$Trinet Group (TNET.US)$It is an American company that went ...

86% of the main business is insurance, 14% is professional services, in fact, it is more reasonable to fall into the professional insurance sector, a single American market.

Over the past five years, the gross profit margin has gradually risen from 18.2% to 20.6%, while the rate of return on net assets has dropped from 148% to 66%, and then gradually dropped to 45.4%. It should be light asset companies.

Over the past five years, revenue, operating profit and net profit have continued to grow. The average growth rate of net profit in five years is 41%, and the average growth rate in the past three years has dropped to 21%, which is still not low.

In the first two quarters of 2022, revenue increased by 12%, operating profit by 24.7% and net profit by 20%.

The income statement shows that interest expenses account for 3.1% of operating profit in 2021, with a very low burden. The cost of 2022Q2 suddenly soared by 33%, mainly due to a sharp increase in sales, management and R & D expenses, which led to a decline in operating profit in the quarter, but the lower increase in Q1 expenses may be due to seasonal factors, such as the timing of bonus payments will greatly affect the quarterly data.

Over the past five years, the asset-liability ratio has dropped from 92.1% to 73.4%, which rose slightly to 74.9%.

The number and growth rate of accounts receivable are relatively normal, there is no inventory.

Goodwill increased from 294 million to 430 million in the first two quarters of 2022, an increase of 140 million, accounting for nearly one and a half of net assets of 881 million.

Long-term borrowing is 495 million, accounting for 56% of net assets of 881 million, with a medium leverage ratio.

Over the past five years, the net operating amount is generally higher than the net investment, there is a certain shareholder surplus, the net financing amount is basically net outflow, and the main outflow item is the net cash flow of common stock issuance / repayment.

The current price-to-earnings ratio is 14, the price-to-earnings ratio is TTM 12.3, you can choose (⭐️⭐️)