Paylocity (PCTY)
Market Price (4/25/2026): $102.2 | Market Cap: $5.5 BilSector: Industrials | Industry: Human Resource & Employment Services
Paylocity (PCTY)
Market Price (4/25/2026): $102.2Market Cap: $5.5 BilSector: IndustrialsIndustry: Human Resource & Employment Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% Attractive yieldFCF Yield is 7.2% Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), Human Capital Management Software, Show more. | Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -121% | Key risksPCTY key risks include [1] intense competition from established rivals in the crowded Human Capital Management software market and [2] a significant concentration on an economically sensitive small and medium-sized business client base. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% |
| Attractive yieldFCF Yield is 7.2% |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), Human Capital Management Software, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -121% |
| Key risksPCTY key risks include [1] intense competition from established rivals in the crowded Human Capital Management software market and [2] a significant concentration on an economically sensitive small and medium-sized business client base. |
Qualitative Assessment
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1. Broader Software Sector Downturn Amid Macroeconomic Factors. The Paylocity stock decline, approximately 30-34% since December 31, 2025, is primarily attributable to a broader sell-off in the software sector driven by macroeconomic headwinds. This has led to compressed valuation multiples across the industry. The U.S. Consumer Technology Industry Forecast from January 7, 2026, highlighted increasing economic uncertainty and tougher cost decisions for companies heading into 2026, contributing to a negative outlook for the sector.
2. Increased Margin Pressure and Competitive Shifts Driven by AI. The 2026 Global Software Industry Outlook, published on February 12, 2026, indicates that the uncertain economics of AI workloads and growing infrastructure costs are expected to squeeze margins for software companies. Enterprises are increasingly expecting AI-embedded software to be priced similarly to traditional products, complicating new hybrid pricing models. Additionally, the rise of "AI-Native Development Disruption" sees startups leveraging AI to challenge established companies, potentially shifting spending from buying pre-built software to in-house development.
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Stock Movement Drivers
Fundamental Drivers
The -33.0% change in PCTY stock from 12/31/2025 to 4/24/2026 was primarily driven by a -38.3% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 152.50 | 102.19 | -33.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,640 | 1,680 | 2.4% |
| Net Income Margin (%) | 13.7% | 14.2% | 3.2% |
| P/E Multiple | 37.6 | 23.2 | -38.3% |
| Shares Outstanding (Mil) | 56 | 54 | 2.9% |
| Cumulative Contribution | -33.0% |
Market Drivers
12/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| PCTY | -33.0% | |
| Market (SPY) | 4.2% | 1.7% |
| Sector (XLI) | 11.2% | -24.8% |
Fundamental Drivers
The -35.8% change in PCTY stock from 9/30/2025 to 4/24/2026 was primarily driven by a -40.2% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 159.27 | 102.19 | -35.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,595 | 1,680 | 5.3% |
| Net Income Margin (%) | 14.2% | 14.2% | -0.4% |
| P/E Multiple | 38.8 | 23.2 | -40.2% |
| Shares Outstanding (Mil) | 55 | 54 | 2.3% |
| Cumulative Contribution | -35.8% |
Market Drivers
9/30/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| PCTY | -35.8% | |
| Market (SPY) | 7.0% | 7.7% |
| Sector (XLI) | 12.2% | -11.3% |
Fundamental Drivers
The -45.5% change in PCTY stock from 3/31/2025 to 4/24/2026 was primarily driven by a -50.9% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 187.34 | 102.19 | -45.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,499 | 1,680 | 12.1% |
| Net Income Margin (%) | 14.8% | 14.2% | -3.9% |
| P/E Multiple | 47.3 | 23.2 | -50.9% |
| Shares Outstanding (Mil) | 56 | 54 | 3.2% |
| Cumulative Contribution | -45.5% |
Market Drivers
3/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| PCTY | -45.5% | |
| Market (SPY) | 28.1% | 34.1% |
| Sector (XLI) | 33.0% | 23.1% |
Fundamental Drivers
The -48.6% change in PCTY stock from 3/31/2023 to 4/24/2026 was primarily driven by a -79.9% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 198.78 | 102.19 | -48.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,001 | 1,680 | 67.8% |
