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Paycom Software, Inc.

PAYC Technology Software Application

Paycom Software, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 8.95% from fiscal 2024.

Revenue
+10.2%
EPS
+52.8%
Free cash flow
+105.0%

Quarter to September 2026, against a year earlier

241.89 8.13 −3.25%
Market cap
$11.1B
P/E
23.8×
Fwd P/E
24.7×
Dividend yield
0.60%
F-score
6/9
Altman Z
1.92
Beneish M
−1.55
Dividend safety
88/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Recurring
  • Interest on Funds Held for Clients
  • Implementation and Other

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 1.60
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — — — 1 — — 1 — — —
Insider Ownership 17.93%

Capital & Financial Ratios $m

Size
Market Cap 11,070.00
Revenue ttm 2,191.20
Net income ttm 510.10
Free cash flow ttm 659.10
Net debt Q 556.10
Valuation
P/E 23.79
Forward P/E 24.70
Price / sales 5.21
Forward P/S Powerpack
Price / FCF 17.77
Price / book 16.13 (above 6: high)
Financial health
Current ratio Q 1.06
Debt / equity Q 1.06
Interest coverage Q 16.05
Growth
Revenue growth Q +10.24% (above 0%: growing)
Operating income growth Q +73.89% (above 0%: growing)
EPS, this year +41.00% (at or above 15%: strong)
EPS, next year A +15.59% (at or above 15%: strong)
Revenue, next year A +7.67%
EPS, past 5 yrs +26.85% (at or above 15%: strong)
EPS, next 5 yrs A +22.05% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.5×, against a ten-year median of 11.6×; over the ten years it ranged from 3.0× in 2026 to 31.8× in 2021.
P/E against its own 10 years 14.56%
10-year low 10-year high
P/S against its own 10 years 11.88%
10-year low 10-year high
P/B against its own 10 years 34.43%
10-year low 10-year high
EV/Sales against its own 10 years 13.64%
10-year low 10-year high
EV/FCF against its own 10 years 5.13%
10-year low 10-year high

Dividends

Yield
0.60%
Annual rate
1.50
Payout ratio
14.4%
Growth, 2023–25
+15.5%/yr
  1. 1.13 ’23
  2. 1.88 ’24 +67
  3. 1.50 ’25 −20
  4. 1.47 ’26e −2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 294 402 370 194
Receivables 35 51 123 —
Inventory 1 1 2 2
Other 2,327 3,666 5,137 3,891
2,813 4,305 5,839 4,391
2023 2024 2025 Q'26
Payables 14 24 7 21
ST’ Debt — — — —
Other 2,328 3,666 5,137 3,891
2,535 3,907 5,368 4,144

Compound Annual Growth %

10y 5y 3y
Sales 24.76% 19.51% 14.27%
Cash Flow 31.78% 24.47% 22.97%
Earnings 36.00% 25.88% 17.23%
Book Value 33.22% 21.44% 13.55%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.76 Actual 3.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.44 2.45 Beat by 0.01
Q1 FY26 2.93 3.15 Beat by 0.22
Q2 FY26 2.28 2.78 Beat by 0.50
Q3 FY26 2.76 3.37 Beat by 0.61
Q4 FY26 3.29 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.04 2.34 2.99 — —
’25 2.48 1.58 1.96 2.07 8.08
’24 4.37 1.20 1.31 2.02 8.92
’23 2.06 1.11 1.30 1.43 5.88
’22 1.58 0.99 0.90 1.38 4.84
’21 1.11 0.90 0.52 0.84 3.37
’20 1.08 0.49 0.47 0.42 2.46
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 572 531 544 — —
’25 531 484 493 544 2,052
’24 500 438 452 494 1,883
’23 452 401 406 435 1,694
’22 354 317 334 371 1,375
’21 272 242 256 285 1,056
’20 242 182 197 221 841
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 214 214 186 — —
’25 183 123 178 196 679
’24 149 132 93 160 534
’23 146 106 99 134 485
’22 117 52 68 128 365
’21 89 57 83 90 319
’20 82 25 67 53 227
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 183 190 164 — —
’25 145 61 80 118 404
’24 101 87 45 105 337
’23 105 63 46 73 288
’22 83 18 43 84 228
’21 64 20 58 52 193
’20 56 (1) 46 32 133
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 7.0% a year for ten years. It grew 29.7% a year over the last ten.

