Detailed financial statements for TriNet Group, Inc. (TNET): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
TriNet Group, Inc. provides comprehensive human capital management services for small and medium-sized businesses in the United States. The company offers multi-state payroll processing and tax administration; employee benefits programs, including health insurance and retirement plans; workers' compensation insurance and claims management; employment and benefits law compliance; and other HR related services.
Analysis Summary
TriNet Group, Inc. reported revenue of $5.01B in the most recent fiscal year, growing at a 5-year CAGR of 4.4%. Net income reached $155.0M, with a -10.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 19.1%, operating margin 6.2%, net margin 3.6%. Free cash flow grew at -9.7% CAGR over 5 years.
At $69.91 (closing price, October 26, 2026), TNET trades at a P/E of 18.75 and an ROE of 188.17%. Market capitalisation stands at $3.2B.
Balance sheet quality for TNET: current ratio of 1.1, net debt of $655.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $306.0M represents 197% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.06B | $3.27B | $3.50B | $3.86B | $4.03B | $4.54B | $4.88B | $4.92B | $5.05B | $5.01B |
| Cost of Revenue | $2.60B | $2.68B | $2.84B | $3.17B | $3.24B | $3.60B | $3.77B | $3.82B | $4.10B | $4.12B |
| Gross Profit | $456.1M | $596.0M | $664.0M | $684.0M | $793.0M | $937.0M | $1.12B | $1.10B | $952.0M | $886.0M |
| Research & Development | $31.4M | $45.0M | $49.0M | $43.0M | $40.0M | $50.0M | $73.0M | $65.0M | $68.0M | $71.0M |
| Selling, General & Admin | $265.4M | $301.0M | $324.0M | $327.0M | $338.0M | $378.0M | $483.0M | $496.0M | $521.0M | $476.0M |
| Operating Expenses | $332.2M | $379.0M | $413.0M | $416.0M | $425.0M | $482.0M | $620.0M | $633.0M | $664.0M | $613.0M |
| Operating Income | $124.0M | $217.0M | $251.0M | $268.0M | $368.0M | $455.0M | $499.0M | $469.0M | $288.0M | $273.0M |
| EBITDA | $163.7M | $252.0M | $297.0M | $358.0M | $481.0M | $555.0M | $610.0M | $662.0M | $374.0M | $346.0M |
| Interest Expense | $20.0M | $20.0M | $22.0M | $21.0M | $21.0M | $20.0M | $39.0M | $40.0M | $62.0M | $56.0M |
| Pre-tax Income | $104.5M | $200.0M | $241.0M | $270.0M | $357.0M | $441.0M | $482.0M | $501.0M | $226.0M | $217.0M |
| Income Tax | $43.0M | $22.0M | $49.0M | $58.0M | $85.0M | $103.0M | $127.0M | $126.0M | $53.0M | $62.0M |
| Net Income | $61.4M | $178.0M | $192.0M | $212.0M | $272.0M | $338.0M | $355.0M | $375.0M | $173.0M | $155.0M |
| EPS | $0.88 | $2.57 | $2.73 | $3.03 | $4.06 | $5.12 | $5.66 | $6.58 | $3.46 | $3.19 |
| EPS (Diluted) | $0.85 | $2.49 | $2.66 | $2.99 | $4.00 | $5.07 | $5.61 | $6.58 | $3.43 | $3.16 |
| Shares Outstanding (Diluted) | 72.0 M | 71.4 M | 72.3 M | 71.0 M | 68.0 M | 67.0 M | 64.0 M | 57.0 M | 50.0 M | 48.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.23B | $1.25B | $1.23B | $1.18B |
| Gross Profit | $216.0M | $171.0M | $300.0M | $246.0M |
| Operating Income | $63.0M | $15.0M | $136.0M | $88.0M |
| EBITDA | $82.0M | $33.0M | $155.0M | $109.0M |
| Net Income | $34.0M | -$1.0M | $89.0M | $53.0M |
| EPS | $0.71 | $-0.02 | $1.89 | $1.16 |
