H&R Block Inc
HRB—
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H&R Block Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-551M) with 2.2B debt yet generating 576M FCF TTM (15% yield on market cap) - aggressive capital return strategy.[Common Stockholders Equity]
- Operating margin 22.5% TTM vs industry median of 0% - dominant profitability in fragmented tax prep market.[Operating Margin TTM]
- Revenue declined -19.5% over 5 years yet EPS at $4.39 TTM - aggressive buybacks (412M net repurchases) masking shrinkage.[Total Revenue 5yr Growth]
Watch Triggers
- Free Cash Flow TTM: Falls below 400M — Threatens ability to service debt and maintain buyback pace that supports EPS
- Interest Expense TTM: Rises above 100M — Would signal refinancing at higher rates, compressing already thin equity cushion
- Goodwill: Impairment charge announced — With -551M equity, any impairment deepens negative book value and debt concerns
Bull Case
Cash machine with 15% FCF yield (576M on 5.8B cap) and P/E of 10x vs industry 27x - priced for decline that may not materialize.
Free Cash Flow TTMPE RatioOperating Margin TTM
Asset-light model (capex only 76M, 2% of revenue) with 1.46x asset turnover enables sustained shareholder returns despite revenue pressure.
Capital Expenditure TTMAsset Turnover TTMNet Common Stock Issuance
Bear Case
Negative equity (-551M) with goodwill at 798M creates impairment risk that could trigger debt covenant issues on 2.2B debt.
Common Stockholders EquityGoodwillTotal Debt
Revenue shrinking -19.5% over 5 years with DIY tax software and IRS free-file expanding - structural headwind to core business.
Total Revenue 5yr GrowthTotal Revenue TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
FCF generation sustains buybacks but debt load limits flexibility if revenue decline accelerates.
1-3ymed
- 576M FCF vs 2.2B total debt = 3.8x coverage
- Interest expense 80M consumes 10% of operating income
- Negative equity means no cushion for impairments
FCF TTM: 576M, Debt: 2.2BGoodwill 798M = 30% of assets5yr revenue CAGR: -19.5%
Valuation Context
Caveats
Public Strategies Rankings
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HRB Fundamentals
Professional, Scientific, and Technical Services → Professional, Scientific, and Technical Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$4.02B | — | ||
$6.61B | — | ||
7.5 | — | ||
$3.79B | +4.7% | — | |
$4.25 | +20.2% | — | |
22.3% | +1.3% | — | |
16.2% | +1.5% | — | |
$524.08M | -23.7% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
HRB Dividend History
105 dividends
2026
$0.420003/04/26$0.4200
2025
$1.590012/04/25$0.4200
09/04/25$0.4200
06/04/25$0.3750
03/04/25$0.3750
2024
$1.390012/05/24$0.3750
