Everforth’s shift from cyclical staffing toward AI, platform consulting, offshore engineering, and federal digital work offers a discounted recovery opportunity, but leverage and execution determine whether growth translates into shareholder returns.
Overview
Everforth, formerly ASGN Incorporated before its April 2026 rebrand, provides IT consulting, digital engineering, platform solutions, and specialized talent services across commercial and federal markets. Commercial generated $701.7 million, about 70% of Q2 2026 revenue, while Federal contributed $305.3 million; consolidated revenue was $1,007.0 million. The company is repositioning from cyclical staffing toward higher-value AI implementation, cloud and platform consulting, Quinnox offshore engineering, and federal modernization. Q2 revenue exceeded the $970–$1,000 million guidance range and $990.9 million consensus, despite declining 1.3% year over year. Adjusted EBITDA of $96.7 million produced a 9.6% margin and beat guidance; adjusted EPS was $0.91. Commercial consulting book-to-bill was 1.2x and federal backlog was $2.7 billion. At $33.12, shares traded at 9.1x FY26 forward non-GAAP P/E and 0.34x sales, below several peer valuation measures, although net leverage is 3.1x. **The investment case rests on a transition to structurally better consulting and delivery mix at a discounted valuation.** Near-term catalysts include Q3 guidance, conversion of federal awards, AI implementation demand, Quinnox scaling, and debt reduction; risks include commercial spending weakness and AI-driven staffing disruption.