Paycom Software, Inc.
PAYC · Services-Prepackaged Software · 47.6M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $157M (gross $287M, SBC $130M)
Reference price $140.50 · est. market cap ~$6.7B — last insider sale, 2026-05-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B81Elite-margin payroll-software franchise with strong FCF and returns; growth has cooled.
Strengths
- Elite profitability — operating margin 27.6% (90th), net margin 22.1% (88th), ROE 26.2%
- Strong FCF and coverage — FCF $408.0M, interest coverage 166.8 (90th)
- High gross margin — 83.2% (88th)
Risks
- Slowing growth — revenue +8.9% (45th), net income -9.7%
- Thin liquidity — current ratio 1.09 (25th)
- Competition from larger HCM vendors — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~91% of revenue from one customer/distributor — We believe that as a result of our focus on client experience, we enjoy high client satisfaction as evidenced by an annual revenue retention rate of 91% and 90% for the years ended December 31, 2025 a
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
- Strong balance sheetStrong balance sheet — $370M cash & investments
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$351,250, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
83.2%
Operating margin
27.6%
Net margin
22.1%
Return on equity
26.2%
Return on assets
6.0%
Revenue growth (QoQ)
5.1%
Net-income growth
-9.7%
Interest coverage
166.8×
Current ratio
1.1×
Free cash flow
$408M
EBITDA
$744M
Tangible book value
$1.6B
Cash & investments
$370M
Stock comp / revenue
5.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Richison Chad R. | Gift | 12K | — |
| 2026-06-15 | Richison Chad R. | Gift | 12K | — |
| 2026-05-18 | Peck Randall | Sell | 2.5K | $140.50 |
| 2026-05-10 | Peck Randall | Tax withheld | 336 | $138.44 |
| 2026-05-10 | Hadlock Terrell Shane | Tax withheld | 2.7K | $138.44 |
| 2026-05-04 | DUQUES HENRY C | Grant | 1.9K | — |
| 2026-05-04 | BINZ JOSEPH LEO | Grant | 1.9K | — |
| 2026-05-04 | TURNEY SHAREN J | Grant | 1.9K | — |
| 2026-05-04 | PETERS FREDERICK C II | Grant | 1.9K | — |
| 2026-05-04 | WATTS J C JR | Grant | 1.9K | — |
| 2026-02-18 | York Jeffrey D. | Grant | 14K | — |
| 2026-02-18 | Richison Chad R. | Grant | 72K | — |
| 2026-02-18 | Foster Robert D. | Grant | 18K | — |
| 2026-02-18 | Hadlock Terrell Shane | Grant | 21K | — |
| 2026-02-18 | Peck Randall | Grant | 10.0K | — |
| 2026-02-10 | Foster Robert D. | Grant | 9.6K | — |
| 2026-02-10 | Foster Robert D. | Tax withheld | 3.5K | $124.94 |
| 2026-02-10 | Richison Chad R. | Grant | 43K | — |
| 2026-02-10 | Richison Chad R. | Tax withheld | 19K | $124.94 |
| 2026-02-10 | Peck Randall | Grant | 8.4K | — |
| 2026-02-10 | Peck Randall | Tax withheld | 3.7K | $124.94 |
| 2026-02-05 | Richison Chad R. | Tax withheld | 5.2K | $131.59 |
| 2026-02-05 | Foster Robert D. | Tax withheld | 969 | $131.59 |
| 2026-02-05 | Peck Randall | Tax withheld | 3.7K | $131.59 |
| 2025-12-10 | Foster Robert D. | Sell | 1.3K | $162.66 |
| 2025-12-05 | Peck Randall | Sell | 1.4K | $165.50 |
| 2025-12-05 | Peck Randall | Sell | 6 | $166.50 |
| 2025-12-05 | Peck Randall | Sell | 744 | $166.52 |
