H&R Block (HRB)
Market Price (4/12/2026): $29.79 | Market Cap: $3.8 BilSector: Consumer Discretionary | Industry: Specialized Consumer Services
H&R Block (HRB)
Market Price (4/12/2026): $29.79Market Cap: $3.8 BilSector: Consumer DiscretionaryIndustry: Specialized Consumer Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, Dividend Yield is 4.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 14% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44% Stock buyback supportStock Buyback 3Y Total is 1.4 Bil Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Automation & Robotics, Fintech & Digital Payments, and Cloud Computing. Themes include Process / Warehouse Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -71% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 69% Key risksHRB key risks include [1] intense competition from digital and free-file rivals eroding its high-margin, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, Dividend Yield is 4.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 14% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44% |
| Stock buyback supportStock Buyback 3Y Total is 1.4 Bil |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Fintech & Digital Payments, and Cloud Computing. Themes include Process / Warehouse Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -71% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 69% |
| Key risksHRB key risks include [1] intense competition from digital and free-file rivals eroding its high-margin, Show more. |
Qualitative Assessment
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1. Weak Fiscal 2026 Outlook Drove Down Investor Confidence.
H&R Block reported its fiscal Q2 2026 results on February 3, 2026. While the company's revenue of $198.9 million surpassed analyst estimates by 6.8% and the reported loss of $1.84 per share was narrower than the expected $1.96 loss, the stock declined 7.1% following the report. This downturn was primarily attributed to the company's weak adjusted Earnings Per Share (EPS) guidance for fiscal 2026, set between $4.85 and $5.00 per share, with the midpoint of $4.92 falling below the Zacks Consensus Estimate of $4.94 per share. The guidance also signaled static demand and no earnings improvement, contributing to investor pessimism.
2. Significant Analyst Downgrades and Reduced Price Targets.
Following the company's financial announcements, several investment firms revised their outlooks on H&R Block. Goldman Sachs notably cut its price target on H&R Block shares from $48.00 to $32.00 and issued a "sell" rating on February 6, 2026. Similarly, Barrington Research decreased its price objective for the stock from $62.00 to $50.00 on February 4, 2026. These substantial downgrades by key analysts likely contributed to the negative sentiment surrounding the stock during the period.
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Stock Movement Drivers
Fundamental Drivers
The -30.7% change in HRB stock from 12/31/2025 to 4/11/2026 was primarily driven by a -33.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4112026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.00 | 29.80 | -30.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,771 | 3,791 | 0.5% |
| Net Income Margin (%) | 16.2% | 16.2% | -0.3% |
| P/E Multiple | 9.2 | 6.1 | -33.4% |
| Shares Outstanding (Mil) | 131 | 127 | 3.8% |
| Cumulative Contribution | -30.7% |
Market Drivers
12/31/2025 to 4/11/2026| Return | Correlation | |
|---|---|---|
| HRB | -30.7% | |
| Market (SPY) | -5.4% | 13.5% |
| Sector (XLY) | -5.5% | 20.1% |
Fundamental Drivers
The -39.7% change in HRB stock from 9/30/2025 to 4/11/2026 was primarily driven by a -43.7% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4112026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.41 | 29.80 | -39.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,761 | 3,791 | 0.8% |
| Net Income Margin (%) | 16.1% | 16.2% | 0.5% |
| P/E Multiple | 10.9 | 6.1 | -43.7% |
| Shares Outstanding (Mil) | 134 | 127 | 5.8% |
| Cumulative Contribution | -39.7% |
Market Drivers
9/30/2025 to 4/11/2026| Return | Correlation | |
|---|---|---|
| HRB | -39.7% | |
| Market (SPY) | -2.9% | 0.3% |
| Sector (XLY) | -5.6% | 10.6% |
Fundamental Drivers
The -43.6% change in HRB stock from 3/31/2025 to 4/11/2026 was primarily driven by a -54.3% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4112026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.86 | 29.80 | -43.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,620 | 3,791 | 4.7% |
| Net Income Margin (%) | 14.7% | 16.2% | 10.1% |
| P/E Multiple | 13.5 | 6.1 | -54.3% |
| Shares Outstanding (Mil) | 136 | 127 | 7.1% |
| Cumulative Contribution | -43.6% |
Market Drivers
3/31/2025 to 4/11/2026| Return | Correlation | |
|---|---|---|
| HRB | -43.6% | |
| Market (SPY) | 16.3% | 12.2% |
