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Trinet Group, Inc. (TNET) stock

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NYSE: TNET NYSE Human Resource & Employment Services Next results ~February 11, 2027

C+ Fundamentals grade

Trinet Group, Inc. is a US-listed company in the human resource & employment services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$82–$150 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 68% above it.

Price used: $67.55, November 2, 2026

Trinet Group, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 5 selling1 purchase and 12 sales by directors and officers, last 12 monthsInsider trades
  • Funds150 adding, 112 cuttingOf 51 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Trinet Group files

10-Q filed October 29: Trinet

Rating: Hold to Buy

Trinet Group's revenue for the twelve months to September 2026 came in at $4.83bn, down 4.2% on the year, a steeper decline than the 3.5% drop recorded a quarter earlier. Free-cash-flow margin, by contrast, improved to 5.9% from 4.7% a year earlier, while operating margin narrowed to 6.8% from 8.9%. A 2.1% reduction in the diluted share count has lifted the value attributable to each remaining share. The fundamentals grade moves from C to C+. Our model value is little changed at $89.61 a share, well above the current price of $64.09. The rating moves from Hold to Buy. At that price, the market appears to be pricing in cash flow shrinking by about 2.9% a year over five years, slower than the 1.2% annual revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Trinet stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.88bn, down 3.5% on a year earlier, a steeper fall than the 2.4% decline a quarter earlier. That puts it 11 of 13 for growth among the human resource & employment services companies we cover. Free-cash-flow margin rose to 5.9% from 4.8% a year earlier. Operating margin narrowed to 6.8% from 8.9%. The diluted share count is down 2.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $89.53 a share, against a share price of $74.91. At that price, our model says the market is pricing in cash flow shrinking about 0.6% a year for five years, slower than the 1.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Trinet Group, Inc.'s trailing-twelve-month revenue fell 4.2% year on year, with a free-cash-flow margin of 5.9%. Where it stands out: change in share count of -2.1% ranks 4 of 20 human resource & employment services companies we cover. Where it lags: revenue growth of -4.2% ranks 17 of 21 human resource & employment services companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$82–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 64% in the quarter to 2026-09-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $67.55 is 68% below our value per share of $110.
  • Shrinking share count. Diluted shares fell 2.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 4.2% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 0.1 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 26.4% ranks 11 of 14 human resource & employment services companies we cover (median 11.3%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.94 against an average estimate of $0.57: beat by 64.5%
Revenue
$1.18bn, down 4.6% on a year earlier
Share reaction
-8.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $0.25

Trinet Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.1%
  • 1 week-10.2%
  • 1 month+6.8%
  • This year+16.9%
  • 1 year+15.2%
  • 5 years-31.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.8B
Net margin
3.6%
EPS (TTM, diluted)
$3.62

Growth

Revenue growth
−4.2%
Change in growth rate
−0.7 pts
Share count change
−2.1%

Cash

Free cash flow (TTM)
$286M
FCF margin
5.9%
Stock pay % of revenue
1.4%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Product
  4. Product
  5. Dividend
  6. Announcement
  7. Results
  8. Announcement
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Trinet Group, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 6.0% a year for five years.That is slower than the 1.2% a year revenue growth Trinet Group has delivered.

  • Priced in-6.0%
  • Last 12 months-4.2%
  • 3 years a year-0.7%
  • 5 years a year1.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($65.28, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$110
Price used
$65.28close November 3, 2026
Implied change
▲ +74%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Trinet Group, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($337M, FY2026 Q3 TTM), growing 2.9% and 2.9% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$82–~$150 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Trinet Group, Inc.'s free cash flow after stock-based pay ( $337M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Trinet Group, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.79 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$82–$150 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$68 ~$55–$95 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$100 ~$86–$120 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$99 ~$68–$110 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Trinet Group, Inc. with Human Resource & Employment Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −19%
  • Last year's free-cash-flow margin change, if it persists ▲ +29%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $95$133$183$249$335$447
8.5% $70$97$134$181$242$322
10% $55$76$104$140$187$247

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$18.51$24.51$42.42$40.13$54.16$77.11$91.13$64.86$113.78$87.45$57.78$67.55
Market value$1.3bn$1.8bn$3.0bn$2.9bn$3.8bn$5.2bn$6.1bn$4.2bn$6.5bn$4.4bn$2.8bn$3.2bn
+ Net debt (− = net cash)$328m$312m$127m$207m$200m$91m−$117m$142m$806m$623m$608m$568m
Enterprise value$1.7bn$2.1bn$3.1bn$3.1bn$4.0bn$5.3bn$6.0bn$4.3bn$7.3bn$5.0bn$3.4bn$3.8bn
Multiples
Price / sales 0.5x0.6x0.9x0.8x1.0x1.3x1.3x0.8x1.3x0.9x0.6x0.7x
Price / earnings 42.0x28.9x16.9x15.0x18.1x19.3x18.1x11.7x17.3x25.3x18.3x18.7x
Price / free cash flow 10.2x11.6x5.3x—9.0x10.3x34.3x9.4x14.0x21.8x12.1x11.2x
EV / EBITDA 12.8x12.7x12.5x10.4x13.1x14.1x12.9x8.4x15.3x———

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

50 /100

Moderate moat

How hard Trinet Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Net income has been a median 9.0% of total assets over 10 years.

  • Durability 6 / 20

    Operating margin has been a median 7.1%; its worst year was 2.7%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 6.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 29.1% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (66 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.87 +3% $4.8bn −4%
Next $4.92 +1% $5.0bn +5%

Next year's EPS estimate has moved +1.5% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.6% on 90 days ago. In the last 30 days, 1 analyst raised Trinet Group, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Trinet Group, Inc., last 90 days
$4.50 $4.60 $4.70 $4.80 $4.90 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.56 Current fiscal year, 60 days ago: $4.85 Current fiscal year, 30 days ago: $4.85 Current fiscal year, 7 days ago: $4.87 Current fiscal year, Now: $4.87 $4.87 Next fiscal year, 90 days ago: $4.85 Next fiscal year, 60 days ago: $4.91 Next fiscal year, 30 days ago: $4.91 Next fiscal year, 7 days ago: $4.92 Next fiscal year, Now: $4.92 $4.92

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.56$4.85
60 days ago $4.85$4.91
30 days ago $4.85$4.91
7 days ago $4.87$4.92
Now $4.87$4.92

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.57 $0.94 +64.5%
Jun 2026 $0.93 $1.55 +66.2%
Mar 2026 $1.86 $2.48 +33.2%
Dec 2025 $0.40 $0.46 +15.2%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Trinet Group, Inc.'s revenue by +2.9% next year and +2.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.4%, weight 66%) and the company's own record (+2.0%, weight 34%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy229%
Hold457%
Sell114%

Monthly trend

  1. Oct 20262417
  2. Sep 20262417
  3. Aug 20262417

Counts of recommendations published by analysts covering Trinet Group, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.3%
of tradable shares
Days to cover
5.48
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
1.1%
of shares
Employees
326,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +15.2%

$58.63 on October 31, 2025 to $67.55

ThenNowEffect
Revenue (last 12 months) $5.1bn $4.9bn −3.5%
Net margin 2.8% 3.6% +25.9%
P/E multiple 19.9x 18.4x −7.6%
Share count 49m 48m +2.6%

Biggest factor: net margin.

Last 3 years −32.3%

$99.72 on November 3, 2023 to $67.55

ThenNowEffect
Revenue (last 12 months) $4.9bn $4.9bn −1.2%
Net margin 6.9% 3.6% −47.7%
P/E multiple 18.2x 18.4x +1.5%
Share count 62m 48m +29.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TNET+18%−29%+75%−23%−34%+17%
Industry peers (median)+48%−17%+4%−15%−30%+19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TNET50%33%75%42%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TNET−19%−40%−17%−40%−42%−47%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 74% from April 3, 2024 to February 23, 2026. Getting back needed a 285% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$33.23 – $75.78
From 52-week high
−10.9%
vs 50-day average
+0.1%
vs 200-day average
+27.5%
Volatility (1 year)
50%
Beta vs S&P 500
0.08

