Paylocity (PCTY)


Market Price (10/15/2026): $159.02 | Market Cap: $8.5 BilSector: Industrials | Industry: Human Resource & Employment Services

Paylocity (PCTY)


Market Price (10/15/2026): $159.02
Market Cap: $8.5 Bil
Sector: Industrials
Industry: Human Resource & Employment Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

Attractive yield
FCF Yield is 5.0%

Low stock price volatility
Vol 12M is 41%

Megatrend and thematic drivers
Megatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), Human Capital Management Software, Show more.

Trading close to highs
Dist 52W High is -0.7%

Weak multi-year price returns
2Y Excs Rtn is -37%, 3Y Excs Rtn is -102%

Key risks
PCTY 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.

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 22%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2 Attractive yield
FCF Yield is 5.0%
3 Low stock price volatility
Vol 12M is 41%
4 Megatrend and thematic drivers
Megatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), Human Capital Management Software, Show more.
5 Trading close to highs
Dist 52W High is -0.7%
6 Weak multi-year price returns
2Y Excs Rtn is -37%, 3Y Excs Rtn is -102%
7 Key risks
PCTY 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.

PCTY in ETFs

Weight = PCTY's share of each fund

VTI0.01%
ITOT0.01%
IWB0.01%
IJH0.19%
VB0.08%
MDYG0.37%
IJK0.34%
VBK0.20%
+21 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/14/2026

Paylocity (PCTY) stock has gained about 50% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q4 2026 Earnings Beat and Optimistic Fiscal Q1 2027 Guidance. Paylocity, with its fiscal year ending on June 30, reported robust financial results for its fiscal Q4 2026 on August 4, 2026. The company announced an Earnings Per Share (EPS) of $1.84, exceeding the consensus estimate of $1.62. Total revenue for the quarter grew 11.0% year-over-year to $444.7 million, surpassing the $431.46 million consensus estimate. Furthermore, Paylocity provided favorable guidance for fiscal Q1 2027, projecting continued growth and an anticipated increase in Adjusted EBITDA margins by approximately 120-140 basis points due to a change in the amortization of deferred contract costs.

2. Strategic Product Innovation and Expanded Market Reach. Paylocity bolstered its market position through significant product innovations and strategic acquisitions during this period. On July 21, 2026, the company launched "Ignite AI," a suite of AI-driven agents integrated into core workflows across HR, Finance, and IT to enhance productivity. This was complemented by the acquisition of AI-native Aidora on July 9, 2026, aimed at simplifying leave management. These initiatives, alongside securing new high-profile clients such as the New York Jets in September 2026 and the Philadelphia Eagles in October 2026, underscored Paylocity's successful expansion beyond traditional human capital management into broader finance and IT solutions.

Show more
Updated on 10/14/2026

Paylocity (PCTY) stock has gained about 50% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q4 2026 Earnings Beat and Optimistic Fiscal Q1 2027 Guidance. Paylocity, with its fiscal year ending on June 30, reported robust financial results for its fiscal Q4 2026 on August 4, 2026. The company announced an Earnings Per Share (EPS) of $1.84, exceeding the consensus estimate of $1.62. Total revenue for the quarter grew 11.0% year-over-year to $444.7 million, surpassing the $431.46 million consensus estimate. Furthermore, Paylocity provided favorable guidance for fiscal Q1 2027, projecting continued growth and an anticipated increase in Adjusted EBITDA margins by approximately 120-140 basis points due to a change in the amortization of deferred contract costs.

2. Strategic Product Innovation and Expanded Market Reach. Paylocity bolstered its market position through significant product innovations and strategic acquisitions during this period. On July 21, 2026, the company launched "Ignite AI," a suite of AI-driven agents integrated into core workflows across HR, Finance, and IT to enhance productivity. This was complemented by the acquisition of AI-native Aidora on July 9, 2026, aimed at simplifying leave management. These initiatives, alongside securing new high-profile clients such as the New York Jets in September 2026 and the Philadelphia Eagles in October 2026, underscored Paylocity's successful expansion beyond traditional human capital management into broader finance and IT solutions.

