# Paylocity Holding Corporation (PCTY)

> Source: Nexqual · https://nexqual.com/PCTY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Paylocity Holding Corporation (PCTY), nexqual.com/PCTY" · informational, not investment advice.

**Price:** USD 177.67 (+4.93% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 169.33 · day 172.06–178.13 · 52w 92.99–178.13 · market cap $9.84B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.77B, net income $270M (15.2% margin), free cash flow $497M (SEC filings).
- Valuation: P/E 36.5x (avg 34.2x at the last 3 fiscal year-ends), EV/EBITDA 21.3x, net cash $191M.
- Analysts: Buy (mean 2.10 on a 1–5 scale) (21 analysts), mean target USD 175.1 (range 128–250).
- Total return with dividends: 1Y +16.9% vs S&P 500 +14.9%; 5Y -39.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.89, revenue estimate $442M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $853M | $1.17B | $1.40B | $1.60B | $1.77B | $1.77B |
| Gross profit | $566M | $808M | $961M | $1.10B | $1.23B | — |
| Operating income | $84.6M | $155M | $260M | $304M | $386M | $386M |
| Net income | $90.8M | $141M | $207M | $227M | $270M | $270M |
| EPS (diluted) | $1.61 | $2.49 | $3.63 | $4.02 | $4.92 | — |
| Free cash flow | $137M | $261M | $367M | $405M | $497M | $497M |
| Gross margin | 66.3% | 68.8% | 68.5% | 68.8% | 69.2% | — |
| Operating margin | 9.9% | 13.2% | 18.5% | 19.1% | 21.8% | 21.8% |
| Net margin | 10.6% | 12.0% | 14.7% | 14.2% | 15.2% | 15.2% |
| Revenue growth | +34.1% | +37.8% | +19.4% | +13.7% | +11.0% | — |
| Cash + short-term investments | $140M | — | — | $398M | $272M | — |
| Total debt | — | — | $0K | $163M | $81.3M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 36.5x · P/S 5.5x · EV/EBITDA 21.3x · EV/Sales 5.5x · P/FCF 19.8x · P/B 8.1x · FCF yield 5.05% · Earnings yield 2.74% · Buyback yield (TTM) 4.05% · Net cash $191M · EV $9.65B
P/E at fiscal year-ends: Jun 2026 21.2x, Jun 2025 45.1x, Jun 2024 36.3x.

## Analysts
Consensus Buy (mean 2.10 on a 1–5 scale), 21 analysts; mean target USD 175.1 (low 128, high 250).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Citizens | Target raised | Market Outperform | $150 → $180 |
| 2026-10-13 | Barclays | Target raised | Equal-Weight | $154 → $162 |
| 2026-08-20 | TD Cowen | Target raised | Buy | $168 → $177 |
| 2026-08-06 | Barclays | Target raised | Equal-Weight | $128 → $154 |
| 2026-08-05 | TD Cowen | Target raised | Buy | $137 → $168 |
| 2026-08-05 | Keybanc | Target raised | Overweight | $172 → $178 |
| 2026-08-05 | Cantor Fitzgerald | Target raised | Overweight | $140 → $165 |
| 2026-08-05 | BTIG | Target raised | Buy | $150 → $180 |
| 2026-07-22 | UBS | Target raised | Neutral | $122 → $128 |
| 2026-06-29 | Truist Securities | Target lowered | Buy | $180 → $165 |
| 2026-06-26 | TD Cowen | Target lowered | Buy | $155 → $137 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +16.9% | -39.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.0% | -9.6% |
| Volatility (annualized) | 41.9% | 40.1% |
| Max drawdown | -38.2% (Dec 2025→Apr 2026) | -68.8% (Oct 2021→Apr 2026) |

## Peers (Software - Application)
PCOR (Procore Technologies, Inc.) USD 62.29 +2.27% · ESTC (Elastic N.V.) USD 98.21 -0.61% · YMM (Full Truck Alliance Co. Ltd.) USD 8.35 -1.76% · IDCC (InterDigital, Inc.) USD 332.06 -0.78% · CHYM (Chime Financial, Inc.) USD 30.16 -0.69% · TTAN (ServiceTitan, Inc.) USD 85.2 +3.50%

## More
Full page: https://nexqual.com/PCTY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PCTY's own 10-K filed 2026-08-05 (https://www.sec.gov/Archives/edgar/data/1591698/000159169826000069/pcty-20260630.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | UPS (UPS) | "We rely on third-party couriers such as the United Parcel Service, or UPS, to ship printed checks to our clients, and any disruptions in their operations that impact their ability to successfully perform their tasks may …" |

## Company outlook (8-K filed 2026-08-04)

- "Based on information available as of August 4, 2026, Paylocity is issuing guidance for the first quarter and full fiscal 2027 as indicated below."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.89 | $1.87 | +1.2% | $441.7M | 18 |
| Next quarter (ends 2026-12-31) | $1.89 | $1.88 | +0.8% | $445.6M | 18 |
| Current fiscal year (ends 2027-06-30) | $8.72 | $8.69 | +0.4% | $1.89B | 19 |
| Next fiscal year (ends 2028-06-30) | $9.68 | $9.62 | +0.6% | $2.04B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±11.3%; last 8 reports averaged ±4.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 49.8% | ±11.3% |
| 2026-12-18 | 56 | 44.1% | ±14.0% |
| 2027-02-19 | 119 | 43.7% | ±20.0% |
| 2027-05-21 | 210 | 43.7% | ±26.4% |