Detailed financial statements for ASGN Incorporated (ASGN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
ASGN Incorporated is a U.S.-based professional services company specializing in information technology, digital, and creative solutions for both commercial and government clients. Its operations are divided into two primary segments: 1. Commercial Segment: This division delivers consulting, creative digital marketing, and permanent staffing solutions, primarily serving Fortune 1000 corporations and mid-sized businesses.
Analysis Summary
ASGN Incorporated reported revenue of $3.98B in the most recent fiscal year, growing at a 5-year CAGR of 2.6%. Net income reached $113.5M, with a -10.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 27.6%, operating margin 5.5%, net margin 2.1%. Free cash flow grew at -6.0% CAGR over 5 years.
At the current price of $20.96, ASGN trades at a P/E of 10.80 and an ROE of 4.58%. Market capitalisation stands at $895M.
Balance sheet quality for ASGN: current ratio of 0.0, net debt of $1.07B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $288.1M represents 254% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.44B | $2.63B | $3.40B | $3.42B | $3.50B | $4.01B | $4.58B | $4.45B | $4.10B | $3.98B |
| Cost of Revenue | $1.65B | $1.78B | $2.38B | $2.44B | $2.55B | $2.87B | $3.21B | $3.17B | $2.92B | $2.90B |
| Gross Profit | $795.2M | $850.1M | $1.02B | $971.5M | $947.2M | $1.14B | $1.37B | $1.28B | $1.18B | $1.08B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $565.8M | $591.9M | $705.0M | $645.0M | $615.0M | $735.8M | $895.0M | $844.2M | $821.2M | $854.0M |
| Operating Expenses | $605.5M | $625.3M | $763.5M | $695.3M | $666.0M | $791.5M | $960.1M | $915.9M | $879.3M | $827.5M |
| Operating Income | $189.7M | $224.7M | $260.1M | $276.2M | $281.2M | $350.9M | $409.5M | $364.1M | $304.4M | $256.8M |
| EBITDA | $252.0M | $283.3M | $355.1M | $348.5M | $370.9M | $440.5M | $500.9M | $464.4M | $400.7M | $343.8M |
| Interest Expense | $32.3M | $27.6M | $56.0M | $52.9M | $39.7M | $37.5M | $45.9M | $66.4M | $64.3M | $67.7M |
| Pre-tax Income | $157.4M | $197.1M | $204.2M | $204.4M | $241.5M | $313.4M | $363.6M | $297.7M | $240.1M | $162.6M |
| Income Tax | $60.2M | $39.2M | $46.2M | $54.7M | $63.9M | $81.6M | $96.7M | $78.4M | $64.9M | $49.1M |
| Net Income | $97.2M | $157.7M | $157.7M | $174.7M | $200.3M | $409.9M | $268.1M | $219.3M | $175.2M | $113.5M |
| EPS | $1.83 | $3.01 | $3.02 | $3.31 | $3.80 | $4.40 | $5.30 | $4.54 | $3.88 | $2.62 |
| EPS (Diluted) | $1.81 | $2.97 | $2.97 | $3.27 | $3.76 | $4.33 | $5.23 | $4.50 | $3.83 | $2.60 |
| Shares Outstanding (Diluted) | $53.7M | $53.2M | $53.1M | $53.4M | $53.3M | $53.5M | $51.3M | $48.7M | $45.7M | $43.6M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27.0M | $36.7M | $41.8M | $95.2M | $274.4M | $529.6M | $70.3M | $175.9M | $205.2M | $102.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $400.9M | $441.2M | $628.8M | $662.5M | $602.8M | $749.4M | $893.5M | $741.5M | $695.4M | 0 |
| Inventory | $6.3M | $18.6M | $11.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $437.5M | $499.5M | $686.4M | $791.5M | $994.4M | $1.31B | $981.1M | $973.3M | $917.7M | $102.3M |
| Property, Plant & Equipment | $56.9M | $58.0M | $79.1M | $168.3M | $127.9M | $112.1M | $117.4M | $145.6M | $144.5M | 0 |
| Goodwill | $873.5M | $894.1M | $1.42B | $1.49B | $1.42B | $1.57B | $1.89B | $1.89B | $1.89B | $2.60B |
| Intangible Assets | $377.7M | $352.8M | $488.7M | $476.5M | $469.9M | $487.9M | $569.6M | $497.9M | $439.8M | 0 |
| Total Assets | $1.75B | $1.81B | $2.69B | $2.94B | $3.28B | $3.50B | $3.59B | $3.54B | $3.43B | $3.69B |
| Accounts Payable | $6.3M | $6.9M | $43.1M | $39.2M | $38.3M | $20.1M | $35.2M | $34.0M | $27.2M | 0 |
| Short-term Debt | 0 | 0 | 0 | $25.8M | $24.3M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $162.5M | $166.7M | $308.2M | $340.9M | $416.2M | $450.9M | $441.9M | $394.1M | $367.1M | 0 |
| Long-term Debt | $640.4M | $575.2M | $1.10B | $1.03B | $1.03B | $1.03B | $1.07B | $1.04B | $1.03B | $1.17B |