| 2025-11-21 | Richison Chad R. | Gift | 112 | — |
| 2025-11-21 | Richison Chad R. | Gift | 1.8K | — |
| 2025-11-21 | Richison Chad R. | Gift | 112 | — |
| 2025-11-21 | Richison Chad R. | Gift | 112 | — |
| 2025-11-21 | Richison Chad R. | Gift | 112 | — |
| 2025-11-21 | Richison Chad R. | Gift | 112 | — |
| 2025-11-21 | Richison Chad R. | Gift | 112 | — |
| 2025-11-21 | Richison Chad R. | Gift | 112 | — |
| 2025-11-21 | Richison Chad R. | Gift | 112 | — |
| 2025-11-14 | Foster Robert D. | Tax withheld | 1.1K | $166.12 |
| 2025-11-01 | Gannon Rachael | Tax withheld | 56 | $184.85 |
| 2025-09-12 | Smith Bradley Scott | Sell | 586 | $222.54 |
| 2025-09-12 | Smith Bradley Scott | Sell | 752 | $223.47 |
| 2025-09-12 | Smith Bradley Scott | Sell | 138 | $224.82 |
| 2025-09-12 | Smith Bradley Scott | Sell | 24 | $225.69 |
| 2025-07-17 | Smith Bradley Scott | Gift | 1.2K | — |
| 2025-06-12 | Smith Bradley Scott | Sell | 880 | $250.16 |
| 2025-06-12 | Smith Bradley Scott | Sell | 65 | $246.92 |
| 2025-06-12 | Smith Bradley Scott | Sell | 97 | $247.88 |
| 2025-06-12 | Smith Bradley Scott | Sell | 131 | $249.03 |
| 2025-06-12 | Smith Bradley Scott | Sell | 289 | $250.75 |
| 2025-06-12 | Smith Bradley Scott | Sell | 19 | $252.36 |
| 2025-06-12 | Smith Bradley Scott | Sell | 19 | $253.61 |
| 2025-06-05 | Richison Chad R. | Sell | 6.7K | $265.31 |
| 2025-06-05 | Richison Chad R. | Sell | 100 | $266.15 |
| 2025-06-04 | Peck Randall | Sell | 890 | $263.21 |
| 2025-06-04 | Richison Chad R. | Sell | 23K | $265.20 |
| 2025-06-02 | Peck Randall | Tax withheld | 43 | $259.54 |
| 2025-05-13 | Richison Chad R. | Sell | 7.5K | $261.18 |
| 2025-05-13 | Richison Chad R. | Sell | 22K | $260.30 |
| 2025-05-12 | Richison Chad R. | Sell | 838 | $258.92 |
| 2025-05-12 | Richison Chad R. | Sell | 23K | $255.26 |
| 2025-05-12 | Richison Chad R. | Sell | 1.6K | $256.21 |
| 2025-05-12 | Richison Chad R. | Sell | 1.1K | $257.49 |
| 2025-05-10 | Vickroy Amy | Tax withheld | 342 | $258.38 |
| 2025-05-10 | Peck Randall | Tax withheld | 338 | $258.38 |
| 2025-05-09 | Richison Chad R. | Sell | 3.6K | $255.01 |
| 2025-05-08 | Richison Chad R. | Sell | 4.4K | $235.51 |
| 2025-05-08 | Richison Chad R. | Sell | 6.8K | $236.23 |
| 2025-05-08 | Richison Chad R. | Sell | 7.7K | $237.52 |
| 2025-05-08 | Richison Chad R. | Sell | 8.7K | $238.28 |
| 2025-05-08 | Richison Chad R. | Sell | 1.6K | $239.37 |
| 2025-05-08 | Richison Chad R. | Sell | 17K | $240.74 |
| 2025-05-08 | Richison Chad R. | Sell | 13K | $241.82 |
| 2025-05-08 | Richison Chad R. | Sell | 441 | $243.08 |
| 2025-05-08 | Richison Chad R. | Sell | 782 | $243.90 |
| 2025-05-08 | Richison Chad R. | Sell | 30K | $245.21 |
| 2025-05-08 | Richison Chad R. | Sell | 562 | $246.44 |
| 2025-05-08 | Richison Chad R. | Sell | 30K | $250.16 |
| 2025-05-05 | Williams Felicia | Grant | 1.1K | — |
| 2025-05-05 | TURNEY SHAREN J | Grant | 1.1K | — |
| 2025-05-05 | BINZ JOSEPH LEO | Grant | 1.1K | — |
| 2025-05-05 | Vemulapalli Archana | Grant | 1.1K | — |
| 2025-05-05 | WATTS J C JR | Grant | 1.1K | — |
| 2025-05-05 | PETERS FREDERICK C II | Grant | 1.1K | — |
| 2025-05-05 | DUQUES HENRY C | Grant | 1.1K | — |
| 2025-04-27 | Vickroy Amy | Tax withheld | 307 | $226.49 |
