Insperity, Inc.
NSP · Technology · $1.8B mkt cap · FY2025 filings · Shallow moat ·
Doesn't clear the bar
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $5.0B to $6.8B, increasing; diluted EPS 3.18 to -0.19, decreasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
Median gross margin 16.9% over 10y, stable.
Not enough years of ROIC data to score returns on capital.
Net cash position — no leverage risk.
Owner earnings changed -22.1%/yr over up to the ten most recent annual observations.
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $130M
- $38.25
- $38.25
- $48.35
- 26% above value if growth stopped today
What today’s price assumes: owner earnings growing ~5%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
19 years of fundamentals
The business, in plain English
Insperity, Inc. booked $6.8B of revenue in FY2025 in the Technology sector and kept 13.2% of it as gross profit — a thin-margin business by that measure. After every other cost, −0.1% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $1.7B (FY2008) to $6.8B (FY2025) — about 8.4% a year compounded over 17 years.
ROIC is not available for the latest filed year, FY2025. Across the full 4-year measurable filed record, median ROIC was 282.8%.
The balance sheet carried $369M of total debt in FY2025 against $7M of owner earnings — roughly 52.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 55/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Not meaningful FY2016–2025: invested capital is negative (cash exceeds debt + equity)
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for NSP.
Track record
How Insperity, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored NSP on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the 5 years NSP rated Wide-moat (2019, 2020, 2021, 2022 and 2023), the median forward total return that followed — measured only after each year’s filings were public — was:
- 1 year −2% vs the S&P 500’s 24% (price basis) · median over 5 years
- 3 years 4% vs the S&P 500’s 25% (price basis) · median over 4 years
- 5 years −23% vs the S&P 500’s 83% (price basis) · median over 2 years
These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.
Technology context
#454 of 744 scored Technology companies, ranked by Moat Score.
Nearest peers by Moat Score
- #452VEEA Veea Inc.40.4 out of 100, Shallow moatShallow moat
- #453WHEN WORLD HEALTH ENERGY HOLDINGS, INC.40.3 out of 100, Shallow moatShallow moat
- #455MYSZ MY SIZE, INC.40.3 out of 100, Shallow moatShallow moat
- #456STCB STARCO BRANDS, INC.40.3 out of 100, Shallow moatShallow moat
Compare NSP with its nearest peers →All Technology companies on the Index →
Common questions about NSP
- Does Insperity, Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Insperity, Inc. (NSP) 40.3 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 56, pricing power 26, returns on capital not measurable from the filings, balance-sheet safety 55, capital allocation 23.
- Is NSP trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $38.25 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $48.35, that is 26% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has NSP's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 40.3 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.