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TRINET GROUP, INC.

TNET · Technology · $2.9B mkt cap · FY2025 filings · · not refreshed in 37 days · Not rated ·

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We don't have enough comparable filing data to score at least four of the five filters for TNET, so we don't publish a composite. Missing: pricingPower, balanceSheet. No composite: 2 components abstained (pricingPower: Not enough years of gross-margin data to score pricing power.; balanceSheet: Insufficient leverage/coverage inputs to score the balance sheet.).

15 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $1.0B (FY2012) to $5.0B (FY2025) — about 13.0% a year compounded over 13 years.

ROIC is not available for the latest filed year, FY2025. Across the full 10-year measurable filed record, median ROIC was 34.0%. Over the v3 recent window (7 measurable filed years), median ROIC was 40.1%. The Returns on Capital filter above scores it 100/100.

The balance sheet carried $895M of total debt in FY2025 against $155M of owner earnings — roughly 5.8 years of owner earnings to retire it all.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2011–FY2025 · 15 fiscal years, normalized from TNET’s SEC filings

Sales, as filed$5.0B FY2025
$0$2B$4B2011201620212025
Revenue kept after cost of goods

Not disclosed in TNET’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICROIC 45.3% FY2023

Not meaningful FY2017: invested capital is negative (cash exceeds debt + equity)

0%20%40%2011201620212025
Cash an owner could take out$155M FY2025
$0$200M$400M2011201620212025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How TRINET GROUP, INC. makes its money

TRINET GROUP, INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$5.0B100%
Income before tax$217M4%
Income tax$62M1%
$155M3%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What TRINET GROUP, INC. owns — and owes

TRINET GROUP, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$3.8B100%
Cash and equivalents$287M8%
$895M24%
Stockholders’ equity$54M1%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives TRINET GROUP, INC.’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income$155MFY2025
Income before tax$217MFY2025
Operating incomeUnavailableFY2025
Revenue$5.0BFY2025
Ending assets$3.8BFY2025
Beginning assets$4.1BFY2024
Ending equity$54MFY2025
Beginning equity$69MFY2024
Source:
  • SEC filingFiling detailsAccession 0000937098-26-000010
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

Where TRINET GROUP, INC.'s cash went

TRINET GROUP, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$303M100%
Depreciation and amortization$66M22%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding TRINET GROUP, INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What TRINET GROUP, INC. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale

No composite readings yet — TNET’s filings don’t give the engine enough comparable data to score, and we log that honestly instead of guessing a number.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for TNET.

Track record

How TRINET GROUP, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2014–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored TNET on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2015 = 100)2014201620182020202220242026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 6 years TNET rated Wide-moat (2019, 2020, 2021, 2022, 2023 and 2024), the median forward total return that followed — measured only after each year’s filings were public — was:

  • 1 year −1% vs the S&P 500’s 20% (price basis) · median over 6 years
  • 3 years 8% vs the S&P 500’s 25% (price basis) · median over 4 years
  • 5 years 16% vs the S&P 500’s 83% (price basis) · median over 2 years

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Technology context

Not ranked — TNET doesn’t have enough comparable filing data for a composite score, so we don’t place it on the board.

Technology leaders by Moat Score

  1. #1FTNT FORTINET, INC.100.0Wide moat
  2. #2META Meta Platforms, Inc.98.4Wide moat
  3. #3IBEX IBEX LIMITED98.0Wide moat

All Technology companies on the Index →

Common questions about TNET

Does TRINET GROUP, INC. have an economic moat?
We don't publish a Moat Score for TRINET GROUP, INC. (TNET): its SEC filings don't provide enough comparable data to score at least four of the five filters, and the Index records each gap rather than a guessed number. Missing inputs: pricing power, balance-sheet safety.
Is TNET trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $83.72 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $61.75, that is 26% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has TNET's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026, none with a composite — TNET hasn't had enough comparable filing data to score. No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TNET. See the disclaimer.