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H&R Block

HRB on NYSE. H&R Block sells tax preparation and financial products to people and small businesses. Market value $5.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
14.6%very high

For every $100 of what the whole company costs, it produced $14.60 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
6.1×cheap

You pay 6.1 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to June 2026
113.5%five-year median

Each dollar kept in the business earns 114 cents a year. Above 10 is good.

Quality score: 71 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.

$42.00 a share, 49% above its 1-year low

Over the past year the price has ranged from $28.16 to $58.67.

Dividend: 4.1% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.7
0.8
0.7
0.6
0.8
20222023202420252026
Revenue
$3.5bn$3.5bn$3.6bn$3.8bn$3.9bn
Operating margin
21.6%22.6%23.3%22.9%23.7%
Debt to equity
7.0346.4416.4616.8012.69
Shares outstanding
0.15bn0.14bn0.13bn0.13bn0.12bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)7 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt12.69× equity
  • Revenue growth, five yearsSlow, 2.8% a year
  • Buying back its own sharesYes, 19% fewer since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.1 billion last quarter, about the same as a year ago.
  • Profit: $294 million, down 2% on a year ago.
  • Spare cash over the past 12 months: $756 million, up from $599 million.
  • Debt is $533 million more than cash, up from $510 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$194m
December 2024$179m
March 2025$2.3bn
June 2025$1.1bn
September 2025$204m
December 2025$199m
March 2026$2.4bn
June 2026$1.1bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$173m
December 2024-$243m
March 2025$722m
June 2025$299m
September 2025-$166m
December 2025-$242m
March 2026$848m
June 2026$294m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
14 August 2026
Next quarterly (estimated, 10-Q)
5 August 2026

Who owns it

5 long-term investors we follow own it, down from 6 last quarter. 538 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 2 sold $14m.

  • Darling Mark J.
    Chief Retail Officer
    Sold
    Date
    30 September 2026
    Shares
    2,700
    Price
    $40.69
    Value
    $109,853
  • Jones Jeffrey J II
    President & CEO, Director
    Sold
    Date
    19 November 2025
    Shares
    128,818
    Price
    $44.54
    Value
    $6m
  • Jones Jeffrey J II
    President & CEO, Director
    Sold
    Date
    12 November 2025
    Shares
    176,449
    Price
    $46.46
    Value
    $8m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 14 Aug 2026, and no later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 12.7× its equity.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.