Paycom Software, Inc. (PAYC)
Juste valeurFondamental
76
Prix
$217.65
Capitalisation boursière
$9.95B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par 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.
Ce qui stimule la demande
Modérément cycliqueRevenue 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.
Principaux risques
- 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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 septembre 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.
Bilan & Liquidités
Chiffre d'affaires
$2.14B
12 derniers mois (au 30/06/2026)
Résultat net
$488M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$408M
Capitaux propres totaux
$1.73B
Passif total
$5.87B
Ratio de liquidité général
1.07
Couverture des intérêts
39.79
Dette/EBITDA
1.32
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$289.29
Prix actuel
$217.65
Marge de sécurité
+24.8%
Fourchette de juste valeur
$188.04 - $390.54
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
23.15
ROE
26.2%
Ratio P/B
17.17
P/FCF
17.06
Marge brute
83.7%
ROIC
26.2%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
26.2%
WACC
8.1%
ROIC − WACC
+18.1 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (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
Échoué (5)
- P/B Ratio 17.17
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 44% Buy
Indisponible (1)
- Dividend Payout NaN%
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 | - |
Risque d'audit
1
Risque du conseil
9
Risque de rémunération
9
Risque droits des actionnaires
5
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-19
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-08-06
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-08-05
via SEC EDGAR
Historique des résultats
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