Implied
7.0%
10 years, reported
29.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 329 433 566 738 841 1,056 1,375 1,694 1,883 2,052 2,191 +22.5% 2,209 2,374 2,560 +7.7%
Gross margin, % 83.57 83.37 83.97 85.12 85.32 84.66 84.53 83.69 82.23 83.17 0.00 (0.4) pt
EBT 101 128 175 226 186 256 390 472 649 619 717 +22.3%
EBT margin, % 30.69 29.50 30.85 30.65 22.10 24.25 28.33 27.89 34.46 30.19 32.70 (0.5) pt
Net income 70 123 137 181 143 196 281 341 502 453 510 +23.0%
Per share, $
Per share, $ Revenue 5.72 7.49 9.81 12.82 14.60 18.23 23.75 29.35 33.51 36.77 0.00 +23.0%
Earnings 1.22 2.14 2.37 3.14 2.49 3.39 4.86 5.91 8.93 8.13 10.47 +23.4%
Cash flow 1.72 2.25 3.20 3.90 3.94 5.52 6.31 8.41 9.50 12.17 0.00 +24.3%
Capex (0.76) (1.03) (1.04) (1.61) (1.63) (2.18) (2.36) (3.41) (3.51) (4.93) 0.00 +23.2%
Free cash flow 0.96 1.22 2.16 2.28 2.31 3.34 3.94 5.00 5.99 7.23 0.00 +25.1%
Book value 2.02 4.86 5.80 9.15 11.38 15.44 20.43 22.58 28.04 31.03 0.00 +35.4%
Shares, m 58 58 58 58 58 58 58 58 56 56 52 (0.3%)
Valuation, ×
Valuation, × P/E 38.08 40.28 51.45 84.32 181.63 122.84 62.81 34.68 23.00 19.63 23.79 65.9
P/S 8.13 10.74 12.48 20.66 30.97 22.77 12.83 6.97 6.12 4.33 5.21 13.6
P/B 22.95 16.54 21.11 28.94 39.75 26.89 14.91 9.06 7.31 5.14 16.13 19.3
EV/Sales 8.03 10.72 12.46 20.52 30.83 22.53 12.56 6.81 5.92 4.17 5.46 13.5
EV/FCF 47.81 65.60 56.48 115.27 194.87 119.72 77.51 41.19 33.96 21.88 18.64 77.4
Cash, $m
Cash, $m Operating cash flow 99 130 185 224 227 319 365 485 534 679 810 +23.9%
Capex (44) (59) (60) (93) (94) (126) (137) (197) (197) (275) (151) +22.8%
Free cash flow 55 71 125 131 133 193 228 288 337 404 659 +24.7%
Balance, $m
Balance, $m Working capital 27 36 36 118 147 262 387 279 398 470 248 +37.5%
Net debt (30) (11) (11) (101) (121) (249) (372) (294) (402) (370) 556 +32.0%
Shareholders’ equity 117 281 335 527 656 894 1,183 1,303 1,576 1,732 707 +35.0%
Returns, %
Returns, % ROA 7.20 9.40 8.92 9.01 5.63 6.73 7.91 8.41 9.98 6.74 9.87 (0.5) pt
ROIC 73.77 29.97 33.57 33.22 21.75 24.57 29.19 27.95 33.77 26.04 36.20 (47.7) pt
ROE 65.56 62.09 44.50 41.93 24.27 25.30 27.11 27.42 34.87 27.42 42.21 (38.1) pt
People
People Employees 2,075 2,548 3,050 3,765 4,218 5,385 6,349 7,308 7,306 5,770 — +12.0%
Revenue/emp, $m 0.16 0.17 0.19 0.20 0.20 0.20 0.22 0.23 0.26 0.36 — +9.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Paycom sells cloud-based human capital management software, a set of tools businesses use to manage employees from recruiting through retirement. Its applications cover payroll, hiring, employee records, benefits, performance, scheduling, and time and labor management. Paycom targets organizations with 50 to 10,000 or more employees.