| EPS (Diluted) | $0.71 | $-0.02 | $1.89 | $1.15 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $184.0M | $336.0M | $228.0M | $1.39B | $301.0M | $612.0M | $354.0M | $287.0M | $360.0M | $287.0M |
| Short-term Investments | 0 | 0 | $54.0M | $68.0M | $57.0M | $135.0M | $76.0M | $65.0M | 0 | 0 |
| Receivables | 0 | $318.0M | $315.0M | $294.0M | $264.0M | $339.0M | $394.0M | $465.0M | $381.0M | $284.0M |
| Inventory | 0 | -$290.0M | $990.0M | 0 | $1.45B | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.54B | $1.99B | $1.65B | $1.87B | $2.16B | $2.44B | $2.33B | $2.58B | $3.18B | $2.87B |
| Property, Plant & Equipment | $58.6M | $70.0M | $79.0M | $140.0M | $130.0M | $66.0M | $55.0M | $41.0M | $34.0M | $47.0M |
| Goodwill | $289.2M | $289.0M | $289.0M | $289.0M | $294.0M | $294.0M | $462.0M | $462.0M | $461.0M | $461.0M |
| Intangible Assets | $31.1M | $26.0M | $21.0M | $15.0M | $18.0M | $61.0M | $163.0M | $172.0M | $156.0M | $153.0M |
| Total Assets | $2.10B | $2.59B | $2.44B | $2.75B | $3.04B | $3.31B | $3.44B | $3.69B | $4.12B | $3.80B |
| Accounts Payable | $22.5M | $45.0M | $45.0M | $31.0M | $50.0M | $86.0M | $98.0M | $87.0M | $89.0M | $86.0M |
| Short-term Debt | $36.6M | $40.0M | $22.0M | $39.0M | $22.0M | 0 | 0 | $109.0M | $75.0M | 0 |
| Total Current Liabilities | $1.38B | $1.76B | $1.43B | $1.64B | $1.87B | $1.74B | $1.99B | $2.46B | $2.98B | $2.64B |
| Long-term Debt | $422.5M | $383.0M | $391.0M | $369.0M | $348.0M | $495.0M | $496.0M | $984.0M | $908.0M | $895.0M |
| Total Liabilities | $2.06B | $2.39B | $2.06B | $2.27B | $2.44B | $2.43B | $2.67B | $3.62B | $4.05B | $3.74B |
| Retained Earnings | -$499.9M | -$377.0M | -$266.0M | -$219.0M | -$144.0M | $74.0M | -$119.0M | -$896.0M | -$984.0M | -$1.08B |
| Total Equity | $34.6M | $206.0M | $375.0M | $475.0M | $607.0M | $881.0M | $775.0M | $78.0M | $69.0M | $54.0M |
| Total Debt | $459.1M | $423.0M | $413.0M | $456.0M | $430.0M | $547.0M | $552.0M | $1.14B | $1.02B | $942.0M |
| Net Debt | $275.1M | $87.0M | $131.0M | -$1.00B | $72.0M | -$200.0M | $122.0M | $785.0M | $662.0M | $655.0M |
| Working Capital | $156.8M | $234.0M | $221.0M | $228.0M | $290.0M | $700.0M | $338.0M | $115.0M | $199.0M | $231.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $321.0M | $287.0M | $340.0M | $358.0M |
| Total Assets | $3.42B | $3.80B | $3.42B | $3.35B |
| Total Liabilities | $3.31B | $3.74B | $3.34B | $3.22B |
| Total Equity | $110.0M | $54.0M | $83.0M | $125.0M |
| Total Debt | $943.0M | $942.0M | $946.0M | $950.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $61.4M | $178.0M | $192.0M | $212.0M | $272.0M | $338.0M | $355.0M | $375.0M | $173.0M | $155.0M |
| Depreciation & Amortization | $39.0M | $35.0M | $46.0M | $46.0M | $82.0M | $94.0M | $89.0M | $121.0M | $86.0M | $73.0M |
| Stock-based Compensation | $26.5M | $32.0M | $44.0M | $41.0M | $43.0M | $50.0M | $62.0M | $59.0M | $65.0M | $65.0M |
| Change in Working Capital | -$19.7M | $33.0M | -$387.0M | $153.0M | $188.0M | -$260.0M | $12.0M | -$22.0M | -$115.0M | -$89.0M |
| Operating Cash Flow | $144.5M | $253.0M | -$104.0M | $471.0M | $546.0M | $218.0M | $562.0M | $545.0M | $279.0M | $303.0M |
| Capital Expenditure | -$39.6M | -$38.0M | -$43.0M | -$45.0M | -$36.0M | -$40.0M | -$56.0M | -$75.0M | -$78.0M | $3.0M |