| Sector (XLY) | 15.0% | 15.6% |
Fundamental Drivers
The -7.1% change in HRB stock from 3/31/2023 to 4/11/2026 was primarily driven by a -37.3% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4112026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.07 | 29.80 | -7.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,458 | 3,791 | 9.6% |
| Net Income Margin (%) | 14.6% | 16.2% | 11.1% |
| P/E Multiple | 9.8 | 6.1 | -37.3% |
| Shares Outstanding (Mil) | 154 | 127 | 21.8% |
| Cumulative Contribution | -7.1% |
Market Drivers
3/31/2023 to 4/11/2026| Return | Correlation | |
|---|---|---|
| HRB | -7.1% | |
| Market (SPY) | 63.3% | 18.1% |
| Sector (XLY) | 54.4% | 16.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HRB Return | 55% | 60% | 37% | 12% | -15% | -28% | 133% |
| Peers Return | 29% | -12% | 36% | 29% | -19% | -25% | 21% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| HRB Win Rate | 75% | 67% | 58% | 58% | 42% | 25% | |
| Peers Win Rate | 55% | 42% | 57% | 60% | 45% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HRB Max Drawdown | -1% | -9% | -20% | -6% | -20% | -35% | |
| Peers Max Drawdown | -16% | -27% | -9% | -6% | -26% | -28% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: INTU, ADP, PAYX, VERX, FCN. See HRB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/10/2026 (YTD)
How Low Can It Go
| Event | HRB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.4% | -25.4% |
| % Gain to Breakeven | 67.8% | 34.1% |
| Time to Breakeven | 217 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -52.2% | -33.9% |
| % Gain to Breakeven | 109.1% | 51.3% |
| Time to Breakeven | 413 days | 148 days |
| 2018 Correction | ||
| % Loss | -28.6% | -19.8% |
| % Gain to Breakeven | 40.0% | 24.7% |
| Time to Breakeven | 1,416 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -47.4% | -56.8% |
| % Gain to Breakeven | 90.1% | 131.3% |
| Time to Breakeven | 1,393 days | 1,480 days |
Compare to INTU, ADP, PAYX, VERX, FCN
In The Past
H&R Block's stock fell -40.4% during the 2022 Inflation Shock from a high on 8/18/2022. A -40.4% loss requires a 67.8% gain to breakeven.
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About H&R Block (HRB)
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Here are 1-3 brief analogies to describe H&R Block:
- H&R Block is **Intuit (makers of TurboTax) for both online DIY and traditional in-person tax filing services**.
- The **Starbucks of tax preparation**, providing ubiquitous, accessible services for individual and small business tax filing.
- The **UPS Store for personal and small business tax services**, offering both DIY tools and expert assistance at thousands of locations.
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- Assisted Income Tax Preparation: Professional preparation of income tax returns through a network of retail offices.
- Do-It-Yourself (DIY) Tax Preparation: Software and online platforms enabling individuals to prepare their own tax returns.
- Refund Transfer Services: Facilitates the receipt of tax refunds for clients, often via direct deposit or other electronic means.
- H&R Block Emerald Prepaid Mastercard: A reloadable prepaid debit card that allows clients to access and manage their tax refunds.
- Peace of Mind Extended Service Plans: Supplemental plans offering additional support and protection for filed tax returns.
- H&R Block Emerald Advance Lines of Credit: Short-term lines of credit offered to eligible clients.
- Tax Identity Shield: A service designed to help protect clients' tax identities and assist with restoration in case of compromise.
- Refund Advance Loans: Short-term loans provided to clients based on their anticipated tax refunds.
- H&R Block Instant Refund: A service allowing clients to quickly access a portion of their tax refund.
- H&R Block Pay With Refund: A payment option where clients can pay for tax preparation services directly from their tax refund.
- Small Business Financial Solutions: A range of financial services and support tailored for small business clients.
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H&R Block (HRB)
H&R Block primarily sells its services and products directly to individuals and small businesses. Its major customer categories include:
- Individual Tax Filers: This category encompasses the vast majority of H&R Block's clientele, including individuals seeking assistance with their annual income tax returns through assisted services in retail offices or those using do-it-yourself (DIY) tax software and online platforms. This segment also includes individuals utilizing H&R Block's related financial products such as Refund Transfers, the H&R Block Emerald Prepaid Mastercard, Emerald Advance lines of credit, various refund advance loans, Peace of Mind extended service plans, and Tax Identity Shield.
