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TriNet Group Inc (TNET) Fair Value & Analysis

Industrials · US · Market cap $2.6B · ISIN US8962881079

What is TriNet Group Inc really worth?

TG TriNet Group Inc logo TriNet Group Inc TNET · US
Price$69.42
Fair Value$107.10
Upside+54.3%
Quality67/100

A solid business, trading 35% below our fair value of $107.10.

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Risks

!Mixed Growth (revenue 5y +4.4 %/yr)
!Thin margins · 3.3% net margin
!High debt · generates free cash flow
!Mixed vs. peers (7/15)
!Moderate moat 53/100
!Evidence only medium, so the estimate is less certain

For context

·1.61% dividend yield
Evidence: Medium Range $82.19 – $132.02

Fair value as of: Aug 21, 2026

From 26 valuation models · updated 15 days ago

Fair value updated Aug 21, 2026, revised from $97.07 to $107.10 (+10.3%) since Aug 13, 2026. Share price +0.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case ($82.19). The market is more pessimistic than our downside scenario.
  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

$128.61 $33.38 Fair Value $107.10 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range $33.38 – $128.61 · fair‑value band $82.19 – $132.02 · the $69.42 price screens below the $107.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

TriNet Group Inc (TNET) currently trades at $69.42, while our model-based Fair Value estimate is $107.10, implying the stock looks roughly 35.2% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Industrials sector. Bull case: the Growth DCF group reads highest at a median of $115.63 per share, and 17 of the 26 models we run sit above the $69.42 price. Bear case: the Dividend Discount group reads lowest at $16.86, and 9 of the 26 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, TriNet Group Inc generated revenue of $4.9B at a net margin of 3.3%. Revenue declined 4.9% year over year. It earns a return on equity of 217.8%. The balance sheet holds a net cash position of $1.0B. Fundamentals as of Aug 21, 2026

Our scenario range runs from $82.19 (bear case) to $132.02 (bull case); at $69.42, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 108% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 16% fair-value upside, at 54%, TNET screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $1.53 per share, which is 1.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF $97.32 $139.29 $202.45 80
Growth DCF $98.00 $134.28 $185.12 79
Owner Earnings $77.82 $108.68 $155.12 77
All 26 models by family
DCF Models
FCF DCF $97.32 $139.29 $202.45 80
Owner Earnings $77.82 $108.68 $155.12 77
5Y Revenue Exit $82.38 $115.35 $157.36 73
5Y EBITDA Exit $91.31 $132.37 $180.53 76
5Y P/E Exit $80.47 $111.71 $144.61 72
10Y Revenue Exit $85.61 $116.92 $159.17 67
10Y EBITDA Exit $92.79 $128.59 $176.78 69
10Y P/E Exit $85.98 $114.42 $149.49 65
Earnings-Based
Graham-Dodd $22.94 $78.38 $105.16 64
Lynch FV $18.02 $25.74 $33.46 61
PEG = 1.0 $18.02 $25.74 $33.46 57
EPV $64.00 $70.38 $75.87 74
Dividend Discount
Gordon GGM $9.94 $19.81 $29.99 67
DDM Multi-Stage $9.94 $16.86 $20.91 67
Multiples
P/E Multiple $53.13 $70.85 $88.56 63
P/S Multiple $43.01 $57.35 $71.69 58
P/B Multiple $3.97 $5.29 $6.61 55
EV/EBIT $97.45 $122.06 $146.67 66
EV/EBITDA $95.58 $119.56 $143.54 67
EV/Revenue $76.32 $98.90 $121.48 54
Asset-Based
NCAV (Graham) $0.5900 $0.7900 $1.18 54
Growth DCF
Growth DCF $98.00 $134.28 $185.12 79
Rev-Margin DCF $82.38 $115.63 $154.98 73
Economic Profit
Residual Income $6.16 $10.43 $223.20 64
ROIC Compounder $64.00 $70.38 $75.87 72
Growth Earnings
Growth-Adj P/E $45.42 $64.88 $84.35 67

Widest divergence: Growth DCF ($115.63) versus Asset-Based ($0.7900). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 20.5
P/S ratio 0.64 P/E × margin
EPS (TTM) $3.38 price ÷ EPS = P/E 20.5
Dividend yield 1.6% payout 33.0%
Net margin 3.1% FY2025
Return on equity 218% TTM
More key figures
Profitability
Return on assets (EBIT) 11.0% avg 5y
Operating margin 11.2% TTM
Growth
Revenue (TTM) $4.9B TTM
Revenue growth (YoY) −4.9% 3y avg +0.8%
EPS growth (YoY) +10.7%
Balance sheet & cash flow
Free cash flow $306M FY2025
Net cash $1.0B FY2025

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 63 · Market factors (momentum, volatility) 64

Profitability 61
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 44
Calm price path (market factor)
Momentum 77
Price trend over the last 3–12 months (market factor)
52W Momentum 64
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

TriNet Group, Inc. provides comprehensive human capital management services for small and medium-sized businesses in the United States.