| Net Income Margin (%) | 9.6% | 14.2% | 48.0% |
| P/E Multiple | 115.4 | 23.2 | -79.9% |
| Shares Outstanding (Mil) | 56 | 54 | 3.0% |
| Cumulative Contribution | -48.6% |
Market Drivers
3/31/2023 to 4/24/2026| Return | Correlation | |
|---|---|---|
| PCTY | -48.6% | |
| Market (SPY) | 79.8% | 36.1% |
| Sector (XLI) | 77.8% | 32.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PCTY Return | 15% | -18% | -15% | 21% | -24% | -34% | -51% |
| Peers Return | 27% | -17% | 14% | 21% | -10% | -23% | 1% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| PCTY Win Rate | 58% | 33% | 42% | 58% | 42% | 25% | |
| Peers Win Rate | 57% | 43% | 53% | 62% | 45% | 15% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PCTY Max Drawdown | -24% | -35% | -27% | -20% | -31% | -38% | |
| Peers Max Drawdown | -12% | -32% | -15% | -12% | -20% | -31% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADP, WDAY, ORCL, PAYX, PAYC. See PCTY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/24/2026 (YTD)
How Low Can It Go
| Event | PCTY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -53.6% | -25.4% |
| % Gain to Breakeven | 115.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -50.6% | -33.9% |
| % Gain to Breakeven | 102.3% | 51.3% |
| Time to Breakeven | 89 days | 148 days |
| 2018 Correction | ||
| % Loss | -36.0% | -19.8% |
| % Gain to Breakeven | 56.2% | 24.7% |
| Time to Breakeven | 60 days | 120 days |
Compare to ADP, WDAY, ORCL, PAYX, PAYC
In The Past
Paylocity's stock fell -53.6% during the 2022 Inflation Shock from a high on 11/1/2021. A -53.6% loss requires a 115.5% gain to breakeven.
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About Paylocity (PCTY)
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- A cloud-first ADP for medium-sized businesses.
- The modern Paychex for mid-market companies.
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- Payroll and Tax Services: Automates payroll processing, ensures tax compliance, and manages expenses, on-demand payments, and garnishments.
- Human Capital Management (HCM) Solutions: Provides core HR functionalities, employee self-service, document management, and compliance dashboards.
- Time & Attendance: Tracks employee work hours, manages schedules, and offers various time collection devices.
- Talent Management: Covers the employee lifecycle from recruiting and onboarding to learning, performance, and compensation management.
- Employee Benefits Management: Facilitates the administration of employee benefits and offers third-party administrative support.
- Modern Workforce Solutions: Enhances employee engagement and communication through features like community, premium video, surveys, and peer recognition.
- Analytics and Insights: Delivers data-driven insights, reporting, and a modern workforce index to support strategic HR decisions.
AI Analysis | Feedback
Paylocity (PCTY) primarily sells its cloud-based payroll and human capital management software solutions to other companies, specifically medium-sized organizations in the United States. The provided background information does not list the names of specific major customer companies. However, it indicates that Paylocity's clients include both for-profit and non-profit organizations across a wide array of industries. These industries effectively represent the categories of its major customers:- Business Services
- Financial Services
- Healthcare
- Manufacturing
- Restaurants
- Retail
- Technology
- And other industries
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Toby WilliamsPresident & Chief Executive Officer Toby Williams is the President and Chief Executive Officer of Paylocity. He joined Paylocity in 2017, initially serving as the Chief Financial Officer for four and a half years before transitioning to Co-CEO and then becoming the sole CEO. Prior to his tenure at Paylocity, Williams held significant leadership roles at other companies, including Paychex, Ellucian, and Citi, where he gained extensive experience in corporate development and cloud strategy.
Ryan GlennChief Financial Officer Ryan Glenn serves as the Chief Financial Officer of Paylocity, overseeing the company's financial strategy, accounting, legal, and procurement teams. He joined Paylocity in 2013 and played a crucial role in the team that led the company through its initial public offering (IPO) in 2014. Before joining Paylocity, Glenn spent six years at PricewaterhouseCoopers, where he worked as a Manager in the Capital Markets & Accounting Advisory practice, assisting companies with accounting and reporting related to equity offerings and capital markets transactions.
