The company maintains a conservative capital structure with a debt-to-equity ratio of 0.11, though the current ratio has tightened significantly to 0.13 as of 2026Q3.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 |
|---|
| Total Current Assets | 519.87M | 3.31B | 3.52B | 3.05B | 4.23B | 2.03B | 1.66B | 1.6B | 1.38B | 1.06B | 1.34B | 678.78M | 500.26M | 366.72M | 274.09M | 308.81M |
| Cash & Short-Term Investments | 299.73M | 398.07M | 401.81M | 288.77M | 139.76M | 206.74M | 285.41M | 161.79M | 137.19M | 103.47M | 86.5M | 81.26M | 78.85M | 7.59M | 9.03M | 7.99M |
| Cash Only | 299.73M | 398.07M | 401.81M | 288.77M | 139.76M | 202.29M | 250.85M | 132.48M | 137.19M | 103.47M | 86.5M | 81.26M | 78.85M | 7.59M | 9.03M | 7.99M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 4.46M | 34.56M | 29.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 48.37M | 41.64M | 33M | 25.09M | 15.75M | 6.27M | 4.92M | 4.36M | 3.45M | 2.04M | 1.68M | 1.11M | 756K | 740K | 505K | 852K |
| Days Sales Outstanding | 9.28 | 9.53 | 8.59 | 7.79 | 6.74 | 3.6 | 3.2 | 3.4 | 3.34 | 2.48 | 2.66 | 2.67 | 2.54 | 3.49 | 3.35 | 7.88 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 171.78M | 2.87B | 3.09B | 2.73B | 4.05B | 1.8B | 1.36B | 1.42B | 1.23B | 942.46M | 1.24B | 591.99M | 417.97M | 356.51M | 263.74M | 299.4M |
| Total Non-Current Assets | 4.92B | 1.08B | 720.97M | 647.24M | 577.33M | 382M | 322.49M | 207.75M | 129.36M | 74.59M | 55.48M | 41.77M | 27.89M | 11.2M | 10.86M | 7.68M |
| Property, Plant & Equipment | 91.68M | 90.21M | 94.43M | 108.14M | 112.05M | 103.82M | 115.39M | 70.06M | 62.03M | 40.76M | 26.79M | 16.06M | 13.13M | 8.59M | 7.14M | 4.96M |
| Fixed Asset Turnover | 19.34x | 17.68x | 14.85x | 10.86x | 7.61x | 6.12x | 4.86x | 6.68x | 6.09x | 7.36x | 8.61x | 9.51x | 8.28x | 9.00x | 7.71x | 7.96x |
| Goodwill | 343.16M | 343.1M | 108.94M | 102.05M | 101.95M | 33.65M | 21.66M | 9.59M | 9.59M | 6M | 6M | 6M | 3.04M | 0 | 0 | 0 |
| Intangible Assets | 77.14M | 224.99M | 144.7M | 120.65M | 107.46M | 58.05M | 49.86M | 38.24M | 34.1M | 26.3M | 21.85M | 19.3M | 11.41M | 2.61M | 3.71M | 2.73M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.4B | 401.41M | 355.08M | 300.55M | 236.81M | 174.89M | 130.63M | 83.4M | 1.5M | 1.53M | 845K | 403K | 313K | 0 | 0 | 0 |
| Total Assets | 5.44B | 4.39B | 4.25B | 3.7B | 4.81B | 2.41B | 1.99B | 1.8B | 1.51B | 1.14B | 1.39B | 720.55M | 528.15M | 377.92M | 284.94M | 316.49M |
| Asset Turnover | 0.33x | 0.36x | 0.33x | 0.32x | 0.18x | 0.26x | 0.28x | 0.26x | 0.25x | 0.26x | 0.17x | 0.21x | 0.21x | 0.20x | 0.19x | 0.12x |
| Asset Growth % | 45.71% | 3.39% | 14.88% | -23.15% | 99.14% | 21.62% | 10.07% | 19.66% | 32.54% | -18.21% | 93% | 36.43% | 39.75% | 32.63% | -9.97% | - |
| Total Current Liabilities | 4.04B | 2.91B | 3.12B | 2.77B | 4.12B | 1.87B | 1.41B | 1.46B | 1.27B | 974.81M | 1.27B | 609.49M | 433.13M | 364.41M | 271.3M | 304.32M |
| Accounts Payable | 12.26M | 17.35M | 8.64M | 6.15M | 8.37M | 4.23M | 1.75M | 3.95M | 2.99M | 2.05M | 1.62M | 1.33M | 2.13M | 880K | 1.11M | 703K |
| Days Payables Outstanding | 7.38 | 12.71 | 7.14 | 6.12 | 10.65 | 7.04 | 3.52 | 9.38 | 7.31 | 6.02 | 6.03 | 6.83 | 14.13 | 8.1 | 13.89 | 11.8 |
| Short-Term Debt | 9.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 625K | 1.63M | 312K |
| Deferred Revenue (Current) | 156.69M | 35.72M | 25.95M | 24.54M | 13.55M | 9.44M | 8.78M | 5.57M | 654K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.87B | 2.69B | 2.95B | 2.63B | 3.99B | 1.76B | 1.33B | 1.39B | 1.23B | 942.46M | 1.24B | 592.46M | 420.82M | 356.13M | 263.25M | 298.98M |
| Current Ratio | 0.13x | 1.14x | 1.13x | 1.10x | 1.03x | 1.09x | 1.18x | 1.10x | 1.08x | 1.09x | 1.05x | 1.11x | 1.16x | 1.01x | 1.01x | 1.01x |
| Quick Ratio | 0.13x | 1.14x | 1.13x | 1.10x | 1.03x | 1.09x | 1.18x | 1.10x | 1.08x | 1.09x | 1.05x | 1.11x | 1.16x | 1.01x | 1.01x | 1.01x |
| Cash Conversion Cycle | 1.9 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 225.83M | 250.41M | 95.04M | 78.02M | 75.02M | 70.94M | 183.8M | 39.93M | 23.93M | 15.02M | 4.89M | 3.48M | 3.89M | 3.52M | 4.72M | 5.09M |
| Long-Term Debt | 81.25M | 162.5M | 0 | 0 | 0 | 0 | 100M | 0 | 0 | 0 | 0 | 0 | 0 | 938K | 1.56M | 3.19M |
| Capital Lease Obligations | 180.99M | 46.77M | 46.81M | 62.47M | 69.12M | 67.2M | 73.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 234.56M | 32.56M | 41.82M | 11.82M | 2.22M | 1.78M | 8.75M | 6.94M | 0 | 401K | 249K | 874K | 714K | 269K | 970K | 71K |
| Other Non-Current Liabilities | 12.4M | 8.58M | 6.4M | 3.73M | 3.68M | 1.96M | 1.75M | 32.99M | 23.93M | 14.62M | 4.65M | 2.61M | 3.17M | 2.32M | 2.18M | 1.83M |
| Total Liabilities | 4.26B | 3.16B | 3.21B | 2.85B | 4.2B | 1.94B | 1.59B | 1.5B | 1.29B | 989.83M | 1.27B | 612.97M | 437.02M | 367.94M | 276.02M | 309.41M |
| Total Debt | 134.56M | 217.89M | 54.45M | 70.27M | 77.52M | 74.75M | 181.38M | 1.48M | 2.14M | 0 | 0 | 0 | 0 | 1.56M | 3.19M | 3.5M |
| Net Debt | -165.17M | -180.18M | -347.36M | -218.5M | -62.24M | -127.54M | -69.47M | -130.99M | -135.05M | -103.47M | -86.5M | -81.26M | -78.85M | -6.03M | -5.84M | -4.49M |
| Debt / Equity | 0.11x | 0.18x | 0.05x | 0.08x | 0.13x | 0.16x | 0.46x | 0.00x | 0.01x | - | - | - | - | 0.16x | 0.36x | 0.49x |
| Debt / EBITDA | 0.28x | 0.54x | 0.16x | 0.33x | 0.58x | 0.74x | 1.74x | 0.02x | 0.05x | - | - | - | - | 0.28x | 0.43x | 0.92x |
| Net Debt / EBITDA | -0.35x | -0.45x | -1.03x | -1.01x | -0.46x | -1.26x | -0.67x | -1.44x | -2.93x | -3.65x | -8.38x | - | - | -1.08x | -0.79x | -1.18x |
| Interest Coverage | - | 23.29x | 343.13x | 206.15x | 169.87x | - | 95.21x | - | - | - | - | - | - | - | - | - |
| Total Equity | 1.18B | 1.23B | 1.03B | 842.86M | 613.46M | 476.93M | 392.91M | 307.96M | 212.82M | 147.61M | 119.57M | 107.58M | 91.13M | 9.98M | 8.93M | 7.08M |
| Equity Growth % | 10.59% | 19.43% | 22.57% | 37.39% | 28.63% | 21.38% | 27.58% | 44.7% | 44.18% | 23.45% | 11.15% | 18.05% | 813.07% | 11.81% | 26% | - |
| Book Value per Share | 21.46 | 21.82 | 18.13 | 14.89 | 10.87 | 8.47 | 7.04 | 5.56 | 3.88 | 2.73 | 2.35 | 2.15 | 2.48 | 0.23 | 0.20 | 0.16 |
| Total Shareholders' Equity | 1.18B | 1.23B | 1.03B | 842.86M | 613.46M | 476.93M | 392.91M | 307.96M | 212.82M | 147.61M | 119.57M | 107.58M | 91.13M | 9.98M | 8.93M | 7.08M |
| Common Stock | 54K | 55K | 56K | 56K | 55K | 55K | 54K | 53K | 53K | 52K | 51K | 51K | 50K | 32K | 32K | 38K |
| Retained Earnings | 1.11B | 900.58M | 673.46M | 466.69M | 325.87M | 235.09M | 164.27M | 99.82M | -6.68M | -45.28M | -51.99M | -48.14M | -34.17M | -27.06M | -27.68M | -6.6M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.21M | 5.59M | -936K | -4.51M | -2.3M | 66K | 675K | 112K | -139K | -25.41M | -18.46M | -15.09M | -11.75M | -8.26M | -7.37M | -5.71M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency volatility
