What is Kelly Services Inc worth?
With the base-case assumptions below, a discounted cash flow model on Kelly Services Inc's reported free cash flow gives $40.44 per share. The share price was $22.19 on September 25, 2026, 45% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -6.0% | 10.0% | $24.77 | +12% |
| Base | -1.0% | 9.0% | $40.44 | +82% |
| Bull | 4.0% | 8.0% | $69.69 | +214% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $51.20 | $54.41 | $58.34 | $63.25 | $69.56 |
| 8.0% | $43.22 | $45.31 | $47.77 | $50.72 | $54.34 |
| 9.0% | $37.37 | $38.79 | $40.44 | $42.35 | $44.62 |
| 10.0% | $32.89 | $33.90 | $35.05 | $36.36 | $37.87 |
| 11.0% | $29.35 | $30.09 | $30.92 | $31.85 | $32.91 |
Where the presets come from
Base: years 1 to 5 grow at Kelly Services Inc's revenue growth rate over the last 5 fiscal years (-1.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions