Paycom Software, Inc.
In the published model solve dated 2026-Q2, anchored at $227.47, Paycom Software, Inc. (PAYC) is priced for +15.2% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
• Paycom runs payroll and human-capital software at a 28% operating margin and a 58% return on equity, with about 95% of revenue recurring, the economics of an entrenched system of record rather than a discretionary tool. • The price is undemanding for that quality, paying roughly 11 times operating income and implying barely any growth, which is the opposite of the moat-premium problem most quality software carries. • The defining risk is self-inflicted: the same automation features that make c
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576 institutional managers reported holding PAYC in 13F filings for the quarter ended 2026-03-31. Together they hold about 88% of the company; the top 10 hold 47%. 99 opened new positions that quarter. Held by BlackRock, Vanguard Group, Harris Associates (Oakmark), among others. On the short side, 4.0M shares were sold short as of the 2026-06-15 count, about 8% of shares outstanding (4.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
PAYC has cut its share count 11.7% over the past five years, spending $1.93B on repurchases. It pays a dividend, and has for 3 years running; the current rate is $0.38 a share annually. Cash returned over the past three years: $230.41M in dividends and $1.83B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at PAYC over the trailing three years: 2023: 2 buys totaling $50k; 2024: 1 buy totaling $22k. 17 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
PAYC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | -18.8% | -6.9% |
| 2023-11-03 | -37.2% | +24.0% |
| 2024-02-16 | -1.0% | -4.0% |
| 2024-05-03 | -8.0% | -17.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
PAYC's latest 8-K filings: 2026-11-04 (items 2.02, 9.01); 2026-11-02 (items 8.01, 9.01); 2026-08-05 (items 2.02, 9.01); 2026-08-03 (items 8.01, 9.01); 2026-07-09 (items 5.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.