Demonstrações financeiras detalhadas de Paycom Software, Inc. (PAYC): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Paycom Software, Inc. registou receitas de $2.05B no último exercício, com um CAGR de 5 anos de 19.5%. O lucro líquido atingiu $453.4M, com CAGR de 5 anos de 25.9%.
Margens dos últimos 12 meses: margem bruta 80.1%, margem operacional 30.3%, margem líquida 22.8%. O fluxo de caixa livre cresceu a CAGR de 25.1% em 5 anos.
Ao preço atual de $227.59, PAYC negocia a um P/L de 25.51 e um ROE de 40.43%. A capitalização de mercado é de $10.3B, colocando-a entre as empresas large-cap.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $329.1M | $433.0M | $566.3M | $737.7M | $841.4M | $1.06B | $1.38B | $1.69B | $1.88B | $2.05B |
| Custo da Receita | $54.1M | $72.0M | $90.8M | $109.7M | $123.5M | $161.9M | $212.7M | $276.3M | $334.6M | $439.3M |
| Lucro Bruto | $275.1M | $361.0M | $475.6M | $627.9M | $717.9M | $893.6M | $1.16B | $1.42B | $1.55B | $1.61B |
| P&D | $21.0M | $30.4M | $46.2M | $73.1M | $90.2M | $118.4M | $148.3M | $199.0M | $242.6M | $283.4M |
| Despesas Gerais e Administrativas | $144.5M | $191.1M | $240.5M | $306.8M | $413.9M | $485.8M | $585.7M | $705.7M | $593.0M | $761.8M |
| Despesas Operacionais | $173.3M | $231.3M | $301.9M | $401.7M | $531.8M | $640.1M | $783.8M | $966.1M | $914.3M | $1.05B |
| Lucro Operacional | $101.7M | $129.7M | $173.7M | $226.2M | $186.1M | $253.6M | $378.7M | $451.3M | $634.3M | $567.2M |
| EBITDA | $115.7M | $148.0M | $205.1M | $269.2M | $239.3M | $323.2M | $484.8M | $588.2M | $798.3M | $799.1M |
| Despesas com Juros | $1.0M | $911000 | $766000 | $940000 | $19000 | 0 | $2.5M | $1.9M | $3.4M | $3.4M |
| Lucro Antes de Impostos | $101.0M | $127.7M | $174.7M | $226.1M | $185.9M | $256.0M | $389.6M | $472.4M | $649.0M | $619.4M |
| Imposto | $13.4M | $9.8M | $37.6M | $45.5M | $42.5M | $60.0M | $108.2M | $131.6M | $147.0M | $166.0M |
| Lucro Líquido | $43.8M | $66.8M | $137.1M | $180.6M | $143.5M | $196.0M | $281.4M | $340.8M | $502.0M | $453.4M |
| LPA | $0.76 | $1.15 | $2.38 | $3.14 | $2.49 | $3.39 | $4.86 | $5.91 | $8.93 | $8.13 |
| LPA Diluído | $0.74 | $1.13 | $2.34 | $3.09 | $2.46 | $3.37 | $4.84 | $5.88 | $8.92 | $8.08 |
| Ações em Circulação (Diluídas) | $59.0M | $58.8M | $58.6M | $58.4M | $58.3M | $58.2M | $58.2M | $58.0M | $56.3M | $56.1M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $493.3M | $544.3M | $571.9M | $531.2M |
| Lucro Bruto | $384.3M | $430.7M | $457.9M | $442.1M |
| Lucro Operacional | $112.6M | $157.2M | $210.3M | $168.5M |
| EBITDA | $198.8M | $209.4M | $270.4M | $219.7M |
| Lucro Líquido | $110.7M | $113.8M | $155.7M | $107.4M |
| LPA | $1.97 | $2.07 | $3.05 | $2.34 |
| LPA Diluído | $1.96 | $2.07 | $3.04 | $2.34 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $60.2M | $46.1M | $45.7M | $133.7M | $151.7M | $278.0M | $400.7M | $294.0M | $402.0M | $370.0M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $2.0M | $8.6M | $7.4M | $13.3M | $19.6M | $25.9M | $28.4M | $34.8M | $51.1M | $123.1M |