- Small Business Owners: H&R Block provides specialized financial solutions and tax preparation services tailored for small businesses. These customers utilize the company's offerings to manage their business tax obligations and related financial needs, accessible through both company-owned or franchise offices and online platforms.
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Pathward Financial, Inc. (symbol: CASH)
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Curtis Campbell
President and CEO
Appointed President and CEO in January 2026. Previously, he served as President, Global Consumer Tax and Chief Product Officer at H&R Block since May 2024. His career includes executive roles as President and CEO of TaxAct, multiple executive roles in strategy, product management, and innovation at Intuit, and Head of Product Management for Amazon Web Services at Amazon. Campbell also spent a decade at Dell in engineering and product leadership roles. He serves on the board of directors of Jack Henry & Associates, a publicly traded fintech company.
Tiffany Mason
Chief Financial Officer
Appointed Executive Vice President, Finance effective August 5, 2024, and became Chief Financial Officer effective September 13, 2024. Prior to H&R Block, she served as Executive Vice President and Chief Financial Officer at Driven Brands Holdings Inc., where she led a successful Initial Public Offering (IPO). Before Driven Brands, Mason held senior finance positions at Lowe's Companies, Inc. She also has experience with PwC, Bank of America, and McCormick & Company. Mason serves on the Board of Directors and as the Audit Committee Chair of Leaf Home, a private company backed by Gridiron Capital.
Scott Manuel
Chief Strategy & Operations Officer
Joined H&R Block in the newly created role of Chief Strategy and Operations Officer, effective August 7, 2024. He is responsible for driving the strategic agenda for H&R Block and building capabilities in AI, productivity, client support, and real estate. Manuel most recently served as President of Tribute Technology, a B2B SaaS company owned by The Carlyle Group and Vista Equity Partners, where he led the consolidation and transformation of acquired software companies. Previously, he was Chief Product Officer and General Manager at McClatchy, leading business transformation and digital product transformation. He also held various leadership roles at Thomson Reuters, where he expanded product capabilities in emerging technologies and co-invented five patents in digital identity.
Dara Redler
Chief Legal & Administrative Officer
Joined H&R Block in 2022 as Chief Legal Officer. Prior to H&R Block, Redler served as general counsel and corporate secretary for Tilray, Inc., a global cannabis business, where she led legal negotiations for a transformative merger transaction. Before Tilray, she held various legal roles of increasing responsibility over 17 years at The Coca-Cola Company.
Alicia Chrapaty
Chief Marketing Officer
Prior to joining H&R Block, she served as Chief Marketing Officer at Pluralsight, where she led a comprehensive marketing transformation focused on returning the business to growth. Earlier in her career, Chrapaty held executive roles at leading brands across industries, including Chief Marketing Officer at TaxAct, Vice President of Marketing at Pier 1 Imports, and senior leadership positions at Verizon Media and AOL. She has more than 20 years of experience spanning digital, subscription, e-commerce, and retail industries.
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```htmlKey Risks to H&R Block (HRB)
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Intense Competition and Market Share Erosion, including Government Initiatives
H&R Block faces significant competition in the tax preparation industry from both established private-sector companies and emerging government initiatives. Intuit's TurboTax, for example, holds a dominant leadership position in the U.S. tax preparation software market, with an estimated 60% market share as of April 2025. The competitive landscape is further intensified by other commercial tax preparers and low-cost online entrants. A particularly notable development is the IRS Direct File program, which became permanent for the 2025 filing season, introducing a new element of government-provided tax filing and increasing competitive pressure. This intense competition could adversely affect H&R Block's market share and profitability across its assisted and do-it-yourself (DIY) segments.
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Regulatory and Legislative Changes
H&R Block's business operations are subject to various forms of government regulation, including U.S. federal requirements for tax preparers. Changes in tax laws, forms, or governmental processes (such as the acceptance of tax returns and issuance of refunds by the IRS or state tax agencies) are unpredictable and can significantly impact how the company provides its offerings to clients. Such regulatory shifts or delays in launching services due to new regulations could harm H&R Block's revenue, results of operations, and reputation.