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±8.6%
After a week
2 up, 9 down
typical move ±10.2%
After a month
6 up, 5 down
typical move ±9.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −8.7% −2.1% — —
July 30, 2026 −6.3% +2.4% −5.0% +0.1%
April 30, 2026 +3.8% +1.3% 0.0% +14.2%
February 12, 2026 −12.0% −1.5% −15.0% −17.9%
October 29, 2025 −2.4% −1.1% −7.3% −6.6%
July 25, 2025 +6.9% +0.4% −3.7% +4.3%
April 25, 2025 +2.4% +0.8% +3.7% +6.3%
February 13, 2025 −15.8% +1.1% −27.8% −15.6%
October 25, 2024 −9.8% +0.3% −8.3% +2.7%
July 26, 2024 −4.6% +1.2% −7.7% −7.1%
April 26, 2024 −18.5% +1.3% −20.2% −15.6%
February 15, 2024 +12.4% +0.2% +13.4% +12.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Trinet Group, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Trinet Group, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Trinet Group, Inc.
$4.8B $4.9B $5B $5.1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5B Revenue (TTM), FY24 Q1: $5B Revenue (TTM), FY24 Q2: $5.1B Revenue (TTM), FY24 Q3: $5.1B Revenue (TTM), FY24 Q4: $5.1B Revenue (TTM), FY25 Q1: $5.1B Revenue (TTM), FY25 Q2: $5.1B Revenue (TTM), FY25 Q3: $5B Revenue (TTM), FY25 Q4: $5B Revenue (TTM), FY26 Q1: $4.9B Revenue (TTM), FY26 Q2: $4.9B Revenue (TTM), FY26 Q3: $4.8B $4.8B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5B
FY24 Q1 $5B
FY24 Q2 $5.1B
FY24 Q3 $5.1B
FY24 Q4 $5.1B
FY25 Q1 $5.1B
FY25 Q2 $5.1B
FY25 Q3 $5B
FY25 Q4 $5B
FY26 Q1 $4.9B
FY26 Q2 $4.9B
FY26 Q3 $4.8B
Revenue growth, TTM YoY Trinet Group, Inc.
-6% -4% -2% 0% 2% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 1.8% Revenue growth, TTM YoY, FY24 Q1: 1.9% Revenue growth, TTM YoY, FY24 Q2: 2.4% Revenue growth, TTM YoY, FY24 Q3: 3.4% Revenue growth, TTM YoY, FY24 Q4: 1.2% Revenue growth, TTM YoY, FY25 Q1: 0.7% Revenue growth, TTM YoY, FY25 Q2: -0.1% Revenue growth, TTM YoY, FY25 Q3: -1.1% Revenue growth, TTM YoY, FY25 Q4: -0.9% Revenue growth, TTM YoY, FY26 Q1: -2.4% Revenue growth, TTM YoY, FY26 Q2: -3.5% Revenue growth, TTM YoY, FY26 Q3: -4.2% -4.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 1.8%
FY24 Q1 1.9%
FY24 Q2 2.4%
FY24 Q3 3.4%
FY24 Q4 1.2%
FY25 Q1 0.7%
FY25 Q2 -0.1%
FY25 Q3 -1.1%
FY25 Q4 -0.9%
FY26 Q1 -2.4%
FY26 Q2 -3.5%
FY26 Q3 -4.2%
Operating margin (TTM) Trinet Group, Inc.
6% 8% 10% 12% FY21 Q4 FY22 Q3 FY23 Q2 FY24 Q3 Operating margin (TTM), FY21 Q4: 10.0% Operating margin (TTM), FY22 Q1: 11.1% Operating margin (TTM), FY22 Q2: 10.8% Operating margin (TTM), FY22 Q3: 10.9% Operating margin (TTM), FY22 Q4: 10.2% Operating margin (TTM), FY23 Q1: 9.4% Operating margin (TTM), FY23 Q2: 8.9% Operating margin (TTM), FY23 Q3: 8.9% Operating margin (TTM), FY23 Q4: 9.4% Operating margin (TTM), FY24 Q1: 8.4% Operating margin (TTM), FY24 Q2: 8.0% Operating margin (TTM), FY24 Q3: 6.8% 6.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY21 Q4 10.0%
FY22 Q1 11.1%
FY22 Q2 10.8%
FY22 Q3 10.9%
FY22 Q4 10.2%
