TriNet Group, Inc. (TNET) Key Metrics
TNET valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.25B
- Enterprise value
- $3.59B
- P/E (TTM)
- 18.8 10-yr median 18.6
- Forward P/E
- 11.7
- PEG ratio
- 7.22
- Price / sales
- 0.7 10-yr median 0.9
- Price / book
- 24.0 10-yr median 12.2
- EV / EBITDA
- 9.5 10-yr median 11.7
- Dividend yield
- 1.64% $1.16 a year
- Beta
- 0.98
TNET key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTNET valuation Price multiples at each fiscal year-end price.
TNET returns How much profit the business earns on the capital it uses.
TNET per-share figures Results divided by the shares outstanding at year-end.
TNET financial health Debt, liquidity and how easily interest is covered.
TNET efficiency & capital use Working capital cycle and where the cash goes.
TNET valuation history
TNET returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TNET debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TNET cash returned to shareholders
TNET price vs earnings per share
TNET key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.84B | $4.54B | $6.78B | $4.34B | $6.38B | $5.48B | $4.02B | $3.03B | $3.17B | $1.84B |
| Enterprise value | $3.49B | $5.20B | $7.56B | $4.46B | $6.18B | $5.55B | $3.01B | $3.16B | $3.25B | $2.12B |
| P/E ratio | 18.3 | 26.2 | 18.1 | 12.2 | 18.9 | 20.1 | 19.0 | 15.8 | 17.8 | 30.0 |
| Price / sales | 0.6 | 0.9 | 1.4 | 0.9 | 1.4 | 1.4 | 1.0 | 0.9 | 1.0 | 0.6 |
| Price / book | 52.6 | 65.8 | 86.9 | 5.6 | 7.2 | 9.0 | 8.5 | 8.1 | 15.4 | 53.3 |
| Price / free cash flow | 9.5 | 22.6 | 14.4 | 8.6 | 35.9 | 10.7 | 9.4 | — | 14.7 | 17.6 |
| Price / operating cash flow | 9.4 | 16.3 | 12.4 | 7.7 | 29.3 | 10.0 | 8.5 | — | 12.5 | 12.8 |
| EV / sales | 0.7 | 1.0 | 1.5 | 0.9 | 1.4 | 1.4 | 0.8 | 0.9 | 1.0 | 0.7 |
| EV / EBITDA | 10.1 | 13.9 | 11.4 | 7.3 | 11.9 | 12.5 | 8.4 | 10.4 | 12.9 | 13.8 |
| EV / free cash flow | 11.6 | 25.9 | 16.1 | 8.8 | 34.7 | 10.9 | 7.1 | — | 15.1 | 20.2 |
| Earnings yield | 5.5% | 3.8% | 5.5% | 8.2% | 5.3% | 5.0% | 5.3% | 6.3% | 5.6% | 3.3% |
| Free cash flow yield | 10.6% | 4.4% | 6.9% | 11.7% | 2.8% | 9.3% | 10.6% | −4.8% | 6.8% | 5.7% |
| Dividend yield | 1.8% | 0.8% | 17.4% | 0.4% | 7.8% | 4.3% | — | 6.9% | 0.0% | 3.1% |
| Shareholder yield (dividends + buybacks) | 8.3% | 4.8% | 34.0% | 12.4% | 9.3% | 7.5% | 3.5% | 8.9% | 1.4% | 7.0% |
| Share price at fiscal year-end | $59.13 | $90.77 | $118.93 | $67.80 | $95.26 | $80.60 | $56.61 | $41.95 | $44.34 | $25.62 |
| Per share | ||||||||||
| Revenue per share | $104.38 | $101.06 | $86.35 | $76.33 | $67.76 | $59.32 | $54.31 | $48.45 | $45.88 | $42.52 |
| Earnings per share | $3.23 | $3.46 | $6.58 | $5.55 | $5.04 | $4.00 | $2.99 | $2.66 | $2.49 | $0.85 |
| Operating cash flow per share | $6.31 | $5.58 | $9.56 | $8.78 | $3.25 | $8.03 | $6.63 | −$1.44 | $3.54 | $2.01 |
| Free cash flow per share | $6.25 | $4.02 | $8.25 | $7.91 | $2.66 | $7.50 | $6.00 | −$2.03 | $3.01 | $1.46 |
| Cash per share | $5.98 | $7.20 | $6.18 | $6.72 | $11.15 | $5.26 | $20.58 | $3.90 | $4.71 | $2.56 |
| Book value per share | $1.12 | $1.38 | $1.37 | $12.11 | $13.15 | $8.93 | $6.69 | $5.19 | $2.89 | $0.48 |
| Tangible book value per share | −$11.67 | −$10.96 | −$9.75 | $2.34 | $7.85 | $4.34 | $2.41 | $0.90 | −$1.53 | −$3.97 |
| Dividends per share | $1.08 | $0.74 | $20.74 | $0.27 | $7.46 | $3.44 | — | $2.90 | $0.00 | $0.81 |
| Capex per share | $0.06 | $1.56 | $1.32 | $0.88 | $0.60 | $0.53 | $0.63 | $0.59 | $0.53 | $0.55 |
| Debt per share | $19.62 | $20.44 | $19.95 | $8.62 | $8.16 | $6.32 | $6.42 | $5.71 | $5.93 | $6.38 |
