Voltar à classificação

Paylocity Holding Corporation (PCTY)

POSITIVE
TechnologySoftware - ApplicationUnited States

Fundamental

81

Preço

$152.09

Capitalização de Mercado

$8.49B

Parte 1 · Quanto vale a empresa

Visão Geral

Paylocity sells cloud software that runs a company's payroll, benefits enrollment, time tracking and other HR tasks from one system. Employers pay a subscription priced per employee per month, and the platform's mobile app targets a modern, often non-desk workforce — retail, healthcare, hospitality — not just office staff. Between withholding an employee's pay and remitting it to tax authorities and benefit providers, Paylocity briefly holds client funds and earns interest on that float.

Como gera receita

Almost all revenue is recurring: clients pay per employee per pay cycle for access to the software, so revenue grows with a client's headcount as well as with new client wins. A smaller, separate line comes from interest earned on payroll funds held briefly before disbursement — a source that shrinks when short-term interest rates fall, independent of how the underlying software business performs.

Receita por segmento

Recurring and other revenue92.3%

Per-employee subscription fees for the HCM and payroll platform, plus small one-time implementation charges.

Interest income on client funds7.7%

Interest earned on payroll and tax funds held briefly between withholding and remittance, a byproduct of running payroll.

Vantagem competitiva

Custos de mudança · Estreita

Once payroll history, tax filings and employee records live inside a platform, moving to a competitor means re-entering years of compliance-sensitive data and retraining staff, which discourages switching. But the HCM software market has several well-funded rivals offering similar functionality, so the advantage is real but not decisive.

O que impulsiona a procura

Moderadamente cíclico

Revenue tracks the number of employees on clients' payrolls, so it grows when clients hire and shrinks when they lay off staff, making Paylocity sensitive to the broader labor market without being as exposed as a cyclical goods business. New client acquisition adds a layer of growth that partly offsets a softening job market.

Principais riscos

  • Crowded, well-funded competition — The company names ADP, Paycom, Paycor, Dayforce and Paychex among direct competitors, all offering comparable payroll and HR functionality, which limits pricing power.
  • Interest income depends on rates — A meaningful slice of revenue comes from interest on client funds; when central banks cut short-term rates, that revenue line falls even if the software business is healthy.
  • Sensitivity to employment levels — Because pricing is per employee, a broad slowdown in hiring or layoffs among existing clients directly reduces revenue without any client leaving the platform.
  • Handling sensitive payroll data — The platform stores compensation, banking and tax data for millions of employees; a security breach would carry both direct liability and reputational cost.

Concentração de clientes

Paylocity serves tens of thousands of small and mid-sized employers and does not disclose a concentration figure; the client base is broad by nature of the target market.

Os argumentos a favor

Buyers argue that the mobile-first design wins disproportionately with a non-desk, younger workforce that rivals built for office workers struggle to serve, and that the subscription model keeps growing as clients add headcount even without new sales.

Os argumentos contra

Sellers fear that a crowded field of well-capitalized HCM vendors will compress pricing over time, and that a chunk of reported profitability rests on interest income that erodes automatically whenever rates fall.

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Balanço & Liquidez

Receita

$1.65B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$270M

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$497M

Capital Próprio Total

$1.22B

Passivo Total

$3.66B

Rácio de Liquidez

1.09

Cobertura de Juros

-

Dívida/EBITDA

0.27

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Subvalorizada

Valor Justo

$390.09

Preço Atual

$152.09

Margem de Segurança

+61.0%

Intervalo de Valor Justo

$253.56 - $526.62

Métodos de Estimativa

Analyst Target:$172.00
DCF:$853.29
PE-based:$77.31
Graham Growth:$253.28
EPV:$70.54
Consenso dos Analistas:Compra Forte (23B / 4H / 0S)
Última Surpresa de Resultados:+11.69%

Métricas de Avaliação

Rácio P/E

30.99

ROE

22.1%

Rácio P/B

6.62

P/FCF

16.27

Margem Bruta

74.2%

ROIC

20.8%

Radar de Rentabilidade

Value Creation (Economic Moat)

ROIC

20.8%

WACC

7.9%

ROIC − WACC

+13.0 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

Critérios de Análise Fundamental

Aprovado (23)

  • EPS shows upward trend
  • EPS CAGR 48.18%
  • Price CAGR 17.72%
  • ROIC 20.8%
  • Gross Margin 74.2%
  • P/FCF 16.27
  • Debt/Equity ratio
  • Operating Margin 23.4%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 23.4%
  • Revenue Growth 5Y 22.8%
  • Analyst Consensus 85% Buy
  • Earnings Surprise avg 10.0%
  • PEG Ratio 0.96
  • Earnings Quality (OCF/NI) 1.98
  • Share Dilution -3.0%
  • Net Margin Trend 16.3% vs 15.4%
  • Piotroski F-Score 6/9

Reprovado (3)

  • P/B Ratio 6.62
  • Price below Graham Number
  • DCF valuation (Overvalued)

Indisponível (2)

  • Dividend Payout NaN%
  • Interest Coverage

Piotroski F-Score

6/9

Sinais mistos: algumas áreas requerem atenção

score
criteria

Qualidade dos Resultados

1.98

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-3.0%

A recomprar ações. Favorável ao acionista

Governação

Equipa Executiva

NomeCargoIdade
Mr. Steven R. BeauchampExecutive Chairman of the Board53
Mr. Toby J. Williams J.D.President, CEO & Director52
Mr. Steven I. SarowitzFounder & Director59
Mr. Ryan GlennChief Financial Officer43
Mr. Andrew J. CappotelliSenior Vice President of Operations54
Ms. Melissa KingSenior Vice President of Product & Technology50
Mr. Joshua ScuttSenior Vice President of Sales54
Mr. Nicholas RostVP, Chief Accounting Officer & Treasurer45
Ms. Amber LivingstonVP & General Counsel-
Mr. Adam ByerleyVice President of Strategy & Corporate Development-

Risco de Auditoria

1

Risco do Conselho

5

Risco de Remuneração

2

Risco dos Direitos dos Acionistas

7

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Latest News

Recent headlines for PCTY, sourced from Markets Gazette.

No recent news for PCTY.