| Total Liabilities | $883.7M | $818.7M | $1.51B | $1.57B | $1.69B | $1.64B | $1.68B | $1.65B | $1.65B | $1.88B |
| Retained Earnings | $315.6M | $428.4M | $586.1M | $744.7M | $926.3M | $1.17B | $1.20B | $1.20B | $1.10B | $1.09B |
| Total Equity | $868.9M | $991.4M | $1.18B | $1.38B | $1.59B | $1.87B | $1.90B | $1.89B | $1.78B | $1.80B |
| Total Debt | $640.4M | $575.2M | $1.10B | $1.13B | $1.11B | $1.10B | $1.12B | $1.11B | $1.10B | $1.17B |
| Net Debt | $613.3M | $538.5M | $1.06B | $1.04B | $838.7M | $567.8M | $1.05B | $929.3M | $894.7M | $1.07B |
| Working Capital | $275.0M | $332.8M | $378.1M | $450.6M | $578.2M | $858.5M | $539.2M | $579.2M | $550.6M | $102.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $97.2M | $157.7M | $157.7M | $174.7M | $177.6M | $409.9M | $268.1M | $219.3M | $175.2M | $113.5M |
| Depreciation & Amortization | $62.2M | $58.6M | $95.0M | $91.2M | $89.7M | $89.6M | $91.4M | $100.3M | $96.3M | $113.5M |
| Stock-based Compensation | $27.0M | $24.0M | $31.5M | $39.3M | 0 | $52.7M | $49.3M | $44.0M | $42.3M | $47.9M |
| Change in Working Capital | -$19.1M | -$60.3M | -$26.5M | -$45.8M | $95.3M | -$128.2M | -$140.7M | $56.1M | $46.1M | -$3.5M |
| Operating Cash Flow | $196.2M | $196.4M | $287.5M | $313.2M | $424.8M | $193.7M | $307.8M | $456.9M | $400.0M | $327.9M |
| Capital Expenditure | -$27.1M | -$24.3M | -$28.7M | -$32.7M | -$32.6M | -$34.7M | -$37.5M | -$39.9M | -$35.3M | -$39.8M |
| Acquisitions | 0 | -$25.9M | -$760.2M | -$116.4M | -$186.2M | $281.0M | -$474.8M | 0 | 0 | -$304.1M |
| Stock Repurchased | -$41.1M | -$60.1M | -$5.6M | -$20.0M | -$27.9M | -$181.3M | -$281.4M | -$273.1M | -$327.2M | -$170.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $169.1M | $172.2M | $258.8M | $280.5M | $392.2M | $159.0M | $270.3M | $417.0M | $364.7M | $288.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.6% | +29.5% | +0.5% | +2.5% | +14.5% | +14.3% | -2.8% | -7.9% | -2.9% | |
| Net Income Growth (YoY) | +62.2% | +0.0% | +10.8% | +14.7% | +104.6% | -34.6% | -18.2% | -20.1% | -35.2% | |
| EPS Growth (YoY) | +64.5% | +0.3% | +9.6% | +14.8% | +15.8% | +20.5% | -14.3% | -14.5% | -32.5% | |
| Shares Change (YoY) | -1.0% | -0.2% | +0.6% | -0.2% | +0.4% | -4.1% | -5.1% | -6.2% | -4.6% | |
| FCF Growth (YoY) | +1.8% | +50.3% | +8.4% | +39.8% | -59.5% | +70.0% | +54.3% | -12.5% | -21.0% | |
| Gross Margin | 32.6% | 32.4% | 30.1% | 28.4% | 27.0% | 28.5% | 29.9% | 28.8% | 28.9% | 27.2% |
| Operating Margin | 7.8% | 8.6% | 7.7% | 8.1% | 8.0% | 8.8% | 8.9% | 8.2% | 7.4% | 6.5% |
| EBITDA Margin | 10.3% | 10.8% | 10.4% | 10.2% | 10.6% | 11.0% | 10.9% | 10.4% | 9.8% | 8.6% |
| Net Margin | 4.0% | 6.0% | 4.6% | 5.1% | 5.7% | 10.2% | 5.9% | 4.9% | 4.3% | 2.9% |
| FCF Margin | 6.9% | 6.6% | 7.6% | 8.2% | 11.2% | 4.0% | 5.9% | 9.4% | 8.9% | 7.2% |
| Effective Tax Rate | 38.2% | 19.9% | 22.6% | 26.8% | 26.5% | 26.0% | 26.6% | 26.3% | 27.0% | 30.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.15 | $3.24 | $4.87 | $5.25 | $7.36 | $2.97 | $5.27 | $8.56 | $7.98 | $6.61 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $53.2M | $52.5M | $52.3M | $52.8M | $52.7M | $52.7M | $50.6M | $48.3M | $45.2M | $43.4M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 4.58% |
| Return on Invested Capital | 6.01% |
| Return on Assets | 2.06% |
| Gross Margin | 27.59% |
| Operating Margin | 5.46% |
| Net Margin | 2.09% |
Financial Health
| Debt / Equity | 0.80 |
| Current Ratio | 0.11 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.13 | 21.35 | 18.05 | 21.44 | 21.98 | 28.05 | 15.37 | 21.18 | 21.48 | 18.39 |
| P/B | 2.70 | 3.40 | 2.41 | 2.72 | 2.77 | 3.49 | 2.17 | 2.45 | 2.12 | 1.16 |
| P/S | 0.96 | 1.28 | 0.84 | 1.10 | 1.26 | 1.62 | 0.90 | 1.04 | 0.92 | 0.53 |
| Gross Margin | 32.6% | 32.4% | 30.1% | 28.4% | 27.0% | 28.5% | 29.9% | 28.8% | 28.9% | 27.2% |
| Operating Margin | 7.8% | 8.6% | 7.7% | 8.1% | 8.0% | 8.8% | 8.9% | 8.2% | 7.4% | 6.5% |
| Net Margin | 4.0% | 6.0% | 4.6% | 5.1% | 5.7% | 10.2% | 5.9% | 4.9% | 4.3% | 2.9% |
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