Steve BeauchampExecutive Chairman of the Board Steve Beauchamp is the Executive Chairman of the Board at Paylocity. He previously served as the Chief Executive Officer of Paylocity from 2007 to March 2022, and then as Co-Chief Executive Officer until August 2024. Beauchamp joined Paylocity in 2007 as President and Chief Operating Officer, becoming CEO within a year. Under his leadership, Paylocity experienced substantial growth, with sales increasing by approximately 40% annually leading up to its 2014 IPO. Prior to Paylocity, Beauchamp held significant positions at other companies in the payroll and human capital management industry, including Vice President of Product Management and Corporate Officer at Paychex, where he was responsible for product strategy, development, and corporate acquisitions. He also served as Vice President of Payroll Operations for Advantage Payroll Services, which acquired Payroll Central where he was President. His career also includes three years in operations management with ADP Canada. Paylocity secured its first institutional funding from Adams Street Partners, a private equity firm, in 2008.
Michael HaskePresident & Chief Operating Officer Michael Haske is the President and Chief Operating Officer of Paylocity. He joined Paylocity in 2007 as Senior Vice President of Sales & Marketing and was instrumental in scaling the company from $15 million to over $1 billion in annual revenue, playing a central role in its successful IPO. Haske has a long history in the payroll and HR industry, having held various roles at Paychex, including Director of Marketing and Business Development and Regional Manager. He also held multiple positions with Automatic Data Processing, Inc. (ADP), such as Sales Manager & Corporate Sales Trainer. Additionally, Haske has served as CEO of other companies, including Aircall and Krista Software.
Jill MorrisonChief Human Resources Officer Jill Morrison serves as the Chief Human Resources Officer for Paylocity, overseeing human resources strategies and fostering a positive workplace culture. Further detailed background information beyond her title is not available in the provided snippets.
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The key risks to Paylocity's business are:- Intense Competition: The payroll and human capital management (HCM) market is highly competitive, characterized by numerous established players and new entrants continuously innovating. This environment poses a significant threat to Paylocity's potential for growth, its market share, and its ability to maintain pricing power. Analysts have noted concerns regarding decelerating Annual Recurring Revenue (ARR) growth and projected revenue growth, indicating potential challenges in securing long-term client commitments and overall demand for its solutions.
- Cybersecurity Risks: As a provider of cloud-based software solutions that manage sensitive payroll and HR data for medium-sized organizations, Paylocity is exposed to substantial cybersecurity risks. Any security breaches or unauthorized access to client data could erode client trust, lead to a reduction in the use of its services, and result in significant financial liabilities.
- Economic Uncertainty and Regulatory Changes: Economic downturns can adversely affect Paylocity's business by leading to reduced client employee numbers, extended sales cycles, and increased customer churn, all of which directly impact revenue growth. Furthermore, the payroll and HCM industry operates under complex and evolving regulatory frameworks. Changes in laws and regulations, particularly those related to new technologies like artificial intelligence, could impose costly and burdensome requirements on Paylocity, affecting its operations. The company's primary focus on the U.S. market also makes it vulnerable to domestic economic fluctuations and shifts in regulations.
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The emergence of integrated HR, IT, and Finance platforms, exemplified by companies like Rippling, poses a clear emerging threat to Paylocity. These platforms offer a unified system that deeply integrates human resources, payroll, benefits, and crucial IT management functions (such as device management, software provisioning, and access control) into a single, comprehensive solution. This approach differs from traditional human capital management (HCM) providers like Paylocity, which typically focus on HR and payroll and may offer integrations with third-party IT or financial tools.
For medium-sized organizations targeted by Paylocity, the appeal of a truly "all-in-one" system that streamlines not only HR and payroll processes but also automates IT onboarding, offboarding, and asset management from a single employee record can be highly disruptive. This integrated model offers enhanced operational efficiency, reduced administrative overhead, and a simplified technology stack, potentially making standalone HCM solutions less attractive by fundamentally changing the expectation of what an HR/payroll platform should encompass.
