Paylocity Holding Corporation (PCTY)
POSITIVEFundamental
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
Per-employee subscription fees for the HCM and payroll platform, plus small one-time implementation charges.
Interest earned on payroll and tax funds held briefly between withholding and remittance, a byproduct of running payroll.
Vantagem competitiva
Custos de mudança · EstreitaOnce 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 cíclicoRevenue 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
Valor Justo
$390.09
Preço Atual
$152.09
Margem de Segurança
+61.0%
Intervalo de Valor Justo
$253.56 - $526.62
Métodos de Estimativa
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
Sinais mistos: algumas áreas requerem atenção
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| Mr. Steven R. Beauchamp | Executive Chairman of the Board | 53 |
| Mr. Toby J. Williams J.D. | President, CEO & Director | 52 |
| Mr. Steven I. Sarowitz | Founder & Director | 59 |
| Mr. Ryan Glenn | Chief Financial Officer | 43 |
| Mr. Andrew J. Cappotelli | Senior Vice President of Operations | 54 |
| Ms. Melissa King | Senior Vice President of Product & Technology | 50 |
| Mr. Joshua Scutt | Senior Vice President of Sales | 54 |
| Mr. Nicholas Rost | VP, Chief Accounting Officer & Treasurer | 45 |
| Ms. Amber Livingston | VP & General Counsel | - |
| Mr. Adam Byerley | Vice 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.