Trinet GROUP, Inc. (TNET) intrinsic value & 10-year financials
Trinet GROUP, Inc. (TNET) has a Graham intrinsic value of $67.64 per share. At $69.09 on Oct 20, 2026, the stock trades 2% above that value. Over the last 10 fiscal years revenue grew 5.6% a year to $5.0B, with an average return on invested capital of 56.2%.
- Graham intrinsic value
- $67.64
- Share price (Oct 20, 2026)
- $69.09
- Price vs Graham value
- 2% above
- Market cap
- $3.4B
- Revenue (FY2025)
- $5.0B
- Revenue growth (10-yr CAGR)
- 5.6%
- ROIC (10-yr avg)
- 56.2%
- Free cash flow (FY2025)
- $234.0M
TNET 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.0B | $155.0M | $3.20 | $234.0M | — | 23.1% |
| FY2024 | $5.1B | $173.0M | $3.43 | $201.0M | — | 23.9% |
| FY2023 | $4.9B | $375.0M | $6.56 | $470.0M | 9.5% | 39.8% |
| FY2022 | $4.9B | $355.0M | $5.61 | $506.0M | 10.2% | 41.7% |
| FY2021 | $4.5B | $338.0M | $5.07 | $178.0M | 10.0% | 45.6% |
| FY2020 | $4.0B | $272.0M | $3.99 | $510.0M | 9.1% | 39.3% |
| FY2019 | $3.9B | $212.0M | $2.99 | $426.0M | 7.0% | 32.4% |
| FY2018 | $3.5B | $192.0M | $2.65 | -$147.0M | 7.2% | 78.9% |
| FY2017 | $3.3B | $178.0M | $2.49 | $215.0M | 6.6% | 211.0% |
| FY2016 | $3.1B | $61.4M | $0.85 | $104.9M | 4.1% | 26.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TRINET GROUP, INC. has demonstrated mature, steady growth, with revenue compounding at 5.6% annually over the past decade.
TRINET GROUP, INC. has earned high returns on invested capital, averaging 35.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, TRINET GROUP, INC. shows that management has aggressively returned capital to shareholders by retiring 31.9% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TRINET GROUP, INC. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $67.64 per share.