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Paylocity (PCTY) primarily targets medium-sized organizations in the United States, specifically businesses with 10 to 5,000 employees. This core market segment comprises approximately 1.3 million businesses with 73 million employees in the U.S..
The addressable markets for Paylocity's main products and services in the U.S. region are as follows:
- Human Capital Management (HCM) Software Market (U.S.): The U.S. human capital management market size was estimated at USD 10.14 billion in 2024 and is projected to reach approximately USD 24.73 billion by 2034, growing at a CAGR of 9.32% from 2025 to 2034. Another estimate projects the U.S. HCM software market size at USD 5.62 billion in 2025. North America, where the U.S. accounts for over 85% of the demand, leads the global HCM software market.
- Payroll Services Market (U.S.): The United States payroll services market is expected to grow from USD 8.44 billion in 2025 to USD 8.91 billion in 2026 and is forecast to reach USD 11.61 billion by 2031, at a CAGR of 5.47% from 2026 to 2031. The cloud-based payroll software market, a key offering for Paylocity, was valued at USD 14.36 billion globally in 2025 and is projected to reach USD 23.12 billion by 2030. North America held the largest share of the cloud-based payroll software market in 2025.
- Talent Management Software Market (U.S.): The global talent management software market size was estimated at USD 9.96 billion in 2023 and is projected to reach USD 22.67 billion by 2030. North America held the largest revenue share in the global talent management software market in 2023. The U.S. talent management software market is projected to reach USD 3.43 billion by 2026. Within talent management, the U.S. Talent Acquisition Software Market was valued at USD 6.89 billion in 2025 and is expected to reach USD 13.55 billion by 2032.
Paylocity has stated that its total addressable market (TAM) extends beyond the estimated $22 billion HCM space, reflecting its expansion into broader HR, Finance, and IT functions.
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Paylocity (PCTY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives: * Customer Acquisition and Retention: A primary driver will be the continued acquisition of new clients coupled with maintaining strong client retention rates, which have consistently been above 92% for over a decade. This focus ensures a growing base of recurring revenue. * Product Innovation and AI-driven Enhancements: Ongoing significant investments in research and development (R&D) are expected to lead to product differentiation and the launch of modern software features. The integration of artificial intelligence (AI) and automation is specifically highlighted as a way to enhance operational efficiency, improve client engagement, and further differentiate Paylocity's offerings. * Strategic Market Expansion into Finance and IT: Paylocity is actively expanding its platform beyond its core Human Capital Management (HCM) solutions into adjacent market segments. This includes offering solutions for the Office of the CFO, such as "Paylocity for Finance" and integrated headcount planning, and expanding into IT. This strategic expansion significantly broadens the company's total addressable market. * Increased Average Revenue Per User (ARPU) and Deeper Wallet Share: The expansion of Paylocity's product suite, including new offerings and the integration of acquired technologies like Airbase, is designed to increase the average revenue generated from each client. This deeper penetration into existing client accounts through cross-selling and upselling will contribute to sustained revenue growth.AI Analysis | Feedback
```htmlShare Repurchases
- Paylocity completed a share repurchase program of US$499.64 million around November 2025.
- As of September 2024, Paylocity had an authorization under its share repurchase program with an unutilized amount of $350 million, which was not expected to be impacted by the Airbase acquisition.
- An ongoing US$600 million share buyback program has been noted, with repurchases supporting earnings per share.
Share Issuance
- Paylocity Holding's shares outstanding experienced a slight decline of 0.75% in 2025 from 2024.
- Shares outstanding saw a 0.67% increase in 2024 from 2023 and a 0.27% increase in 2023 from 2022.
Outbound Investments
- Paylocity completed the acquisition of Airbase Inc., a finance and spend management software company, in September 2024, for approximately $325 million, expanding its offerings into bill pay automation, expense management, and procurement.
- The company has completed a total of six acquisitions, including Trace in December 2023 and Cloudsnap in January 2022, with all acquisitions occurring in the United States.