| 2025-03-13 | Smith Bradley Scott | Sell | 1.8K | $200.46 |
| 2025-03-13 | Smith Bradley Scott | Sell | 847 | $201.52 |
| 2025-03-13 | Smith Bradley Scott | Sell | 254 | $202.24 |
| 2025-03-13 | Smith Bradley Scott | Sell | 100 | $203.40 |
| 2025-02-25 | Vickroy Amy | Tax withheld | 656 | $219.07 |
| 2025-02-24 | WATTS J C JR | Sell | 500 | $218.22 |
| 2025-02-21 | Foster Robert D. | Grant | 9.6K | — |
| 2025-02-21 | Vickroy Amy | Grant | 3.0K | — |
| 2025-02-21 | Vickroy Amy | Tax withheld | 1.2K | $213.06 |
| 2025-02-21 | Peck Randall | Sell | 3.6K | $212.19 |
| 2025-02-21 | Peck Randall | Grant | 8.4K | — |
| 2025-02-21 | Richison Chad R. | Grant | 43K | — |
| 2025-02-21 | Clark Jason D. | Grant | 959 | — |
| 2025-02-21 | Smith Bradley Scott | Grant | 9.6K | — |
| 2025-02-21 | Vickroy Amy | Grant | 8.4K | — |
| 2025-02-18 | PETERS FREDERICK C II | Sell | 1.5K | $210.57 |
| 2025-02-11 | Smith Bradley Scott | Gift | 2.5K | — |
| 2025-02-11 | Smith Bradley Scott | Gift | 2.5K | — |
| 2025-02-10 | Boelte Craig E. | Grant | 7.2K | — |
| 2025-02-10 | Smith Bradley Scott | Grant | 4.5K | — |
| 2025-02-10 | Smith Bradley Scott | Tax withheld | 2.0K | $204.76 |
| 2025-02-10 | Boelte Craig E. | Tax withheld | 3.2K | $204.76 |
| 2025-02-10 | Clark Jason D. | Grant | 2.7K | — |
| 2025-02-10 | Clark Jason D. | Tax withheld | 1.2K | $204.76 |
| 2025-02-10 | Peck Randall | Grant | 5.2K | — |
| 2025-02-10 | Peck Randall | Tax withheld | 2.3K | $204.76 |
| 2025-02-10 | Vickroy Amy | Grant | 4.0K | — |
| 2025-02-10 | Vickroy Amy | Tax withheld | 974 | $204.76 |
| 2025-02-06 | Smith Bradley Scott | Gift | 5.8K | — |
| 2025-02-06 | Smith Bradley Scott | Gift | 5.8K | — |
| 2025-02-05 | Peck Randall | Tax withheld | 2.9K | $206.14 |
| 2025-02-05 | Clark Jason D. | Tax withheld | 2.8K | $206.14 |
| 2025-02-05 | Boelte Craig E. | Tax withheld | 3.9K | $206.14 |
| 2025-02-05 | Smith Bradley Scott | Tax withheld | 3.4K | $206.14 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-07 | Shareholder vote | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-05-04 | OtherExhibits | filing ↗ |
| 2026-04-23 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-03-26 | Exec/director change | filing ↗ |
| 2026-03-12 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-03-05 | Other | filing ↗ |
| 2026-02-19 | Exec/director change5.03Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211926 ↗ |
| 8-K | 2026-05-07 | 2026-05-04 | 0001193125-26-211919 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001193125-26-208968 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-204311 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0001193125-26-173704 ↗ |
| 8-K | 2026-03-26 | 2026-03-23 | 0001193125-26-126191 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001193125-26-104462 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0001193125-26-094152 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0001193125-26-059372 ↗ |
| 8-K | 2026-02-19 | 2026-02-18 | 0001193125-26-058247 ↗ |
| 8-K/A | 2026-02-19 | 2026-02-18 | 0001193125-26-058412 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001193125-26-046562 ↗ |