What does Everforth do?
Everforth, Inc. is a technology and digital engineering company serving large enterprises and United States government agencies. Formerly ASGN Incorporated, it adopted the Everforth name and NYSE ticker EFOR on April 24, 2026. The company spans IT staffing, project consulting, government contracting, and digital engineering, supplying individual specialists, project teams, or larger modernization programs.
The current operating model covers six solution areas: AI and data, cloud and infrastructure, application and digital engineering, experience, cybersecurity, and enterprise platforms. Everforth describes its approach as “adaptive engineering,” combining domain expertise, technology, speed, and strategy. The official company overview explains how those capabilities are applied across both commercial and government markets.
| Identity item | Everforth profile | Why it matters |
|---|---|---|
| Listing | NYSE: EFOR, effective April 24, 2026 | The ticker change marks a strategic repositioning, not the creation of a new operating company. |
| Reportable segments | Commercial and Federal Government | The two segments have different demand cycles, contract structures, and margin profiles. |
| Geographic exposure | Virtually all FY2025 revenue was generated in the United States | Foreign-exchange exposure is limited, although Mexico and India delivery centers affect costs and capacity. |
| Business heritage | Incorporated in 1992; evolved from professional staffing toward consulting | The legacy talent network is now used as an input to higher-value solutions work. |
Which customers and capabilities define the company?
Why does Everforth matter in IT services?
Everforth matters because it is trying to move up the value chain without abandoning the flexible labor engine that created its client access. The company’s FY2025 Form 10-K describes a total addressable market of approximately $680 billion across commercial IT consulting, government IT consulting, and professional staffing. The strategic question is not whether that market is large; it is whether Everforth can convert long-standing staffing relationships into repeatable, higher-margin consulting and engineering programs.
How does Everforth make money, and which mix matters most?
Everforth earns revenue through time-and-materials, fixed-price, cost-reimbursable, and permanent-placement arrangements. Commercial operations combine cyclical assignment services with consulting engagements that generally offer better visibility, deeper client relationships, and stronger margin potential. Federal work is consulting-only and often tied to multi-year programs, although funding and procurement can shift revenue timing.
Why is the consulting shift the core strategic tension?
FY2025 commercial consulting revenue rose 14.4% while assignment revenue fell 13.8%, capturing the transition. Assignment remains important because it supplies talent, client access, and rapid deployment without a large salaried bench. The opportunity is to turn that platform into higher-value consulting; the risk is that assignment weakness offsets consulting growth before the new mix drives consolidated expansion.
| Revenue stream | How revenue is recognized | Economic characteristic | Primary sensitivity |
|---|---|---|---|
| Commercial consulting | Mostly project work under time-and-materials and selected fixed-price contracts | Higher-value work with better visibility and margin potential | Bookings, project mix, delivery execution, partner ecosystem |
| Commercial assignment | Hourly billings for specialists assigned to client engagements | Flexible, scalable, but more cyclical | Hiring demand, billable headcount, wage spreads, utilization |
| Federal consulting | Time-and-materials, cost-reimbursable, and firm-fixed-price contracts | Longer contract terms and backlog visibility | Awards, funding, recompetes, agency priorities, contract mix |
How diversified is the federal contract structure?
What did Everforth’s latest quarter show?
The latest reported operating period is the quarter ended March 31, 2026. Revenue was unchanged from the prior-year quarter, but profitability weakened because of mix, acquisition and integration spending, and higher financing costs. The company’s Q1 2026 Form 10-Q is therefore more informative than the flat top line alone: Commercial grew modestly, Federal declined modestly, and gross margin compressed.
| Metric | Q1 2026 | Q1 2025 | Interpretation |
|---|---|---|---|
| Revenue | $968.3M | $968.3M | Commercial growth offset Federal contraction. |
| Gross profit | $266.6M | $275.4M | Lower contribution from higher-margin commercial solutions pressured the result. |
| Operating income | $27.7M | $46.6M | SG&A included $12.8M of acquisition, integration, and strategic-planning expense in Q1 2026. |
| Net income / diluted EPS | $5.5M / $0.13 | $20.9M / $0.48 | Higher interest expense and a 48.1% effective tax rate amplified the decline. |
| Operating cash flow | $18.5M | $16.8M | Cash generation improved slightly despite weaker accounting profit. |
Where did growth and pressure come from?
Q1 2026 Commercial revenue was $675.5 million, up 0.5%. Healthcare, Consumer and Industrial, and Technology, Media and Telecom grew; Financial Services and Business Services declined. Federal revenue fell 1.1% to $292.8 million as efficiency initiatives pressured Defense and Intelligence and Federal Civilian work, partly offset by National Security and other customers.
Why does the margin signal deserve more attention than revenue?
How did ASGN evolve into Everforth?
Everforth’s history is a sequence of capability additions, not merely a staffing-company rename. It assembled commercial consulting, cloud and enterprise-platform expertise, federal contracting, and offshore delivery under one identity intended to improve cross-selling. The payoff depends on integrating those pieces without losing the speed and client intimacy of the legacy brands.
Which turning points still shape the model today?
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1992Corporate foundation. The company was incorporated and built its heritage around specialized professional talent, the source of today’s rapid team-assembly model.
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2018ECS acquisition. Federal technology capabilities became a large second segment, adding government backlog, clearances, and cybersecurity depth.
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2022GlideFast acquisition. The $350 million transaction expanded ServiceNow capabilities and reinforced the strategy of buying specialized platform expertise.
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2025TopBloc acquisition. The $340 million cash-and-equity purchase added Workday consulting and deeper enterprise-platform exposure. The official closing announcement tied the deal to secure, auditable data and AI-enabled enterprise systems.
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Nov. 2025Everforth identity announced. Management moved to unify six brands under one parent platform and emphasize a connected technology-and-engineering offering.
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Mar. 2026Quinnox acquisition. A $290 million cash deal added application modernization and offshore delivery capacity; the official transaction announcement positioned Quinnox as part of the higher-value commercial strategy.
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Apr. 2026Name and ticker change. The Form 8-K made Everforth, Inc. and EFOR effective on April 24, converting the strategic repositioning into the public-company identity.
What gives Everforth a competitive advantage?
Everforth’s advantage combines enterprise relationships, a large specialist network, industry knowledge, government qualifications, technology alliances, and a delivery model that limits the need for a large consulting bench. That structure can assemble custom teams quickly with a lower fixed-cost burden than many traditional consulting models.
Which resources are difficult to replicate?
In FY2025, Everforth employed about 19,600 billable professionals and 2,800 internal employees. Federal capabilities included roughly 1,000 cybersecurity consultants, about 500 with clearances, around 900 cleared AI and data professionals, and more than 1,400 certifications. Those credentials create barriers in sensitive government work that new entrants cannot reproduce quickly.
Where is the moat less secure?
Professional services limit the moat: many commercial agreements are non-exclusive and terminable on short notice, while clients can delay projects or change vendors and talent can leave or demand higher pay. Everforth therefore depends on execution and relationship depth, not contractual lock-in. Durable evidence would be sustained consulting growth, stable gross margin, and book-to-bill above one—not the rebrand itself.
Who competes with Everforth, and where does it sit?
Everforth competes in overlapping markets. Commercial assignment faces technology staffing firms; consulting faces digital engineering, enterprise-platform, and transformation specialists; Federal faces large government contractors. The company’s 2026 proxy uses peers across these categories, a better frame than treating Everforth as only a staffing company.
| Competitive arena | Relevant peers named in Everforth’s proxy | Everforth’s positioning | Main pressure point |
|---|---|---|---|
| Commercial technology talent | Kforce, Robert Half, ManpowerGroup, Kelly Services | Deep technology specialization and access to large enterprise accounts | Price competition and cyclical assignment demand |
| Digital engineering and consulting | EPAM Systems, Cognizant, Unisys, FTI Consulting | Just-in-time team construction plus acquired platform expertise | Scaling repeatable solutions and offshore delivery |
| Federal technology services | Booz Allen Hamilton, CACI, Leidos, SAIC, ICF | Cybersecurity, AI/data, modernization, and a sizable backlog | Award timing, recompetes, budget shifts, and incumbent scale |
How should students frame Everforth’s market position?
Which KPIs best explain Everforth’s performance?
Revenue alone is a lagging indicator. Commercial consulting book-to-bill compares bookings with revenue; Federal book-to-bill compares awards with revenue; backlog coverage indicates future work represented by contracts and options. Gross margin then tests whether the evolving mix produces better economics.
| KPI | Latest disclosed level | Formula or meaning | Research interpretation |
|---|---|---|---|
| Commercial consulting book-to-bill | 1.1x, TTM ended March 31, 2026 | Consulting bookings divided by consulting revenue | Above one suggests booked work is replacing delivered work, though bookings can be changed or cancelled. |
| Federal book-to-bill | 0.7x, TTM ended March 31, 2026 | New contract awards divided by federal revenue | Below one signals weaker recent award replenishment and deserves close monitoring. |
| Federal contract backlog | $2.81B at March 31, 2026 | Funded plus negotiated unfunded backlog | Provides visibility, but options and unfunded amounts are not guaranteed revenue. |
| Backlog coverage | 2.4x at March 31, 2026 | Total backlog divided by trailing federal revenue | Useful for duration, but the quality and timing of backlog matter as much as the headline multiple. |
| Gross margin | 27.5% in Q1 2026 | Gross profit divided by revenue | The clearest near-term test of whether higher-value consulting is improving the mix. |
Which commercial industries are carrying demand?
What KPI relationship matters most?
Bookings and awards must convert into revenue while gross margin holds or improves. High book-to-bill without margin discipline can signal low-quality growth; strong margin without replenishment can fade. The best evidence would be commercial consulting book-to-bill above one, Federal awards recovering toward revenue, and consolidated gross margin moving back toward FY2025’s 28.9%.
How strong are Everforth’s balance sheet, cash flow, and capital allocation?
Everforth generates meaningful annual cash, but acquisitions and repurchases increased leverage. FY2025 operating cash flow of $327.9 million less $39.8 million of capex produced $288.1 million of free cash flow. After debt-funded Quinnox, Q1 2026 ended with $143.6 million of cash and $1.48 billion of gross debt.
| Financial item | Period | Amount | Implication |
|---|---|---|---|
| Cash and cash equivalents | March 31, 2026 | $143.6M | Useful liquidity, but modest relative to debt and acquisition spending. |
| Gross debt | March 31, 2026 | $1.48B | Interest expense and refinancing terms materially affect equity cash flow. |
| Working capital | March 31, 2026 | $508.4M | Supports payroll and receivables-heavy service delivery. |
| Share repurchases | Q1 2026 | $39.0M | Reduced share count, but competed with acquisition funding for capital. |
| Goodwill | March 31, 2026 | $2.28B | Reflects the acquisition-built model and raises integration and impairment sensitivity. |
What does the cash-flow trend reveal?
How is management using financial flexibility?
Capital allocation prioritizes consulting acquisitions, repurchases, and internal technology investment. Everforth repurchased 3.1 million shares in FY2025 and 0.8 million in Q1 2026 while funding TopBloc and Quinnox. The combination can create per-share value if acquired revenue and margins scale, but it magnifies downside if integrations disappoint.
Who owns and governs Everforth?
Everforth has one common-stock class with one vote per share, not a founder-controlled dual-class structure. Institutional holders, the board, and management incentives therefore shape influence. The 2026 proxy reported 41,275,049 shares outstanding on March 31, 2026.
| Governance item | Latest proxy disclosure | Why it matters |
|---|---|---|
| Largest disclosed holder above 5% | BlackRock: 5,886,809 shares, or 14.3% | A dispersed institutional base can exert influence through voting and engagement rather than formal control. |
| Management ownership | Directors and executives: 1,325,213 shares, or 3.2% | Insiders have meaningful exposure, but no individual controls the company. |
| Board leadership | Independent chair; CEO Ted Hanson is the sole non-independent director | Separating chair and CEO roles supports independent oversight during integration and rebranding. |
| Executive incentives | Key metrics include adjusted EBITDA, revenue, NOPAT, and relative total shareholder return | Compensation design emphasizes profit, growth, capital efficiency, and stock performance. |
What does leadership signal about strategy?
Ted Hanson remains CEO, while Shiv Iyer became president in March 2025 after leading major Accenture consulting operations. The pairing suggests capital-allocation continuity with greater emphasis on integrated consulting, industry-led selling, and acquisition integration. Governance quality ultimately depends on disciplined returns from acquisitions and repurchases.
What opportunities and risks could change Everforth’s outlook?
Everforth’s upside and downside are connected. Acquisitions broaden capabilities but increase debt and goodwill; flexible talent lowers fixed costs but creates retention and wage-spread risk; Federal backlog provides visibility but remains subject to funding and contract options. Each growth driver therefore carries an execution constraint.
Where can growth come from?
Which risks are most material?
The FY2025 risk factors emphasize competition, talent availability, client termination rights, AI adoption, acquisitions, cybersecurity, and uncertainty in government backlog. These are not generic warnings: each maps directly to a revenue, margin, cash-flow, or balance-sheet line.
Why does Everforth’s business model matter for valuation?
A DCF should model commercial assignment, commercial consulting, and Federal Government separately because their cyclicality, margins, and reinvestment needs differ. The valuation question is whether consulting growth and delivery scale can lift normalized free cash flow faster than acquisitions, interest expense, and repurchases consume financial flexibility.
The terminal value deserves a conservative approach because professional services have limited formal switching costs and ongoing talent requirements. Conversely, the discount rate should reflect the stabilizing effect of federal backlog and the company’s demonstrated ability to generate cash across a cycle. The most decision-useful sensitivities are commercial consulting growth, consolidated gross margin, SG&A as a share of revenue, working-capital conversion, and net debt.
What is the key takeaway from Everforth analysis?
What makes Everforth important: it has a rare combination of enterprise technology talent, commercial consulting, federal modernization work, security credentials, and platform partnerships.
What supports the story: consulting represented most FY2025 revenue, commercial consulting continued to grow, federal backlog remains substantial, and full-year free cash flow provides capacity to invest.
What could weaken it: Q1 2026 margin compression, weak federal award replenishment, assignment cyclicality, integration costs, high goodwill, and increased leverage all challenge the claim that the new mix is structurally better.
What to monitor next: commercial consulting book-to-bill, federal awards, gross margin, adjusted EBITDA margin, operating cash flow, net debt, acquisition synergies, and whether the unified Everforth brand produces measurable cross-selling rather than only presentation changes.
Everforth is a case study in business-model migration: a staffing-rooted company is becoming an integrated technology and digital engineering platform. The central issue is evidence. Consulting growth, margin recovery, cash conversion, and debt discipline would validate the repositioning; flat revenue alongside rising leverage and integration costs would show that a new brand has not changed the economics.
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