Recent News
June 10, 2026 — TriNet’s HR Plus offering surpassed 40,000 users, expanding its HR support footprint for small and medium-sized businesses. June 17, 2026 — the board approved a quarterly cash dividend of $0.29 per share with record/ex-dividend dates of July 1 and payout on July 27. July 16, 2026 — management announced plans to report second-quarter 2026 results on July 30. July 30, 2026 — the company released second-quarter 2026 results and raised full-year 2026 earnings guidance.
Technical Analysis
ADX at 42.18 indicates a very strong directional move in place; strength suggests any momentum shift could produce a meaningful near-term price response.
Directional indicators show DI+ at 32.16 decreasing and DI- at 13.02 with a dip-and-reverse pattern; those readings point to increasing downside pressure on price momentum.
MACD sits at 4.04 with the signal line at 4.20 and a peak-and-reversal pattern; MACD below its signal line signals bearish momentum rather than a fresh bullish crossover.
MRO equals 14.25 with a peak-and-reversal pattern; the positive MRO implies the current market price sits above the model target and contains downward potential toward value support levels.
RSI at 68.9 with a peak-and-reversal pattern places the stock near overbought territory and elevates the probability of a short-term pullback or consolidation.
Price sits above short-, intermediate- and long-term averages — 12-day EMA $66.68 (increasing), 20-day average $66.65, 50-day average $55.20, and 200-day average $50.23 — which reflects an established uptrend, but the momentum oscillators increase the risk that any retracement will test the super trend lower at $64.02 or the 20-day average first.
Ichimoku structure keeps price above the cloud (Tenkan $66.02; Kijun $61.53; Senkou A $46.12; Senkou B $42.35), providing underlying trend support; however, the suite of peak-and-reversal signals suggests that support levels warrant monitoring for near-term validation of the uptrend.
Fundamental Analysis
Revenue totaled $1,178,000,000 with YoY revenue decline of 6.34% and a QoQ increase of 122.07%; the YoY contraction contrasts with a sizable sequential rebound that reflects timing and/or seasonal effects in the quarter.
Operating (EBIT) margin stands at 7.47%, up 40.12% year-over-year but down 32.66% quarter-over-quarter. The company’s EBIT margin sits slightly below the industry peer mean of 7.882% and well below the industry peer median of 12.458%, indicating margin performance roughly in line with peers on average but lower than the median competitor. (EBIT margin: 7.47%; industry peer mean: 7.882%; industry peer median: 12.458%).
Earnings per share came in at $1.55 versus an estimate of $0.93, a $0.62 beat representing a 66.67% surprise relative to the estimate; that upside drove the management statement of improved bottom-line performance for the quarter.
Cash generation: operating cash flow $88,000,000 and free cash flow $67,000,000 produce a free cash flow yield of 2.82%, above the industry peer mean free cash flow yield of 1.19%, signaling relatively stronger cash conversion on an absolute-yield basis. Cash and short-term investments total $358,000,000 and the cash conversion ratio of 4.28 indicates operating cash substantially covers reported earnings.
Leverage and balance-sheet structure show total debt $950,000,000 and debt-to-equity of 7.6 (760%), materially above the industry peer mean debt-to-equity of 1.14694; net debt equals $538,000,000. Interest coverage approximates 6.29x, providing operating coverage of interest expense but leaving capital structure as a material differentiator versus peers. (Debt-to-equity: 7.6; industry peer mean: 1.14694.)
Profitability metrics display return on equity of 42.4% and return on assets of 1.57%; the elevated ROE reflects a thin equity base rather than outsized asset returns. Gross margin at 20.88% improved YoY, while cost of revenue totaled $932,000,000, underscoring the labor- and insurance-driven cost base inherent to the business model.