| Estoque | $675000 | $979000 | $797000 | $1.2M | $1.2M | $1.1M | $1.6M | $1.4M | $1.4M | $1.7M |
| Ativos Circulantes | $925.6M | $1.18B | $1.06B | $1.87B | $1.86B | $2.25B | $2.76B | $2.81B | $4.30B | $5.84B |
| Imobilizado | $96.8M | $147.7M | $177.0M | $238.5M | $285.2M | $349.0M | $402.4M | $572.0M | $642.0M | $776.7M |
| Ágio | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M | $51.9M |
| Ativos Intangíveis | $1.9M | $958000 | $745000 | $532000 | $319000 | $58.0M | $54.0M | $50.1M | $46.2M | $37.4M |
| Ativos Totais | $1.08B | $1.36B | $1.52B | $2.49B | $2.61B | $3.22B | $3.90B | $4.20B | $5.86B | $7.60B |
| Contas a Pagar | $3.7M | $6.5M | $6.3M | $5.1M | $6.8M | $5.8M | $16.1M | $13.9M | $23.9M | $6.6M |
| Dívida de Curto Prazo | $1.1M | $888000 | $1.8M | $1.8M | $1.8M | $1.8M | 0 | 0 | 0 | $28.4M |
| Passivos Circulantes | $898.9M | $1.14B | $1.03B | $1.75B | $1.72B | $1.99B | $2.38B | $2.53B | $3.91B | $5.37B |
| Dívida de Longo Prazo | $28.7M | $34.4M | $32.6M | $30.9M | $29.1M | $27.4M | $29.0M | 0 | 0 | $61.9M |
| Passivos Totais | $962.1M | $1.22B | $1.19B | $1.96B | $1.95B | $2.32B | $2.72B | $2.89B | $4.28B | $5.87B |
| Reservas | $70.4M | $258.5M | $395.6M | $576.2M | $719.6M | $915.6M | $1.20B | $1.47B | $1.89B | $2.26B |
| Patrimônio Líquido | $116.5M | $281.2M | $334.8M | $526.6M | $655.6M | $893.7M | $1.18B | $1.30B | $1.58B | $1.73B |
| Dívida Total | $29.8M | $35.3M | $34.4M | $32.6M | $30.9M | $29.2M | $29.0M | $75.9M | $83.4M | $152.2M |
| Dívida Líquida | -$30.3M | -$10.8M | -$11.3M | -$101.0M | -$120.8M | -$248.8M | -$371.7M | -$218.1M | -$318.6M | -$217.8M |
| Capital de Giro | $26.7M | $36.1M | $35.9M | $117.6M | $146.6M | $261.6M | $387.1M | $278.8M | $398.0M | $470.4M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $375.0M | $370.0M | $153.9M | $198.0M |
| Ativos Totais | $4.25B | $7.60B | $4.82B | $5.20B |
| Passivos Totais | $2.54B | $5.87B | $4.01B | $4.63B |
| Patrimônio Líquido | $1.71B | $1.73B | $811.7M | $571.5M |
| Dívida Total | $145.6M | $152.2M | $763.6M | $982.8M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $43.8M | $66.8M | $137.1M | $180.6M | $143.5M | $196.0M | $281.4M | $340.8M | $502.0M | $453.4M |
| Depreciação e Amortização | $13.6M | $19.4M | $29.7M | $42.2M | $53.4M | $67.2M | $92.7M | $113.9M | $145.9M | $176.3M |
| Compensação em Ações | $22.5M | $38.5M | $36.6M | $47.3M | $90.1M | $97.5M | $94.9M | $129.8M | -$22.9M | $118.7M |
| Variação Capital de Giro | $20.8M | $6.2M | -$37.8M | -$67.3M | -$81.0M | -$73.6M | -$100.5M | -$105.8M | -$99.0M | -$178.4M |
| Fluxo de Caixa Operacional | $99.0M | $130.6M | $184.8M | $224.3M | $227.2M | $319.4M | $365.1M | $485.0M | $533.9M | $678.9M |
| CapEx | -$43.8M | -$59.4M | -$59.9M | -$92.9M | -$94.1M | -$126.2M | -$136.8M | -$196.8M | -$197.3M | -$270.9M |
| Aquisições | $295000 | 0 | -$10.5M | $126.6M | $23.8M | $126.0M | -$382.2M | 0 | 0 | $100000 |
