Trinet Group

TNET on NYSE. TriNet sells human resources, payroll, and benefits services to small businesses. Market value $2.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
9.8%high

For every $100 of what the whole company costs, it produced $9.82 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
47.0%five-year median

Each dollar kept in the business earns 47 cents a year. Above 10 is good.

Quality score: 71 of 100. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.

$63.90 a share, 90% above its 1-year low

Over the past year the price has ranged from $33.61 to $73.08.

Dividend: 1.7% a year

Paid every year for 2 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.2
0.4
0.5
0.2
0.2
0.3
2021202220232024202512 monthsto Jun '26
Revenue
$4.5bn$4.9bn$5.0bn$5.1bn$5.0bn
Operating margin
10.0%10.2%9.4%n/an/a
Debt to equity
0.560.6412.6213.1616.57
Shares outstanding
0.06bn0.05bn0.05bn0.05bn0.05bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)8 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt16.57× equity
  • Revenue growth, five yearsSlow, 4.4% a year
  • Buying back its own sharesYes, 26% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.2 billion last quarter, about the same as a year ago.
  • Profit: $53 million, up 43% on a year ago.
  • Spare cash over the past 12 months: $288 million, up from $242 million.
  • 6% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $538 million more than cash, up from $487 million a year ago.
  • Sales did not grow on a year ago in any of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.3bn
December 2024$1.3bn
March 2025$1.3bn
June 2025$1.2bn
September 2025$1.2bn
December 2025$1.2bn
March 2026$1.2bn
June 2026$1.2bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$45m
December 2024-$23m
March 2025$85m
June 2025$37m
September 2025$34m
December 2025-$1m
March 2026$89m
June 2026$53m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
12 February 2026
Next quarterly (estimated, 10-Q)
29 October 2026

Who owns it

2 long-term investors we follow own it, unchanged from 2 last quarter. 279 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

No one has reported a stake above 5% since December 2024.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $188,500 of shares on the open market. 5 sold $978,483, $414,536 of it under preset trading plans.

  • Chamberlain Paul Edward
    Director
    Sold
    Date
    27 August 2026
    Shares
    2,400
    Price
    $69.70
    Value
    $167,280
  • Majalya Sidney A.
    SVP, CLO and Secretary
    Sold
    under a preset trading plan
    Date
    20 August 2026
    Shares
    775
    Price
    $68.53
    Value
    $53,111
  • Treadway Anthony Shea
    SVP, Chief Revenue Officer
    Sold
    under a preset trading plan
    Date
    19 August 2026
    Shares
    1,068
    Price
    $69.80
    Value
    $74,546
  • LOWELL WAYNE B
    Director
    Sold
    Date
    4 August 2026
    Shares
    5,773
    Price
    $68.71
    Value
    $396,667
  • Treadway Anthony Shea
    SVP, Chief Revenue Officer
    Sold
    under a preset trading plan
    Date
    19 May 2026
    Shares
    933
    Price
    $43.46
    Value
    $40,548
  • Majalya Sidney A.
    SVP, CLO and Secretary
    Sold
    under a preset trading plan
    Date
    1 April 2026
    Shares
    775
    Price
    $37.02
    Value
    $28,691
  • Evanko Brian C
    Director
    Bought
    Date
    4 March 2026
    Shares
    5,000
    Price
    $37.70
    Value
    $188,500
  • Treadway Anthony Shea
    SVP, Chief Revenue Officer
    Sold
    under a preset trading plan
    Date
    18 February 2026
    Shares
    487
    Price
    $41.81
    Value
    $20,361
  • Majalya Sidney A.
    SVP, CLO and Secretary
    Sold
    under a preset trading plan
    Date
    9 January 2026
    Shares
    775
    Price
    $61.86
    Value
    $47,942
  • Hayward Jeffery Jon
    Chief Technology Officer
    Sold
    under a preset trading plan
    Date
    25 November 2025
    Shares
    1,437
    Price
    $57.51
    Value
    $82,642

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 16.6× its equity.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • We may not be able to keep pace with changes in technology, including as a result of AI, or provide timely enhancements to our solutions and support.

