TNETTRINET GROUP, INC.
Services-Business Services, NEC
- Revenue
- $5.0B
- 0.9% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.9B
- Employees
- 3,400
- $1M revenue each
- Net debt / EBITDA
- —
- $292M net debt
- AI in 10-K
- 4.4
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo195% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo78% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo14% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 86th pctBottom quartile of its SIC industry
- Quiet on AINo4.4 per 10K words · 80th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$790K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4.5B | $4.9B | $4.9B | $5.1B | $5.0B | 0.9% |
| Operating income | $455M | $499M | $469M | — | — | |
| Net income | $338M | $355M | $375M | $173M | $155M | 10% |
| Operating cash flow | $218M | $497M | $539M | $279M | $303M | 8.6% |
| Capex | $40M | $56M | $75M | $78M | $69M | 12% |
| Stock-based comp | $50M | $62M | $59M | $65M | $65M | 0.0% |
| Buybacks | $94M | $523M | $1.1B | $183M | $183M | 0.0% |
| Dividends | — | $0 | $0 | $37M | $52M | 41% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 15, 2023 | Atairos Group, Inc. | SC 13D/A | 29.5% | Passive |
| Aug 1, 2023 | Atairos Group, Inc. | SC 13D/A | 29.6% | Passive |
| Feb 16, 2023 | Atairos Group, Inc. | SC 13D/A | 29.5% | Passive |
| Mar 17, 2020 | Atairos Group, Inc. | SC 13D/A | 31.2% | Passive |
| Feb 21, 2019 | Atairos Group, Inc. | SC 13D/A | 25.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $189K · 1
- Open-market sells, 12 mo
- $978K · 12
- Net
- −$790K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 75 | 166 |
| FY2024 | — | — | 161 | 210 |
| FY2023 | — | — | 210 | 188 |
| FY2022 | — | — | 120 | 147 |
| FY2021 | — | — | 168 | 192 |