3. Positive Analyst Re-ratings and Increased Price Targets. Analyst sentiment towards Paylocity significantly improved, contributing to the stock's upward trajectory. Following the robust Q4 fiscal 2026 results, BMO Capital Markets, for example, raised its price target for Paylocity from $143.00 to $175.00, reiterating an "outperform" rating on August 5, 2026. Other firms, including Citigroup and Wall Street Zen, either reaffirmed or upgraded their ratings, leading to a consensus "Moderate Buy" rating among analysts with an average price target of $163.76 as of October 14, 2026.

4. Favorable Sector Sentiment and Easing AI Disruption Concerns. A broader positive shift in the software and technology sector provided a tailwind for Paylocity's stock appreciation. Investor concerns regarding AI disruption in the software industry began to subside, leading to a general rebound in the sector. This easing of fears, coupled with a renewed confidence in growth-oriented software companies, contributed to a more favorable environment for Paylocity, reinforcing investor confidence in its cloud-based human capital management and expanding IT/finance solutions.

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Stock Movement Drivers

Fundamental Drivers

The 52.2% change in PCTY stock from 6/30/2026 to 10/14/2026 was primarily driven by a 45.0% change in the company's P/E Multiple.
(LTM values as of)630202610142026Change
Stock Price ($)104.53159.1052.2%
Change Contribution By: 
Total Revenues ($ Mil)1,7271,7712.5%
Net Income Margin (%)14.9%15.2%1.9%
P/E Multiple21.831.645.0%
Shares Outstanding (Mil)54530.4%
Cumulative Contribution52.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/14/2026
ReturnCorrelation
PCTY52.2% 
Market (SPY)3.1%-9.6%
Sector (XLI)-9.8%-22.1%

Fundamental Drivers

The 47.3% change in PCTY stock from 3/31/2026 to 10/14/2026 was primarily driven by a 28.7% change in the company's P/E Multiple.
(LTM values as of)331202610142026Change
Stock Price ($)108.04159.1047.3%
Change Contribution By: 
Total Revenues ($ Mil)1,6801,7715.5%
Net Income Margin (%)14.2%15.2%7.3%
P/E Multiple24.531.628.7%
Shares Outstanding (Mil)54531.1%
Cumulative Contribution47.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/14/2026
ReturnCorrelation
PCTY47.3% 
Market (SPY)18.6%-15.9%
Sector (XLI)3.5%-40.1%

Fundamental Drivers

The -0.1% change in PCTY stock from 9/30/2025 to 10/14/2026 was primarily driven by a -18.7% change in the company's P/E Multiple.
(LTM values as of)930202510142026Change
Stock Price ($)159.27159.10-0.1%
Change Contribution By: 
Total Revenues ($ Mil)1,5951,77111.0%
Net Income Margin (%)14.2%15.2%7.0%
P/E Multiple38.831.6-18.7%
Shares Outstanding (Mil)55533.4%
Cumulative Contribution-0.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/14/2026
ReturnCorrelation
PCTY-0.1% 
Market (SPY)16.5%-1.7%
Sector (XLI)9.3%-23.5%

Fundamental Drivers

The -12.4% change in PCTY stock from 9/30/2023 to 10/14/2026 was primarily driven by a -56.2% change in the company's P/E Multiple.
(LTM values as of)930202310142026Change
Stock Price ($)181.70159.10-12.4%
Change Contribution By: 
Total Revenues ($ Mil)1,1751,77150.8%
Net Income Margin (%)12.0%15.2%27.0%
P/E Multiple72.131.6-56.2%
Shares Outstanding (Mil)56534.4%
Cumulative Contribution-12.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/14/2026
ReturnCorrelation
PCTY-12.4% 
Market (SPY)86.2%27.3%
Sector (XLI)71.3%18.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PCTY Return15%-18%-15%21%-24%4%-23%
Peers Return27%-17%14%21%-10%4%36%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
PCTY Win Rate58%33%42%58%42%50% 
Peers Win Rate57%43%53%62%45%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
PCTY Max Drawdown-29%-35%-39%-26%-36%-38% 
Peers Max Drawdown-18%-33%-26%-19%-33%-36% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[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 10/14/2026 (YTD)

How Low Can It Go

EventPCTYS&P 500
2023 SVB Regional Banking Crisis
  % Loss-24.9%-6.7%
  % Gain to Breakeven33.2%7.1%
  Time to Breakeven67 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-33.4%-24.5%
  % Gain to Breakeven50.2%32.4%
  Time to Breakeven50 days427 days
2020 COVID-19 Crash
  % Loss-50.6%-33.7%
  % Gain to Breakeven102.3%50.9%
  Time to Breakeven89 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-29.4%-19.2%
  % Gain to Breakeven41.7%23.8%
  Time to Breakeven45 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-33.3%-3.7%
  % Gain to Breakeven50.0%3.9%
  Time to Breakeven103 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-28.7%-12.2%
  % Gain to Breakeven40.2%13.9%
  Time to Breakeven66 days62 days

Compare to ADP, WDAY, ORCL, PAYX, PAYC

In The Past

Paylocity's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPCTYS&P 500
2023 SVB Regional Banking Crisis
  % Loss-24.9%-6.7%
  % Gain to Breakeven33.2%7.1%
  Time to Breakeven67 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-33.4%-24.5%
  % Gain to Breakeven50.2%32.4%
  Time to Breakeven50 days427 days
2020 COVID-19 Crash
  % Loss-50.6%-33.7%
  % Gain to Breakeven102.3%50.9%
  Time to Breakeven89 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-29.4%-19.2%
  % Gain to Breakeven41.7%23.8%
  Time to Breakeven45 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-33.3%-3.7%
  % Gain to Breakeven50.0%3.9%
  Time to Breakeven103 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-28.7%-12.2%
  % Gain to Breakeven40.2%13.9%
  Time to Breakeven66 days62 days
2013 Taper Tantrum
  % Loss-21.9%-0.2%
  % Gain to Breakeven28.0%0.2%
  Time to Breakeven106 days1 days

Compare to ADP, WDAY, ORCL, PAYX, PAYC

In The Past

Paylocity's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Paylocity (PCTY)

Paylocity Holding Corporation (PCTY) provides comprehensive cloud-based human capital management (HCM) and payroll software solutions. Its primary focus is on serving medium-sized for-profit and non-profit organizations across various industries in the United States, including business services, financial services, healthcare, manufacturing, retail, and technology. The company aims to simplify and automate critical HR and payroll processes for its clients.

At the core of Paylocity's offerings are its robust payroll and tax services, which streamline payroll, manage compliance, and handle expense and garnishment solutions. Complementing this, the company provides essential HCM and employee self-service tools, alongside a detailed time and attendance solution that covers everything from tracking schedules to various time collection methods.

Beyond core payroll and HR, Paylocity also offers talent management solutions, encompassing recruiting, onboarding, performance, and compensation management. Additionally, it supports employee benefits administration, modern workforce tools like community and peer recognition, and sophisticated analytics and insights to help organizations make data-driven decisions. Paylocity integrates these solutions to provide a unified platform for managing the entire employee lifecycle.

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  • A cloud-first ADP for medium-sized businesses.
  • The modern Paychex for mid-market companies.

AI Analysis | Feedback

  • 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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Amazon Web Services (AMZN)

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Toby Williams
President & 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 Glenn
Chief 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 Beauchamp
Executive 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 Haske
President & 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 Morrison
Chief 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.

AI Analysis | Feedback

The key risks to Paylocity's business are:
  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

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Share 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.
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Better Bets vs. Paylocity (PCTY)

