Insperity
NSP on NYSE. Insperity sells payroll and benefits services to small and medium-sized businesses. Market value $1.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $10.94 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 50 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$46.42 a share, 150% above its 1-year low
Over the past year the price has ranged from $18.57 to $55.90.
Dividend: 5.1% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $194 million in the past 12 months, a shortfall of $309 million in the year to December 2025.
| Revenue | |||||
| Revenue | $5.0bn | $5.9bn | $6.5bn | $6.6bn | $6.8bn |
| Operating margin | |||||
| Operating margin | 3.5% | 4.2% | 3.4% | 1.8% | -0.1% |
| Debt to equity | |||||
| Debt to equity | n/a | 4.56 | 3.93 | 3.80 | 8.02 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)1 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt8.02× equity
- Revenue growth, five yearsSlow, 9.7% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.7 billion last quarter, about the same as a year ago.
- Profit: $4 million, after a loss of $5 million a year ago.
- It keeps 0 cents of each $1 of sales as operating profit, down from 1 cents a year earlier.
- Spare cash over the past 12 months: $194 million. A year earlier it spent $93 million more than it brought in.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- It has $200 million more cash than debt, up from $72 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.6bn |
| December 2024 | $1.6bn |
| March 2025 | $1.9bn |
| June 2025 | $1.7bn |
| September 2025 | $1.6bn |
| December 2025 | $1.7bn |
| March 2026 | $1.9bn |
| June 2026 | $1.7bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | -$9m |
| March 2025 | $51m |
| June 2025 | -$5m |
| September 2025 | -$20m |
| December 2025 | -$33m |
| March 2026 | $33m |
| June 2026 | $4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 277 funds in all.
- Markel GroupTom Gayner
- Value
- $7m
- Share of fund
- <0.1%
- Barrow HanleyBarrow Hanley team
- Value
- $4,792
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $32m | 0.3% | Cut |
| Mawer Investment ManagementMawer team | $11m | <0.1% | Cut |
| Hotchkis & WileyHotchkis & Wiley team | $9m | <0.1% | Cut |
| Markel GroupTom Gayner | $7m | <0.1% | |
| Barrow HanleyBarrow Hanley team | $4,792 | <0.1% |
Largest holders overall
- BlackRock$229mAdded
- Reinhart Partners, Llc.$136mAdded
- Earnest Partners$128mAdded
- Bank of America$118mAdded
- Vanguard Portfolio Management$92mAdded
- SEI Investments$78mAdded
- Charles Schwab Investment Management$67mAdded
- Goldman Sachs Group$67mCut
- Vanguard Capital Management$65mAdded
- State Street$60mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor13.7%+2.2 ptsSince 31 December 2025
- EARNEST PARTNERS LLCPassive investor8.1%+2.7 ptsSince 30 June 2026
- REINHART PARTNERS, LLC.Passive investor7.3%+1.4 ptsSince 30 September 2025
- Vanguard Portfolio ManagementPassive investor5.8%Since 31 March 2026
- MANAGED ACCOUNT ADVISORS LLCPassive investor5.7%Since 30 June 2026
- Invesco Ltd.Passive investorSold down below 5%Since 30 June 2026
- Mawer Investment ManagementPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 13.7%+2.2 pts | 31 December 2025 | |
EARNEST PARTNERS LLC Passive investor | 8.1%+2.7 pts | 30 June 2026 | |
REINHART PARTNERS, LLC. Passive investor | 7.3%+1.4 pts | 30 September 2025 | |
Vanguard Portfolio Management Passive investor | 5.8% | 31 March 2026 | |
MANAGED ACCOUNT ADVISORS LLC Passive investor | 5.7% | 30 June 2026 | |
Invesco Ltd. Passive investor | Sold down below 5% | 30 June 2026 | |
Mawer Investment Management Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $16m of shares on the open market.
- SARVADI PAUL JChairman of the Board & CEO, DirectorBought
- Date
- 3 June 2026
- Shares
- 233,000
- Price
- $34.05
- Value
- $8m
- SARVADI PAUL JChairman of the Board & CEO, DirectorBought
- Date
- 5 May 2026
- Shares
- 100,000
- Price
- $28.73
- Value
- $3m
- SARVADI PAUL JChairman of the Board & CEO, DirectorBought
- Date
- 19 March 2026
- Shares
- 25,000
- Price
- $23.60
- Value
- $589,973
- SARVADI PAUL JChairman of the Board & CEO, DirectorBought
- Date
- 18 March 2026
- Shares
- 160,000
- Price
- $23.22
- Value
- $4m
- SARVADI PAUL JChairman of the Board & CEO, DirectorBought
- Date
- 17 March 2026
- Shares
- 16,987
- Price
- $22.58
- Value
- $383,617
- MASTERSON ELLEN HDirectorBought
- Date
- 11 March 2026
- Shares
- 1,200
- Price
- $19.90
- Value
- $23,880
- Callens Christian PSVP Legal, Gen Counsel & SecBought
- Date
- 11 March 2026
- Shares
- 1,250
- Price
- $19.28
- Value
- $24,100
- ALLISON JAMES DEVP, Finance, CFO & TreasurerBought
- Date
- 10 March 2026
- Shares
- 10,000
- Price
- $20.45
- Value
- $204,500
- Mehl RandallDirectorBought
- Date
- 7 November 2025
- Shares
- 1,000
- Price
- $33.88
- Value
- $33,880
- Mehl RandallDirectorBought
- Date
- 6 November 2025
- Shares
- 2,000
- Price
- $34.25
- Value
- $68,500
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 June 2026 | SARVADI PAUL J Chairman of the Board & CEO, Director | Bought | 233,000 | $34.05 | $8m |
| 5 May 2026 | SARVADI PAUL J Chairman of the Board & CEO, Director | Bought | 100,000 | $28.73 | $3m |
| 19 March 2026 | SARVADI PAUL J Chairman of the Board & CEO, Director | Bought | 25,000 | $23.60 | $589,973 |
| 18 March 2026 | SARVADI PAUL J Chairman of the Board & CEO, Director | Bought | 160,000 | $23.22 | $4m |
| 17 March 2026 | SARVADI PAUL J Chairman of the Board & CEO, Director | Bought | 16,987 | $22.58 | $383,617 |
| 11 March 2026 | MASTERSON ELLEN H Director | Bought | 1,200 | $19.90 | $23,880 |
| 11 March 2026 | Callens Christian P SVP Legal, Gen Counsel & Sec | Bought | 1,250 | $19.28 | $24,100 |
| 10 March 2026 | ALLISON JAMES D EVP, Finance, CFO & Treasurer | Bought | 10,000 | $20.45 | $204,500 |
| 7 November 2025 | Mehl Randall Director | Bought | 1,000 | $33.88 | $33,880 |
| 6 November 2025 | Mehl Randall Director | Bought | 2,000 | $34.25 | $68,500 |
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 11 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 3 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: 8.0× its equity.
- Profits run ahead of cash.
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
Your first deep dive is free.
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.