We estimate a 3Q:25 loss per share of $0.09, compared to the $0.11 loss per share reported in 3Q:24. We anticipate 3Q:25 revenue of $407.2 million, which implies 6.5% growth year over year. Management provided guidance included 3Q:25 revenue of $400-$417 million, with gross margin contraction of 240-280 basis points year over year and SG&A expenses of $93-$97 million. We maintain our estimates, which call for a loss per share of $0.57 in 2025 and EPS of $0.87 in 2026. Our free cash flow (excluding the add back of stock-based compensation expense) per share estimates of $0.63 in 2025 and $1.64 in 2026 imply FCF yields of 12.5% and 32.9%, respectively. TBI shares closed last night trading at 52% of tangible book value, which we think further supports the potential upside. Our $11 price target is based on 11x our 2026 EPS estimate of $0.87, plus our projected 2026 year-end net cash per share estimate of $0.96. On a P/E-only basis, our price target implies a 12.6x multiple to our 2026 EPS estimate. Shares of TrueBlue have traded at an average forward P/E multiple of 13.5x over the last decade, slightly below our five-year EPS CAGR of 14%. Our moderate risk rating is based on the solid balance sheet and free cash flow generation.