Peer Outperformance in Human Resource & Employment Services

PCTY has trailed 57% of its 21 Human Resource & Employment Services peers over 5Y. Human Resource & Employment Services ranks 22nd of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Human Resource & Employment Services constituents that PCTY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
43%
of 21 industry peers · 4.2% return
3Y
48%
of 21 industry peers · -18.9% return
5Y
43%
of 21 industry peers · -43.8% return
No Human Resource & Employment Services peer with a comparable growth profile has beaten PCTY by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Human Resource & Employment Services is PCTY's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 30 3.6%119.3%188.8% STRL 2085% · FIX 2015% · AGX 871%
Marine Transportation 5 67.8%60.9%150.4% MATX 189% · KEX 150%
Construction Machinery & Heavy Transportation Equipment 13 1.1%43.9%96.7% CAT 346% · ALSN 249% · WAB 230%
Aerospace & Defense 52 -14.0%52.9%55.7% ATI 1028% · FTAI 810% · HWM 602%
Rail Transportation 7 26.7%60.0%44.3% CSX 57% · UNP 46% · NSC 36%
Industrial Machinery & Supplies & Components 72 11.5%46.3%43.7% CRS 1127% · MLI 517% · SYM 317%
Trading Companies & Distributors 19 9.4%29.8%40.3% DXPE 466% · AIT 268% · URI 225%
Cargo Ground Transportation 16 36.9%1.7%33.7% XPO 298% · R 230% · ARCB 63%
Diversified Support Services 34 10.9%28.4%27.1% CXW 259% · OPLN 148% · CACI 120%
Electrical Components & Equipment 38 -3.5%69.8%19.9% POWL 2181% · BE 1093% · VRT 991%
Building Products 33 -12.3%9.1%16.9% GFF 343% · TT 198% · JCI 151%
Agricultural & Farm Machinery 17 10.2%-4.0%-3.1% DE 111% · TTC 12% · AGCO 0%
Industrial Conglomerates 17 9.7%5.4%-5.9% CSW 127% · DD 71% · CSL 67%
Environmental & Facilities Services 30 -37.4%16.6%-7.0% CECO 864% · GEO 288% · CLH 196%
Research & Consulting Services 13 -1.1%-27.2%-12.2% HURN 249% · BAH -1% · FCN -3%
Security & Alarm Services 9 -54.0%14.8%-19.4% BCO 77%
Office Services & Supplies 9 29.0%23.1%-21.7% PBI 192% · TILE 140% · HNI 48%
Data Processing & Outsourced Services 6 -28.2%-10.2%-23.6% EXLS 51% · BR 7% · G -21%
Passenger Ground Transportation 3 -24.2%62.7%-24.4% UBER 54% · CAR -24% · LYFT -69%
Passenger Airlines 11 5.2%19.6%-33.7% LTM 3045% · UAL 116% · DAL 101%
Air Freight & Logistics 12 -20.6%-27.4%-37.7% FDX 79% · EXPD 78% · CHRW 70%
Human Resource & Employment Services ← 22 8.1%-18.3%-42.4% ADP 50% · PAYX 6% · FA 3%
Airport Services 4 -70.5%-69.3%-80.9% JOBY -46%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PCTYADPWDAYORCLPAYXPAYCMedian
NamePaylocityAutomati.Workday Oracle Paychex Paycom S. 
Mkt Price159.02281.88188.45127.34108.60238.11173.74
Mkt Cap8.5112.446.2-38.610.938.6
Rev LTM1,77121,94810,155-6,6022,1416,602
Op Inc LTM3865,7791,220-2,5886481,220
FCF LTM4284,7762,844-2,0175712,017
FCF 3Y Avg3594,2542,460-1,8234111,823
CFO LTM5335,4413,081-2,2528022,252
CFO 3Y Avg4454,8462,687-2,0256242,025

Growth & Margins

PCTYADPWDAYORCLPAYXPAYCMedian
NamePaylocityAutomati.Workday Oracle Paychex Paycom S. 
Rev Chg LTM11.0%6.7%13.3%-14.0%9.2%11.0%
Rev Chg 3Y Avg14.7%6.8%14.8%-9.2%11.2%11.2%
Rev Chg Q11.0%6.8%12.8%-5.9%9.8%9.8%
QoQ Delta Rev Chg LTM2.5%1.6%3.1%-1.4%2.3%2.3%
Op Inc Chg LTM27.0%6.8%58.6%-17.5%17.7%17.7%
Op Inc Chg 3Y Avg37.2%8.6%290.6%-7.9%16.2%16.2%
Op Mgn LTM21.8%26.3%12.0%-39.2%30.3%26.3%
Op Mgn 3Y Avg19.8%26.1%8.4%-39.5%30.4%26.1%
QoQ Delta Op Mgn LTM0.5%-0.2%0.3%-0.6%2.0%0.5%
CFO/Rev LTM30.1%24.8%30.3%-34.1%37.4%30.3%
CFO/Rev 3Y Avg27.9%23.5%29.9%-34.3%31.6%29.9%
FCF/Rev LTM24.2%21.8%28.0%-30.5%26.7%26.7%
FCF/Rev 3Y Avg22.5%20.6%27.3%-30.9%20.7%22.5%