FY23 Q1 9.4%
FY23 Q2 8.9%
FY23 Q3 8.9%
FY23 Q4 9.4%
FY24 Q1 8.4%
FY24 Q2 8.0%
FY24 Q3 6.8%
FCF margin (TTM) Trinet Group, Inc.
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.3% FCF margin (TTM), FY24 Q1: 12.5% FCF margin (TTM), FY24 Q2: 10.4% FCF margin (TTM), FY24 Q3: 14.0% FCF margin (TTM), FY24 Q4: 4.0% FCF margin (TTM), FY25 Q1: 4.1% FCF margin (TTM), FY25 Q2: 4.8% FCF margin (TTM), FY25 Q3: 4.7% FCF margin (TTM), FY25 Q4: 4.7% FCF margin (TTM), FY26 Q1: 5.6% FCF margin (TTM), FY26 Q2: 5.9% FCF margin (TTM), FY26 Q3: 5.9% 5.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.3%
FY24 Q1 12.5%
FY24 Q2 10.4%
FY24 Q3 14.0%
FY24 Q4 4.0%
FY25 Q1 4.1%
FY25 Q2 4.8%
FY25 Q3 4.7%
FY25 Q4 4.7%
FY26 Q1 5.6%
FY26 Q2 5.9%
FY26 Q3 5.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,019 1,644 2,194 2,659 3,060 3,275 3,503 3,856 4,034 4,540 4,907 4,994 5,053 5,010 4,827
EBITDA 93 140 171 131 163 252 297 309 377 464 509 478 — — —
Operating income 62 66 87 78 124 217 251 268 368 455 499 469 — — —
Net income 32 13 15 32 61 178 192 212 272 338 355 375 173 155 172
Diluted EPS $0.16 $0.06 $0.22 $0.44 $0.85 $2.49 $2.65 $2.99 $3.99 $5.07 $5.61 $6.56 $3.43 $3.20 $3.62
Growth (year on year)
Revenue — +61.4% +33.4% +21.2% +15.1% +7.0% +7.0% +10.1% +4.6% +12.5% +8.1% +1.8% +1.2% −0.9% −4.2%
EBITDA — +50.7% +22.1% −23.5% +24.4% +54.6% +17.9% +4.0% +22.0% +23.1% +9.7% −6.1% — — —
Operating income — +7.3% +30.8% −10.1% +59.0% +75.0% +15.7% +6.8% +37.3% +23.6% +9.7% −6.0% — — —
Net income — −58.7% — — — — +7.9% +10.4% +28.3% +24.3% +5.0% +5.6% −53.9% −10.4% +29.3%
Diluted EPS — −61.9% — — — — +6.4% +12.8% +33.4% +27.1% +10.7% +16.9% −47.7% −6.7% +32.0%
Margins
EBITDA margin 9.1% 8.5% 7.8% 4.9% 5.3% 7.7% 8.5% 8.0% 9.3% 10.2% 10.4% 9.6% — — —
Operating margin 6.1% 4.0% 4.0% 2.9% 4.1% 6.6% 7.2% 7.0% 9.1% 10.0% 10.2% 9.4% — — —
Net margin 3.1% 0.8% 0.7% 1.2% 2.0% 5.4% 5.5% 5.5% 6.7% 7.4% 7.2% 7.5% 3.4% 3.1% 3.6%
Free-cash-flow margin 7.0% 5.5% 6.0% 5.0% 5.0% 17.3% −4.2% 11.0% 12.6% 3.9% 9.0% 9.3% 4.0% 4.7% 5.9%
Cash flow
Cash from operations 81 101 152 151 192 606 −104 471 546 218 497 539 279 303 378
Capital spending 10 11 21 19 40 38 43 45 36 40 56 75 78 69 92
Free cash flow 71 90 131 132 152 568 −147 426 510 178 441 464 201 234 286
Stock-based pay 4 6 11 18 26 32 44 41 43 50 62 59 65 65 67
Free cash flow after stock pay 67 84 120 114 126 536 −191 385 467 128 379 405 136 169 219
Balance sheet
Cash 64 94 134 166 184 336 228 213 301 612 354 287 360 287 328
Total debt 0 819 545 494 496 463 435 413 392 495 496 1,093 983 895 896
Net debt (negative = net cash) −64 725 411 328 312 127 207 200 91 −117 142 806 623 608 568
Diluted shares 50m 63m 60m 73m 72m 71m 72m 71m 68m 67m 64m 57m 50m 49m 48m
Returned to shareholders
Dividends — — — — — — — — — — 0 0 37 52 53
Buybacks 1 6 15 48 72 44 61 140 178 94 523 1,122 183 183 155
Total returned 1 6 15 48 72 44 61 140 178 94 523 1,122 220 235 208