    Could happen
    The market for our solutions is characterized by rapid technological advancements such as AI, including without limitation, AI systems performing the roles historically allocated to human HR resources, changes in customer requirements, frequent new product introductions and enhancements, and changing industry standards. To maintain our growth strategy, we must adapt and respond to technological advances and technological requirements of our clients, including leveraging AI in our solutions. For example, we have been developing TriNet Assistant , which we expect to launch in 2026, an AI HR tool where customers will be able to ask and receive responses to a broad spectrum of HR questions. There can be no assurances, however, that the leveraging of AI within our solutions will be successful. Our competitors and other third parties may incorporate AI into their products and offerings more quickly or more successfully than us, which could impair our ability to compete effectively, cause us to lose some or all of our investments in developing these solutions, and adversely affect our results of operations. Additionally, if the content, analyses, or recommendations that AI applications assist in producing are, or are alleged to be, inaccurate, deficient, or biased, our business, financial condition, and results of operations may be adversely affected. Further, the use of AI applications may result in cybersecurity incidents that implicate the personal data of customers analyzed within such applications. Any such cybersecurity incidents related to our use of AI applications to analyze personal data could adversely affect our reputation and results of operations.
    Read more
  • We must comply with constantly-evolving privacy, data protection, AI and cybersecurity laws and regulations, which may require substantial costs or changes to our business, and any actual or perceived compliance failure could result in reduced revenue, increased costs, liability claims, regulatory penalties, and damage to our reputation.

    Could happen
    We believe that providing insights and content from data, including AI and ML, will become increasingly important to the value that our solutions and services deliver to our clients are exploring how best to integrate generative AI technologies and develop and deploy capabilities that are beneficial to our clients and WSEs. In recent years, legislation that creates obligations with respect to the development and/or use of AI has been adopted or is under 2025 FORM 10-K consideration in the U.S. at both the federal and state level, as well as abroad. In addition, self-regulatory frameworks like the National Institute of Standards and Technology AI Risk Management Framework are being promulgated and adherence to such regulatory frameworks may become an industry standard or a client expectation. As a result, the ability to provide data-driven insights and otherwise leverage AI and ML may be constrained by current or future laws (including product liability regimes), regulatory or self-regulatory requirements or ethical considerations, including our own guiding ethical principles regarding AI and ML, that could restrict or impose burdensome and costly requirements on our ability to leverage data and/or these technologies in innovative ways. Our use of generative AI in our solutions and operations also introduces additional risks, including risks related to accuracy, bias, transparency, security, and privacy. For example, if data used to train a model or the model’s output is inaccurate or biased, or alleged to be inaccurate or biased, we could be subject to reputational damage or litigation.
    Read more
  • Our SMB clients are particularly affected by volatility in the economic environment.

    Could happen
    Additionally, trade policies, including tariffs or other export or import restrictions, laws, and regulations, could directly or indirectly have a material adverse effect on our customers' businesses, as well as result in economic uncertainty and downturn more generally. For example, increased tariffs or other export or import restrictions, laws, and regulations, or even uncertainty with respect to such increases, could result in cost inflation or supply chain disruption, which could in turn result in companies reducing payroll expenses, delaying hiring or ceasing hiring practices, or cutting jobs. In addition, an economic downturn could result in a weakening of the market for our services as a result of fewer new companies being formed or funded, as well as a reluctance of companies to spend on PEO or ASO services. The results of any of these could negatively impact our revenue, as well as our ability to grow and retain clients, which could have a material adverse effect on our business, financial condition and results of operations.
    Read more
  • Change in our credit ratings could adversely impact our results of operations and lower our profitability.

    Could happen
    The Nationally Recognized Statistical Rating Organizations periodically evaluate our creditworthiness. Our credit ratings depend on our performance and can also be impacted by events beyond our control, such as macroeconomic and/or political factors of the U.S. and global economy. Failure to maintain our credit ratings could increase the cost of short-term borrowing which would lower our profitability, reduce our ability to obtain short-term borrowing periodically required by our business, and adversely impact our competitive position, results of operations, and financial condition.
    Read more
  • Our interest earned on funds held for clients may be impacted by changes in government regulations mandating the amount of tax withheld or timing of remittance or by political, economic or social factors.

    Could happen
    We invest funds collected for clients but not yet remitted to applicable tax or regulatory agencies or to client employees in 2a-7 money market mutual funds and other cash equivalents. Nevertheless, such investments are subject to general market, interest rate, credit and liquidity risks. These risks may be exacerbated, individually or together, during periods of unusual financial market volatility.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.