Paylocity Holding Corporation (PCTY)
UnterbewertetFundamental
79
Kurs
$146.04
Marktkapitalisierung
$7.62B
Teil 1 · Was das Unternehmen wert ist
Übersicht
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.
Wie das Geld verdient wird
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.
Umsatz nach Segment
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.
Wettbewerbsvorteil
Wechselkosten · SchmalOnce 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.
Was die Nachfrage antreibt
Mäßig zyklischRevenue 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.
Wichtigste Risiken
- 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.
Kundenkonzentration
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.
Die Argumente dafür
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.
Die Argumente dagegen
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. 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
Paycom sells a single-database cloud payroll and HR platform to the same US small and mid-sized employers Paylocity targets, and the two routinely bid against each other on the same deals.
ADP is the incumbent US payroll and HCM provider Paylocity most often displaces, competing for the same per-employee-per-month payroll and HR service revenue across the small and mid-market.
Paychex serves the same US small and mid-sized payroll and HR outsourcing market, and since absorbing Paycor in April 2025 it competes directly in Paylocity's core mid-market segment.
Dayforce, named by Paylocity in its own 10-K and now privately held by Thoma Bravo, sells a single cloud platform for payroll and workforce management to the same mid-sized and larger employers.
UKG, privately held, competes for the same HR, payroll and time-and-attendance budgets with UKG Ready, its product aimed squarely at the small and mid-sized employers Paylocity serves.
Rippling, a private US company, sells cloud payroll and HR to the same small and mid-sized employers and is one of the alternatives buyers most often shortlist next to Paylocity.
Bilanz & Liquidität
Umsatz
$1.65B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$270M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$497M
Gesamtes Eigenkapital
$1.22B
Gesamtverbindlichkeiten
$3.66B
Current Ratio
1.09
Zinsdeckungsgrad
-
Schulden/EBITDA
0.27
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
$257.26
Aktueller Kurs
$146.04
Sicherheitsmarge
+43.2%
Innerer-Wert-Spanne
$167.22 - $347.30
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
29.80
ROE
22.1%
P/B-Verhältnis
6.37
P/FCF
15.65
Bruttomarge
74.2%
ROIC
20.8%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
20.8%
WACC
7.9%
ROIC − WACC
+13.0 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (23)
- EPS shows upward trend
- EPS CAGR 48.18%
- Price CAGR 16.95%
- ROIC 20.8%
- Gross Margin 74.2%
- P/FCF 15.65
- 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 81% Buy
- Earnings Surprise avg 10.0%
- PEG Ratio 0.90
- Earnings Quality (OCF/NI) 1.98
- Share Dilution -3.0%
- Net Margin Trend 16.3% vs 15.4%
- Piotroski F-Score 6/9
Nicht bestanden (3)
- P/B Ratio 6.37
- Price below Graham Number
- DCF valuation (Overvalued)
Nicht verfügbar (2)
- Dividend Payout NaN%
- Interest Coverage
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. 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 | - |
Prüfungsrisiko
1
Vorstandsrisiko
5
Vergütungsrisiko
2
Aktionärsrechterisiko
7
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 2026-08-05
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-05-08
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-09-17
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for PCTY, sourced from Markets Gazette.