A Business at a Glance
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TRINET GROUP, INC.
TNET
$3.0B
Mkt Cap
$61.75
+2.32%
TRINET GROUP, INC. (TNET) has a current P/E ratio of 19.3, compared to its historical median P/E of 18.3. The stock is currently considered Fair based on its historical valuation range.
TRINET GROUP, INC. (TNET) has a 5-year average return on invested capital (ROIC) of 41.7%. This indicates strong capital allocation and a potential competitive advantage.
TRINET GROUP, INC. (TNET) has a market capitalization of $2.8B. It is classified as a mid-cap stock.
Yes, TRINET GROUP, INC. (TNET) pays a dividend with a trailing twelve-month yield of 1.86%. The company also returns capital through share buybacks, with a buyback yield of 5.30%.
Based on historical P/E analysis, TRINET GROUP, INC. (TNET) appears fair. The current P/E of 19.3 is 5% above its historical median of 18.3. The estimated fair value CAGR (P/E method) is 6.2%.
TRINET GROUP, INC. (TNET) operates in the Services-Business Services, Nec industry, within the Industrials sector.
TRINET GROUP, INC. (TNET) reported annual revenue of $5.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
BUSINESSTable of Contents PART I Item 1. Business TriNet is a leading provider of HR solutions for SMBs. We offer technology-enabled services that include human capital expertise, employee benefits such as health insurance and retirement plans, payroll and payroll tax administration, risk mitigation, and compliance consulting. Our long-term objective is to be the premier provider of HR services for a broad range of SMBs through industry-leading benefits, sales distribution excellence, and a world-class services delivery model. Since our founding in 1988, TriNet has served, and continues to serve, thousands of SMBs. We are the largest publicly traded company in the U.S. that focuses primarily on the PEO business, in terms of market capitalization as of December 31, 2025. In 2025, we processed $70 billion in payroll and payroll taxes for our clients and ended the year with approximately 323,200 WSEs. We aim to differentiate ourselves from other PEOs in three substantive areas.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.9B | 5.0B | 5.1B | 5.0B | 4.9B | 4.5B |
| Net Income | 159M | 155M | 173M | 375M | 355M | 338M |
| EPS | $3.38 | $3.20 | $3.43 | $6.56 | $5.61 | $5.07 |
| Free Cash Flow | 278M | 234M | 201M | 464M | 441M | 178M |
| ROIC | 0.0% | 30.8% | 31.9% | 44.0% | 48.2% | 53.7% |
| Gross Margin | - | 10.0% | 10.5% | 18.3% | 19.1% | 16.7% |
| Debt/Equity | 10.80 | 17.44 | 13.72 | 13.18 | 0.71 | 0.62 |
| Dividends/Share | $1.15 | $1.07 | $0.73 | $0.00 | $0.00 | - |
| Operating Income | 0 | 269M | 285M | 469M | 499M | 455M |
| Operating Margin | 0.0% | 5.4% | 5.6% | 9.4% | 10.2% | 10.0% |
| ROE | 191.6% | 252.0% | 235.4% | 87.9% | 42.9% | 45.4% |
| Shares Outstanding | 46M | 48M | 50M | 57M | 63M | 67M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.2B | 2.7B | 3.1B | 3.3B | 3.5B | 3.9B | 4.0B | 4.5B | 4.9B | 5.0B | 5.1B | 5.0B | 4.9B |
| Gross Margin | 11.6% | 9.0% | 10.0% | 13.2% | 14.6% | 13.4% | 15.6% | 16.7% | 19.1% | 18.3% | 10.5% | 10.0% | N/A |
| R&D | N/A | N/A | 31M | 45M | 49M | 43M | 40M | 50M | 73M | 65M | 68M | 71M | 70M |
| SG&A | 54M | 69M | 92M | 114M | 142M | 137M | 152M | 176M | 241M | 211M | 232M | 207M | 220M |