According to recent financial filings, Paylocity's current ratio plummeted from 1.32 in 2025Q1 to a precarious 0.13 by 2026Q3, indicating a substantial contraction in the company's short-term liquidity buffer relative to its immediate obligations and suggesting potential strain in managing near-term working capital requirements.
The rapid deterioration in the current ratio warrants close investigation, as it suggests that the company's ability to cover short-term liabilities has weakened significantly over the past six quarters. Investors should monitor whether this trend reflects a structural shift in cash management or temporary timing mismatches related to client fund processing.
As reported in quarterly balance sheets, Paylocity's total assets fluctuated between $4.0 billion and $7.0 billion over the last ten quarters, with goodwill increasing from $108.9 million in 2025Q1 to $343.2 million by 2026Q3, signaling an aggressive pivot toward inorganic growth through recent acquisitions.
The tripling of goodwill suggests that the company is increasingly relying on acquisitions to drive its product roadmap, which introduces integration risks and potential future impairment charges. The asset base appears heavily influenced by these strategic moves, which may complicate the assessment of organic asset quality.
Based on reported figures, Paylocity's equity base has grown from $986.8 million in 2024Q2 to $1.2 billion in 2026Q3, a trend largely supported by the accumulation of retained earnings despite the ongoing impact of stock-based compensation on the company's overall capital structure.
While the growth in retained earnings indicates consistent profitability, the reliance on equity-based incentives to attract talent may continue to dilute existing shareholders. The stability of the equity base appears to be a positive indicator, yet it remains sensitive to the company's ability to maintain high margins.
As evidenced by the company's financial statements, the debt-to-equity ratio has remained relatively low, oscillating between 0.05 and 0.34 over the last ten quarters, which suggests that management has maintained a conservative approach to external financing despite the recent increase in total debt to $134.6 million.
The modest leverage levels imply that the company is not overly reliant on debt to fund its operations, providing a degree of flexibility in a volatile interest rate environment. However, the recent uptick in debt levels warrants monitoring to ensure that future capital allocation remains disciplined.
Quick answers to the most common questions about buying PCTY stock.
As of 2025, Paylocity Holding Corporation (PCTY) had total assets of $4.39B including $3.31B in current assets.
Paylocity Holding Corporation (PCTY) carries total debt of $217.9M, offset by $398.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Paylocity Holding Corporation (PCTY) has total shareholders' equity (book value) of $1.23B ($21.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Paylocity Holding Corporation (PCTY) reported a current ratio of 1.14x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.