TriNet Group, Inc.
- Open
- 66.77
- Day high
- 67.99
- Day low
- 64.98
- Prev close
- 66.94
- Volume
- 349K
- Mkt cap
- $3.1B
- P/E (TTM)
- 18.0
- EPS (TTM)
- $3.74
- P/B
- 24.7
- P/S
- 0.6
- Yield
- 0.86%
- Per share
- $0.58
- ▼Insiders net selling -$692K over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
TriNet Group, Inc. (TNET) is a Industrials company listed on NYSE. The stock is down 6% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4). Drillr has 1 published research article covering TNET.
TriNet Group, Inc. (TNET) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TNET earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.94 | $1.55 | +65.2% | $1.2B | -0.4% |
| Apr 30, 2026 | $1.84 | $2.48 | +34.9% | $1.2B | +12.2% |
| Feb 12, 2026 | $0.37 | $0.46 | +24.7% | $1.2B | +287.6% |
| Oct 29, 2025 | $0.72 | $1.11 | +54.0% | $1.2B | +389.7% |
| Jul 25, 2025 | $1.00 | $1.15 | +14.9% | $1.2B | +373.3% |
| Apr 25, 2025 | $1.67 | $1.99 | +18.9% | $1.3B | +360.0% |
| Feb 13, 2025 | $0.25 | $0.44 | +76.0% | $1.3B | +488.6% |
| Oct 25, 2024 | $1.32 | $1.17 | -11.4% | $1.2B | -1.1% |
| Jul 26, 2024 | $1.28 | $1.53 | +19.5% | $1.2B | +1.1% |
| Apr 26, 2024 | $2.46 | $2.16 | -12.2% | $1.3B | +233.6% |
| Feb 15, 2024 | $1.19 | $1.60 | +34.5% | $1.2B | -0.5% |
| Oct 25, 2023 | $1.39 | $1.91 | +37.4% | $1.2B | -1.2% |
TNET insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 31, 2026 | Chamberlain Paul Edwarddirector | Sell | 2,400 | $69.70 |
| Aug 24, 2026 | Majalya Sidney A.officer: SVP, CLO and Secretary | Sell | 775 | $68.53 |
| Aug 21, 2026 | Treadway Anthony Sheaofficer: SVP, Chief Revenue Officer | Sell | 1,068 | $69.80 |
| Aug 18, 2026 | Majalya Sidney A.officer: SVP, CLO and Secretary | Tax | 519 | $68.75 |
| Aug 18, 2026 | Treadway Anthony Sheaofficer: SVP, Chief Revenue Officer | Tax | 238 | $68.75 |
| Aug 18, 2026 | Simonds Michael Qdirector, officer: PRESIDENT & CEO | Tax | 992 | $68.75 |
| Aug 18, 2026 | Treadway Anthony Sheaofficer: SVP, Chief Revenue Officer | Tax | 381 | $68.75 |
| Aug 18, 2026 | Venkataramani Jayaramanofficer: EVP Strat, Prdts & Transf | Tax | 644 | $68.75 |
| Aug 18, 2026 | Hayward Jeffery Jonofficer: EVP, Chief Svcs & Tech Officer | Tax | 305 | $68.75 |
| Aug 18, 2026 | Simonds Michael Qdirector, officer: PRESIDENT & CEO | Tax | 3,206 | $68.75 |
| Aug 18, 2026 | Venkataramani Jayaramanofficer: EVP Strat, Prdts & Transf | Tax | 254 | $68.75 |
| Aug 18, 2026 | Majalya Sidney A.officer: SVP, CLO and Secretary | Tax | 256 | $68.75 |
| Aug 18, 2026 | Hayward Jeffery Jonofficer: EVP, Chief Svcs & Tech Officer | Tax | 125 | $68.75 |
| Aug 18, 2026 | Hayward Jeffery Jonofficer: EVP, Chief Svcs & Tech Officer | Tax | 172 | $68.75 |
| Aug 18, 2026 | Hayward Jeffery Jonofficer: EVP, Chief Svcs & Tech Officer | Tax | 665 | $68.75 |
Source: TNET SEC Form 4 filings, latest Aug 31, 2026. For informational purposes only — not investment advice.
See the full TNET insider & 13F page →TNET research & analysis
TriNet Group, Inc. company profile
Overview
TriNet Group, Inc. (NYSE:TNET) is a leading provider of comprehensive human resources solutions for small and midsize businesses in the United States. Founded in 1988 and headquartered in Dublin, California, the company went public in March 2014. TriNet operates as a Professional Employer Organization (PEO), offering integrated HR services including payroll processing, employee benefits administration, workers' compensation insurance, and employment law compliance. The company serves approximately 340,000 worksite customers across various industries, with a particular focus on technology, professional services, financial services, and life sciences sectors.
Business
TriNet operates in the Professional Employer Organization (PEO) industry, which provides comprehensive human resources outsourcing services to small and midsize businesses. A PEO arrangement creates a co-employment relationship where TriNet becomes the employer of record for HR purposes while the client company maintains control over day-to-day business operations and employee management. The company's core offerings are organized into several key service areas: 1. PEO Services (approximately 85-90% of revenue): This is TriNet's primary business model where they provide comprehensive HR solutions including multi-state payroll processing, tax administration, employee benefits programs (health insurance, retirement plans), workers' compensation insurance and claims management, and employment law compliance services. 2. Insurance Services (approximately 70-75% of total revenue): TriNet acts as an insurance intermediary, providing health insurance, workers' compensation, and other employee benefits. They negotiate with insurance carriers on behalf of their clients and manage the entire benefits administration process. 3. Professional Services (approximately 10-15% of revenue): These include HR consulting, compliance support, and specialized services. The company has been strategically exiting its HRIS (Human Resource Information System) software-only business to focus on its core PEO offerings. The PEO model allows small and midsize businesses to access enterprise-level HR services and benefits programs that would typically be unavailable or cost-prohibitive for them to obtain independently. TriNet leverages economies of scale to provide competitive benefits packages and comprehensive HR support while handling complex regulatory compliance requirements across multiple states.