Capital Expenditures
- Paylocity's capital expenditures were $31 million in 2025, $37 million in 2024, and $35 million in 2023.
- Forecasted capital expenditures are $15.08 million for 2026, $15.94 million for 2027, and $16.59 million for 2028.
- Capital expenditures, along with significant research and development investments (which were $206 million in 2025), are focused on platform expansion and integrating acquisitions to enhance its cloud-based HR and finance platform.
Latest Trefis Analyses
Trade Ideas
Select ideas related to PCTY.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | NSP | Insperity | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | TNC | Tennant | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | ADP | Automatic Data Processing | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.0% | 1.0% | 0.0% |
| 03272026 | HURN | Huron Consulting | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.0% | 4.0% | 0.0% |
| 03272026 | TRU | TransUnion | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.2% | 5.2% | 0.0% |
| 02132026 | PCTY | Paylocity | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.8% | 0.8% | -4.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 121.74 |
| Mkt Cap | 31.8 |
| Rev LTM | 7,943 |
| Op Inc LTM | 1,680 |
| FCF LTM | 1,247 |
| FCF 3Y Avg | 1,109 |
| CFO LTM | 2,629 |
| CFO 3Y Avg | 2,290 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.6% |
| Rev Chg 3Y Avg | 12.3% |
| Rev Chg Q | 12.5% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 11.7% |
| Op Inc Chg 3Y Avg | 15.1% |
| Op Mgn LTM | 27.0% |
| Op Mgn 3Y Avg | 27.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 31.9% |
| CFO/Rev 3Y Avg | 29.9% |
| FCF/Rev LTM | 21.7% |
| FCF/Rev 3Y Avg | 20.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 31.8 |
| P/S | 3.5 |
| P/Op Inc | 15.3 |
| P/EBIT | 14.9 |
| P/E | 21.4 |
| P/CFO | 12.8 |
| Total Yield | 6.2% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.3% |
| 3M Rtn | -20.8% |
| 6M Rtn | -35.3% |
| 12M Rtn | -40.1% |
| 3Y Rtn | -21.5% |
| 1M Excs Rtn | -12.0% |
| 3M Excs Rtn | -24.5% |
| 6M Excs Rtn | -41.4% |
| 12M Excs Rtn | -72.4% |
| 3Y Excs Rtn | -96.3% |
Comparison Analyses
Price Behavior
| Market Price | $102.19 | |
| Market Cap ($ Bil) | 5.5 | |
| First Trading Date | 03/19/2014 | |
| Distance from 52W High | -49.2% | |
| 50 Days | 200 Days | |
| DMA Price | $107.16 | $144.85 |
| DMA Trend | down | down |
| Distance from DMA | -4.6% | -29.4% |
| 3M | 1YR | |
| Volatility | 49.3% | 34.6% |
| Downside Capture | 0.73 | 0.63 |
| Upside Capture | -50.68 | 8.72 |
| Correlation (SPY) | -4.9% | 16.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.18 | -0.37 | 0.02 | 0.28 | 0.68 | 0.87 |
| Up Beta | -0.40 | -3.44 | -1.66 | -0.55 | 0.78 | 0.82 |
| Down Beta | -1.52 | -0.81 | -0.70 | -0.09 | 0.55 | 0.74 |
| Up Capture | 109% | -25% | -9% | 10% | 22% | 47% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 13 | 23 | 30 | 61 | 117 | 371 |
| Down Capture | 7% | 84% | 135% | 108% | 102% | 104% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 9 | 19 | 33 | 65 | 134 | 379 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PCTY | |
|---|---|---|---|---|
| PCTY | -45.8% | 34.6% | -1.73 | - |
| Sector ETF (XLI) | 38.3% | 15.2% | 1.92 | 4.0% |
| Equity (SPY) | 34.0% | 12.6% | 2.05 | 17.3% |
| Gold (GLD) | 42.9% | 27.2% | 1.29 | -23.5% |
| Commodities (DBC) | 46.4% | 18.0% | 1.97 | -11.7% |
| Real Estate (VNQ) | 14.2% | 13.3% | 0.74 | 13.5% |