| Acquisitions | -$300,000 | 0 | $46.0M | $47.0M | -$12.0M | $40.0M | -$229.0M | 0 | 0 | $1.0M |
| Stock Repurchased | -$71.6M | -$44.0M | -$61.0M | -$140.0M | -$178.0M | -$94.0M | -$523.0M | -$1.12B | -$183.0M | -$183.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$37.0M | -$52.0M |
| Free Cash Flow | $104.9M | $215.0M | -$147.0M | $426.0M | $510.0M | $178.0M | $506.0M | $470.0M | $201.0M | $306.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $72.0M | $61.0M | $149.0M | $88.0M |
| Capital Expenditure | -$17.0M | -$18.0M | $6.0M | $3.0M |
| Free Cash Flow | $55.0M | $43.0M | $155.0M | $91.0M |
| Dividends Paid | -$13.0M | -$13.0M | -$13.0M | -$13.0M |
| Stock-based Compensation | $17.0M | $17.0M | $16.0M | $17.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.0% | +7.0% | +10.1% | +4.6% | +12.5% | +7.6% | +0.8% | +2.7% | -0.9% | |
| Net Income Growth (YoY) | +189.9% | +7.9% | +10.4% | +28.3% | +24.3% | +5.0% | +5.6% | -53.9% | -10.4% | |
| EPS Growth (YoY) | +192.0% | +6.2% | +11.0% | +34.0% | +26.1% | +10.5% | +16.3% | -47.4% | -7.8% | |
| Shares Change (YoY) | -0.8% | +1.3% | -1.8% | -4.2% | -1.5% | -4.5% | -10.9% | -12.3% | -4.0% | |
| FCF Growth (YoY) | +105.0% | -168.4% | +389.8% | +19.7% | -65.1% | +184.3% | -7.1% | -57.2% | +52.2% | |
| Gross Margin | 14.9% | 18.2% | 19.0% | 17.7% | 19.7% | 20.6% | 22.9% | 22.4% | 18.8% | 17.7% |
| Operating Margin | 4.1% | 6.6% | 7.2% | 7.0% | 9.1% | 10.0% | 10.2% | 9.5% | 5.7% | 5.4% |
| EBITDA Margin | 5.3% | 7.7% | 8.5% | 9.3% | 11.9% | 12.2% | 12.5% | 13.4% | 7.4% | 6.9% |
| Net Margin | 2.0% | 5.4% | 5.5% | 5.5% | 6.7% | 7.4% | 7.3% | 7.6% | 3.4% | 3.1% |
| FCF Margin | 3.4% | 6.6% | -4.2% | 11.0% | 12.6% | 3.9% | 10.4% | 9.5% | 4.0% | 6.1% |
| Effective Tax Rate | 41.2% | 11.0% | 20.3% | 21.5% | 23.8% | 23.4% | 26.3% | 25.1% | 23.5% | 28.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.46 | $3.01 | $-2.03 | $6.00 | $7.50 | $2.66 | $7.91 | $8.25 | $4.02 | $6.38 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.74 | $1.08 |
| Shares Outstanding (Basic) | 70.2 M | 69.2 M | 70.4 M | 70.0 M | 67.0 M | 66.0 M | 63.0 M | 57.0 M | 50.0 M | 48.0 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 188.17% |
| Return on Invested Capital | 17.09% |
| Return on Assets | 5.23% |
| Gross Margin | 19.10% |
| Operating Margin | 6.18% |
| Net Margin | 3.58% |
Financial Health
| Debt / Equity | 7.60 |
| Current Ratio | 1.13 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.69 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 29.11 | 17.25 | 15.37 | 18.68 | 19.85 | 18.61 | 11.98 | 18.07 | 26.23 | 18.54 |
| P/B | 51.97 | 14.89 | 7.87 | 8.34 | 8.90 | 7.14 | 5.51 | 86.91 | 65.78 | 52.56 |
| P/S | 0.59 | 0.94 | 0.84 | 1.03 | 1.34 | 1.38 | 0.87 | 1.38 | 0.90 | 0.57 |
| Gross Margin | 14.9% | 18.2% | 19.0% | 17.7% | 19.7% | 20.6% | 22.9% | 22.4% | 18.8% | 17.7% |
| Operating Margin | 4.1% | 6.6% | 7.2% | 7.0% | 9.1% | 10.0% | 10.2% | 9.5% | 5.7% | 5.4% |
| Net Margin | 2.0% | 5.4% | 5.5% | 5.5% | 6.7% | 7.4% | 7.3% | 7.6% | 3.4% | 3.1% |
Related companies: MGRC · HURN · UNF · TEX · KFY · RXO · RHI · ABM
Explore sector: Industrials · Staffing & Employment Services
More sections of TNET: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks