026-02-11 · 10-Q 2025-11-04 · 10-Q 2025-08-01 · 10-Q 2025-04-29 · 10-K 2025-02-11
Rated on July 26, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 2.3% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 5
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.11 | 2.05 – 2.19 | 6,907 | 105.2% | 5 |
| 12/31/2027 | 2.70 | 2.25 – 3.00 | 7,202 | 27.7% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.22 | -142.30 | 1,613 | 2.10 | -0.60 | 619 | 606 |
| 2025: Q1 | 1.34 | -35.40 | 1,863 | 3.40 | 2.70 | -443 | -449 |
| 2025: Q2 | -0.14 | -129.20 | 1,658 | 3.30 | -0.30 | -79 | -86 |
| 2025: Q3 | -0.53 | -766.70 | 1,623 | 4.00 | -1.20 | -11 | -20 |
| 2025: Q4 | -0.88 | – | 1,668 | 3.40 | -2.00 | 255 | 246 |
| 2026: Q1 | 0.88 | -34.80 | 1,895 | 1.70 | 1.70 | -67 | -73 |
| 2026: Q2 | 0.10 | 171.40 | 1,686 | 1.70 | 0.20 | 48 | 41 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 2,941 | 106 | 66 | 1.58 | 133 | 61 | 907 |
| 2017 | 3,300 | 130 | 84 | 2.05 | 204 | 66 | 1,064 |
| 2018 | 3,829 | 179 | 135 | 3.27 | 184 | 78 | 1,192 |
| 2019 | 4,315 | 187 | 151 | 3.74 | 205 | 4 | 1,395 |
| 2020 | 4,287 | 195 | 138 | 3.56 | 346 | 44 | 1,584 |
| 2021 | 4,973 | 173 | 124 | 3.19 | 260 | -2 | 1,753 |
| 2022 | 5,939 | 250 | 179 | 4.64 | 348 | 81 | 2,039 |
| 2023 | 6,486 | 219 | 171 | 4.46 | 198 | 94 | 2,120 |
| 2024 | 6,581 | 117 | 91 | 2.39 | 520 | 97 | 2,597 |
| 2025 | 6,812 | -10 | -7 | -0.18 | -278 | 46 | 2,203 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
As co-employer for small and medium-sized U.S. companies, Insperity bundles workforces into a purchasing group for benefits — a value a forty-person shop cannot create alone. In 2025 it paid an average of 310,089 worksite employees per month and client retention rose from 81 percent to 83 percent. Revenue grew from $4,973 million in 2021 to $6,812 million in 2025 even though contracts are generally cancellable on 30 days notice.
Gross profit fell 14 percent to $900 million in 2025 and for the first time came in below operating expenses of $910 million. Operating income flipped from $250 million in 2022 through $117 million in 2024 to minus $10 million, and diluted earnings per share from $4.64 in 2022 to minus $0.19. The Form 10-K for 2025 gives the cause: a 3 percent pricing increase against a 6 percent rise in direct costs per worksite employee, driven by a 9 percent increase in benefits cost per participant.
In the first quarter of 2026 benefits cost per covered employee rose only 5.2 percent against an unchanged 3 percent pricing increase — the gap narrowed from 6 to 2.2 percentage points. Operating income of $62 million nonetheless trailed the prior-year quarter's $68 million, including $9 million of restructuring charges. Worksite employees paid fell 1 percent, which the filing attributes in part to the company's own margin recovery efforts.
At March 31, 2026, stockholders equity of $67 million sits within total assets of $2,196 million (about 3 percent), with $369 million drawn on the revolving facility. Of $555 million in cash and marketable securities, roughly $415 million was payable in April 2026 as taxes and payroll deductions and $104 million was client prepayments. In December 2025 lenders raised the leverage ceiling from 3.00 to 3.75; during 2025 dividends were carved out of the interest coverage covenant. All covenants were met at the reporting date.
Roughly 85 percent of health insurance costs run through the UnitedHealthcare policy; an amendment dated November 3, 2025, extends it through 2028 and allows the per-participant exposure cap of $500,000 elected for 2026. At the same time the sales force shrank in 2025 from an average of 769 advisors to 612, while roughly 17 percent of the client base has to be replaced every year.
A market capitalization of roughly $1.85 billion (38,169,182 shares at $48.35, as of July 24, 2026) equals about 0.27 times annual revenue; no price-to-earnings ratio can be formed for 2025. Measured against the $124 million to $179 million of net income earned between 2021 and 2023, the multiple would be between 10 and 15. The average analyst price target of $43.75 sits below the closing price, and short interest runs at about 12.4 percent of the float.
Insperity earns a narrow spread: in 2025, $45,565 million of gross billings ran through the books, $900 million remained as gross profit — and below it an operating loss of $10 million, the first in years. The cause is a gap the company quantifies itself: a 3 percent pricing increase against a 9 percent rise in benefits cost per covered employee. In the first quarter of 2026 that gap narrowed to 2.2 percentage points, yet operating income of $62 million still trailed the prior year's $68 million and worksite employees paid fell 1 percent — attributed in the filing to the company's own margin recovery efforts. The balance sheet carries only $67 million of equity, credit covenants were loosened twice in 2025, and the $90 million of dividends paid in 2025 was not covered by earnings. The chief executive bought roughly $12.6 million of stock between March and June 2026. Not investment advice.
- Insperity reached the research list through our in-house stock scanner "Turnaround Candidates": rank 19 of 62 U.S. hits, turnaround check 7 of 8, as of July 25, 2026. These lists are recalculated daily — rank and score are a dated snapshot. The two mandatory pillars are a distance of at least 50 percent from the all-time high and an Altman Z score of at least 1.1 with positive equity. Pillar 2 is comfortably met at 4.05; pillar 1 is the tight one: the dividend-adjusted all-time high of July 26, 2019, stands at roughly $116, half of which is about $58. If the price rises above that threshold — roughly 20 percent above the July 24, 2026, close of $48.35 — the stock leaves the list without anything changing in the business.
- The fiscal year matches the calendar year. The most recent periodic report is the Form 10-Q for March 31, 2026 (filed May 1, 2026); afterwards, through the data date of July 26, 2026, only a Form 8-K dated May 20, 2026, covering officer matters and annual meeting results (Items 5.02/5.07), Form 4 insider filings and Schedule 13G ownership filings were submitted. The report for the quarter ended June 30, 2026, was not yet available.
- Price and valuation figures are dated anchors, not buy arguments: a closing price of $48.35 on July 24, 2026, and a market capitalization of roughly $1.85 billion, calculated on the 38,169,182 shares from the quarterly report cover page dated April 23, 2026. The first quarter is Insperity's seasonally strongest because U.S. payroll tax bases reset at the start of the year — extrapolating a first quarter to the full year reliably misleads.
- As of July 26, 2026, no acquisition, merger or take-private process is pending; there is no Form S-4, no SC 13E3, no Form 25 and no Schedule 13D. The two Form 15-12B filings of December 8, 2017, and May 26, 2021, cover other classes of securities — the 2021 filing expressly names rights to purchase preferred stock and states that the reporting duty for the common stock remains.
- Risk of confusion: on the New York Stock Exchange the ticker NSP stands for Insperity, Inc., not for a network or utility operator. The former name Administaff, Inc. appears in documents up to March 1, 2011. Operating cash flow is no quality metric at a payroll processor: the swing from plus $520 million in 2024 to minus $278 million in 2025 largely follows where payroll dates fall around the balance sheet date.
About the Company
Insperity, Inc. beschäftigt sich mit der Bereitstellung von Personal- (HR) und Geschäftslösungen zur Verbesserung der Geschäftsleistung kleiner und mittlerer Unternehmen hauptsächlich in den USA.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 314,289 |
| Headquarters | Kingwood, TX |
| Address | 19001 Crescent Springs Drive, 77339 Kingwood, United States |
| Phone | 281 358 8986 |
| Website | insperity.com |
| IPO Date | 28. Jan 1997 |
| ISIN | US45778Q1076 |
| Stock Split | 2:1 on 12/19/2017 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Paul J. Sarvadi | Co-Founder, Chairman & CEO | 1957 |
| Arthur A. Steve Arizpe | President & COO | 1958 |
| James D. Allison CPA | Executive VP of Finance, CFO & Treasurer | 1969 |
| Christian P. Callens | Senior VP of Legal, General Counsel & Secretary | 1972 |
| Sean P. Duffy | Senior Vice President of Finance and Accounting | – |
| Thomas P. Gearty | Senior Vice President of Corporate Development | – |
| Laura Wilbanks | Senior Vice President of Marketing & Business Development | 1968 |
| Keith Simmons | Senior Vice President of Sales | – |
| JaNette Connell | Senior Vice President of Corporate Human Resources | – |
| Kathryn A. Johnson | Executive Vice President of Strategic Development | 1958 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.