Full company description

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. It also provides a technology platform, an online and mobile tool that allows users to store, view, and manage HR information and administer various HR transactions, such as payroll processing, tax administration and credits, employee onboarding and termination, employee performance, time and attendance, compensation reporting, expense management, and benefits enrollment and administration, as well as incorporated workforce analytics and allows professional employer organization and administrative services offering clients to generate HR data, payroll, compensation, and other custom reports. The company serves clients in various industries, including technology, professional services, financial services, life sciences, and not-for-profit. It sells its solutions through its direct sales organization. TriNet Group, Inc. was incorporated in 1988 and is headquartered in Dublin, California.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TriNet Group Inc reported revenue of $5.0B in FY2025 versus $4.5B in FY2021, a compound +2.5%/yr. Reported net income was $155M in FY2025, compounding −17.7%/yr from FY2021.

Growth Quality 61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
$5.0B
Latest YoY
−0.9%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.8%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.4%
Avg. revenue growth/yr (14Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
−1.6% (−3.2 + 1.6)
Revenue +2.5%/yr
FY21 $4.5B
FY22 $4.9B
FY23 $4.9B
FY24 $5.1B
FY25 $5.0B
Net income −17.7%/yr
FY21 $338M
FY22 $355M
FY23 $375M
FY24 $173M
FY25 $155M
Character of growth · EPS growth decomposed (2014-2025) +26.9 % p.a.
Revenue per share +10.7 %

of which total revenue +7.4 % · buybacks/dilution +3.1 %

EBIT margin +7.2 %
Tax rate +3.4 %
Residual (interest, one-offs) +3.4 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "TriNet Group Inc Fair Value". https://www.fairvalue-calculator.com/stock/TNET

Peer Group

Staffing & Employment Services · 80 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside +54% · Above median
Return on equity (TTM) 218% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 11% · Top 25%
Revenue growth −5% · Below median
Dividend yield (TTM) 1.6% · Below median
Debt / equity 16.57× · Higher than 75% of peers

Valuation Multiples vs Staffing & Employment Services median · lower = cheaper

P/E (TTM) 20.5× · Pricier than median
P/B 47.25× · Pricier than 75% of peers
P/S (TTM) 0.52× · Pricier than 75% of peers
P/FCF 8.3× · Pricier than median
EV/EBITDA 5.6× · Cheaper than median
PEG 7.22× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 49
FUTURE0 · sector 1
PAST100 · sector 41
HEALTH0 · sector 95
DIVIDEND32 · sector 59

Insider activity: 46/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Staffing & Employment Services stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
Adecco Group ADEN CHF 24.06 CHF 24.15 +0%
Korn Ferry, KFY $83.30 $114.56 +38%
Robert Half Inc RHI $43.55 $20.51 −53%
ManpowerGroup Inc MAN $61.19 $23.19 −62%
Insperity, Inc NSP $51.40 $17.34 −66%
FESCO Group 600861 ¥13.02 ¥45.46 +249%
Grupa Pracuj S.A GPP 53.50 PLN 65.45 PLN +22%
Barrett Business Services, Inc BBSI $32.95 $38.11 +16%
Maharah for Human Resources Company 1831 4.68 SAR 6.87 SAR +47%
Kforce Inc KFRC $57.71 $31.40 −46%

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Frequently asked questions

Is TriNet Group Inc (TNET) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of $107.10 versus a price of $69.42, about +54% upside (undervalued).
What is the fair value of TNET?
Our model-based fair value for TriNet Group Inc is $107.10 (as of Aug 21, 2026), built from audited fundamentals. The current price: $69.42.
What is the quality score of TNET?
TriNet Group Inc has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of TriNet Group Inc (TNET)?
TriNet Group Inc reported trailing-twelve-month revenue of about $4.9B (latest available figure, as of Aug 21, 2026).
What is the net profit margin of TNET?
The net profit margin of TriNet Group Inc is about 3.3%, meaning it keeps roughly 3.3% of revenue as net income. Based on the latest reported figures.
Does TriNet Group Inc pay a dividend?
TriNet Group Inc currently shows a dividend yield of about 1.61% relative to its recent price (as of Aug 21, 2026).
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