Procore Technologies, Inc. (PCOR) vs Paylocity Holding Corporation (PCTY)

Procore Technologies, Inc. and Paylocity Holding Corporation are both Software Application companies. Procore Technologies, Inc. and Paylocity Holding Corporation are of similar size ($8.9B and $8.8B). Procore Technologies, Inc. has negative trailing earnings, so its P/E is not meaningful; Paylocity Holding Corporation trades at 33.3×. Procore Technologies, Inc. grew revenue faster over the last twelve months: 15.4% against 11.0%. Paylocity Holding Corporation has the higher net margin (15.2% vs −2.73%) and the higher return on invested capital (23.4% vs −6.94%). Across the 21 metrics below, Paylocity Holding Corporation leads on 15 and Procore Technologies, Inc. on 6.

Valuation

Metric PCOR PCTY Software Application median
P/E n/m 33.26 25.41
P/S 6.06 5.08 2.73
P/B 6.75 7.36 2.57
Price to free cash flow 30.82 21.03 17.58
EV/EBITDA 168.53 19.64 15.36
EV/Sales 5.60 4.97 2.59
Earnings yield (0.46%) 3.01% 0.00%
Free cash flow yield 3.24% 4.76% 2.24%

Profitability

Metric PCOR PCTY Software Application median
Gross margin 79.96% 69.19% 67.03%
Operating margin (4.86%) 21.79% 0.00%
Net margin (2.73%) 15.23% 0.00%
Free cash flow margin 19.67% 24.15% 5.01%
Return on equity (3.12%) 21.97% 0.00%
Return on assets (1.83%) 5.82% 0.00%
Return on invested capital (6.94%) 23.40% 0.00%

Growth

Metric PCOR PCTY Software Application median
Revenue growth (TTM) 15.41% 11.04% 12.48%
EPS growth (last fiscal year) 6.94% 22.39% 32.26%
Revenue growth, 5-year CAGR 27.00% 22.75% 14.21%
Net income growth, 5-year CAGR 0.00% 30.89% 0.00%

Health

Metric PCOR PCTY Software Application median
Debt to equity 0.00 0.07 0.02
Current ratio 1.17 1.09 1.52
Net debt to EBITDA 53.89 (0.43) 0.08

Dividend

Metric PCOR PCTY Software Application median
Dividend yield — — 0.95%
Payout ratio — — 0.29

Size

Metric PCOR PCTY Software Application median
Market cap 8.90b 8.82b 357.77m

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