Latest Ratios: P/E Ratio 18.2x · EV/EBITDA 10.2x · ROE 252.0%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.1B | $2.8B | $4.5B | $6.8B | $4.3B | $6.4B | $5.5B | $4.0B | $3.0B | $3.2B | $1.8B |
| Enterprise Value | $3.7B | $3.5B | $5.2B | $7.6B | $4.5B | $6.3B | $5.6B | $3.1B | $3.2B | $3.3B | $2.1B |
| P/E Ratio → | 18.21 | 18.71 | 26.46 | 18.07 | 12.09 | 18.79 | 20.15 | 18.93 | 15.77 | 17.81 | 30.14 |
| P/S Ratio | 0.63 | 0.57 | 0.90 | 1.38 | 0.89 | 1.41 | 1.36 | 1.04 | 0.87 | 0.97 | 0.60 |
| P/B Ratio | 59.23 | 52.56 | 65.78 | 86.91 | 5.60 | 7.24 | 9.03 | 8.46 | 8.09 | 15.37 | 53.31 |
| P/FCF | 8.94 | 9.28 | 22.58 | 14.42 | 8.58 | 35.86 | 10.75 | 9.44 | — | 14.72 | 17.58 |
| P/OCF | 10.09 | 9.37 | 16.27 | 12.44 | 7.72 | 29.28 | 10.04 | 8.53 | — | 12.51 | 12.76 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.70 | 1.03 | 1.55 | 0.93 | 1.39 | 1.39 | 0.80 | 0.92 | 0.99 | 0.69 |
| EV / EBITDA | 10.17 | 10.10 | 13.91 | 12.93 | 7.72 | 11.51 | 12.47 | 9.82 | 10.84 | 12.91 | 13.00 |
| EV / EBIT | 13.60 | 12.80 | 18.06 | 14.10 | 8.71 | 13.70 | 14.06 | 9.88 | 12.82 | 14.99 | 16.99 |
| EV / FCF | — | 11.42 | 25.87 | 16.23 | 8.97 | 35.49 | 11.00 | 7.24 | — | 15.13 | 20.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.7% | 17.7% | 18.8% | 22.4% | 22.9% | 20.6% | 19.7% | 17.7% | 19.0% | 18.2% | 14.9% |
| Operating Margin | 5.4% | 5.4% | 5.7% | 9.5% | 10.2% | 10.0% | 9.1% | 7.0% | 7.2% | 6.6% | 4.1% |
| Net Profit Margin | 3.1% | 3.1% | 3.4% | 7.6% | 7.3% | 7.4% | 6.7% | 5.5% | 5.5% | 5.4% | 2.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 252.0% | 252.0% | 235.4% | 87.9% | 42.9% | 45.4% | 50.3% | 49.9% | 66.1% | 148.0% | 287.8% |
| ROA | 3.9% | 3.9% | 4.4% | 10.5% | 10.5% | 10.6% | 9.4% | 8.2% | 7.6% | 7.6% | 2.9% |
| ROIC | 28.4% | 28.4% | 26.0% | 37.0% | 41.8% | 44.0% | 201.5% | 410.2% | 44.1% | 54.0% | 28.6% |
| ROCE | 23.8% | 23.8% | 24.3% | 34.9% | 33.0% | 33.2% | 32.3% | 25.3% | 27.2% | 28.0% | 18.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 17.44 | 17.44 | 14.81 | 14.58 | 0.71 | 0.62 | 0.71 | 0.96 | 1.10 | 2.05 | 13.27 |
| Debt / EBITDA | 2.72 | 2.72 | 2.73 | 1.93 | 0.94 | 1.00 | 0.96 | 1.45 | 1.39 | 1.68 | 2.82 |
| Net Debt / Equity | — | 12.13 | 9.59 | 10.90 | 0.26 | -0.07 | 0.21 | -1.97 | 0.49 | 0.42 | 7.95 |
| Net Debt / EBITDA | 1.89 | 1.89 | 1.77 | 1.44 | 0.34 | -0.12 | 0.29 | -2.98 | 0.62 | 0.35 | 1.69 |
| Debt / FCF | — | 2.14 | 3.29 | 1.81 | 0.39 | -0.37 | 0.25 | -2.20 | — | 0.40 | 2.62 |
| Interest Coverage | 4.88 | 4.88 | 4.65 | 13.53 | 13.36 | 23.05 | 19.00 | 14.86 | 11.41 | 10.85 | 6.24 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 1.07 | 1.05 | 1.17 | 1.40 | 1.16 | 1.14 | 1.16 | 1.13 | 1.11 |
| Quick Ratio | 1.09 | 1.09 | 1.07 | 1.05 | 1.17 | 1.40 | 0.38 | 1.14 | 0.46 | 1.30 | 1.11 |
| Cash Ratio | 0.11 | 0.11 | 0.12 | 0.14 | 0.22 | 0.43 | 0.19 | 0.89 | 0.20 | 0.19 | 0.13 |
| Asset Turnover | — | 1.32 | 1.23 | 1.33 | 1.42 | 1.37 | 1.33 | 1.40 | 1.44 | 1.26 | 1.46 |
| Inventory Turnover | — | — | — | — | — | — | 2.23 | — | 2.87 | — | — |
| Days Sales Outstanding | — | 20.69 | 27.52 | 34.48 | 29.44 | 27.25 | 23.89 | 27.83 | 32.82 | 35.44 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.8% | 0.8% | — | — | — | — | — | — | — | — |
| Payout Ratio | 33.5% | 33.5% | 21.4% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 5.3% | 3.8% | 5.5% | 8.3% | 5.3% | 5.0% | 5.3% | 6.3% | 5.6% | 3.3% |
| FCF Yield | 11.2% | 10.8% | 4.4% | 6.9% | 11.7% | 2.8% | 9.3% | 10.6% | — | 6.8% | 5.7% |
| Buyback Yield | 6.0% | 6.4% | 4.0% | 16.6% | 12.1% | 1.5% | 3.2% | 3.5% | 2.0% | 1.4% | 3.9% |
| Total Shareholder Yield | 7.6% | 8.3% | 4.8% | 16.6% | 12.1% | 1.5% | 3.2% | 3.5% | 2.0% | 1.4% | 3.9% |
| Shares Outstanding | — | $48M | $50M | $57M | $64M | $67M | $68M | $71M | $72M | $71M | $72M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying TNET stock.
TriNet Group, Inc.'s current P/E ratio is 18.2x. The historical average is 31.9x. This places it at the 33th percentile of its historical range.
TriNet Group, Inc.'s current EV/EBITDA is 10.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
TriNet Group, Inc.'s return on equity (ROE) is 252.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 150.7%.
Based on historical data, TriNet Group, Inc. is trading at a P/E of 18.2x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TriNet Group, Inc.'s current dividend yield is 1.63% with a payout ratio of 33.5%.
TriNet Group, Inc. has 17.7% gross margin and 5.4% operating margin.
TriNet Group, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin equity against high leverage
Metrics are mathematically derived from official filings.
Earnings Multiple Outpaces Revenue Trend
Based on TNET's reported figures, the trailing P/E of 21.09 against a forward P/E of 13.40 implies the market expects earnings to rise even as revenue contracts, while P/S of 0.61 remains low relative to PAYX and ADP.
The gap between trailing and forward P/E suggests investors are pricing the recent earnings recovery as partly durable, though a revenue decline of roughly 0.9% year over year leaves that expectation dependent on margin persistence. Against ADP at 27.70x and PAYX at 23.94x, TNET trades at a discount, which may reflect its lower net margin and insurance-driven earnings volatility. The P/B of 59.23 is not a meaningful anchor given the thin equity base, so EV/EBITDA of 10.73 and P/FCF of 10.00 warrant greater weight.
Debt Burden Heavy Against Thin Equity
As reported in financial statements, TNET's debt-to-equity ratio of 7.24 in Q3 2026 and D/EBITDA of 14.16 suggest leverage remains elevated relative to earnings, while interest coverage compressed to 4.25x from 6.29x in Q2 2026.
Coverage has oscillated sharply, turning negative in Q4 2024 and exceeding 10x in Q1 2026, which indicates debt service comfort depends heavily on quarterly operating results rather than a stable earnings base. The D/E ratio of 7.24 compares unfavorably with BBSI at 0.10 and PAYX at 1.23, pointing to a structurally more levered capital position. Investors should monitor whether the Q3 2026 coverage compression persists, as it may signal refinancing sensitivity.
Margin Recovery Fragile Across Quarters
According to reported figures, TNET's net margin ranged from -1.7% in Q4 2024 to 7.3% in Q1 2026 before easing to 2.6% in Q3 2026, indicating that earnings power is highly sensitive to insurance cost timing.
Gross margin moved between 13.7% and 24.5% over the period, a spread that appears driven largely by pass-through insurance costs rather than operating decisions. Operating margin of 4.3% in Q3 2026 sits well below the 11.1% peak, suggesting the Q1 2026 result may reflect favorable timing rather than a repeatable level. Relative to ADP's 20.1% net margin, TNET's recent sub-3% figure leaves a thin buffer against adverse claims experience.
ROIC Compounding Undermined by Volatility
Based on TNET's reported figures, ROIC swung from 1.6% in Q4 2025 to 14.6% in Q1 2026 and sits at 5.2% in Q3 2026, below HCKT at 16.4% and ADP at 32.2%, indicating inconsistent capital returns.
The ROE spike to 129.9% in Q1 2026 is inflated by the very small equity base rather than by operating improvement, so ROIC is the more reliable indicator of underlying return on capital. The sustained gap to ADP and PAYX suggests TNET is not compounding returns at a rate comparable to asset-light peers. Investors should treat the Q1 2026 peak as an outlier until sustained quarters confirm a durable step-up.
Current Ratio Stable but Modest
As reported in financial statements, TNET's current ratio held in a narrow 1.07 to 1.14 band across ten quarters, with cash of $328M in Q3 2026 providing a moderate buffer against roughly $3.3B in liabilities.
The stability of the current ratio suggests working capital is managed within a tight range, yet a ratio near 1.1 leaves limited room if receivable or payroll-related liabilities rise abruptly. Quick and current ratios are identical, so liquidity depends on cash and receivables conversion rather than inventory. Under severe stress, the position would likely rest on the speed at which insurance obligations settle, which warrants further investigation.
Headline Leverage Overstates Solvency Risk
As reported in financial statements, the elevated D/E of 7.24 may appear alarming, yet much of the distortion stems from a small equity base shaped by accumulated deficit, which could make leverage look more distressed than cash generation implies.
Operating cash flow has repeatedly exceeded net income, and free cash flow recovered to $155.0M in Q1 2026, which suggests reported solvency metrics may understate the cash available to service debt. However, this conclusion depends on working capital timing, which swung materially across recent quarters and may not be repeatable. Investors should weight cash-flow-based coverage over book-equity leverage ratios and monitor whether operating cash conversion holds through the next reporting cycle.