Valuation datapoints: P/E ~33.35, price-to-sales ~2.02, price-to-book ~19.01 and enterprise multiple ~27.23. WMDST values the stock as over-valued given current market multiples relative to operating scale and balance-sheet leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-30 |
| NEXT REPORT DATE: | 2026-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 1.4 B |
| Operating Cash Flow | $ 88.0 M | |
| Capital Expenditures | $ -21.00 M | |
| Change In Working Capital | $ -17.00 M | |
| Dividends Paid | $ -13.00 M | |
| Cash Flow Delta | $ -95.00 M | |
| End Period Cash Flow | $ 1.3 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.2 B | |
| Forward Revenue | $ 312.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 932.0 M | |
| Depreciation | $ 2.0 M | |
| Depreciation and Amortization | $ 21.0 M | |
| Research and Development | $ 17.0 M | |
| Total Operating Expenses | $ 1.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 246.0 M | |
| EBITDA | $ 109.0 M | |
| EBIT | $ 88.0 M | |
| Operating Income | $ 88.0 M | |
| Interest Income | — | |
| Interest Expense | $ 14.0 M | |
| Net Interest Income | $ -14.00 M | |
| Income Before Tax | $ 74.0 M | |
| Tax Provision | $ 21.0 M | |
| Tax Rate | 28.378 % | |
| Net Income | $ 53.0 M | |
| Net Income From Continuing Operations | $ 53.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.93 | |
| EPS Actual | $ 1.55 | |
| EPS Difference | $ 0.62 | |
| EPS Surprise | 66.667 % | |
| Forward EPS | $ 1.22 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.3 B | |
| Intangible Assets | $ 638.0 M | |
| Net Tangible Assets | $ -513.00 M | |
| Total Current Assets | $ 2.4 B | |
| Cash and Short-Term Investments | $ 358.0 M | |
| Cash | $ 358.0 M | |
| Net Receivables | $ 3.0 M | |
| Inventory | — | |
| Long-Term Investments | $ 257.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 103.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 2.1 B | |
| Net Debt | $ 538.0 M | |
| Total Debt | $ 950.0 M | |
| Total Liabilities | $ 3.2 B | |
| EQUITY | ||
| Total Equity | $ 125.0 M | |
| Retained Earnings | $ -1.05 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 2.72 | |
| Shares Outstanding | 45.972 M | |
| Revenue Per-Share | $ 25.62 | |
| VALUATION | Market Capitalization | $ 2.4 B |
| Enterprise Value | $ 3.0 B | |
| Enterprise Multiple | 27.232 | |
| Enterprise Multiple QoQ | 65.171 % | |
| Enterprise Multiple YoY | -44.162 % | |
| Enterprise Multiple IPRWA | high: 51.359 median: 51.359 mean: 46.816 TNET: 27.232 low: -41.204 |
|
| EV/R | 2.52 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 26.768 | |
| Asset To Liability | 1.039 | |
| Debt To Capital | 0.884 | |
| Debt To Assets | 0.284 | |
| Debt To Assets QoQ | 2.643 % | |
| Debt To Assets YoY | 1.169 % | |
| Debt To Assets IPRWA | high: 0.697 mean: 0.315 median: 0.285 TNET: 0.284 low: 0.011 |
|
| Debt To Equity | 7.6 | |
| Debt To Equity QoQ | -33.319 % | |
| Debt To Equity YoY | -21.43 % | |
| Debt To Equity IPRWA | TNET: 7.6 high: 1.513 median: 1.234 mean: 1.147 low: 0.013 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 19.01 | |
| Price To Book QoQ | -19.064 % | |
| Price To Book YoY | -40.521 % | |
| Price To Book IPRWA | TNET: 19.01 high: 4.263 median: 2.498 mean: 2.045 low: 0.458 |
|
| Price To Earnings (P/E) | 33.348 | |
| Price To Earnings QoQ | 95.66 % | |
| Price To Earnings YoY | -48.513 % | |
| Price To Earnings IPRWA | high: 114.945 mean: 73.782 median: 72.682 TNET: 33.348 low: -5.854 |
|
| PE/G Ratio | -0.889 | |
| Price To Sales (P/S) | 2.017 | |
| Price To Sales QoQ | 26.859 % | |
| Price To Sales YoY | -26.976 % | |
| Price To Sales IPRWA | high: 3.922 median: 3.922 mean: 2.599 TNET: 2.017 low: 0.316 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 36.436 | |
| Forward PE/G | -0.972 | |
| Forward P/S | 7.603 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 9.015 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.348 | |
| Asset Turnover Ratio QoQ | 2.49 % | |
| Asset Turnover Ratio YoY | 4.955 % | |
| Asset Turnover Ratio IPRWA | high: 0.712 TNET: 0.348 mean: 0.132 median: 0.095 low: 0.088 |
|
