Paylocity Holding Corp. (PCTY) intrinsic value & 10-year financials
Paylocity Holding Corp. (PCTY) has a Graham intrinsic value of $133.53 per share. At $166.32 on Oct 17, 2026, the stock trades 25% above that value. Over the last 10 fiscal years revenue grew 22.9% a year to $1.5B, with an average return on invested capital of 16.8%.
- Graham intrinsic value
- $133.53
- Share price (Oct 17, 2026)
- $166.32
- Price vs Graham value
- 25% above
- Market cap
- $9.4B
- Revenue (FY2025)
- $1.5B
- Revenue growth (10-yr CAGR)
- 22.9%
- ROIC (10-yr avg)
- 16.8%
- Free cash flow (FY2025)
- $405.2M
PCTY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.5B | $227.1M | $4.02 | $405.2M | 20.7% | 25.9% |
| FY2024 | $1.3B | $206.8M | $3.63 | $366.6M | 20.3% | 30.0% |
| FY2023 | $1.1B | $140.8M | $2.49 | $260.8M | 14.1% | 23.7% |
| FY2022 | $847.7M | $90.8M | $1.61 | $137.0M | 10.0% | 19.1% |
| FY2021 | $631.7M | $70.8M | $1.26 | $115.4M | 9.2% | 17.7% |
| FY2020 | $546.2M | $64.5M | $1.15 | $96.1M | 12.1% | 20.2% |
| FY2019 | $447.8M | $53.8M | $0.97 | $103.8M | 12.6% | 20.0% |
| FY2018 | $368.4M | $38.6M | $0.70 | $76.2M | 4.3% | 8.8% |
| FY2017 | $300.0M | $6.7M | $0.12 | $40.6M | 2.4% | 5.0% |
| FY2016 | $230.7M | -$3.9M | -$0.08 | $16.9M | -1.5% | -3.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Paylocity Holding Corp is a consistent compounder, expanding top-line revenue at 22.9% annually over the past decade.
Paylocity Holding Corp has earned high returns on invested capital, averaging 16.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Paylocity Holding Corp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Paylocity Holding Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $133.53 per share.