Companies · BGSF
BGSF, Inc.
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Latest analysis
Updated Nov 5, 2026
BGSF Q3 FY26: Multifamily staffing demand weak; $1.6M cost restructure underway
BGSF revenue declined 6.6% year-over-year to $25.1M in Q3 FY26, driven by property owners' cost discipline and reduced demand for temporary staffing despite improving multifamily fundamentals. Management executed a targeted organizational restructuring effective October 2026, eliminating $1.6M in annualized costs (primarily sales headcount) and positioned the company ahead of seasonally lower Q4 volumes. Gross margin held stable at 36.1%, though absolute gross profit declined slightly; the company flagged early industry recovery signals from Randstad and staffing analysts but characterized the multifamily market recovery as uneven and customer spending on contingent labor as persistently cautious.
Tone: cautiousRevenue
$93.3M
BGSF 10-K · FY 2025
Employees
189
Revenue FY2024
$272.5M
Founded
2007
Profile
BGSF 10-K Item 1 · Mar 30, 2026BGSF, Inc. is a national provider of staffing and workforce solutions focused exclusively on the property management industry, serving apartment communities and commercial buildings across 44 states and Washington D.C. The company supplies on-demand and direct hire field talent — primarily maintenance and office workers — to property management companies. Following the September 2025 sale of its Professional segment to INSPYR Solutions, BGSF operates as a pure-play property management staffing business.
Read filing description ↓ Collapse description ↑
BGSF, Inc. is a leading national provider of staffing and workforce solutions for the Property Management industry. We operate primarily within the U.S. through our Property Management segment, which provides maintenance and office field talent across 44 of the states and D.C. to property management companies responsible for the apartment communities and commercial buildings day to day operations. We provide field talent to a variety of client partners that are seeking to match their workforce requirements to their business needs. We employ a diverse operating model, both from a skill set and a geographic standpoint, which we believe mitigates downside revenue risk. Our workforce services consist of on-demand or short-term assignments and direct hire placements in the Property Management industry. Short-term workforce solutions assist employers in dealing with field talent demands caused by such factors as seasonality, fluctuations in client partner demand, vacations, illnesses, parental leave, and special projects without incurring the ongoing expense and administrative responsibilities associated with recruiting, hiring and retaining permanent field talent. As more and more companies focus on effectively managing variable costs and reducing fixed overhead, the use of short-term workforce solutions allows companies to utilize a contingent approach for their personnel needs, thereby converting a portion of their fixed personnel costs to a variable expense. The field talent we assign to our Property Management client partners are our employees, although our client partners generally provide on-the-job direction, control and supervision. Management believes that our workforce solutions and the field talent performing these workforce solutions are, and will remain, an integral part of the labor market in local, regional and national economies in which we operate.
Primary products
- on-demand workforce solutions
- short-term assignments
- direct hire placements
- maintenance field talent
- office field talent
Business segments
End markets
Geographies
Named competitors
“The property management workforce solution industry is large and highly fragmented having only 3 firms with national scale.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenues from continuing operations decreased approximately $11.1 million, or 10.6%, in fiscal 2025 versus fiscal 2024, driven primarily by a 12.1% reduction in billed hours attributable to lower demand from cost pressures on property owners and increased competition in certain markets.
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