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Automatic Data Processing, Inc.

ADP 7

Software - Application · 104.4B market cap · site

Price and target zones价格与目标区间

$263.55
$225–250 entry买入$348.36+ full value估值上限 · 26× fwd52wk52周 $188–$294-10% off the high距高点

What the company does公司做什么

ADP runs payroll and human-resources work for other companies. It pays tens of millions of workers, files their payroll taxes, and administers their benefits, for employers of every size in more than 140 countries. It is one of the largest such firms in the world.ADP为别的公司处理工资发放和人力资源工作。它为各种规模的雇主在140多个国家给数千万员工发工资、申报工资税、并管理他们的福利。它是世界上最大的这类公司之一。

Earns from营收来源 recurring per-employee fees, plus interest earned on client money it holds briefly before paying it out.按每个员工收取的持续费用,加上它在短暂持有客户款项、还没付出去之前赚到的利息。

Read the full description查看完整介绍

Automatic Data Processing, Inc. provides cloud-based human capital management (HCM) solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions. This segment's offerings include RUN Powered by ADP, a software platform for small business payroll, HR, and compliance; ADP Workforce Now, a HCM solution used across mid-sized and large businesses to manage employees; and ADP Lyric HCM, a solution for HR management, payroll, workforce management, talent, and data analytics. Its PEO Services segment provides HR outsourcing solutions under ADP TotalSource name to businesses through a co-employment model. This segment also provides guidance, user-friendly technology, comprehensive employee benefits, and a risk management, safety, and workers' compensation program. The company was founded in 1949 and is headquartered in Roseland, New Jersey.

Revenue breakdown营收构成 share of revenue营收占比

67%Employer Services雇主服务
33%PEO ServicesPEO服务
Pick a slice for detail点击某一部分查看详情
Employer Services雇主服务67% · $13.9B

ADP's core payroll engine. It calculates and delivers each worker's paycheque, files and remits the associated payroll taxes with tax authorities, and administers health insurance and retirement benefits on the employer's behalf. Because payroll touches every worker's pay and every regulatory filing at once, employers rarely switch providers once set up, giving ADP a steady base of recurring per-employee fees.ADP的核心薪资引擎。它为每位员工计算并发放薪资,向税务机关申报并缴纳相关的工资税,并代表雇主管理医疗保险和退休福利。由于薪资业务同时涉及每位员工的薪酬发放和每一项监管申报,雇主一旦完成设置后很少更换服务商,这为ADP带来了稳定的按员工计费的经常性收入基础。

  • Payroll and tax filing薪资发放和报税 — Calculates each paycheque, pays the worker, and files and remits the payroll taxes to the government.计算每张工资单,发放工资,并向政府申报和缴纳工资税。
  • Benefits and retirement福利和退休金 — Administers health insurance and retirement plans for the employer.为雇主管理医疗保险和退休金计划。
  • Delivery by size按规模提供服务 — RUN for small firms (900,000+ businesses), Workforce Now for mid-size, and Lyric HCM for large enterprises.面向小型企业的 RUN(900,000+家企业)、面向中型企业的 Workforce Now,以及面向大型企业的 Lyric HCM。
PEO ServicesPEO服务33% · $6.7B

ADP acts as a co-employer for small and mid-sized businesses, taking on their payroll, benefits administration, and compliance duties so those firms can offer big-company-style health and retirement benefits without building an internal HR department. Most of the money flowing through this segment is passed straight through to fund employee benefits and payroll taxes, so its real profit contribution to ADP is smaller than the revenue figure suggests.ADP在这项业务中充当中小企业的共同雇主,承担这些企业的薪资发放、福利管理和合规事务,使企业无需自建人力资源部门即可为员工提供大公司级别的医疗和退休福利。该板块中大部分资金是直接转付用于支付员工福利和工资税,因此其对ADP的实际利润贡献小于收入数字所显示的规模。

Company facts公司资料

Founded成立时间
1949
Headquarters总部
Roseland, New Jersey
Employees员工人数
67,000
Industry行业
Software - Application
Country国家
United States

Investment thesis投资逻辑 from the watchlist来自关注列表

🔒 Re-analyzed 8/27 — BUY→HOLD, conviction 8.5→7.0. Business held and then some: debt $9.07B→$5.27B, ROIC 27%→40% in a year (beat the baseline's own 2-3yr recovery call), float income guided up. What broke was the cheapness, not the company — the "35-40% discount" was Yahoo's forward P/E on FY2028 ([[pitfall-vendor-forward-eps-is-the-wrong-fiscal-year]]); true fwd ~23.3x, only ~15% cheap, and a 41% run closed it.

What's working

  • The scan's "above trim" was a false alarm — the stale $280+ dollar trim, not the corrected 26x-fwd (~$315), which is NOT breached. Consensus tgt $287 now sits at spot. FV $260-290. Entry $225-250. Trim 26x fwd

8/27 重新分析——买入→持有,信念 8.5→7.0。 基本面更强:负债 $9.07B→$5.27B,ROIC 一年内 27%→40%(超越基线自设的 2-3 年恢复判断),浮存收入上调。 破的是"便宜"而非公司——"35-40% 折价"是雅虎前瞻 P/E 按 FY2028 计的假象,真实前瞻约 23.3x,仅便宜约 15%,41% 涨幅已抹平。 ✅ 扫描的"高于减持"是误报——用的是陈旧 $280+ 美元位,而非重算的 26x fwd(约 $315,未突破)。 共识目标 $287 现与现价持平。 FV $260-290。 入场 $225-250,减持 26x fwd。

Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动

Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例

Gross profit毛利润
49%
Operating profit营业利润
23%
Net profit净利润
20%

of every $1 of revenue每 $1 营收中的占比

Return on equity净资产收益率
72%
Revenue growth营收增长
+7%
Dividend yield股息率
2.58%

Competitors竞争对手

PaychexPaycomPaylocityWorkdayInsperity

Why customers stay客户为什么留下

Payroll sits at the centre of a company's legal duties. To change supplier is to re-plumb how every worker gets paid and every tax gets filed at once. Client retention was 92% in FY2025, which is about 13 years of average tenure in Employer Services.工资发放处在一家公司法律义务的核心。换供应商就意味着要一次性重新打通每个员工怎么拿工资、每笔税怎么申报的整套流程。2025财年客户留存率为92%,相当于雇主服务业务平均约13年的合作时长。

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