Valuation

PCTYADPWDAYORCLPAYXPAYCMedian
NamePaylocityAutomati.Workday Oracle Paychex Paycom S. 
Mkt Cap8.5112.446.2-38.610.938.6
P/S4.85.14.5-5.95.15.1
P/Op Inc22.019.437.9-14.916.819.4
P/EBIT22.018.233.1-14.615.618.2
P/E31.525.536.9-21.422.425.5
P/CFO16.020.715.0-17.213.616.0
Total Yield3.2%6.3%2.7%-8.9%5.2%5.2%
Dividend Yield0.0%2.3%0.0%-4.2%0.7%0.7%
FCF Yield 3Y Avg5.1%3.8%5.6%-4.3%5.5%5.1%
D/E0.00.00.1-0.10.10.1
Net D/E-0.00.00.0-0.10.10.0

Returns

PCTYADPWDAYORCLPAYXPAYCMedian
NamePaylocityAutomati.Workday Oracle Paychex Paycom S. 
1M Rtn7.5%1.9%-3.0%-11.7%-8.4%6.8%-0.5%
3M Rtn29.2%14.6%32.9%-3.5%-0.2%64.8%21.9%
6M Rtn58.2%45.2%51.8%-24.5%23.1%93.4%48.5%
12M Rtn5.1%1.4%-20.5%-56.8%-11.8%19.9%-5.2%
3Y Rtn-18.4%22.4%-12.3%21.9%1.9%-7.9%-3.0%
1M Excs Rtn5.1%-1.0%-4.1%-11.8%-11.1%2.1%-2.5%
3M Excs Rtn21.7%6.9%26.0%-0.6%-8.0%54.9%14.3%
6M Excs Rtn47.0%33.9%40.7%-35.4%11.9%82.3%37.3%
12M Excs Rtn-12.5%-15.4%-37.6%-75.0%-28.4%2.1%-21.9%
3Y Excs Rtn-101.7%-59.5%-93.4%-58.1%-79.3%-91.3%-85.3%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment1,5951,4031,175853636
Total1,5951,4031,175853636


Price Behavior

Price Behavior
Market Price$159.10 
Market Cap ($ Bil)8.5 
First Trading Date03/19/2014 
Distance from 52W High-0.7% 
   50 Days200 Days
DMA Price$148.98$125.10
DMA Trendupindeterminate
Distance from DMA6.8%27.2%
 3M1YR
Volatility36.7%41.4%
Downside Capture-8.1229.05
Upside Capture106.1726.78
Correlation (S&P 500)-3.5%-2.4%
PCTY Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.340.80-0.30-0.53-0.040.66
Up Beta0.860.59-1.66-1.46-0.980.60
Down Beta2.480.28-1.090.150.340.73
Up Capture-40%97%101%1%3%23%
Bmk +ve Days6162766132424
Stock +ve Days8193261122368
Down Capture122%85%-89%-118%32%93%
Bmk -ve Days16263760120328
Stock -ve Days14233265130383

[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
PCTY4.9%41.4%0.22-
Sector ETF (XLI)11.3%17.2%0.45-25.4%
Equity (SPY)17.1%12.7%0.96-3.0%
Gold (GLD)-0.6%29.4%-0.02-19.3%
Commodities (DBC)49.3%20.7%1.82-9.7%
Real Estate (VNQ)5.7%13.7%0.159.3%
Bitcoin (BTCUSD)-27.9%43.7%-0.632.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PCTY
PCTY-10.9%41.0%-0.17-
Sector ETF (XLI)12.4%17.6%0.5335.5%
Equity (SPY)13.6%17.1%0.6048.7%
Gold (GLD)17.9%18.9%0.76-4.6%
Commodities (DBC)10.0%19.5%0.393.7%
Real Estate (VNQ)1.2%18.8%-0.0540.4%
Bitcoin (BTCUSD)8.5%51.8%0.3427.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PCTY
PCTY13.5%42.0%0.44-
Sector ETF (XLI)13.0%20.0%0.5742.1%
Equity (SPY)15.4%17.9%0.7353.4%
Gold (GLD)12.0%16.4%0.60-2.7%
Commodities (DBC)8.2%18.1%0.3711.4%
Real Estate (VNQ)4.8%20.7%0.1943.8%
Bitcoin (BTCUSD)63.5%66.2%1.0315.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity3.0 Mil
Short Interest: % Change Since 91520268.5%
Average Daily Volume0.7 Mil
Days-to-Cover Short Interest4.2 days
Basic Shares Quantity53.5 Mil
Short % of Basic Shares5.6%