| EBIT | 87M | 78M | 124M | 217M | 251M | 268M | 368M | 455M | 499M | 469M | 285M | 269M | 0 |
| Op. Margin | 4.0% | 2.9% | 4.1% | 6.6% | 7.2% | 7.0% | 9.1% | 10.0% | 10.2% | 9.4% | 5.6% | 5.4% | 0.0% |
| Net Income | 13M | 32M | 61M | 178M | 192M | 212M | 272M | 338M | 355M | 375M | 173M | 155M | 159M |
| Net Margin | 0.6% | 1.2% | 2.0% | 5.4% | 5.5% | 5.5% | 6.7% | 7.4% | 7.2% | 7.5% | 3.4% | 3.1% | 3.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.0M | -1.0M | 17M | 10M | 23M |
| Returns on Capital | |||||||||||||
| ROIC | 15.0% | 14.3% | 25.3% | 61.3% | 46.8% | 36.4% | 44.4% | 53.7% | 48.2% | 44.0% | 31.9% | 30.8% | 0.0% |
| ROE | -6.3% | -372.9% | 285.6% | 147.7% | 66.1% | 49.9% | 50.3% | 45.4% | 42.9% | 87.9% | 235.4% | 252.0% | 191.6% |
| ROA | 0.7% | 1.4% | 2.9% | 7.6% | 7.6% | 8.2% | 9.4% | 10.6% | 10.5% | 10.5% | 4.4% | 3.9% | 4.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 152M | 151M | 192M | 606M | -104M | 471M | 546M | 218M | 497M | 539M | 279M | 303M | 357M |
| Free Cash Flow | 131M | 132M | 152M | 568M | -147M | 426M | 510M | 178M | 441M | 464M | 201M | 234M | 278M |
| Owner Earnings | 81M | 61M | 127M | 539M | -194M | 384M | 456M | 109M | 371M | 408M | 139M | 172M | 260M |
| CapEx | 21M | 19M | 40M | 38M | 43M | 45M | 36M | 40M | 56M | 75M | 78M | 69M | 79M |
| Maint. CapEx | 60M | 72M | 39M | 35M | 46M | 46M | 47M | 59M | 64M | 72M | 75M | 66M | 29M |
| Growth CapEx | 0 | 0 | 1.0M | 3.0M | 0 | 0 | 0 | 0 | 0 | 3.0M | 3.0M | 3.0M | 50M |
| D&A | 60M | 72M | 39M | 35M | 46M | 46M | 47M | 59M | 64M | 72M | 75M | 66M | 29M |
| CapEx/OCF | 13.5% | 14.2% | 26.8% | 6.3% | N/A | 9.6% | 6.6% | 18.3% | 10.0% | 13.9% | 28.0% | 22.8% | 22.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 9.7M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37M | 52M | 53M |
| Dividend Yield | 0.6% | 1.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.7% | 1.5% | 1.9% |
| Share Buybacks | 15M | 48M | 72M | 44M | 61M | 140M | 178M | 94M | 523M | 1.1B | 183M | 183M | 151M |
| Buyback Yield | 0.7% | 3.6% | 4.0% | 1.4% | 2.1% | 3.6% | 3.2% | 1.5% | 12.9% | 16.9% | 4.1% | 6.5% | 5.3% |
| Stock-Based Comp | 11M | 18M | 26M | 32M | 44M | 41M | 43M | 50M | 62M | 59M | 65M | 65M | 68M |
| Debt Repayment | 274M | 45M | 37M | 38M | 22M | 22M | 22M | 370M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 386M | 286M | 260M | 129M | 184M | 175M | 72M | -200M | 122M | 676M | 587M | 577M | 531M |
| Cash & Equiv. | 134M | 166M | 184M | 336M | 228M | 213M | 301M | 612M | 354M | 287M | 360M | 287M | 365M |
| Long-Term Debt | 524M | 461M | 422M | 425M | 391M | 369M | 348M | 495M | 496M | 984M | 908M | 895M | 896M |
| Debt/Equity | -21.81 | 61.74 | 13.12 | 2.26 | 1.24 | 0.96 | 0.71 | 0.62 | 0.71 | 13.18 | 13.72 | 17.44 | 10.80 |
| Interest Coverage | 1.6 | 4.1 | 6.2 | 10.8 | 11.4 | 12.8 | 17.5 | 22.8 | 12.8 | 18.8 | 4.8 | 5.2 | 5.2 |
| Equity | -25M | 8.0M | 35M | 206M | 375M | 475M | 607M | 881M | 775M | 78M | 69M | 54M | 83M |
| Total Assets | 2.3B | 2.1B | 2.1B | 2.6B | 2.4B | 2.7B | 3.0B | 3.3B | 3.4B | 3.7B | 4.1B | 3.8B | 3.4B |
| Total Liabilities | 2.4B | 2.1B | 2.1B | 2.4B | 2.1B | 2.3B | 2.4B | 2.4B | 2.7B | 3.6B | 4.0B | 3.7B | 3.3B |
| Intangibles | 82M | 47M | 31M | 26M | 21M | 15M | 18M | 61M | 163M | 172M | 156M | 153M | 155M |
| Retained Earnings | -468M | -486M | -500M | -377M | -266M | -219M | -144M | 74M | -119M | -896M | -984M | -1.1B | -1.1B |
