TriNet Group, Inc.
TNET Industrials Staffing & Employment Services
TriNet Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.9 billion, down 0.92% from fiscal 2024. In the quarter to June 2026, revenue fell 4.43%, EPS grew 50.7%, free cash flow grew 17.5% and total debt fell 8.94%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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TriNet Group, Inc. (TNET) Altman Z-score
TriNet Group, Inc.'s Altman Z-score for fiscal 2025 is 1.61, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.61 | (0.18) |
| FY2024 | 1.79 | (0.79) |
| FY2023 | 2.57 | (0.35) |
| FY2022 | 2.93 | (0.74) |
| FY2021 | 3.66 | 0.56 |
| FY2020 | 3.10 | 0.34 |
| FY2019 | 2.76 | 0.17 |
| FY2018 | 2.59 | 0.38 |
| FY2017 | 2.21 | 0.28 |
| FY2016 | 1.93 | 0.41 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.07 | |
| Retained earnings / total assets | (0.28) | — | −0.40 | |
| EBIT / total assets | 0.05 | — | 0.18 | |
| Market value of equity / total liabilities | 0.76 | — | 0.45 | |
| Sales / total assets | 1.30 | — | 1.30 | |
| Altman Z-score | Distress zone | 1.61 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.15 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| KFRC Kforce, Inc. compare | 7.9× |
| NSP Insperity, Inc. compare | 3.9× |
| BBSI Barrett Business Services, Inc. compare | 3.4× |
| KFY Korn/Ferry International compare | 2.9× |
| MAN ManpowerGroup Inc. compare | 2.8× |
| KELYB Kelly Services, Inc. compare | 2.8× |
| TNET TriNet Group, Inc. | 1.6× |
| HHR HeadHunter Group PLC Sponsored ADR compare | — |
| RHI Robert Half Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets