Kelly Services Inc (KELYA) is overvalued and TriNet Group Inc (TNET) is undervalued.
Against our estimates of intrinsic value, TNET trades at the wider discount: a margin of safety of +22%, against -163% for KELYA.
Values as of the 22 Sept 2026 close.
Its through-the-cycle earnings (0.7% median margin), capitalised at 9.0% with no growth, values the shares at $6.34; the price of $16.66 is 163% above that value.
Leak Score 24/100 on 6 of 12 signals
Discounting its cash flows at 8.8% (average of 3 methods) values the shares at $85.64; the price of $66.71 is 22% below that value, and 76% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | KELYA | TNET |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $16.66 | $66.71 |
| Intrinsic value | $6.34 | $85.64 |
| Margin of safety | -163% | +22% |
| Leak Score | 24/100 (6/12) | 100/100 (3/12) |
| Market cap | $599M | $3.1B |
| Revenue growth, 5 years | -1.2% | 4.4% |
| Operating margin | 0.8% | 6.6% |
| Net margin | -6.7% | 3.6% |
| Return on equity | -24.4% | 150.9% |
| Debt to equity | 0.13 | 7.60 |
| P/E | — | 17.9x |
| Forward P/E | 9.2x | 13.6x |
| P/B | 0.6x | 24.5x |
| Dividend yield | 1.8% | 1.7% |