| Working Capital | 121M | 112M | 156M | 234M | 221M | 228M | 290M | 700M | 338M | 115M | 199M | 231M | 258M |
| Current Assets | 1.8B | 1.6B | 1.5B | 2.0B | 1.6B | 1.9B | 2.2B | 2.4B | 2.3B | 2.6B | 3.2B | 2.9B | 2.5B |
| Current Liabilities | 1.7B | 1.5B | 1.4B | 1.8B | 1.4B | 1.6B | 1.9B | 1.7B | 2.0B | 2.5B | 3.0B | 2.6B | 2.2B |
| Per Share Data | |||||||||||||
| EPS | 0.22 | 0.44 | 0.85 | 2.49 | 2.65 | 2.99 | 3.99 | 5.07 | 5.61 | 6.56 | 3.43 | 3.20 | 3.38 |
| Owner EPS | 1.34 | 0.85 | 1.76 | 7.54 | -2.68 | 5.42 | 6.69 | 1.63 | 5.86 | 7.14 | 2.76 | 3.55 | 5.64 |
| Book Value | -0.41 | 0.11 | 0.48 | 2.88 | 5.18 | 6.70 | 8.90 | 13.22 | 12.25 | 1.36 | 1.37 | 1.11 | 1.80 |
| Cash Flow/Share | 2.52 | 2.10 | 2.66 | 8.48 | -1.44 | 6.64 | 8.01 | 3.27 | 7.85 | 9.43 | 5.53 | 6.26 | 4.08 |
| Dividends/Share | 0.16 | 0.29 | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 0.73 | 1.07 | 1.15 |
| Shares Out. | 60.3M | 72.0M | 72.2M | 71.5M | 72.5M | 70.9M | 68.2M | 66.7M | 63.3M | 57.2M | 50.4M | 48.4M | 46.1M |
| Valuation | |||||||||||||
| P/E Ratio | 140.4 | 42.7 | 29.6 | 17.3 | 15.2 | 18.4 | 20.2 | 18.7 | 11.5 | 17.7 | 25.8 | 18.2 | 18.3 |
| P/FCF | 14.2 | 10.3 | 12.0 | 5.4 | N/A | 9.2 | 10.8 | 35.6 | 9.2 | 14.3 | 22.2 | 12.1 | 10.2 |
| EV/EBIT | 28.5 | 19.8 | 15.6 | 13.2 | 12.2 | 15.1 | 15.0 | 13.4 | 8.3 | 13.6 | 16.4 | 11.5 | N/A |
| Price/Book | N/A | 167.7 | 51.6 | 15.0 | 7.8 | 8.2 | 9.0 | 7.2 | 5.3 | 85.1 | 64.7 | 52.4 | 34.3 |
| Price/Sales | 0.8 | 0.7 | 0.4 | 0.7 | 1.0 | 1.1 | 1.0 | 1.2 | 1.0 | 1.1 | 1.0 | 0.7 | 0.6 |
| FCF Yield | 6.0% | 9.7% | 8.4% | 18.4% | -5.1% | 10.9% | 9.3% | 2.8% | 10.8% | 7.0% | 4.5% | 8.3% | 9.8% |
| Market Cap | 2.2B | 1.4B | 1.8B | 3.1B | 2.9B | 3.9B | 5.5B | 6.3B | 4.1B | 6.6B | 4.5B | 2.8B | 2.8B |
| Avg. Price | 25.39 | 25.65 | 18.63 | 32.15 | 48.52 | 58.47 | 58.36 | 83.64 | 78.83 | 94.46 | 103.76 | 71.71 | 61.75 |
| Year-End Price | 30.89 | 18.81 | 25.15 | 43.14 | 40.15 | 55.14 | 80.46 | 95.02 | 64.30 | 116.07 | 88.57 | 58.38 | 61.75 |
TRINET GROUP, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
TRINET GROUP, INC. trades at 19.3x trailing earnings, compared to its 15-year median P/E of 18.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.5x vs a median of 12.0x. The company's 5-year average ROIC is 41.7% with a gross margin of 14.9%. Total shareholder yield (dividends + buybacks) is 7.2%. At current prices, the estimated annualized return to fair value is +11.4%.
TRINET GROUP, INC. (TNET) has a net profit margin of 3.1%. This is a modest margin.
TRINET GROUP, INC. (TNET) generated $234 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TRINET GROUP, INC. (TNET) has a debt-to-equity ratio of 17.44. This indicates higher leverage, which may increase financial risk.
TRINET GROUP, INC. (TNET) reported earnings per share (EPS) of $3.20 in its most recent fiscal year.
TRINET GROUP, INC. (TNET) has a return on equity (ROE) of 252.0%. This indicates the company generates strong returns for shareholders.
TRINET GROUP, INC. (TNET) has a 5-year average gross margin of 14.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 14 years of financial data for TRINET GROUP, INC. (TNET), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TRINET GROUP, INC. (TNET) has a book value per share of $1.11, based on its most recent annual SEC filing.