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Held by 568 of 5,944 reporting institutions (97th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $226.06 today, the market must believe free cash flow compounds 15.2%/yr for a decade (off $347M normalized FCF).
The market's 15.2% is more conservative than its 9-yr track record.
2-stage DCF · 0.05B shares · net debt -$370M
mean 26.7% · volatility σ 23% · implied rate exceeded in 7/9 yrs
Central path = implied 15.2%/yr growth; shaded band = ±1σ (23%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 743 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSM | $11.16T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.33T | 44.8× | 40.0× | 24.7× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.98T | 45.2× | 34.8× | 12.0× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.70T | 27.7× | 19.6× | 11.1× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.65T | 72.8× | 65.1× | 25.8× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.10T | 128.8× | 60.7× | 29.3× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $888.5B | 205.7× | 210.2× | 25.6× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $543.3B | — | 67.4× | 10.3× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $436.6B | 43.2× | 36.6× | 7.7× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $421.4B | 279.8× | 291.6× | 94.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $383.6B | 67.8× | 36.1× | 3.4× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.7B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| RPAY | $338.0B | — | — | 1092.8× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| AMAT | $331.0B | 48.2× | 38.1× | 11.7× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| UMC | $307.4B | — | — | — | — | — | — | — | — | — | 302 |
| ARM | $281.9B | 311.6× | 242.9× | 57.3× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| SAP | $262.5B | — | — | — | — | — | — | — | — | — | 794 |
| ANET | $250.7B | 72.6× | 63.3× | 27.8× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| PANW | $250.5B | 234.4× | 156.5× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| SNDK | $235.7B | — | — | 32.0× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| TXN | $234.6B | 47.4× | 30.9× | 13.3× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $225.6B | 31.1× | 24.4× | 5.4× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.8B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| MRVL | $204.0B | 78.4× | 133.3× | 24.9× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| QCOM | $202.7B | 37.7× | 15.2× | 4.6× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| PAYC | $12.4B | 28.0× | 16.2× | 6.0× | 8.9% | 83.2% | 22.1% | 26.2% | 26.2% | — | 568 |
Peers = companies sharing PAYC's sector (Technology) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.05B 100.0% | $1.88B 100.0% | $1.69B 100.0% | $1.38B 100.0% | $1.06B 100.0% | $841.4M 100.0% | $737.7M 100.0% | $566.3M 100.0% | $433.0M 100.0% | $329.1M 100.0% |
| Cost of Revenue | $345.4M 16.8% | $334.6M 17.8% | $276.3M 16.3% | $212.7M 15.5% | $161.9M 15.3% | $123.5M 14.7% | $109.7M 14.9% | $90.8M 16.0% | $72.0M 16.6% | $54.1M 16.4% |
| Gross Profit | $1.71B 83.2% | $1.55B 82.2% | $1.42B 83.7% | $1.16B 84.5% | — | — | — | — | — | — |
| Research & Development | $283.4M 13.8% | $242.6M 12.9% | $199.0M 11.7% | $148.3M 10.8% | $118.4M 11.2% | $90.2M 10.7% | $73.1M 9.9% | $46.2M 8.2% | $30.4M 7.0% | $21.0M 6.4% |
| Selling, General & Admin | $1.14B 55.5% | $914.3M 48.6% | $966.1M 57.0% | $783.8M 57.0% | $640.1M 60.6% | $531.8M 63.2% | $401.7M 54.5% | $301.9M 53.3% | $231.3M 53.4% | $173.3M 52.7% |
| Total Operating Expenses | $1.48B 72.4% | $1.25B 66.3% | $1.24B 73.4% | $996.5M 72.5% | $802.0M 76.0% | $655.3M 77.9% | $511.4M 69.3% | $392.6M 69.3% | $303.3M 70.0% | $227.4M 69.1% |
| Operating Income | $567.2M 27.6% | $634.3M 33.7% | $451.3M 26.6% | $378.7M 27.5% | $253.6M 24.0% | $186.1M 22.1% | $226.2M 30.7% | $173.7M 30.7% | $129.7M 30.0% | $101.7M 30.9% |
| Interest Expense | $3.4M 0.2% | $3.4M 0.2% | $1.9M 0.1% | $2.5M 0.2% | $1.4M 0.1% | $19K 0.0% | $940K 0.1% | $766K 0.1% | $911K 0.2% | $1.0M 0.3% |
| Other Income (Expense), net | $55.6M 2.7% | $18.1M 1.0% | $23.0M 1.4% | $13.4M 1.0% | $2.4M 0.2% | -$168K -0.0% | $803K 0.1% | $1.8M 0.3% | -$1.1M -0.2% | $308K 0.1% |
| Pretax Income | $619.4M 30.2% | $649.0M 34.5% | $472.4M 27.9% | $389.6M 28.3% | $256.0M 24.2% | $185.9M 22.1% | $226.1M 30.6% | $174.7M 30.8% | $127.7M 29.5% | $101.0M 30.7% |
| Income Tax Expense | $166.0M 8.1% | $147.0M 7.8% | $131.6M 7.8% | $108.2M 7.9% | $60.0M 5.7% | $42.5M 5.0% | $45.5M 6.2% | $37.6M 6.6% | $4.2M 1.0% | $30.6M 9.3% |
| Net Income | $453.4M 22.1% | $502.0M 26.7% | $340.8M 20.1% | $281.4M 20.5% | $196.0M 18.6% | $143.5M 17.0% | $180.6M 24.5% | $137.1M 24.2% | $123.5M 28.5% | $70.4M 21.4% |
| Per Share | ||||||||||
| EPS (Basic) | $8.13 | $8.93 | $5.91 | $4.86 | $3.39 | $2.49 | $3.14 | $2.37 | $2.13 | $1.21 |
| EPS (Diluted) | $8.08 | $8.92 | $5.88 | $4.84 | $3.37 | $2.46 | $3.09 | $2.34 | $2.10 | $1.19 |
| Weighted Avg Shares (Basic) | 55.8M | 56.2M | 57.7M | 57.9M | 57.9M | 57.6M | 57.6M | 57.7M | 57.8M | 57.6M |
| Weighted Avg Shares (Diluted) | 56.1M | 56.3M | 58.0M | 58.2M | 58.2M | 58.3M | 58.4M | 58.6M | 58.8M | 59.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 21% of free cash flow, leaving room to grow it and fund buybacks. Last year: $85M dividends + $326M buybacks = $410M returned on $408M FCF.
3 consecutive years of dividend increases · 16%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 26%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $370M covers all $33M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2019-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Nothing notable to watch.
No material risks flagged.
Where each multiple sits in its own 12-yr range · 15th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 16.0 | 14.9 | 14.7 | 15.3 | 15.5 | 16.3 | 17.8 | 16.8 |
| Gross Profit | — | — | — | — | 84.5 | 83.7 | 82.2 | 83.2 |
| R&D | 8.2 | 9.9 | 10.7 | 11.2 | 10.8 | 11.7 | 12.9 | 13.8 |
| SG&A | 53.3 | 54.5 | 63.2 | 60.6 | 57.0 | 57.0 | 48.6 | 55.5 |
| Operating Income | 30.7 | 30.7 | 22.1 | 24.0 | 27.5 | 26.6 | 33.7 | 27.6 |
| Income Tax | 6.6 | 6.2 | 5.0 | 5.7 | 7.9 | 7.8 | 7.8 | 8.1 |
| Net Income | 24.2 | 24.5 | 17.0 | 18.6 | 20.5 | 20.1 | 26.7 | 22.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PAYC: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position