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Paylocity Holding Corporation (PCTY)

Undervalued
TechnologySoftware - ApplicationUnited States

Fundamental

80

मूल्य

$142.57

मार्केट कैप

$7.62B

भाग 1 · कंपनी का मूल्य कितना है

अवलोकन

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.

यह पैसा कैसे कमाती है

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.

सेगमेंट के अनुसार राजस्व

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.

प्रतिस्पर्धी बढ़त (Moat)

स्विचिंग कॉस्ट · संकीर्ण

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.

मांग को क्या चलाता है

मध्यम रूप से चक्रीय

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.

प्रमुख जोखिम

  • 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.

ग्राहक Concentration

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.

खरीदने के पक्ष में तर्क

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.

बेचने के पक्ष में तर्क

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.

वित्त वर्ष 2025 के सेगमेंट आंकड़ेस्रोत: Paylocity Announces Fourth Quarter and Full Fiscal Year 2025 Financial ResultsPaylocity Holding Corp — Form 10-K, fiscal year 2025

Written by the editors, published on 18 अगस्त 2026

Direct competitors

Who this company fights with for the same customers

Compare

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

P/E: 23.2Score: 78Market 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: 23.6Score: 68Market 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: 19.5Score: 70Market 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.

बैलेंस शीट और तरलता

राजस्व

$1.65B

पिछले 12 महीने (30/6/2026 तक)

शुद्ध आय

$270M

पिछले 12 महीने (30/6/2026 तक)

Free Cash Flow

$497M

कुल इक्विटी

$1.22B

कुल देनदारियाँ

$3.66B

Current Ratio

1.09

Interest Coverage

-

Debt/EBITDA

0.27

Earnings Per Share

राजस्व और शुद्ध आय

Free Cash Flow

आय विवरण

ऐतिहासिक विवरण

समय के साथ मार्जिन

समय के साथ ऋण

ऋण कितना भारी है

वृद्धि तालिका

वृद्धि — राजस्व

Fair Value अनुमान

सामान्य मामलाकम मूल्यांकित

Fair Value

$257.26

वर्तमान मूल्य

$142.57

Margin of Safety

+44.6%

Fair Value सीमा

$167.22 - $347.30

इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।

अनुमान विधियाँ

विश्लेषकों का लक्ष्य मूल्य:$172.00
डिस्काउंटेड कैश फ्लो (DCF):$611.69
आय गुणक (P/E):$80.08
Graham वृद्धि फॉर्मूला:$253.28
अर्निंग पावर वैल्यू (EPV):$70.54
उचित P/B:$87.29
लाभांश डिस्काउंट (Gordon):इसकी गणना के लिए पर्याप्त डेटा नहीं
P/FFO, परिचालन से प्राप्त निधि:$115.06
मध्य-चक्र आय:$70.00
राजस्व गुणक:$167.33
विश्लेषक सहमति:दृढ़ खरीदें (22B / 5H / 0S)
अंतिम Earnings सरप्राइज़:+11.69%

मूल्यांकन मेट्रिक्स

P/E Ratio

28.98

ROE

22.1%

P/B Ratio

6.19

P/FCF

15.22

Gross Margin

74.2%

ROIC

20.8%

लाभप्रदता Radar

मूल्य सृजन (प्रतिस्पर्धी बढ़त)

ROIC

20.8%

WACC

7.9%

ROIC − WACC

+13.0 pp

ROIC पूंजी की लागत से अधिक है — कंपनी शेयरधारकों के लिए मूल्य सृजित कर रही है।

Fundamental विश्लेषण मानदंड

पास (23)

  • EPS shows upward trend
  • EPS CAGR 48.18%
  • Price CAGR 16.95%
  • ROIC 20.8%
  • Gross Margin 74.2%
  • P/FCF 15.22
  • 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

फेल (3)

  • P/B Ratio 6.19
  • Price below Graham Number
  • DCF valuation (Overvalued)

अनुपलब्ध (2)

  • Dividend Payout NaN%
  • Interest Coverage

Piotroski F-Score

6/9

मिश्रित संकेत: कुछ क्षेत्रों पर ध्यान देना आवश्यक

score
criteria

Earnings गुणवत्ता

1.98

उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित

शेयर Dilution

-3.0%

शेयर वापस खरीद रही है। शेयरधारक अनुकूल

संस्थागत होल्डिंग

प्रशासन

कार्यकारी टीम

नामपदआयु
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-

Audit जोखिम

1

बोर्ड जोखिम

5

मुआवजा जोखिम

2

शेयरधारक अधिकार जोखिम

7

भाग 2 · कीमत और खरीदने का समय

यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।

दस्तावेज़

  • वार्षिक रिपोर्ट (10-K)

    कंपनी के कारोबार, वित्तीय नतीजों और जोखिमों का वार्षिक सिंहावलोकन।

    दाखिल तिथि: 2026-08-05

    दस्तावेज़ देखें
  • तिमाही रिपोर्ट (10-Q)

    पिछले तीन महीनों के वित्तीय प्रदर्शन का अपडेट।

    दाखिल तिथि: 2026-05-08

    दस्तावेज़ देखें
  • विशेष रिपोर्ट (8-K)

    किसी बड़ी घटना, जैसे नेतृत्व में बदलाव या बड़ी घोषणा, की सूचना।

    दाखिल तिथि: 2026-09-17

    दस्तावेज़ देखें

via SEC EDGAR

आय का इतिहास

via SEC EDGAR

Latest News

Recent headlines for PCTY, sourced from Markets Gazette.

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Disclaimer

यह प्लेटफ़ॉर्म केवल शैक्षिक उद्देश्यों के लिए है। यह कोई वित्तीय, निवेश, या ट्रेडिंग सलाह नहीं देता। सभी स्कोर, मूल्यांकन, और संकेत सार्वजनिक रूप से उपलब्ध डेटा के स्वचालित विश्लेषण पर आधारित हैं जो अधूरे या गलत हो सकते हैं। निवेश निर्णय लेने से पहले हमेशा अपना शोध करें और एक योग्य वित्तीय सलाहकार से परामर्श लें।

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