TNET
TriNet Group, Inc.
TNET's fundamentals are mixed: earnings per share grew 36%, but free cash flow fell 61%. At 18x earnings, it's trading right at its usual valuation. Analysts expect earnings growth, though they disagree widely on how much.
TNET Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Unavailable |
TNET's profitability is currently healthy, and its revenue and cash flow are stable. There isn't enough data to rate its balance sheet.
TNET PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $51.64 | -21% |
| Forward | 15x | $65.34 | — |
| Fair | 18x | $65.98 | +1% |
| Current | 18x | $65.34 | — |
| Expensive | 21x | $79.94 | +22% |
Historical ranges are pointers, not guarantees.
TNET's PE is in its fair range at 18x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
TNET Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Strong growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for TNET, but weaker profitability. However, they disagree widely on these estimates.
TNET Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.41 | +18% |
| Q3 2026 | $3.72 | +36% |
| Q2 2026 | $3.77 | +29% |
| Q1 2026 | $3.39 | +0.9% |
| Q4 2025 | $3.20 | -6.7% |
| Q3 2025 | $2.74 | -48% |
| Q2 2025 | $2.93 | -51% |
| Q1 2025 | $3.36 | -46% |
| Q4 2024 | $3.43 | -48% |
TNET's earnings per share have fallen from their peak: $3.72 over the past year, against $6.56 in late 2023.
TNET Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -4.6% |
| Q2 2026 | $1.2B | -4.8% |
| Q1 2026 | $1.2B | -5.1% |
| Q4 2025 | $1.2B | -5.9% |
| Q3 2025 | $1.2B | -0.4% |
| Q2 2025 | $1.2B | +1% |
| Q1 2025 | $1.3B | +2.2% |
| Q4 2024 | $1.3B | +6.5% |
TNET's revenue is shrinking: $1.2B last quarter, down 4.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.3% | -0.7 points |
| Q2 2026 | 6.3% | +2.2 points |
| Q1 2026 | 10% | +1.1 points |
| Q4 2025 | 0.1% | +2.9 points |
| Q3 2025 | 4.1% | -0.6 points |
| Q2 2025 | 4.1% | -2.4 points |
| Q1 2025 | 8.9% | -0.8 points |
| Q4 2024 | -2.8% | -9.8 points |
TNET's operating margin was 3.3% last quarter, down 0.7 points from the same quarter a year ago.
TNET Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $53M | -3.6% |
| Q2 2026 | $67M | +18% |
| Q1 2026 | $123M | +56% |
| Q4 2025 | $43M | -92% |
| Q3 2025 | $55M | +$111M |
| Q2 2025 | $57M | +$197M |
| Q1 2025 | $79M | +$219M |
| Q4 2024 | $537M | -5.3% |
TNET still generates free cash flow, though less than at its 2019 peak: $286M over the past year.
TNET Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.2% | +1M shares |
| 1 year | -2.1% | -1M shares |
| 3 years | -19% | -11M shares |
| 5 years | -30% | -20M shares |
| Available history | -34% | -24M shares |
TNET has 47M diluted shares, down 2.1% from a year ago, with $155M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $18M |
| Q2 2026 | $18M |
| Q1 2026 | $58M |
| Q4 2025 | $61M |
| Q3 2025 | $31M |
| Q2 2025 | $1M |
| Q1 2025 | $90M |
| Q4 2024 | $28M |
TNET spent $155M buying back its own shares over the past year, up 3.3% from the year before.
TNET Net Leverage
TNET Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.0 | Neutral |
| Stochastic | 33.4 | Neutral |
TNET's weekly RSI is 54 (neutral) and its Stochastic is 33 (neutral).
TNET PE vs Industrials Sector
| Metric | TNET | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 27% below |
| PE % | 47 | 58 | 11 pts below |
TNET is trading at 18x earnings, a 27% discount to the Industrials sector's median of 24x.
TNET Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $67.1 | 2.6% below |
| 20 week MA | $65.7 | 0.6% below |
| 50 week MA | $54.7 | 19% above |
| 100 week MA | $64.4 | 1.5% above |
| 200 week MA | $83.5 | 22% below |
TNET's trend is mixed: it's above two of its five weekly moving averages, and 22% below its 200-week average.
TNET Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $56.6 | $82.1 | +45% |
| 2021 | $82.1 | $94.6 | +15% |
| 2022 | $94.6 | $65.4 | -31% |
| 2023 | $65.4 | $118.9 | +82% |
| 2024 | $118.9 | $90.3 | -24% |
| 2025 | $90.3 | $58.7 | -35% |
| 2026 YTD | $58.7 | $65.3 | +11% |
TNET has finished lower in three of the last six years. It's up 11% so far in 2026.