09/05/24$0.3750
06/05/24$0.3200
03/04/24$0.3200
2023
$1.220012/04/23$0.3200
09/06/23$0.3200
06/06/23$0.2900
03/06/23$0.2900
2022
$1.120012/05/22$0.2900
09/07/22$0.2900
06/07/22$0.2700
03/07/22$0.2700
2021
$1.070012/03/21$0.2700
09/09/21$0.2700
06/24/21$0.2700
03/15/21$0.2600
2020
$1.040012/04/20$0.2600
09/10/20$0.2600
06/25/20$0.2600
03/16/20$0.2600
2019
$1.030012/06/19$0.2600
09/12/19$0.2600
06/20/19$0.2600
03/15/19$0.2500
2018
$0.990011/30/18$0.2500
09/11/18$0.2500
06/21/18$0.2500
03/12/18$0.2400
2017
$0.940012/01/17$0.2400
09/12/17$0.2400
06/21/17$0.2400
03/10/17$0.2200
2016
$0.860012/01/16$0.2200
09/12/16$0.2200
06/16/16$0.2200
03/11/16$0.2000
2015
$0.800012/03/15$0.2000
09/04/15$0.2000
06/11/15$0.2000
03/12/15$0.2000
2014
$0.800012/04/14$0.2000
09/05/14$0.2000
06/12/14$0.2000
03/13/14$0.2000
2013
$0.800012/05/13$0.2000
09/06/13$0.2000
06/13/13$0.2000
03/14/13$0.2000
2012
$0.800012/06/12$0.2000
09/12/12$0.2000
06/07/12$0.2000
03/08/12$0.2000
2011
$0.650012/20/11$0.2000
09/13/11$0.1500
06/08/11$0.1500
03/08/11$0.1500
2010
$0.600012/09/10$0.1500
09/08/10$0.1500
06/08/10$0.1500
03/09/10$0.1500
2009
$0.600012/09/09$0.1500
09/08/09$0.1500
06/08/09$0.1500
03/09/09$0.1500
2008
$0.585012/10/08$0.1500
09/08/08$0.1500
06/06/08$0.1425
03/07/08$0.1425
2007
$0.555012/10/07$0.1425
09/06/07$0.1425
06/07/07$0.1350
03/08/07$0.1350
2006
$0.520012/08/06$0.1350
09/07/06$0.1350
06/08/06$0.1250
03/09/06$0.1250
2005
$0.470012/09/05$0.1250
09/08/05$0.1250
06/08/05$0.1100
03/09/05$0.1100
2004
$0.420012/09/04$0.1100
09/08/04$0.1100
06/08/04$0.1000
03/09/04$0.1000
2003
$0.380012/10/03$0.1000
09/08/03$0.1000
06/06/03$0.0900
03/07/03$0.0900
2002
$0.340012/10/02$0.0900
09/06/02$0.0900
06/06/02$0.0800
03/07/02$0.0800
2001
$0.310012/10/01$0.0800
09/06/01$0.0800
06/07/01$0.0750
03/08/01$0.0750
2000
$0.287612/08/00$0.0750
09/07/00$0.0750
06/08/00$0.0688
03/09/00$0.0688
HRB Stock Splits
2 stock splits
08/23/050.5:1 split
08/02/010.5:1 split
HRB SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/05/26 | 12/31/25 | 10-Q | |
11/06/25 | 09/30/25 | 10-Q | |
08/15/25 | 06/30/25 | 10-K | |
05/07/25 | 03/31/25 | 10-Q | |
02/06/25 | 12/31/24 | 10-Q | |
11/07/24 | 09/30/24 | 10-Q | |
08/15/24 | 06/30/24 | 10-K | |
05/09/24 | 03/31/24 | 10-Q | |
02/06/24 | 12/31/23 | 10-Q | |
11/07/23 | 09/30/23 | 10-Q | |
08/17/23 | 06/30/23 | 10-K | |
05/09/23 | 03/31/23 | 10-Q | |
02/07/23 | 12/31/22 | 10-Q | |
11/03/22 | 09/30/22 | 10-Q | |
08/16/22 | 06/30/22 | 10-K | |
05/10/22 | 03/31/22 | 10-Q | |
02/04/22 | 12/31/21 | 10-Q | |
11/04/21 | 09/30/21 | 10-Q | |
06/15/21 | 04/30/21 | 10-K | |
03/09/21 | 01/31/21 | 10-Q | |
12/08/20 | 10/31/20 | 10-Q | |
09/03/20 | 07/31/20 | 10-Q | |