The software is delivered as a service over the internet rather than installed and maintained by each client. Its applications share a single database of employee information. For example, a change to an employee’s record can be available across the relevant applications without the client entering it into multiple systems.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Recurring 1,913 93.23%
Interest on Funds Held for Clients 113 5.51%
Implementation and Other 26 1.27%
Gross margin 83.17%
Operating margin 27.65%
Pre-tax margin 30.19%

Revenue by segment since 2016

Paycom Software, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GRAB Grab Holdings Limited $14.2B 25.9× 19.3× +27.38% (above 0%: growing) −56.00% (below 0%: shrinking) +108.44% (above 0%: growing) 46.49% 9.71% Compare
BSY Bentley Systems, Incorporated $13.6B 43.3× 39.1× +12.24% (above 0%: growing) +61.11% (above 0%: growing) −8.34% (below 0%: shrinking) 82.93% 29.09% Compare
DT Dynatrace, Inc. $12.5B 79.3× 70.5× +17.43% (above 0%: growing) +23.84% (above 0%: growing) +29.38% (above 0%: growing) 80.56% 16.49% Compare
PCOR Procore Technologies, Inc. $11.5B — (loss-making) 811× +18.73% (above 0%: growing) n/m +41.27% (above 0%: growing) 80.44% (1.79%) Compare
CHYM Chime Financial, Inc. $11.4B 150× 59.6× +32.10% (above 0%: growing) n/m +815.52% (above 0%: growing) 89.98% 4.78% Compare
PAYC Paycom Software, Inc. $11.1B 23.8× 24.7× +10.24% (above 0%: growing) +52.79% (above 0%: growing) +105.01% (above 0%: growing) 0.00% 36.01%
HUBS HubSpot, Inc. $10.2B 49.0× 63.1× +17.05% (above 0%: growing) +441.94% (above 0%: growing) +13.74% (above 0%: growing) 82.62% 7.59% Compare
FIG Figma, Inc. $9.8B — (loss-making) — (loss-making) +42.76% (above 0%: growing) n/m −5.62% (below 0%: shrinking) 80.33% (30.44%) Compare
FROG JFrog Ltd. $9.2B — (loss-making) — (loss-making) +28.73% (above 0%: growing) n/m +51.58% (above 0%: growing) 77.93% (8.09%) Compare
Median of peers $11.5B 49.0× 61.4× +23.05% +42.47% +35.33% 80.50% 6.19%

All 230 Software Application stocks →

From the latest earnings call

Updated

  • On Paycom’s first-quarter call, CEO Chad Richison said book sales met budget and expectations, and he expected greater opportunities as the year progressed.
  • Richison said Paycom’s automation strategy affected every area of its business, while CFO Robert Foster linked automation efficiencies to first-quarter profitability.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.21%
Held by the ten largest 47.04%
Holder Shares Stake Change
BlackRock 5.03m 11.36% −1.01m
Vanguard 4.26m 9.61% −634.92k
HARRIS ASSOCIATES L P 3.40m 7.67% +139.67k
Two Sigma 1.40m 3.16% −346.74k
State Street 1.38m 3.12% −343.90k
REINHART PARTNERS, LLC. 1.22m 2.75% +204.19k
Geode Capital Management 1.21m 2.74% −109.69k
BNP Paribas 985.99k 2.23% −64.77k
Baillie Gifford 975.40k 2.20% −561.88k
First Trust 974.16k 2.20% +92.27k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Ownership

Directors and executive officers, together 13.20%
Chad Richison 12.40%
BlackRock, Inc. 7.70%
Ernest Group, Inc. 6.70%
Harris Associates L.P. 6.70%
Polen Capital Management, LLC 6.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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PAYC metrics, ten years each

stockrow.com/PAYC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com