| Shares outstanding | 48.0M | 50.0M | 57.0M | 64.0M | 67.0M | 68.0M | 71.0M | 72.3M | 71.4M | 72.0M |
| Change in shares outstanding | −4.0% | −12.3% | −10.9% | −4.5% | −1.5% | −4.2% | −1.8% | +1.3% | −0.8% | −0.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 252.0% | 235.4% | 87.9% | 42.9% | 45.4% | 50.3% | 49.9% | 66.1% | 148.0% | 287.8% |
| Return on invested capital (ROIC) | 27.1% | 27.7% | 39.9% | 46.6% | 51.3% | 376.4% | — | 50.1% | 64.1% | 22.4% |
| Return on assets (ROA) | 3.9% | 4.4% | 10.5% | 10.5% | 10.6% | 9.4% | 8.2% | 7.6% | 7.6% | 2.9% |
| Return on tangible assets | 4.9% | 4.9% | 12.3% | 12.6% | 11.4% | 10.0% | 8.7% | 9.0% | 7.8% | 3.5% |
| Free cash flow margin | 6.0% | 4.0% | 9.5% | 10.4% | 3.9% | 12.6% | 11.0% | −4.2% | 6.6% | 3.4% |
| Income quality (OCF / net income) | 1.95 | 1.61 | 1.45 | 1.58 | 0.64 | 2.01 | 2.22 | −0.54 | 1.42 | 2.35 |
| Financial health | ||||||||||
| Total debt | $942.0M | $1.02B | $1.14B | $552.0M | $547.0M | $430.0M | $456.0M | $413.0M | $423.0M | $459.1M |
| Cash & short-term investments | $287.0M | $360.0M | $352.0M | $430.0M | $747.0M | $358.0M | $1.46B | $282.0M | $336.0M | $184.0M |
| Net debt | $655.0M | $662.0M | $785.0M | $122.0M | −$200.0M | $72.0M | −$1.00B | $131.0M | $87.0M | $275.1M |
| Debt / equity | 17.44 | 14.81 | 14.58 | 0.71 | 0.62 | 0.71 | 0.96 | 1.10 | 2.05 | 13.27 |
| Debt / assets | 0.25 | 0.25 | 0.31 | 0.16 | 0.17 | 0.14 | 0.17 | 0.17 | 0.16 | 0.22 |
| Net debt / EBITDA | 1.89 | 1.77 | 1.19 | 0.20 | −0.38 | 0.16 | −2.81 | 0.43 | 0.34 | 1.80 |
| Current ratio | 1.09 | 1.07 | 1.05 | 1.17 | 1.40 | 1.16 | 1.14 | 1.16 | 1.13 | 1.11 |
| Quick ratio | 1.09 | 1.07 | 1.56 | 0.50 | 0.68 | 0.38 | 0.39 | 0.46 | 1.30 | 1.11 |
| Interest coverage | 4.9 | 4.6 | 11.7 | 12.8 | 22.8 | 17.5 | 12.8 | 11.4 | 10.8 | 6.2 |
| Working capital | $231.0M | $199.0M | $115.0M | $338.0M | $700.0M | $290.0M | $228.0M | $221.0M | $234.0M | $156.8M |
| Invested capital | $709.0M | $731.0M | $863.0M | $897.0M | $681.0M | $679.0M | −$530.0M | $506.0M | $293.0M | $309.6M |
| Tangible asset value | −$560.0M | −$548.0M | −$556.0M | $150.0M | $526.0M | $295.0M | $171.0M | $65.0M | −$109.0M | −$285.7M |
| Net current asset value | −$875.0M | −$870.0M | −$1.04B | −$342.0M | $11.0M | −$276.0M | −$402.0M | −$414.0M | −$396.0M | −$525.2M |
| Graham number | $9.04 | $10.36 | $14.23 | $38.88 | $38.63 | $28.34 | $21.20 | $17.60 | $12.72 | $3.04 |
| Graham net-net per share | −$67.56 | −$68.08 | −$62.26 | −$19.93 | −$11.88 | −$16.98 | $0.35 | −$14.48 | −$27.42 | −$26.07 |
| Capital allocation | ||||||||||
| Dividends paid | $52.0M | $37.0M | $1.18B | $17.0M | $500.0M | $234.0M | — | $210.0M | $0 | $58.0M |
| Share buybacks (net) | $183.0M | $183.0M | $1.12B | $523.0M | $94.0M | $178.0M | $140.0M | $61.0M | $44.0M | $71.6M |
| Dividend payout ratio | 33.5% | 21.4% | 315.2% | 4.8% | 147.9% | 86.0% | — | 109.4% | 0.0% | 94.4% |
| Dividends + buybacks / free cash flow | 78.3% | 109.5% | 490.2% | 106.7% | 333.7% | 80.8% | 32.9% | — | 20.5% | 123.6% |
| Capex / revenue | 0.1% | 1.5% | 1.5% | 1.1% | 0.9% | 0.9% | 1.2% | 1.2% | 1.2% | 1.3% |
| Capex / operating cash flow | 1.0% | 28.0% | 13.8% | 10.0% | 18.3% | 6.6% | 9.6% | — | 15.0% | 27.4% |
| Capex / depreciation | 0.04 | 0.91 | 0.62 | 0.44 | 0.43 | 0.44 | 0.79 | 0.93 | 1.09 | 1.01 |
| Stock-based compensation / revenue | 1.3% | 1.3% | 1.2% | 1.3% | 1.1% | 1.1% | 1.1% | 1.3% | 1.0% | 0.9% |
| R&D / revenue | 1.4% | 1.3% | 1.3% | 1.5% | 1.1% | 1.0% | 1.1% | 1.4% | 1.4% | 1.0% |
| SG&A / revenue | 9.5% | 10.3% | 10.1% | 9.9% | 8.3% | 8.4% | 8.5% | 9.2% | 9.2% | 8.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 24.2 | 30.6 | 31.9 | 27.4 | 24.2 | 25.2 | 28.8 | 33.0 | 35.4 | — |