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $3.4bn
Short-term assets $2.4bnLonger-term assets $962m
What it owes, and who funded it · $3.4bn
Short-term liabilities $2.1bnLonger-term liabilities $1.1bnShareholders' equity $133m
  • Short-term assets cover short-term liabilities $2.4bn of assets due within a year against $2.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.4bn short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $328m of cash against $896m of debt.
  • Debt below 40% of shareholders' equity Debt is 674% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 71% to 674% over five years.
  • A year's operating cash flow covers at least 20% of debt $378m of operating cash flow against $896m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Trinet Group, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$155M
Dividends (TTM)
$53M
Returned to shareholders
73%
of free cash flow
Buybacks, last 3 fiscal years
$1.5B
Diluted share count
−2.1%
year over year
Total shareholder yield
6.7%
dividends 1.7% + buybacks 5.0% of market value
Dividend payout ratio
31%
of net income paid out
R&D spending
1.5%
of revenue

Competitors: side by side with peers

Closest by revenue in human resource & employment services
Last 12 months unless stated TNET RHI KELYA EFOR PAYX NSP Median
Revenue, last 12 months $4.8bn $5.3bn $4.1bn $4.0bn $6.6bn $6.9bn $1.7bn
Revenue growth, last 12 months −4.2% −2.9% −9.6% 0.0% 14.0% 2.1% 5.6%
Revenue growth, 3-year average −0.7% −7.3% −6.0% −4.1% 9.1% 2.6% −0.5%
Revenue growth, latest quarter −4.6% 0.4% −5.8% 2.0% 5.9% 1.7% 5.2%
Gross margin — 37.3% 19.7% 28.3% 74.4% 13.0% 28.0%
Operating margin 6.8% 1.4% −2.3% 4.6% 39.2% 0.3% 1.0%
Operating margin, 3-year average 8.9% 2.3% −0.6% 6.1% 39.5% 1.0% 2.3%
Net margin 3.6% 2.3% −6.7% 1.7% 27.4% 0.0% 1.5%
Cash from operations / revenue 7.8% 4.6% 0.7% 5.8% 34.1% 3.4% 1.9%
Free-cash-flow margin 5.9% 3.9% 0.5% 4.9% 30.5% 2.9% 1.2%
Free-cash-flow margin, 3-year average 8.2% 4.6% 1.5% 7.1% 30.9% 0.8% 2.4%
Stock pay / revenue 1.4% — 0.3% 1.3% 1.3% 0.8% 1.3%
Change in share count −2.1% −0.7% −1.9% −5.8% −0.9% 0.7% −0.1%

Median of all 21 companies we cover in human resource & employment services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

21 human resource & employment services companies
Measure Company Peer median Rank
Revenue growth Growth -4.2% 5.6% 17 of 21
Change in growth rate Growth -0.7pp +0.5pp 14 of 20
Net margin Profitability 3.6% 1.5% 6 of 21
Free-cash-flow margin Cash generation 5.9% 1.2% 6 of 21
Stock pay as % of revenue Cash generation 1.4% 1.3% 13 of 20
Long-term debt as % of assets Balance sheet 26.4% 11.3% 11 of 14
Change in share count Balance sheet -2.1% -0.1% 4 of 20

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Insurance Services $4.2B 85.5% 0.0%
Professional Services $719M 14.5% ▼ 6.0%

From Trinet Group, Inc.'s 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.2B
Institutions reporting
278
Shares held vs prior quarter
▲ 0.3%
Positions opened / closed
58 / 28

