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Paycom Software, Inc. (PAYC)

適正価値
TechnologySoftware - ApplicationUnited States

ファンダメンタル

76

株価

$226.17

時価総額

$9.95B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

セグメント別売上高

Recurring and other94.5%

Per-employee, per-payroll-run software fees paid by clients each time they process payroll on the platform.

Implementation and other5.5%

One-time fees charged to set up and onboard a new client onto the Paycom platform.

需要を左右する要因

中程度の景気循環性

Revenue 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.

主なリスク

  • 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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: 29.0Score: 76Market cap: $7.62B

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.

P/E: 23.6Score: 66Market cap: $104.52B

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.

P/E: 19.5Score: 72Market cap: $36.16B

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.

P/E: 38.6Score: 72Market cap: $41.68B

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, Inc.Not tracked

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.

Ultimate Kronos Group (UKG Inc.)Not tracked

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.

貸借対照表と流動性

売上高

$2.14B

直近12か月(2026/6/30まで)

純利益

$488M

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$408M

自己資本合計

$1.73B

負債合計

$5.87B

流動比率

1.07

利払い倍率

39.79

負債/EBITDA

1.32

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$289.29

現在株価

$226.17

安全マージン

+21.8%

適正価値レンジ

$188.04 - $390.54

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$218.88
ディスカウンテッド・キャッシュフロー(DCF):$500.01
利益倍率(P/E):$158.14
グレアムの成長公式:$487.00
収益力価値(EPV):$134.56
正当化されたP/B:$236.76
配当割引モデル(ゴードン):$32.77
P/FFO(運用から生まれる資金):$223.54
中間サイクル利益:$320.16
売上高倍率:$238.05
アナリスト・コンセンサス:買い (12B / 15H / 0S)
直近の決算サプライズ:+14.70%

バリュエーション指標

P/E レシオ

23.15

ROE

26.2%

P/B レシオ

17.17

P/FCF

17.06

粗利益率

83.7%

ROIC

26.2%

収益性レーダー

価値創造(経済的モート)

ROIC

26.2%

WACC

8.1%

ROIC − WACC

+18.1 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(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

不合格(5)

  • P/B Ratio 17.17
  • CapEx intensity
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Analyst Consensus 44% Buy

データなし(1)

  • Dividend Payout NaN%

Piotroski F-スコア

5/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.64

高品質:利益はキャッシュに裏付けられている

株式希薄化

-0.3%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Chad R. RichisonFounder, CEO & Chairman of the Board55
Mr. Terrell HadlockPresident & Chief Client Officer50
Mr. Robert D. FosterChief Financial Officer63
Mr. Randy PeckChief Operating Officer59
Mr. James SamfordHead of Investor Relations-
Mr. Matthew Paque J.D.Chief Legal Officer & Secretary-
Mr. Jeffrey D. YorkChief Sales Officer58
Ms. Jennifer M. KraszewskiChief Human Resources Officer-

監査リスク

1

取締役会リスク

9

報酬リスク

9

株主権利リスク

5

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-19

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-08-06

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-08-05

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for PAYC, sourced from Markets Gazette.

  • 3/6/2026NEUTRAL
    Where 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