| Recompra de Ações | -$35.6M | -$56.9M | -$105.2M | -$42.5M | -$52.0M | -$65.6M | -$94.7M | -$286.6M | -$122.8M | -$325.5M |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$64.8M | -$84.8M | -$84.8M |
| Fluxo de Caixa Livre | $55.1M | $71.2M | $124.9M | $131.3M | $133.1M | $193.2M | $228.3M | $288.2M | $336.6M | $408.0M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $175.9M | $196.1M | $212.5M | $427.6M |
| CapEx | -$98.0M | -$73.5M | -$31.2M | -$54.9M |
| Fluxo de Caixa Livre | $77.9M | $122.6M | $181.3M | $372.7M |
| Dividendos Pagos | -$21.2M | -$20.7M | -$17.7M | -$35.5M |
| Compensação em Ações | $31.2M | $26.9M | 0 | $31.6M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +31.6% | +30.8% | +30.3% | +14.1% | +25.4% | +30.3% | +23.2% | +11.2% | +8.9% |
| Crescimento Lucro Líquido (anual) | | +52.4% | +105.2% | +31.7% | -20.6% | +36.6% | +43.6% | +21.1% | +47.3% | -9.7% |
| Crescimento LPA (anual) | | +51.3% | +107.0% | +31.9% | -20.7% | +36.1% | +43.4% | +21.6% | +51.1% | -9.0% |
| Variação de Ações (anual) | | -0.3% | -0.4% | -0.3% | -0.2% | -0.2% | -0.0% | -0.3% | -2.9% | -0.4% |
| Crescimento FCF (anual) | | +29.1% | +75.4% | +5.1% | +1.4% | +45.1% | +18.2% | +26.2% | +16.8% | +21.2% |
| Margem Bruta | 83.6% | 83.4% | 84.0% | 85.1% | 85.3% | 84.7% | 84.5% | 83.7% | 82.2% | 78.6% |
| Margem Operacional | 30.9% | 30.0% | 30.7% | 30.7% | 22.1% | 24.0% | 27.5% | 26.6% | 33.7% | 27.6% |
| Margem EBITDA | 35.1% | 34.2% | 36.2% | 36.5% | 28.4% | 30.6% | 35.3% | 34.7% | 42.4% | 38.9% |
| Margem Líquida | 13.3% | 15.4% | 24.2% | 24.5% | 17.0% | 18.6% | 20.5% | 20.1% | 26.7% | 22.1% |
| Margem FCF | 16.8% | 16.4% | 22.1% | 17.8% | 15.8% | 18.3% | 16.6% | 17.0% | 17.9% | 19.9% |
| Taxa Efetiva de Imposto | 13.3% | 7.7% | 21.5% | 20.1% | 22.8% | 23.4% | 27.8% | 27.9% | 22.7% | 26.8% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $0.94 | $1.21 | $2.13 | $2.25 | $2.28 | $3.32 | $3.92 | $4.97 | $5.98 | $7.27 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.12 | $1.51 | $1.51 |
| Ações em Circulação (Básicas) | $57.6M | $57.8M | $57.7M | $57.6M | $57.6M | $57.9M | $57.9M | $57.7M | $56.2M | $55.8M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 40.43% |
| Retorno sobre capital investido | 23.25% |
| Retorno sobre ativos | 9.37% |
| Margem bruta | 80.11% |
| Margem operacional | 30.30% |
| Margem líquida | 22.78% |
Saúde financeira
| Dívida / Patrimônio | 1.72 |
| Liquidez corrente | 1.07 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.92 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 59.86 | 69.85 | 51.45 | 84.32 | 181.63 | 122.47 | 63.85 | 34.98 | 22.95 | 19.60 |
| P/VP | 22.47 | 16.52 | 21.11 | 28.94 | 39.75 | 26.89 | 15.20 | 9.16 | 7.31 | 5.14 |
| P/V | 7.95 | 10.73 | 12.48 | 20.66 | 30.97 | 22.77 | 13.07 | 7.04 | 6.12 | 4.33 |
| Margem Bruta | 83.6% | 83.4% | 84.0% | 85.1% | 85.3% | 84.7% | 84.5% | 83.7% | 82.2% | 78.6% |
| Margem Operacional | 30.9% | 30.0% | 30.7% | 30.7% | 22.1% | 24.0% | 27.5% | 26.6% | 33.7% | 27.6% |
| Margem Líquida | 13.3% | 15.4% | 24.2% | 24.5% | 17.0% | 18.6% | 20.5% | 20.1% | 26.7% | 22.1% |