Top buyers and sellers, Q2 2026: 150 institutions bought and 112 sold ; the biggest buyer was AQR Capital Management LLC (+313K shares) and the biggest seller Arrowmark Colorado Holdings LLC (−649K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Atairos Group, Inc. $895M 18.1M 41.2% 0.0%
Blackrock, Inc. $128M 2.6M 5.9% ▲ 6.6%
Earnest Partners LLC $76.1M 1.5M 3.5% ▼ 4.1%
Vanguard Portfolio Management LLC $64.9M 1.3M 3.0% ▼ 8.0%
Vanguard Capital Management LLC $58.3M 1.2M 2.7% ▼ 10.1%
Wellington Management Group LLP $52.9M 1.1M 2.4% ▼ 11.3%
American Century Companies Inc $45.6M 922K 2.1% ▼ 16.4%
Point72 Asset Management, L.P. $40.9M 827K 1.9% ▲ 43.7%
State Street Corp $36.5M 738K 1.7% ▲ 3.2%
Dimensional Fund Advisors LP $35.9M 725K 1.6% ▼ 14.9%
Geode Capital Management, LLC $35.6M 719K 1.6% ▲ 0.8%
Massachusetts Financial Services Co $34.2M 657K 1.6% ▼ 2.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Trinet Group, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $188,500 1 trade by 1 insider, last 12 months Insider sales History → $978,479 12 trades by 5 insiders · 42% under pre-set plans
Net ▼ $789,979 net selling
Insider Date Trade Shares Price Value
Chamberlain Paul Edward Director August 27, 2026 Sell 2,400 $69.70 $167,280
Majalya Sidney A. SVP, CLO and Secretary August 20, 2026 Sell pre-set plan 775 $68.53 $53,111
Treadway Anthony Shea SVP, Chief Revenue Officer August 19, 2026 Sell pre-set plan 1,068 $69.80 $74,546
Lowell Wayne B Director August 4, 2026 Sell 5,773 $68.71 $396,663
Treadway Anthony Shea SVP, Chief Revenue Officer May 19, 2026 Sell pre-set plan 933 $43.46 $40,548
Majalya Sidney A. SVP, CLO and Secretary April 1, 2026 Sell pre-set plan 775 $37.02 $28,691
Evanko Brian C Director March 4, 2026 Buy 5,000 $37.70 $188,500
Treadway Anthony Shea SVP, Chief Revenue Officer February 18, 2026 Sell pre-set plan 487 $41.81 $20,361
Majalya Sidney A. SVP, CLO and Secretary January 9, 2026 Sell pre-set plan 775 $61.86 $47,942
Hayward Jeffery Jon Chief Technology Officer November 25, 2025 Sell pre-set plan 1,437 $57.51 $82,642
Hayward Jeffery Jon Chief Technology Officer November 20, 2025 Sell pre-set plan 127 $55.00 $6,985
Treadway Anthony Shea SVP, Chief Revenue Officer November 18, 2025 Sell pre-set plan 459 $54.52 $25,025

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 12, 2026
  • October 29, 2025
  • July 25, 2025

Recent SEC filings

Data status

When each part of this page on Trinet Group, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Trinet Group, Inc. in brief

What does Trinet Group, Inc. do?
Trinet Group, Inc. is a US-listed company in the human resource & employment services industry. Its financial year ends in December.
What is Trinet Group, Inc.'s stock ticker?
Trinet Group, Inc. trades under the ticker TNET on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Trinet Group, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Trinet Group, Inc. reported revenue of $4.8B, 4.2% lower than a year earlier, according to its SEC filings.
What is Trinet Group, Inc.'s free cash flow?
Trinet Group, Inc.'s free-cash-flow margin is 5.9% of revenue over the trailing twelve months, ranking 6 of the 21 human resource & employment services companies we cover.
What is Trinet Group, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Trinet Group, Inc.'s free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$82–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Trinet Group, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Atairos Group, Inc., Blackrock, Inc. and Earnest Partners LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Trinet Group, Inc. buying back stock, and does it pay a dividend?
Trinet Group, Inc. spent $155M on share repurchases over the trailing twelve months, and its diluted share count fell 2.1% over the year.
What is Trinet Group, Inc.'s market cap?
On November 2, 2026, Trinet Group, Inc.'s market capitalisation was about $3.2B, with a price-to-earnings ratio of 18.7 and net debt of $568M. Market figures come from third-party market data and may be delayed.
Does Trinet Group, Inc. pay a dividend?
Yes: Trinet Group, Inc. paid $53M in dividends over the trailing twelve months, a dividend yield of 1.71% and a payout ratio of 30.8%.
How much debt does Trinet Group, Inc. have?
Trinet Group, Inc.'s debt-to-equity ratio is 673.7%, from its latest balance sheet (71.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Trinet Group, Inc.'s competitors?
In our Human Resource & Employment Services peer group, the companies closest to Trinet Group, Inc. are Robert Half Inc., Kelly Services Inc, Everforth Inc, Paychex and Insperity, Inc. The side-by-side comparison below sets their revenue, margins and growth against Trinet Group, Inc.'s.
Are insiders buying or selling Trinet Group, Inc. stock?
Over the last 12 months, Trinet Group, Inc.'s directors and officers reported 1 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Trinet Group, Inc.'s next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Trinet Group, Inc. announces its own schedule.