Paycom Software, Inc. (PAYC)
Fair bewertetFundamental
76
Kurs
$226.17
Marktkapitalisierung
$9.95B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Paycom sells a single cloud-based software platform that handles payroll, HR, benefits, timekeeping and talent management for mid-sized US businesses, replacing the mix of spreadsheets, outsourced payroll bureaus and separate HR tools many companies use. Its distinctive feature is Beti, which has employees themselves review and submit their own payroll each cycle rather than leaving that work to a company's HR department. It sells directly to employers through its own sales force rather than through resellers.
Wie das Geld verdient wird
Nearly all revenue is recurring: clients pay a per-employee, per-payroll-run fee for continued access to the software, which Paycom collects automatically each time a client runs payroll, giving the business a subscription-like cadence without a fixed monthly contract. A small remainder comes from one-time implementation fees charged when a new client is set up on the platform. Clients can cancel with 30 days' notice, so revenue depends on retaining employer headcount and clients rather than on multi-year lock-in.
Umsatz nach Segment
Per-employee, per-payroll-run software fees paid by clients each time they process payroll on the platform.
One-time fees charged to set up and onboard a new client onto the Paycom platform.
Was die Nachfrage antreibt
Mäßig zyklischRevenue tracks the number of employees processed through client payrolls, so it softens when clients lay off staff in a downturn even without losing a single client. Growth otherwise depends on winning new employers away from competitors and outsourced payroll providers in a market the company itself describes as highly competitive, and where moving upmarket to larger customers puts it against a wider set of rivals.
Wichtigste Risiken
- Intense competition and pricing — The HCM software market is highly competitive, and Paycom's offering is more expensive than many competitors'; moving upmarket to larger customers puts it against a wider set of rivals and can pressure margins.
- Client retention with short notice periods — Clients can terminate their agreements with just 30 days' notice, which introduces volatility in the company's annual revenue retention rate and makes results sensitive to client satisfaction and pricing competition.
- Beti reducing billable corrections — Beti's design, having employees catch and fix payroll errors themselves before submission, reduces payroll errors but can also reduce revenue the company previously earned from billable correction work.
- Cybersecurity and data breaches — Security vulnerabilities, cyberattacks or data breaches could cause clients to reduce or stop using the platform, harm the ability to attract new clients, and expose the company to significant liability and privacy-law penalties.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19. September 2026 with claude-haiku-4-5 — shared with all users
Paylocity sells the same single-database cloud payroll and HR platform to the same US small and mid-sized employers Paycom targets, and the two meet head-to-head in most competitive deals.
ADP is the largest US payroll and human capital management provider and competes with Paycom across every employer size band, from small businesses to large enterprises.
Paychex serves the same small and mid-sized US employers with payroll, benefits and HR outsourcing, and strengthened that overlap by acquiring mid-market rival Paycor.
Workday competes for the larger end of Paycom's client base, where employers choose between the two for cloud HR, payroll and talent management.
Dayforce offers a comparable unified cloud platform for payroll, time and workforce management to mid-market and enterprise employers; it is named by Paycom in its 10-K and is now privately held by Thoma Bravo.
UKG, privately held after the merger of Ultimate Software and Kronos, sells payroll and workforce management software to the same mid-market and enterprise US employers.
Bilanz & Liquidität
Umsatz
$2.14B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$488M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$408M
Gesamtes Eigenkapital
$1.73B
Gesamtverbindlichkeiten
$5.87B
Current Ratio
1.07
Zinsdeckungsgrad
39.79
Schulden/EBITDA
1.32
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$289.29
Aktueller Kurs
$226.17
Sicherheitsmarge
+21.8%
Innerer-Wert-Spanne
$188.04 - $390.54
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
23.15
ROE
26.2%
P/B-Verhältnis
17.17
P/FCF
17.06
Bruttomarge
83.7%
ROIC
26.2%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
26.2%
WACC
8.1%
ROIC − WACC
+18.1 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (21)
- EPS shows upward trend
- Price CAGR 17.16%
- ROIC 26.1%
- Gross Margin 83.7%
- P/FCF 17.06
- Debt/Equity ratio
- Operating Margin 30.3%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 40.4%
- Revenue Growth 5Y 19.5%
- Earnings Surprise avg 3.5%
- PEG Ratio 0.75
- Earnings Quality (OCF/NI) 1.64
- Share Dilution -0.3%
- Net Margin Trend 22.8% vs 21.2%
- Piotroski F-Score 5/9
Nicht bestanden (5)
- P/B Ratio 17.17
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 44% Buy
Nicht verfügbar (1)
- Dividend Payout NaN%
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Chad R. Richison | Founder, CEO & Chairman of the Board | 55 |
| Mr. Terrell Hadlock | President & Chief Client Officer | 50 |
| Mr. Robert D. Foster | Chief Financial Officer | 63 |
| Mr. Randy Peck | Chief Operating Officer | 59 |
| Mr. James Samford | Head of Investor Relations | - |
| Mr. Matthew Paque J.D. | Chief Legal Officer & Secretary | - |
| Mr. Jeffrey D. York | Chief Sales Officer | 58 |
| Ms. Jennifer M. Kraszewski | Chief Human Resources Officer | - |
Prüfungsrisiko
1
Vorstandsrisiko
9
Vergütungsrisiko
9
Aktionärsrechterisiko
5
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-19
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-08-06
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-08-05
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for PAYC, sourced from Markets Gazette.
- 3/6/2026NEUTRALWhere Paycom Software Stands With Analysts
Paycom Software Inc. (PAYC) received mixed analyst ratings in February 2022. Needham maintained a 'Buy' rating, while Piper Sandler kept an 'Overweight' rating. However, Mizuho maintained a 'Neutral' stance. This divergence suggests analysts have differing views on the company's near-term prospects, with some seeing upside potential while others remain cautious. Investors should note these varied perspectives when considering their investment in PAYC.
via Markets Gazette