Revenue model
TriNet generates revenue through multiple interconnected streams within its PEO business model: 1. Service Fees: TriNet charges clients monthly fees based on the number of worksite employees (WSEs) they serve. These fees cover payroll processing, HR administration, compliance services, and access to their technology platform. 2. Insurance Premium Revenue: The company collects insurance premiums from clients for health insurance, workers' compensation, and other employee benefits, then remits payments to insurance carriers while retaining a portion as revenue. 3. Float Income: TriNet generates interest income on client funds held temporarily during payroll processing cycles and benefits administration. 4. Professional Services Revenue: Additional consulting and specialized HR services generate supplementary revenue streams. The company's profitability is significantly influenced by several key factors. The Insurance Cost Ratio (ICR) is critical, representing the percentage of insurance revenue paid out as claims and carrier costs. TriNet targets an ICR of 87-90%, though recent healthcare cost inflation has pushed this ratio higher to around 90-92%. Healthcare utilization trends, prescription drug costs, and workers' compensation claims directly impact margins. Customer retention rates strongly affect profitability since acquiring new clients involves significant sales and onboarding costs. TriNet maintains high retention rates, which supports stable revenue streams. The company's ability to implement price increases, particularly for benefits renewals, helps offset rising healthcare costs and maintain margins. Economic conditions affecting small and midsize business hiring patterns directly impact TriNet's growth, as their revenue is tied to the number of employees they serve. Interest rate environments also affect their float income generation.
Competitive moat
TriNet possesses a moderate competitive moat built on several key advantages, though the PEO industry faces increasing competition. The company's primary moat stems from its scale and operational complexity. Managing multi-state payroll, tax compliance, and benefits administration across hundreds of thousands of employees requires significant infrastructure, regulatory expertise, and carrier relationships that create barriers to entry for smaller competitors. The company's insurance relationships and risk management capabilities provide another layer of competitive advantage. TriNet's ability to negotiate favorable rates with insurance carriers and effectively manage claims through data analytics and risk assessment tools helps maintain competitive pricing while protecting margins. Customer switching costs also contribute to TriNet's moat. Once a business integrates its HR processes with TriNet's platform, changing PEO providers involves significant administrative burden, employee disruption, and potential compliance risks, creating natural retention benefits. However, TriNet's moat faces several challenges. The PEO industry has attracted numerous competitors, including both traditional players like ADP and Paychex, as well as newer technology-focused entrants. Large enterprises are increasingly building internal capabilities that could eventually trickle down to smaller businesses through improved technology solutions. The company's dependence on healthcare cost management presents ongoing vulnerability. Rising medical costs and utilization trends can quickly erode margins if not properly managed through pricing adjustments and risk management practices. Additionally, regulatory changes in employment law or healthcare policy could impact the company's value proposition or operational costs. While TriNet has established market position and operational expertise, the moat is not insurmountable and requires continuous investment in technology, service quality, and risk management to maintain competitive advantages.
Risks & safety
TriNet demonstrates adequate financial safety with some areas of concern around leverage and working capital dynamics. • Liquidity Position: Strong with $349-360 million in cash and short-term investments, providing operational flexibility • Debt Levels: High debt-to-equity ratio of 14-16x, though this reflects the PEO business model where client funds create temporary liabilities rather than traditional debt obligations • Current Ratio: Tight at 1.07-1.08x, typical for PEO operations but indicating limited working capital buffer • Cash Flow Generation: Positive operational cash flows of $95-555 million quarterly, though with significant seasonality • Valuation Metrics: Trading at reasonable multiples with P/E around 11-26x and EV/EBITDA of 7-14x depending on earnings volatility • Solvency Risk: Low immediate risk given cash generation capabilities and business model, though sensitive to economic downturns affecting client base • Other Considerations: High return on equity when profitable (1.3-4.8%), but earnings volatility due to insurance cost fluctuations creates uncertainty in valuation metrics
Recent development
Over the past few years, TriNet has undergone significant strategic transformation focused on core business optimization and operational efficiency. The company completed a major digital transformation initiative, migrating 100% of its applications to cloud infrastructure, which enhanced scalability and operational efficiency. A key strategic pivot involved exiting the HRIS software-only business to concentrate resources on core PEO services where the company maintains stronger competitive advantages. This decision, while creating short-term revenue headwinds of $15-20 million, allows TriNet to focus on higher-margin, stickier PEO relationships. The company has made substantial investments in sales force expansion and productivity, growing sales headcount by 15-20% and achieving 30-56% increases in new sales annual contract value. TriNet has also expanded its distribution strategy by developing broker channel partnerships, which now contribute 10-15% of new business. Insurance and risk management capabilities have been significantly strengthened through leadership additions and consolidated data analytics teams. This focus became critical as healthcare cost inflation challenged margins, requiring more sophisticated pricing and risk assessment approaches. Recent acquisitions including Zenefits and Clarus R+D have expanded TriNet's technology capabilities and market reach, though integration efforts continue. The company has also enhanced its benefits platform with AI-powered tools through partnerships like the Healthee collaboration. Capital allocation strategy has evolved to include regular dividend payments ($0.25 quarterly) alongside share repurchases, targeting return of approximately 75% of free cash flow to shareholders while maintaining investment in growth initiatives.
TNET company profile · for informational purposes only — not investment advice.
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