Earnings Returns History

Updated 9/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20263.1%1.2%7.9%
5/7/20261.7%-4.8%2.7%
2/5/2026-7.2%-18.0%-7.2%
11/4/20254.4%6.9%5.2%
8/5/20252.8%-6.1%-3.4%
5/1/2025-3.5%-0.3%-1.9%
2/6/2025-2.9%2.6%-11.0%
10/30/20243.6%20.0%16.5%
...
SUMMARY STATS   
# Positive10129
# Negative141215
Median Positive5.5%6.3%5.2%
Median Negative-3.6%-6.6%-6.5%
Max Positive12.7%20.0%24.1%
Max Negative-15.5%-18.0%-21.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/20263.1%1.2%7.9%
5/7/20261.7%-4.8%2.7%
2/5/2026-7.2%-18.0%-7.2%
11/4/20254.4%6.9%5.2%
8/5/20252.8%-6.1%-3.4%
5/1/2025-3.5%-0.3%-1.9%
2/6/2025-2.9%2.6%-11.0%
10/30/20243.6%20.0%16.5%
8/1/20246.7%5.8%8.9%
5/2/202412.1%9.5%-7.6%
2/8/2024-3.4%1.8%-1.7%
11/2/2023-15.5%-13.2%-8.2%
8/3/2023-3.0%-4.3%-4.2%
5/4/2023-5.6%-10.1%1.6%
2/2/2023-3.1%-1.8%-15.4%
11/3/2022-4.3%1.6%-3.2%
8/4/202212.7%13.8%4.1%
5/5/2022-3.9%-14.9%-3.0%
2/3/202210.1%8.0%-6.5%
11/4/2021-3.8%-8.8%-15.9%
8/5/202110.3%16.2%24.1%
5/6/2021-1.5%-7.2%-1.2%
2/4/2021-4.7%-4.4%-21.6%
11/5/2020-0.9%0.6%1.7%
SUMMARY STATS   
# Positive10129
# Negative141215
Median Positive5.5%6.3%5.2%
Median Negative-3.6%-6.6%-6.5%
Max Positive12.7%20.0%24.1%
Max Negative-15.5%-18.0%-21.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-K
03/31/202605/08/202610-Q
12/31/202502/06/202610-Q
09/30/202511/05/202510-Q
06/30/202508/06/202510-K
03/31/202505/02/202510-Q
12/31/202402/07/202510-Q
09/30/202410/31/202410-Q
06/30/202408/02/202410-K
03/31/202405/03/202410-Q
12/31/202302/09/202410-Q
09/30/202311/03/202310-Q
06/30/202308/04/202310-K
03/31/202305/05/202310-Q
12/31/202202/03/202310-Q
09/30/202211/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-K
03/31/202605/08/202610-Q
12/31/202502/06/202610-Q
09/30/202511/05/202510-Q
06/30/202508/06/202510-K
03/31/202505/02/202510-Q
12/31/202402/07/202510-Q
09/30/202410/31/202410-Q
06/30/202408/02/202410-K
03/31/202405/03/202410-Q
12/31/202302/09/202410-Q
09/30/202311/03/202310-Q
06/30/202308/04/202310-K
03/31/202305/05/202310-Q
12/31/202202/03/202310-Q
09/30/202211/04/202210-Q
06/30/202208/05/202210-K
03/31/202205/06/202210-Q
12/31/202102/04/202210-Q
09/30/202111/05/202110-Q
06/30/202108/06/202110-K
03/31/202105/07/202110-Q
12/31/202002/05/202110-Q
09/30/202011/06/202010-Q
06/30/202008/10/202010-K
03/31/202005/08/202010-Q
12/31/201902/05/202010-Q
09/30/201910/31/201910-Q