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Failure to Adapt to Evolving Technology and Consumer Preferences
The tax preparation industry is rapidly evolving due to technological advancements and shifting customer preferences for digital solutions. While H&R Block is implementing a "human-plus-AI" strategy to enhance efficiency and client experience, there is a continuous need to innovate and integrate digital tools to remain competitive. A risk exists if the company fails to effectively adapt to these trends, potentially leading to clients migrating from higher-margin assisted services to lower-revenue DIY options, thereby impacting revenue and profitability. The increasing importance of digital tax solutions and online filing services means H&R Block must continuously evolve its digital platform to meet market demands and compete with digital-first solutions.
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One clear emerging threat for H&R Block is the introduction and expansion of the IRS Direct File program. This government-backed initiative allows eligible taxpayers to file their federal tax returns directly with the IRS for free, with plans to integrate state tax filing in the future. As the program expands in scope and availability, it presents a direct, free alternative to H&R Block's paid do-it-yourself (DIY) tax software and, for simpler returns, its assisted tax preparation services, potentially eroding a significant portion of its customer base.
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For H&R Block (symbol: HRB), the addressable markets for its main products and services are as follows:
Assisted Income Tax Return Preparation
- United States: The market size for Tax Preparation Services in the U.S. was approximately $14.2 billion in 2024. This market is projected to reach $14.3 billion in 2025.
- Canada: The market size for Tax Preparation Services in Canada was approximately C$1.9 billion in 2024. This market is projected to be C$1.8 billion in 2025.
- Australia: The market size for Tax Preparation Franchises in Australia was approximately A$375.5 million in 2024. This market is projected to reach A$400.5 million in 2025.
Do-It-Yourself (DIY) Tax Return Preparation Services and Products
- United States: The U.S. tax preparation software market size was approximately $6.4 billion in 2024.
- Canada: The Canada tax software market was valued at approximately US$775.27 million in 2022. This market is expected to grow to US$1,506.87 million by 2030.
- Australia: null
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H&R Block (HRB) is expected to drive future revenue growth over the next two to three years through several strategic initiatives:
- Engaging Clients with More Complex Tax Needs: H&R Block is intensifying its efforts to attract and serve clients with more intricate tax situations. This focus aims to capture a larger share of a valuable customer segment, leading to an increase in overall net average charge (NAC) and higher company-owned return volumes in the U.S.. The company notes a shift from do-it-yourself (DIY) to Assisted services, especially as tax law complexity increases, which plays into H&R Block's strength as a leader in the Assisted category.
- Expanding Small Business Services: The company is significantly increasing its focus on the small business sector by expanding its reach through platforms like Block Advisors and Wave. These offerings provide year-round bookkeeping, payroll, and advisory services, diversifying revenue and tapping into a growing market. Wave Financial, in particular, has consistently delivered double-digit revenue growth and is anticipated to become a more substantial revenue contributor for the company.
- Leveraging Technology and Artificial Intelligence (AI): H&R Block is actively integrating technology and AI to enhance both its Assisted and DIY offerings, aiming for greater business efficiencies and seamless, personalized client experiences. This includes the development and utilization of tools like AI Tax Assist and Tax Pro Review, which help differentiate H&R Block in the marketplace.
- Growth in Mobile Banking and Financial Products: The company is actively promoting and expanding its mobile banking app, Spruce, which offers features for enhanced financial management. Spruce has demonstrated strong cross-selling capabilities, with a significant portion of new Spruce clients also completing tax returns with H&R Block, including those new to the brand. This expansion of financial products helps diversify revenue streams and foster year-round client engagement.
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Share Repurchases
- H&R Block's board of directors approved a new $1.5 billion share repurchase authorization in August 2024, replacing a prior authorization.
- In fiscal year 2025, the company repurchased approximately 6.5 million shares for $400.1 million, or 4.7% of its outstanding shares.
- As of August 2025, approximately $1.1 billion remained authorized on the $1.5 billion share repurchase program.
Outbound Investments
- H&R Block has focused on expanding its tax preparation services through the acquisition of franchise offices.
- Payments for business acquisitions, net of cash acquired, were $35.518 million in fiscal 2025 and $43.358 million in fiscal 2024.
- The company continues to enhance its small business solutions through its Wave platform, which was acquired in June 2019 for $405 million and has shown significant growth.
Capital Expenditures
- Capital expenditures increased to $82.0 million in fiscal year 2025, with a primary focus on retail office improvements and technology investments.
