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Provider of professional employer organization (PEO) services, handling HR, payroll, benefits and compliance for small businesses.
Provider of professional employer organization (PEO) services, handling HR, payroll, benefits and compliance for small businesses.
Becomes the co-employer of its clients' staff, charging a monthly fee per employee and keeping the difference between the insurance premiums it collects and the claims and costs it pays, so health-claim experience can swing profit. It concentrates on sectors such as technology and professional services.
Moat: narrow (scale, switching costs, regulatory licence). Aggregated buying power for benefits/insurance and integrated HR systems create switching costs for SMB clients.
Headquarters: Dublin, California · Founded: 1988 · Employees: 3,400
Size TriNet (TNET) is a United States Industrials company (Miscellaneous Commercial Services) with a market value of $3.05B, the 1541st largest of 3,117 United States companies the cockpit tracks. Shares closed at $66.63 on 6 Nov 2026.
Performance Over six months the shares gained 55.7%, against +1.0% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue fell 3.9% over the last twelve months (peer median +8.6%); the operating margin is 6.4% (peer median 11.4%).
Valuation It trades at 15.1× forward earnings against a peer median of 14.2× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -8 pp: the price already allows for a slowdown.
Credit TriNet has 2 bonds outstanding ($900M), rated BB by the agencies and trading like BB at a weighted spread of 197 bp.
Short interest Short interest is 3.8% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.83B | $5.01B | $5.05B | $4.99B | $4.88B |
| Revenue growth | — | -1% | +1% | +2% | — |
| Gross profit | $861M | $820M | $877M | $1.10B | $1.05B |
| EBITDA | $438M | $406M | $418M | $662M | $588M |
| Net income | $172M | $155M | $173M | $375M | $355M |
| Free cash flow | $286M | $234M | $201M | $464M | $506M |
| Capital expenditure | $92.0M | $69.0M | $78.0M | $75.0M | $56.0M |
| Total debt | $963M | $942M | $1.02B | $1.14B | $552M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TriNet TNET | $3.05B | +56% | -4% | 6% | 15.1× | -3.3% |
| Insperity NSP | $1.90B | +53% | +2% | 0% | 19.9× | 19.5% |
| Paychex PAYX | $41.7B | +26% | +14% | 44% | 19.3× | 3.2% |
| Automatic Data Processing ADP | $120B | +44% | +6% | 27% | 24.0× | 6.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TNET | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.2% | -1.1% | 10th highest of 21 |
| 6-month return | +55.7% | +1.0% | highest of 21 |
| Distance from 52-week high | -13.0% | -17.5% | 4th highest of 21 |
| Revenue growth (TTM) | -3.9% | +8.6% | lowest of 21 |
| Operating margin | 6.4% | 11.4% | 6th lowest of 21 |
| Forward P/E | 15.1× | 14.2× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -3.3% | -1.4% | 6th least demanding of 17 |
| Growth delivered (Del g) | +4.4% | +9.5% | 5th lowest of 17 |
| Hurdle (Req g minus delivered) | -7.7 pp | -11.8 pp | 7th most demanding of 17 |
| EV / EBITDA | 5.6× | 8.3× | 2nd cheapest of 15 |
| Net debt / EBITDA | -1.3× | 1.4× | 4th least indebted of 15 |
| Bond spread | 197 bp | 168 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TriNet TNET | United States | $3.05B | +56% | -4% | 6% | 15.1× | -3.3% | +4.4% |
| JHT Design 603061.SS | China | $3.07B | -8% | +93% | 34% | n/a | 43.9% | +30.4% |
| ABM Industries ABM | United States | $3.10B | +32% | +6% | 5% | 12.5× | -2.0% | +7.9% |
| Jianshe Industry Group (Yunnan) 002265.SZ | China | $3.12B | -11% | +42% | 5% | n/a | 26.3% | +47.9% |
| Jiangsu Boqian New Materials Stock 605376.SS | China | $2.94B | -43% | +76% | 20% | 38.8× | n/a | n/a |
| Inventurus Knowledge Solutions IKS.NS | India | $2.94B | -2% | +20% | 31% | 31.8× | 21.2% | +45.8% |
| CoreCivic CXW | United States | $2.84B | +41% | +24% | 10% | 12.1× | -1.6% | +3.0% |
| Shenzhen Fortune Trend Technology 688318.SS | China | $3.36B | -21% | -3% | 56% | 69.5× | n/a | n/a |
| Pluxee PLX.PA | France | $2.72B | 0% | +1% | 28% | 8.9× | n/a | n/a |
| MAXIMUS MMS | United States | $3.43B | +2% | -3% | 11% | 7.9× | -8.5% | +9.4% |
| Loomis LOOMIS.ST | Sweden | $3.46B | +12% | +1% | 11% | 12.6× | -9.1% | +9.7% |
| Huron Consulting HURN | United States | $2.63B | +39% | +12% | 12% | 16.5× | -4.0% | +14.3% |
| International Workplace IWG.L | United Kingdom | $2.63B | +12% | 0% | 4% | 22.5× | 33.6% | +3.3% |
| Hui Lyu Ecological Technology Groups 001267.SZ | China | $2.61B | -59% | +90% | 10% | 71.6× | n/a | n/a |
| MITIE MTO.L | United Kingdom | $3.56B | +23% | +11% | 3% | 14.2× | 14.1% | +17.6% |
| Serco SRP.L | United Kingdom | $3.60B | +5% | +1% | 5% | 14.9× | 1.9% | +4.9% |
| GEO GEO | United States | $3.66B | +28% | +15% | 12% | 13.5× | 6.8% | +2.3% |
| CECEP Environmental Protection 300140.SZ | China | $2.51B | -18% | -2% | 23% | n/a | -1.2% | +26.0% |
| Visional 4194.T | Japan | $2.51B | +32% | +24% | 25% | 20.2× | -2.4% | +28.2% |
| KWS SAAT SE & Co KGaA KWS.DE | Germany | $2.48B | -12% | -3% | 15% | 13.2× | -8.2% | +4.4% |
| Alsok 2331.T | Japan | $3.79B | -1% | +7% | 8% | 13.7× | -6.0% | +4.9% |
TriNet has 2 bonds outstanding with $900M face value. The agencies rate it BB; its bonds trade like BB. Weighted yield 6.60%, a spread of 197 bp over government bonds.