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Paylocity Holding Corporation (PCTY)

Unterbewertet
TechnologySoftware - ApplicationUnited States

Fundamental

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

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.

Wettbewerbsvorteil

Wechselkosten · Schmal

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.

Was die Nachfrage antreibt

Mäßig zyklisch

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.

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

Compare

Generated on 19. September 2026 with claude-haiku-4-5 — shared with all users

P/E: 24.2Score: 73Market cap: $9.95B

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.

P/E: 24.1Score: 66Market cap: $104.52B

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.

P/E: 20.0Score: 72Market cap: $36.16B

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, Inc.Not tracked

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.

Ultimate Kronos Group (UKG Inc.)Not tracked

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 People Center, Inc.Not tracked

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

Allgemeiner FallUnterbewertet

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

Kursziel der Analysten:$172.00
Diskontierter Cashflow (DCF):$611.69
Gewinnmultiplikator (P/E):$80.08
Graham-Wachstumsformel:$253.28
Ertragskraftwert (EPV):$70.54
Gerechtfertigtes P/B:$87.29
Dividendendiskontierung (Gordon):Nicht genügend Daten zur Berechnung
P/FFO, Funds from Operations:$115.06
Gewinn im Zyklusmittel:$69.90
Umsatzmultiplikator:$161.32
Analystenkonsens:Starker Kauf (22B / 5H / 0S)
Letzte Gewinnüberraschung:+11.69%

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

6/9

Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit

score
criteria

Gewinnqualität

1.98

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

-3.0%

Aktienrückkäufe. Aktionärsfreundlich

Institutionelle Beteiligungen

Unternehmensführung

Führungsteam

NamePositionAlter
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-

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

  • 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

    Dokument ansehen

via SEC EDGAR

Ertragshistorie

via SEC EDGAR

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