- For the nine months ended March 31, 2025, capital expenditures totaled $71.8 million, following $53.8 million for the same period in 2024.
- The company is making ongoing investments in AI and digital tools to enhance the tax professional and client experience, aiming to automate workflows and support blended service options.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | SKY | Champion Homes | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 03272026 | ADP | Automatic Data Processing | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.0% | 1.0% | 0.0% |
| 03272026 | DPZ | Domino's Pizza | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.1% | 3.1% | 0.0% |
| 03272026 | ETSY | Etsy | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.6% | 5.6% | 0.0% |
| 03272026 | OLLI | Ollie's Bargain Outlet | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 3.1% | 3.1% | 0.0% |
| 11282025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -22.9% | -22.9% | -32.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 130.91 |
| Mkt Cap | 18.0 |
| Rev LTM | 5,062 |
| Op Inc LTM | 1,590 |
| FCF LTM | 1,307 |
| FCF 3Y Avg | 1,239 |
| CFO LTM | 1,463 |
| CFO 3Y Avg | 1,371 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.4% |
| Rev Chg 3Y Avg | 8.4% |
| Rev Chg Q | 10.9% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Mgn LTM | 24.3% |
| Op Mgn 3Y Avg | 23.1% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 21.2% |
| FCF/Rev LTM | 16.8% |
| FCF/Rev 3Y Avg | 18.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 18.0 |
| P/S | 2.9 |
| P/EBIT | 12.8 |
| P/E | 19.2 |
| P/CFO | 13.6 |
| Total Yield | 7.3% |
| Dividend Yield | 2.3% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.8% |
| 3M Rtn | -30.7% |
| 6M Rtn | -36.4% |
| 12M Rtn | -39.7% |
| 3Y Rtn | -13.2% |
| 1M Excs Rtn | -10.8% |
| 3M Excs Rtn | -29.0% |
| 6M Excs Rtn | -37.8% |
| 12M Excs Rtn | -71.9% |
| 3Y Excs Rtn | -78.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| United States (U.S.) assisted tax preparation | 2,275 | 2,167 | 2,095 | 260 | 2,035 |
| United States (U.S.) do-it-yourself (DIY) tax preparation | 350 | 315 | 319 | 76 | 313 |
| International | 247 | 235 | 231 | 22 | 250 |
| United States (U.S.) royalties | 205 | 211 | 225 | 30 | 226 |
| Refund Transfers | 142 | 143 | 163 | 14 | 163 |
| Wave | 96 | 90 | 81 | 12 | 58 |
| Peace of Mind® Extended Service Plan | 93 | 95 | 95 | 20 | 99 |
| Emerald Card® and Spruce SM | 76 | 85 | 125 | 19 | 137 |
| Other | 52 | 45 | 46 | 8 | 38 |
| Interest and fee income on Emerald Advance® | 41 | 48 | 44 | 0 | 53 |
| Tax Identity Shield® | 33 | 38 | 39 | 4 | 41 |
| Total | 3,610 | 3,472 | 3,463 | 466 | 3,414 |
Price Behavior
| Market Price | $29.80 | |
| Market Cap ($ Bil) | 3.8 | |
| First Trading Date | 11/12/1986 | |
| Distance from 52W High | -50.9% | |
| 50 Days | 200 Days | |
| DMA Price | $31.60 | $43.77 |
| DMA Trend | down | down |
| Distance from DMA | -5.7% | -31.9% |
| 3M | 1YR | |
| Volatility | 45.1% | 31.4% |
| Downside Capture | 1.12 | 0.43 |
| Upside Capture | 28.86 | -19.02 |
| Correlation (SPY) | 13.1% | 6.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.75 | 0.20 | 0.48 | 0.01 | 0.21 | 0.35 |
| Up Beta | -2.73 | -3.13 | -1.34 | -1.02 | 0.22 | 0.33 |
| Down Beta | -0.75 | -0.99 | 0.10 | 0.02 | 0.09 | 0.22 |
| Up Capture | -62% | 68% | 25% | -31% | -3% | 13% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 13 | 19 | 27 | 56 | 122 | 381 |
| Down Capture | -65% | 149% | 154% | 83% | 68% | 72% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 9 | 23 | 36 | 68 | 127 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HRB | |