Recent Forward Guidance

Updated 10/4/2026

Latest: Q4 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2027 Recurring and other revenueReported414.00 Mil416.50 Mil419.00 Mil2.9% Higher NewGuidance: 404.70 Mil for Q4 2026
Q1 2027 Total revenueReported439.50 Mil442.00 Mil444.50 Mil2.6% Higher NewGuidance: 430.90 Mil for Q4 2026
Q1 2027 Adjusted EBITDAReported152.00 Mil154.00 Mil156.00 Mil17.9% Higher NewGuidance: 130.60 Mil for Q4 2026
Q1 2027 Adjusted EBITDA excluding interest income on funds held for clientsReported126.50 Mil128.50 Mil130.50 Mil23.1% Higher NewGuidance: 104.40 Mil for Q4 2026
2027 Recurring and other revenueReported1.78 Bil1.78 Bil1.79 Bil8.8% Higher NewGuidance: 1.64 Bil for 2026
2027 Total revenueReported1.88 Bil1.89 Bil1.90 Bil7.4% Higher NewGuidance: 1.76 Bil for 2026
2027 Adjusted EBITDAReported690.00 Mil695.00 Mil700.00 Mil8.6% Higher NewGuidance: 640.00 Mil for 2026
2027 Adjusted EBITDA excluding interest income on funds held for clientsReported587.00 Mil592.00 Mil597.00 Mil13.2% Higher NewGuidance: 523.00 Mil for 2026


Prior: Q3 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Recurring and other revenueReported402.20 Mil404.70 Mil407.20 Mil-12.0% Lower NewGuidance: 460.00 Mil for Q3 2026
Q4 2026 Total revenueReported428.40 Mil430.90 Mil433.40 Mil-12.0% Lower NewGuidance: 489.50 Mil for Q3 2026
Q4 2026 Adjusted EBITDAReported128.60 Mil130.60 Mil132.60 Mil-35.4% Lower NewGuidance: 202.00 Mil for Q3 2026
Q4 2026 Adjusted EBITDA excluding interest income on funds held for clientsReported102.40 Mil104.40 Mil106.40 Mil-39.5% Lower NewGuidance: 172.50 Mil for Q3 2026
2026 Recurring and other revenueReported1.64 Bil1.64 Bil1.64 Bil1.0% RaisedGuidance: 1.62 Bil for 2026
2026 Total revenueReported1.75 Bil1.76 Bil1.76 Bil1.2% RaisedGuidance: 1.74 Bil for 2026
2026 Adjusted EBITDAReported638.00 Mil640.00 Mil642.00 Mil2.2% RaisedGuidance: 626.50 Mil for 2026
2026 Adjusted EBITDA excluding interest income on funds held for clientsReported521.00 Mil523.00 Mil525.00 Mil1.6% RaisedGuidance: 514.50 Mil for 2026

Q2 2026 Earnings Reported 2/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Recurring and other revenueReported457.50 Mil460.00 Mil462.50 Mil   
Q3 2026 Total revenueReported487.00 Mil489.50 Mil492.00 Mil   
Q3 2026 Adjusted EBITDAReported200.00 Mil202.00 Mil204.00 Mil   
Q3 2026 Adjusted EBITDA excluding interest income on funds held for clientsReported170.50 Mil172.50 Mil174.50 Mil   
2026 Recurring and other revenueReported1.62 Bil1.62 Bil1.63 Bil0.8% RaisedGuidance: 1.61 Bil for 2026
2026 Total revenueReported1.73 Bil1.74 Bil1.74 Bil0.8% RaisedGuidance: 1.72 Bil for 2026
2026 Adjusted EBITDAReported622.50 Mil626.50 Mil630.50 Mil1.0% RaisedGuidance: 620.00 Mil for 2026
2026 Adjusted EBITDA excluding interest income on funds held for clientsReported510.50 Mil514.50 Mil518.50 Mil   

Q1 2026 Earnings Reported 11/4/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Recurring and other revenueReported378.50 Mil381.00 Mil383.50 Mil2.3% Higher NewGuidance: 372.50 Mil for Q1 2026
Q2 2026 Total revenueReported405.50 Mil408.00 Mil410.50 Mil2.0% Higher NewGuidance: 400.00 Mil for Q1 2026
Q2 2026 Adjusted EBITDAReported131.50 Mil133.50 Mil135.50 Mil0.4% Higher NewGuidance: 133.00 Mil for Q1 2026
2026 Recurring and other revenueReported1.60 Bil1.61 Bil1.62 Bil0.5% RaisedGuidance: 1.60 Bil for 2026
2026 Total revenueReported1.72 Bil1.72 Bil1.73 Bil0.5% RaisedGuidance: 1.71 Bil for 2026
2026 Adjusted EBITDAReported615.00 Mil620.00 Mil625.00 Mil1.1% RaisedGuidance: 613.50 Mil for 2026