| Bitcoin (BTCUSD) | -16.6% | 42.1% | -0.32 | 5.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PCTY | |
|---|---|---|---|---|
| PCTY | -12.1% | 40.2% | -0.21 | - |
| Sector ETF (XLI) | 13.0% | 17.3% | 0.59 | 41.4% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 52.7% |
| Gold (GLD) | 21.2% | 17.8% | 0.97 | -4.0% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 4.1% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 41.5% |
| Bitcoin (BTCUSD) | 7.0% | 56.3% | 0.34 | 27.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PCTY | |
|---|---|---|---|---|
| PCTY | 10.7% | 41.7% | 0.39 | - |
| Sector ETF (XLI) | 13.8% | 19.9% | 0.61 | 45.7% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 55.7% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | -2.9% |
| Commodities (DBC) | 10.1% | 17.8% | 0.47 | 12.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 44.2% |
| Bitcoin (BTCUSD) | 68.3% | 66.9% | 1.07 | 15.3% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/5/2026 | -7.2% | -18.0% | -7.2% |
| 11/4/2025 | 4.4% | 6.9% | 5.2% |
| 8/5/2025 | 2.8% | -6.1% | -3.4% |
| 5/1/2025 | -3.5% | -0.3% | -1.9% |
| 2/6/2025 | -2.9% | 2.6% | -11.0% |
| 10/30/2024 | 3.6% | 20.0% | 16.5% |
| 8/1/2024 | 6.7% | 5.8% | 8.9% |
| 5/2/2024 | 12.1% | 9.5% | -7.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 9 |
| # Negative | 16 | 13 | 15 |
| Median Positive | 8.4% | 6.9% | 5.2% |
| Median Negative | -3.4% | -7.2% | -6.5% |
| Max Positive | 12.7% | 20.0% | 24.1% |
| Max Negative | -15.5% | -18.0% | -21.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-K |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-K |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-Q |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-K |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-K |
| 03/31/2022 | 05/06/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q2 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Recurring and other revenue | 457.50 Mil | 460.00 Mil | 462.50 Mil | ||||
| Q3 2026 Total revenue | 487.00 Mil | 489.50 Mil | 492.00 Mil | ||||
| Q3 2026 Adjusted EBITDA | 200.00 Mil | 202.00 Mil | 204.00 Mil | ||||
| Q3 2026 Adjusted EBITDA excluding interest income on funds held for clients | 170.50 Mil | 172.50 Mil | 174.50 Mil | ||||
| 2026 Recurring and other revenue | 1.62 Bil | 1.62 Bil | 1.63 Bil | 0.8% | Raised | Guidance: 1.61 Bil for 2026 | |
| 2026 Total revenue | 1.73 Bil | 1.74 Bil | 1.74 Bil | 0.8% | Raised | Guidance: 1.72 Bil for 2026 | |
| 2026 Adjusted EBITDA | 622.50 Mil | 626.50 Mil | 630.50 Mil | 1.0% | Raised | Guidance: 620.00 Mil for 2026 | |
| 2026 Adjusted EBITDA excluding interest income on funds held for clients | 510.50 Mil | 514.50 Mil | 518.50 Mil | ||||
Prior: Q1 2026 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Recurring and other revenue | 378.50 Mil | 381.00 Mil | 383.50 Mil | ||||
| Q2 2026 Total revenue | 405.50 Mil | 408.00 Mil | 410.50 Mil | ||||
| Q2 2026 Adjusted EBITDA | 131.50 Mil | 133.50 Mil | 135.50 Mil | ||||
| 2026 Recurring and other revenue | 1.60 Bil | 1.61 Bil | 1.62 Bil | 0.5% | Raised | Guidance: 1.60 Bil for 2026 | |
| 2026 Total revenue | 1.72 Bil | 1.72 Bil | 1.73 Bil | 0.5% | Raised | Guidance: 1.71 Bil for 2026 | |
| 2026 Adjusted EBITDA | 615.00 Mil | 620.00 Mil | 625.00 Mil | 1.1% | Raised | Guidance: 613.50 Mil for 2026 | |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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