Paylocity Holding Corporation
PCTY 5.5Price and target zones价格与目标区间
What the company does公司做什么
Paylocity makes cloud payroll and human-resources software for small and mid-size US businesses. It runs their payroll, tax filing, and staff records.Paylocity 为美国的中小型企业提供云端的薪资和人力资源软件。它帮这些企业处理发薪、报税和员工记录。
Earns from营收来源 recurring per-client fees, plus interest on client money it holds briefly before paying it out.按客户数量收取的经常性费用，再加上在收到薪资款项到实际发放之间短暂持有这笔钱期间赚取的利息。
Read the full description查看完整介绍
Paylocity Holding Corporation provides cloud-based human capital management, finance, and IT software solutions in the United States. The company offers payroll solutions comprising payroll and tax services, global payroll, on-demand payment, garnishments, and elevate payroll; human resources (HR) solutions consisting of human resources, employee self-service, workflows and documents, HR compliance dashboard, and elevate HR and HR edge; time and labor solutions, including time and attendance, scheduling, and time collection; and talent solutions, such as recruiting, onboarding, learning, performance, compensation, and market pay. It also provides benefits solutions comprising benefit enrollment and updates, third-party administrative solutions, and retirement; employee experiences consisting of community, video, employee voice, recognition and rewards, data insights, and reporting; and Paylocity for finance solutions, such as headcount planning, expense management, accounts payable automation, corporate cards, and guided procurement. In addition, the company offers Paylocity for IT which includes access management and identity, and asset management; and implementation and training, client services, and tax and regulatory services. It serves for-profit and non-profit organizations across industries, including business services, financial services, healthcare, manufacturing, restaurants, retail, technology, and others. The company markets and sells its products through sales representatives. Paylocity Holding Corporation was founded in 1997 and is headquartered in Schaumburg, Illinois.
Revenue breakdown营收构成 share of revenue营收占比
This is Paylocity's core product: cloud software that runs payroll, files payroll taxes, and manages HR tasks such as time tracking, hiring, onboarding, and benefits for small and mid-size US businesses. Clients pay a recurring per-employee fee, so revenue is stable and predictable. Because payroll and tax data sit at the center of daily operations, customers rarely switch providers once they are set up, which supports steady growth as Paylocity sells more services to its existing client base.这是Paylocity的核心产品：云软件，为美国中小型企业处理工资发放、缴纳工资税，并管理人力资源事务，例如考勤、招聘、入职和福利管理。客户按每位员工支付经常性费用，因此收入稳定且可预测。由于工资和税务数据处于企业日常运营的核心位置，客户一旦完成系统搭建后很少更换服务商，这支撑了Paylocity向现有客户群销售更多服务所带来的稳定增长。
- Payroll工资发放 — Processes pay and files payroll taxes.处理发薪并申报工资税。
- HR and workforce management人力资源和员工管理 — Staff records, time and attendance, and scheduling.员工档案、考勤打卡和排班。
- Talent and benefits招聘与福利 — Hiring, onboarding, performance, and benefits administration.招人、入职、绩效和福利管理。
When Paylocity processes a client's payroll, it briefly holds the money before paying employees and filing taxes. It invests this short-term float and keeps the interest earned. This revenue moves with prevailing interest rates rather than with the number of clients, so it can rise or fall with Federal Reserve policy independent of the core software business.当Paylocity为客户处理工资发放时，它会在向员工付款和缴纳税款之前短暂持有这笔资金。公司将这笔短期资金进行投资并保留所赚取的利息。这部分收入随当前利率水平波动，而非随客户数量变化，因此可能随美联储政策变化而涨跌，与核心软件业务的表现无关。
Company facts公司资料
- Founded成立时间
- 1997
- Headquarters总部
- Schaumburg, Illinois
- Employees员工人数
- 6,900
- 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
📋 Analyzed 8/27 — HOLD, first score. Real switching-cost moat (payroll/tax migration) and margins expanding, but NRR softened to 92% (the book shrinks without new logos) and FY27 growth guided down to ~7% from a 22.7% 5yr CAGR; Rippling/Dayforce/UKG pressure is real.
Client-float interest income guided down ($120M→$103M). The old $150+ trim was stale — re-derived FV puts spot near fair, not a sell. FV $135-175. Entry $120-135. Trim 35x ttm (~$173).
8/27 分析——持有，首次评分 [5.5]。 真实的转换成本护城河（薪资/税务迁移）与扩张的利润率，但净留存降至 92%（无新客则账面萎缩），FY27 增速指引下调至约 7%（此前 5 年 CAGR 22.7%）；Rippling/Dayforce/UKG 压力真实。 客户浮存利息收入指引下调（$120M→$103M）。 旧 $150+ 减持已陈旧——重算 FV 使现价接近公允，非卖出信号。 FV $135-175。 入场 $120-135，减持 35x ttm（约 $173）。
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
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 22%
- Revenue growth营收增长
- +11%
Competitors竞争对手
Why customers stay客户为什么留下
Payroll and tax data sit at the operational core of a business, so removing Paylocity risks pay errors and compliance failures. Recurring revenue grew 15% on only 7% more clients, which shows it sells more to the customers it already has.薪资和税务数据处在一家企业运营的核心位置，所以撤掉 Paylocity 会带来发薪出错和违规的风险。经常性收入增长了 15%，而客户数只增加了 7%，这说明它在向现有客户卖出更多东西。