Insider Activity

Updated 10/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Beauchamp, Steven RExecutive ChairmanDirectSell9162026147.1815,0002,207,661185,206,430Form
2Cappotelli, AndrewSr Vice President OperationsDirectSell9092026152.376910,5146,735,059Form
3Sarowitz, Steven IDirectSell9012026158.565,100808,633705,317,145Form
4Robinson, Kenneth BDirectSell8312026158.41800126,7281,068,475Form
5Conway, Craig DirectSell8312026156.803,145493,136346,058Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Beauchamp, Steven RExecutive ChairmanDirectSell9162026147.1815,0002,207,661185,206,430Form
2Cappotelli, AndrewSr Vice President OperationsDirectSell9092026152.376910,5146,735,059Form
3Sarowitz, Steven IDirectSell9012026158.565,100808,633705,317,145Form
4Robinson, Kenneth BDirectSell8312026158.41800126,7281,068,475Form
5Conway, Craig DirectSell8312026156.803,145493,136346,058Form
6Sarowitz, Steven IDirectSell8312026157.7819,4593,070,333702,693,467Form
7Sarowitz, Steven IDirectSell8262026155.0044168,355693,307,870Form
8Sarowitz, Steven IDirectSell8202026150.208,5391,282,565672,907,871Form
9Scutt, JoshuaSVP Chief Revenue OfficerDirectSell8202026149.824,730708,63611,345,517Form
10Glenn, RyanChief Financial OfficerDirectSell8202026149.753,345500,91418,353,809Form
11Cappotelli, AndrewSr Vice President OperationsDirectSell8202026149.832,550382,0656,641,784Form
12Rost, NicholasVP CAO & TreasurerDirectSell8202026148.0352076,9762,046,219Form
13Williams, Toby JPresident and CEODirectSell8182026148.5212,0001,782,20251,649,839Form
14Beauchamp, Steven RExecutive ChairmanDirectSell8182026148.5215,0002,227,852189,735,278Form
15Sarowitz, Steven IDirectSell8182026151.1258688,556678,311,270Form
16Sarowitz, Steven IDirectSell8172026151.6515,1072,290,987680,452,527Form
17Scutt, JoshuaSVP Chief Revenue OfficerOwned by father-in-lawSell8172026144.64118  Form
18Sarowitz, Steven IDirectSell8102026150.8111,1361,679,450683,943,442Form
19Cappotelli, AndrewSr Vice President OperationsDirectSell6052026116.35708,1442,041,942Form
20Glenn, RyanChief Financial OfficerDirectSell6032026117.551,034121,5477,922,165Form
21Cappotelli, AndrewSr Vice President OperationsDirectSell5212026115.05899103,4302,033,969Form
22Rost, NicholasVP CAO & TreasurerDirectSell5212026115.0552159,941768,074Form
23Rost, NicholasVP CAO & TreasurerDirectSell2262026101.9830731,308765,870Form
24Rost, NicholasVP CAO & TreasurerDirectSell2232026108.9432935,841851,584Form
25Cappotelli, AndrewSr Vice President OperationsDirectSell2232026108.9484592,0542,117,467Form
26Scutt, JoshuaSenior Vice President SalesDirectSell2232026108.334,054439,1524,938,239Form
27Glenn, RyanChief Financial OfficerDirectSell2232026107.833,279353,5907,704,688Form
28Williams, Toby JPresident and CEODirectSell2182026104.658,000837,19422,169,211Form
29Cappotelli, AndrewSr Vice President OperationsDirectSell12052025146.906910,1363,095,036Form
30Cappotelli, AndrewSr Vice President OperationsDirectSell12012025147.23987145,3163,120,834Form
31Rost, NicholasVP CAO & TreasurerDirectSell11202025145.0635952,0771,233,590Form
32Glenn, RyanChief Financial OfficerDirectSell11202025143.651,737249,52811,094,320Form
Core Cache Last Updated: 10/14/2026