|---|---|---|---|---|
| HRB | -43.6% | 31.7% | -1.77 | - |
| Sector ETF (XLY) | 28.9% | 22.5% | 1.05 | 15.2% |
| Equity (SPY) | 31.2% | 17.3% | 1.47 | 11.5% |
| Gold (GLD) | 60.1% | 27.8% | 1.69 | -6.6% |
| Commodities (DBC) | 29.8% | 16.6% | 1.58 | 1.5% |
| Real Estate (VNQ) | 21.3% | 15.2% | 1.07 | 19.9% |
| Bitcoin (BTCUSD) | -4.3% | 43.7% | 0.02 | 7.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HRB | |
|---|---|---|---|---|
| HRB | 9.4% | 30.9% | 0.33 | - |
| Sector ETF (XLY) | 6.3% | 23.7% | 0.23 | 26.5% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 29.4% |
| Gold (GLD) | 22.1% | 17.8% | 1.02 | -0.1% |
| Commodities (DBC) | 11.8% | 18.8% | 0.52 | 6.6% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 32.6% |
| Bitcoin (BTCUSD) | 4.3% | 56.5% | 0.30 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HRB | |
|---|---|---|---|---|
| HRB | 5.3% | 35.3% | 0.25 | - |
| Sector ETF (XLY) | 12.2% | 22.0% | 0.51 | 36.2% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 40.2% |
| Gold (GLD) | 14.2% | 15.9% | 0.74 | -2.5% |
| Commodities (DBC) | 8.6% | 17.6% | 0.41 | 10.7% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.22 | 41.1% |
| Bitcoin (BTCUSD) | 67.6% | 66.9% | 1.07 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/3/2026 | -7.1% | -12.3% | -13.7% |
| 11/6/2025 | -3.5% | -12.8% | -17.8% |
| 8/12/2025 | -3.1% | -0.6% | 2.1% |
| 5/7/2025 | -5.3% | -8.6% | -4.9% |
| 2/4/2025 | -0.1% | -3.7% | -1.8% |
| 11/7/2024 | -6.6% | -6.7% | -11.0% |
| 8/15/2024 | 12.1% | 10.7% | 12.7% |
| 5/9/2024 | 8.8% | 7.8% | 2.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 13 |
| # Negative | 15 | 14 | 12 |
| Median Positive | 7.6% | 9.1% | 12.0% |
| Median Negative | -5.1% | -7.3% | -8.8% |
| Max Positive | 19.5% | 43.2% | 51.6% |
| Max Negative | -9.5% | -24.6% | -41.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/15/2025 | 10-K |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/15/2024 | 10-K |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/17/2023 | 10-K |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-Q |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/16/2022 | 10-K |
| 03/31/2022 | 05/10/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q2 2026 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 3.88 Bil | 3.88 Bil | 3.90 Bil | 0 | Affirmed | Guidance: 3.88 Bil for 2026 | |
| 2026 EBITDA | 1.01 Bil | 1.02 Bil | 1.03 Bil | 0 | Affirmed | Guidance: 1.02 Bil for 2026 | |
| 2026 Effective tax rate | 25.0% | 0 | Affirmed | Guidance: 25.0% for 2026 | |||
| 2026 Adjusted Diluted Earnings Per Share | 4.85 | 4.92 | 5 | 0 | Affirmed | Guidance: 4.92 for 2026 | |
Prior: Q1 2026 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 3.88 Bil | 3.88 Bil | 3.90 Bil | 0 | Affirmed | Guidance: 3.88 Bil for 2026 | |
| 2026 EBITDA | 1.01 Bil | 1.02 Bil | 1.03 Bil | 0 | Affirmed | Guidance: 1.02 Bil for 2026 | |
| 2026 Effective Tax Rate | 25.0% | 0 | Affirmed | Guidance: 25.0% for 2026 | |||
| 2026 Adjusted Diluted Earnings Per Share | 4.85 | 4.92 | 5 | 0 | Affirmed | Guidance: 4.92 for 2026 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jones, Jeffrey J Ii | President & CEO | Direct | Sell | 11202025 | 44.54 | 128,818 | 5,738,121 | 38,366,664 | Form |
| 2 | Jones, Jeffrey J Ii | President & CEO | Direct | Sell | 11142025 | 46.46 | 176,449 | 8,198,173 | 42,109,107 | Form |
| 3 | Jones, Jeffrey J Ii | President & CEO | Direct | Sell | 4182025 | 63.28 | 53,810 | 3,405,097 | 53,458,336 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.