Latest Ratios: P/E Ratio 17.7x · EV/EBITDA 4.5x · 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 | $2.6B | $2.8B | $4.5B | $6.8B | $4.3B | $6.4B | $5.5B | $4.0B | $3.0B | $3.2B | $1.8B |
| Enterprise Value | $1.6B | $1.8B | $5.2B | $7.6B | $4.5B | $6.3B | $5.6B | $3.1B | $3.2B | $3.3B | $2.1B |
| P/E Ratio → | 17.67 | 18.71 | 26.46 | 18.07 | 12.09 | 18.79 | 20.15 | 18.93 | 15.77 | 17.81 | 30.14 |
| P/S Ratio | 0.51 | 0.57 | 0.90 | 1.38 | 0.89 | 1.41 | 1.36 | 1.04 | 0.87 | 0.97 | 0.60 |
| P/B Ratio | 49.64 | 52.56 | 65.78 | 86.91 | 5.60 | 7.24 | 9.03 | 8.46 | 8.09 | 15.37 | 53.31 |
| P/FCF | 8.42 | 9.28 | 22.58 | 14.42 | 8.58 | 35.86 | 10.75 | 9.44 | — | 14.72 | 17.58 |
| P/OCF | 8.50 | 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 | — | 0.37 | 1.03 | 1.55 | 0.93 | 1.39 | 1.39 | 0.80 | 0.92 | 0.99 | 0.69 |
| EV / EBITDA | 4.47 | 5.22 | 13.91 | 12.93 | 7.72 | 12.29 | 13.52 | 9.82 | 11.06 | 13.01 | 13.30 |
| EV / EBIT | 5.92 | 6.58 | 18.06 | 14.10 | 8.71 | 13.70 | 14.06 | 9.88 | 12.82 | 14.99 | 16.99 |
| EV / FCF | — | 6.00 | 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 | 17.4% | 17.4% | 18.8% | 22.4% | 22.9% | 20.6% | 19.7% | 17.7% | 19.0% | 18.2% | 14.9% |
| Operating Margin | 5.3% | 5.3% | 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 | — | — | 26.0% | 37.0% | 41.8% | 44.0% | 201.5% | 410.2% | 44.1% | 54.0% | 28.6% |
| ROCE | 23.2% | 23.2% | 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 | 18.13 | 18.13 | 14.81 | 14.58 | 0.71 | 0.62 | 0.71 | 0.96 | 1.10 | 2.05 | 13.27 |
| Debt / EBITDA | 2.78 | 2.78 | 2.73 | 1.93 | 0.94 | 1.06 | 1.04 | 1.45 | 1.42 | 1.69 | 2.88 |
| Net Debt / Equity | — | -18.56 | 9.59 | 10.90 | 0.26 | -0.07 | 0.21 | -1.97 | 0.49 | 0.42 | 7.95 |
| Net Debt / EBITDA | -2.85 | -2.85 | 1.77 | 1.44 | 0.34 | -0.13 | 0.31 | -2.98 | 0.64 | 0.35 | 1.73 |
| Debt / FCF | — | -3.27 | 3.29 | 1.81 | 0.39 | -0.37 | 0.25 | -2.20 | — | 0.40 | 2.62 |
| Interest Coverage | 4.98 | 4.98 | 4.65 | 13.53 | 13.36 | 23.05 | 19.00 | 14.86 | 11.41 | 10.85 | 6.24 |
Net cash position: cash ($2.0B) exceeds total debt ($979M)
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 | 0.75 | 0.75 | 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 | 1.9% | 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 | 5.7% | 5.3% | 3.8% | 5.5% | 8.3% | 5.3% | 5.0% | 5.3% | 6.3% | 5.6% | 3.3% |
| FCF Yield | 11.9% | 10.8% | 4.4% | 6.9% | 11.7% | 2.8% | 9.3% | 10.6% | — | 6.8% | 5.7% |
| Buyback Yield | 7.1% | 6.4% | 4.0% | 16.6% | 12.1% | 1.5% | 3.2% | 3.5% | 2.0% | 1.4% | 3.9% |
| Total Shareholder Yield | 9.0% | 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 |
Insurance margin volatility
According to current market data, TriNet's forward P/E of 11.01 and EV/EBITDA of 2.58 suggest that investors are pricing in significant skepticism regarding the company's ability to return to sustainable top-line growth, especially when compared to the higher multiples commanded by more diversified peers like ADP.
The compressed valuation multiples appear to reflect the market's difficulty in reconciling the company's recent revenue contraction with its historical role as a premium PEO provider. Investors should monitor whether these low multiples represent a value opportunity or a permanent de-rating due to the erosion of the company's core growth drivers.
Based on reported financial statements, TriNet's ROIC has exhibited extreme inconsistency, ranging from 2.4% to 27.0% over the last ten quarters, which suggests that the company's ability to compound capital is heavily dependent on non-recurring insurance reserve adjustments rather than consistent operational efficiency.
The wide variance in returns on invested capital indicates that the business model's profitability is highly sensitive to external factors like medical loss ratios. This volatility makes it difficult to assess the true underlying return profile of the company's core professional services platform.
As reported in recent SEC filings, the lack of consistent data regarding the cash conversion cycle and inventory metrics makes it challenging to evaluate TriNet's working capital efficiency, though the observed fluctuations in DSO suggest potential friction in collecting service fees from its core client base.
The company's role as a pass-through entity for payroll and insurance premiums complicates the interpretation of standard efficiency ratios. Investors should be cautious in drawing conclusions from these metrics without adjusting for the significant impact of timing differences in tax and insurance-related cash flows.
While many analysts prioritize top-line revenue growth as a primary indicator of health, this metric is frequently misapplied to TriNet because it obscures the underlying quality of the insurance pool and the structural shift toward lower-margin administrative services, which can artificially inflate revenue figures.
A more appropriate metric for evaluating the business would be the net insurance margin or the growth in professional service fees, which better reflect the company's true earning power. Relying on gross revenue growth may lead to a fundamental misunderstanding of the company's risk-adjusted profitability.
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Quick answers to the most common questions about buying TNET stock.
TriNet Group, Inc.'s current P/E ratio is 17.7x. The historical average is 31.9x. This places it at the 17th percentile of its historical range.
TriNet Group, Inc.'s current EV/EBITDA is 4.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
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 17.7x. This is at the 17th 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 1.94% with a payout ratio of 33.5%.
TriNet Group, Inc. has 17.4% gross margin and 5.3% operating margin.
TriNet Group, Inc.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.