| Days of inventory on hand | — | — | 3.1 | 125.8 | 137.4 | 151.1 | 127.8 | 45.0 | -19.8 | — |
| Days payables outstanding | 7.7 | 7.8 | 8.8 | 8.9 | 6.9 | 4.6 | 4.4 | 5.8 | 4.6 | 2.5 |
| Cash conversion cycle (days) | 16.5 | 22.7 | 26.1 | 144.3 | 154.8 | 171.8 | 152.3 | 72.2 | 11.1 | — |
| Receivables turnover | 15.07 | 11.95 | 11.46 | 13.33 | 15.06 | 14.46 | 12.66 | 11.07 | 10.30 | — |
| Payables turnover | 47.13 | 46.60 | 41.30 | 40.93 | 52.99 | 80.02 | 83.47 | 63.09 | 79.33 | 146.94 |
| Inventory turnover | — | — | — | 2.90 | 2.66 | 2.42 | 2.86 | 8.11 | — | — |
| Asset turnover | 1.27 | 1.29 | 1.38 | 1.45 | 1.43 | 1.39 | 1.49 | 1.39 | 1.40 | 1.46 |
| Average receivables | $332.5M | $423.0M | $429.5M | $366.5M | $301.5M | $279.0M | $304.5M | $316.5M | $318.0M | — |
| Average payables | $87.5M | $88.0M | $92.5M | $92.0M | $68.0M | $40.5M | $38.0M | $45.0M | $33.8M | $17.7M |
| Average inventory | — | — | $32.5M | $1.30B | $1.36B | $1.34B | $1.11B | $350.0M | −$145.0M | $0 |
| Intangibles / total assets | 16.2% | 15.0% | 17.2% | 18.2% | 10.7% | 10.3% | 11.1% | 12.7% | 12.1% | 15.3% |
Computed from TNET's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TNET valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), TriNet traded at 18.3 times earnings, against a 10-year median of 18.6. Based on the latest twelve months, the trailing P/E is 18.8 and the forward P/E is 11.7. TriNet earned a return on equity of 252.0% and a return on invested capital of 27.1% in fiscal 2025. It ended the year with $942.0 million of debt and $287.0 million in cash and short-term investments, net debt of $655.0 million. It returned $235.0 million to shareholders: $52.0 million in dividends and $183.0 million in share buybacks, 78% of free cash flow. The share count fell 33.3% from 72.0M to 48.0M over 9 years.
See the TNET income statement, the TNET chart for price history, or the TNET stock overview for the latest quote and news.
TNET key metrics FAQ
What is TriNet's P/E ratio?
TriNet's trailing P/E ratio is 18.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.7. At the end of fiscal 2025 it was 18.3, compared with a 10-year median of 18.6.
What is TriNet's EV/EBITDA?
TriNet's enterprise value was 10.1 times EBITDA at the end of fiscal 2025 (enterprise value $3.5 billion, EBITDA $346.0 million); the current EV/EBITDA is 9.5.
What is TriNet's return on equity?
TriNet's return on equity (ROE) was 252.0% in fiscal 2025: net income of $155.0 million on average shareholders' equity of $61.5 million. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is TriNet's ROIC?
TriNet's return on invested capital was 27.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does TriNet have?
TriNet had total debt of $942.0 million at the end of fiscal 2025, a debt-to-equity ratio of 17.44 and $655.0 million of net debt (1.89 times EBITDA).
What is TriNet's dividend yield?
TriNet's forward dividend yield is 1.64%. TriNet paid $52.0 million in dividends in fiscal 2025 ($1.08 per share), a payout ratio of 33.5%.
Does TriNet buy back its shares?
Yes. TriNet spent $183.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −4.0% over the year, to 48.0M..
What is TriNet's free cash flow yield?
TriNet generated $300.0 million of free cash flow in fiscal 2025, a free cash flow yield of 10.6% on its market value at year-end ($2.8 billion).
What is TriNet's current ratio?
TriNet's current ratio was 1.09 at the end of fiscal 2025: current assets were 1.09 times current liabilities.