| Receivables Turnover | 235.6 | |
| Receivables Turnover Ratio QoQ | 159.429 % | |
| Receivables Turnover Ratio YoY | 214.006 % | |
| Receivables Turnover Ratio IPRWA | TNET: 235.6 high: 2.517 mean: 1.139 median: 1.091 low: 0.851 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 0.387 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -9.073 | |
| Cash Conversion Cycle Days QoQ | 41.568 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 82.817 mean: 31.516 median: 20.021 low: 19.886 TNET: -9.073 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 4.284 | |
| CapEx To Revenue | -0.018 | |
| CapEx To Depreciation | -10.5 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.0 B | |
| Net Invested Capital | $ 1.0 B | |
| Invested Capital | $ 1.0 B | |
| Net Tangible Assets | $ -513.00 M | |
| Net Working Capital | $ 275.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.17 | |
| Current Ratio | 1.13 | |
| Current Ratio QoQ | 1.299 % | |
| Current Ratio YoY | 2.643 % | |
| Current Ratio IPRWA | high: 2.284 median: 1.259 mean: 1.242 TNET: 1.13 low: 0.675 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.716 | |
| Cost Of Debt | 1.058 % | |
| Interest Coverage Ratio | 6.286 | |
| Interest Coverage Ratio QoQ | -39.916 % | |
| Interest Coverage Ratio YoY | 42.857 % | |
| Interest Coverage Ratio IPRWA | high: 9.566 median: 9.566 mean: 8.35 TNET: 6.286 low: -1.637 |
|
| Operating Cash Flow Ratio | 0.044 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 9.46 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 4.077 | |
| Dividend Payout Ratio | 0.245 | |
| Dividend Rate | $ 0.28 | |
| Dividend Yield | 0.005 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.164 % | |
| Revenue Growth | -3.915 % | |
| Revenue Growth QoQ | 122.065 % | |
| Revenue Growth YoY | -6.34 % | |
| Revenue Growth IPRWA | high: 11.149 % TNET: -3.915 % mean: -7.972 % median: -11.244 % low: -25.378 % |
|
| Earnings Growth | -37.5 % | |
| Earnings Growth QoQ | -108.54 % | |
| Earnings Growth YoY | -11.161 % | |
| Earnings Growth IPRWA | high: 1133.333 % mean: 53.03 % median: -22.807 % TNET: -37.5 % low: -500.0 % |
|
| MARGINS | ||
| Gross Margin | 20.883 % | |
| Gross Margin QoQ | -14.659 % | |
| Gross Margin YoY | 17.512 % | |
| Gross Margin IPRWA | high: 35.486 % median: 31.312 % mean: 25.666 % TNET: 20.883 % low: 16.055 % |
|
| EBIT Margin | 7.47 % | |
| EBIT Margin QoQ | -32.66 % | |
| EBIT Margin YoY | 40.124 % | |
| EBIT Margin IPRWA | high: 12.458 % median: 12.458 % mean: 7.882 % TNET: 7.47 % low: -9.845 % |
|
| Return On Sales (ROS) | 7.47 % | |
| Return On Sales QoQ | -32.66 % | |
| Return On Sales YoY | 40.124 % | |
| Return On Sales IPRWA | high: 12.209 % median: 12.209 % mean: 7.672 % TNET: 7.47 % low: -8.891 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 67.0 M | |
| Free Cash Flow Yield | 2.82 % | |
| Free Cash Flow Yield QoQ | -55.302 % | |
| Free Cash Flow Yield YoY | 69.166 % | |
| Free Cash Flow Yield IPRWA | high: 10.605 % TNET: 2.82 % median: 1.51 % mean: 1.19 % low: -11.408 % |
|
| Free Cash Growth | -45.528 % | |
| Free Cash Growth QoQ | -124.471 % | |
| Free Cash Growth YoY | 63.488 % | |
| Free Cash Growth IPRWA | high: 120.74 % median: -32.37 % mean: -41.311 % TNET: -45.528 % low: -280.0 % |
|
| Free Cash To Net Income | 1.264 | |
| Cash Flow Margin | 7.81 % | |
| Cash Flow To Earnings | 1.736 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.567 % | |
| Return On Assets QoQ | -36.456 % | |
| Return On Assets YoY | 57.964 % | |
| Return On Assets IPRWA | high: 2.497 % median: 2.497 % mean: 2.079 % TNET: 1.567 % low: -1.569 % |
|
| Return On Capital Employed (ROCE) | 7.114 % | |
| Return On Equity (ROE) | 0.424 | |
| Return On Equity QoQ | -60.458 % | |
| Return On Equity YoY | 22.618 % | |
| Return On Equity IPRWA | TNET: 0.424 high: 0.113 median: 0.113 mean: 0.094 low: -0.018 |
|
| DuPont ROE | 50.96 % | |
| Return On Invested Capital (ROIC) | 6.173 % | |
| Return On Invested Capital QoQ | -38.589 % | |
| Return On Invested Capital YoY | 40.647 % | |
| Return On Invested Capital IPRWA | high: 6.331 % TNET: 6.173 % median: 5.665 % mean: 4.892 % low: -2.259 % |
|