06/17/20 | 04/30/20 | 10-K | |
03/09/20 | 01/31/20 | 10-Q | |
12/06/19 | 10/31/19 | 10-Q | |
09/06/19 | 07/31/19 | 10-Q | |
06/14/19 | 04/30/19 | 10-K | |
03/08/19 | 01/31/19 | 10-Q | |
12/07/18 | 10/31/18 | 10-Q | |
09/07/18 | 07/31/18 | 10-Q | |
06/15/18 | 04/30/18 | 10-K | |
03/08/18 | 01/31/18 | 10-Q | |
12/07/17 | 10/31/17 | 10-Q | |
09/01/17 | 07/31/17 | 10-Q | |
06/16/17 | 04/30/17 | 10-K | |
03/08/17 | 01/31/17 | 10-Q | |
12/08/16 | 10/31/16 | 10-Q | |
09/01/16 | 07/31/16 | 10-Q | |
06/17/16 | 04/30/16 | 10-K | |
03/11/16 | 01/31/16 | 10-Q | |
12/09/15 | 10/31/15 | 10-Q | |
09/04/15 | 07/31/15 | 10-Q | |
06/17/15 | 04/30/15 | 10-K | |
03/05/15 | 01/31/15 | 10-Q | |
12/09/14 | 10/31/14 | 10-Q | |
09/04/14 | 07/31/14 | 10-Q | |
06/19/14 | 04/30/14 | 10-K | |
03/06/14 | 01/31/14 | 10-Q | |
12/10/13 | 10/31/13 | 10-Q | |
09/05/13 | 07/31/13 | 10-Q | |
06/26/13 | 04/30/13 | 10-K | |
03/07/13 | 01/31/13 | 10-Q | |
12/06/12 | 10/31/12 | 10-Q | |
09/05/12 | 07/31/12 | 10-Q | |
06/26/12 | 04/30/12 | 10-K | |
03/07/12 | 01/31/12 | 10-Q | |
12/05/11 | 10/31/11 | 10-Q | |
09/01/11 | 07/31/11 | 10-Q | |
06/23/11 | 04/30/11 | 10-K | |
03/07/12 | 01/31/11 | 10-Q | |
12/05/11 | 10/31/10 | 10-Q | |
09/03/10 | 07/31/10 | 10-Q | |
06/29/10 | 04/30/10 | 10-K | |
03/09/11 | 01/31/10 | 10-Q | |
03/08/10 | 01/31/10 | 10-Q | |
12/09/09 | 10/31/09 | 10-Q | |
12/08/10 | 10/31/09 | 10-Q | |
09/04/09 | 07/31/09 | 10-Q | |
06/29/09 | 04/30/09 | 10-K | |
03/06/09 | 01/28/09 | Unknown | -- |
12/08/08 | 10/31/08 | 8-K | |
09/03/08 | 07/31/08 | 10-Q | |
06/30/08 | 04/30/08 | 8-K | |
03/06/08 | 01/29/08 | Unknown | -- |
12/13/07 | 10/30/07 | Unknown | -- |
09/06/07 | 07/31/07 | 10-Q | |
06/29/07 | 04/30/07 | 10-K | |
03/14/07 | 01/28/07 | Unknown | -- |
12/11/06 | 10/30/06 | Unknown | -- |
09/11/06 | 07/31/06 | 4 | |
06/30/06 | 04/30/06 | 10-K | |
03/31/06 | 01/28/06 | Unknown | -- |
12/12/05 | 10/30/05 | Unknown | -- |
09/08/05 | 07/31/05 | 10-Q | |
08/01/05 | 04/30/05 | NT 10-K | |
03/09/05 | 01/28/05 | Unknown | -- |
12/08/04 | 10/30/04 | Unknown | -- |
09/08/04 | 07/31/04 | 10-Q | |
07/02/04 | 04/30/04 | 10-K | |
03/16/04 | 01/29/04 | Unknown | -- |
12/10/03 | 10/30/03 | Unknown | -- |
09/15/03 | 07/31/03 | 10-Q | |
07/16/03 | 04/30/03 | 10-K | |
03/17/03 | 01/28/03 | Unknown | -- |
12/16/02 | 10/30/02 | Unknown | -- |
09/13/02 | 07/31/02 | 10-Q | |
07/29/02 | 04/30/02 | 10-K | |
03/18/02 | 01/28/02 | Unknown | -- |
12/14/01 | 10/30/01 | Unknown | -- |
09/14/01 | 07/31/01 | 10-Q | |
07/30/01 | 04/30/01 | 10-K405 | |
03/19/01 | 01/28/01 | Unknown | -- |
12/15/00 | 10/30/00 | Unknown | -- |
09/13/00 | 07/31/00 | 10-Q | |
07/28/00 | 04/30/00 | 10-K405 | |
03/16/00 | 01/29/00 | Unknown | -- |