According to Staffing Industry Analysts (SIA), the staffing market in the United States is expected to grow 2% in 2026, led by gains in healthcare, technology and skilled trades. We think staffing stocks in general, and TrueBlue in particular, are poised for strong gains in an improving client demand environment. Management provided guidance last November on select line 4Q:25 items, including revenue of $399-$424 million. We maintain our forecasted loss per share of $0.51 in 2025, followed by EPS of $0.49 in 2026 and $0.88 in 2027. We maintain our free cash flow (excluding the add back of stock-based compensation expense) per share estimates of $0.49 in 2025, $1.17 in 2026 and $1.69 in 2027, which imply FCF yields of 9.2%, 21.9% and 31.6%, respectively. Our $10 price target is based on 10x our 2027 EPS estimate of $0.88, plus projected 2027 yearend net cash per share of $0.94. On a P/E-only basis, our target implies an 11.4x multiple to our 2027 EPS estimate. Shares of TrueBlue have traded at an average forward P/E multiple of 13.2x over the last decade, slightly below our 5-year EPS CAGR of 14%. The company's solid balance sheet and strong free cash flow support both the valuation and our moderate risk rating, in our view.