<ul>
<li>想知道 Paycom Software 当前每股约 138 美元是个便宜货还是价值陷阱吗？本文将探讨当前价格实际上意味着什么。</li>
<li>该股票在过去 7 天内显示出 9.2% 的回报，过去 30 天内为 11.4%。然而，年初至今它的损失为 9.2%，过去一年则损失 44.0%，这自然引发了关于风险和潜在恢复的问题。</li>
<li>最近的报道集中在 Paycom Software 如何融入更广泛的专业服务和软件领域，关注其商业模式和客户基础如何应对薪资和人力资源技术的变化。这些讨论为股价在短期内剧烈波动的原因提供了有用的背景，而长期回报则相对疲软。</li>
<li>根据 Simply Wall St 的框架，Paycom Software 的估值得分为 6 分中的 5 分。接下来的部分将分解不同估值方法对该得分的看法，最后深入思考 “公允价值” 对该股票的真正意义。</li>
</ul>
<p>了解为什么 Paycom Software 在过去一年中 -44.0% 的回报落后于同行。</p>
<h3>方法 1：Paycom Software 折现现金流 (DCF) 分析</h3>
<p>折现现金流（DCF）模型将公司预计在未来产生的现金流折现回今天的美元，以估算该业务现在可能的价值。</p>
<p>对于 Paycom Software，该模型采用 2 阶段自由现金流到股权的方法，以过去 12 个月的 4.699 亿美元自由现金流作为起点。分析师的估计和 Simply Wall St 的推算预计到 2030 年自由现金流将达到 6.93 亿美元，2026 年至 2035 年的年度数据均在数亿美元之间。</p>
<p>将这些预计的现金流折现回今天并汇总，得出的每股内在价值约为 337.58 美元。与最近的每股价格约 138 美元相比，DCF 输出表明该股票的交易价格大约比内在价值低 59.0%，这表明在该模型下的估值显著便宜。</p>
<p><strong>结果：被低估</strong></p>
<p>我们的折现现金流 (DCF) 分析表明 Paycom Software 被低估了 59.0%。将其添加到您的观察列表或投资组合中，或发现更多 51 只高质量被低估的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTA5?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTA5"/></p>
<p>截至 2026 年 5 月的 PAYC 折现现金流</p>
<p>前往我们公司报告的估值部分，了解我们如何得出 Paycom Software 的公允价值。</p>
<h3>方法 2：Paycom Software 价格与收益</h3>
<p>市盈率 (P/E) 是评估盈利公司的一种常见方式，因为它将您为每股支付的价格直接与该公司当前产生的收益联系起来。对于您作为投资者来说，这是市场为每一美元当前收益所要求的价格的快速简写。</p>
<p>什么算是 “正常” 或 “公允” 的市盈率取决于市场对公司增长前景和风险的看法。预期收益增长较高或感知风险较低可以证明较高的倍数，而增长缓慢或风险较高通常要求较低的倍数。</p>
<p>Paycom Software 当前的市盈率为 13.72 倍。这低于专业服务行业平均的约 19.24 倍和同行组平均的 18.81 倍。Simply Wall St 还计算出一个专有的 “公允比率” 为 18.75 倍，反映了收益增长、利润率、行业、市场资本和特定风险等因素。这个公允比率比简单的同行或行业比较更具信息性，因为它是针对该公司的特征量身定制的，而不是使用广泛的组平均值。</p>
<p>将公允比率 18.75 倍与当前市盈率 13.72 倍进行比较，表明该股票在该指标上被低估。</p>
<p><strong>结果：被低估</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA1LTA5?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA1LTA5"/></p>
<p>截至 2026 年 5 月的 NYSE:PAYC 市盈率</p>
<p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？开始投资于遗产，而不是高管。发现我们 18 家顶级创始人领导的公司。</p>
<h2>升级您的决策：选择您的 Paycom Software 故事</h2>
<p>之前提到过，有一种更好的方式来理解估值，这就是叙述，它为您提供了一种简单的方法，将您对公司的故事与数字联系起来，通过将您对未来收入、收益和利润率的假设与您可以与今天的价格进行比较的公允价值估计相联系。</p>
<p>在 Simply Wall St 的社区页面上，叙述易于使用，当有新闻或收益等新信息添加时会自动更新，并帮助您决定一只股票是否看起来有吸引力或被高估，让您能够将公允价值与当前价格进行对比，而不仅仅依赖单一的市盈率或 DCF 输出。</p>
<p>对于 Paycom Software，一位投资者可能会围绕接近 250.00 美元的更高公允价值构建叙述，这反映了与更乐观的分析师群体相似的假设，而另一位可能会倾向于接近 151.53 美元或甚至 120.00 美元的公允价值，更接近较低的分析师目标。叙述只是将这些不同的观点明确化，以便您可以看到您同意哪个故事。</p>
<p>您认为 Paycom Software 的故事还有更多内容吗？前往我们的社区看看其他人怎么说！</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/quote-price/query-ZGF0ZT0yMDI2LTA1LTA5?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/quote-price/query-ZGF0ZT0yMDI2LTA1LTA5"/></p>
<p>NYSE:PAYC 1 年股票价格走势图</p>
<p><em>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章不应被视为财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>
<h3><strong>新功能：</strong> 在一个地方管理您的所有股票投资组合</h3>
<p>我们为股票投资者创建了 <strong>终极投资组合助手</strong>，<strong>而且是免费的。</strong></p>
<p>• 连接无限数量的投资组合，并以一种货币查看您的总额</p>
<p>• 通过电子邮件或手机接收新的警告信号或风险提示</p>
<p>• 跟踪您股票的公允价值</p>
<p>免费试用演示投资组合</p>

PAYC

基准数据与基础设施房地产 SCTR ETF - Pacer

标普软件与服务 ETF - SPDR

云计算 ETF - GlobalX

IDGT

XDAT

北美科技软件股指数 ETF - iShares

DTCR

<p>Paycom Software (PAYC) 当前股价约为每股 138 美元，反映出过去一年下降了 44.0%。尽管在过去一周回报率为 9.2%，过去一个月为 11.4%，但对其长期表现的担忧依然存在。折现现金流分析表明，该股票被低估了 59.0%，其内在价值估计为每股 337.58 美元。此外，其市盈率为 13.72 倍，低于行业平均水平，进一步表明被低估。投资者在评估 Paycom 的潜在复苏时，建议考虑这些见解</p>

<ul>
<li>Wondering if Paycom Software at around US$138 a share is a bargain or a value trap? This article walks through what the current price actually implies.</li>
<li>The stock has shown a 9.2% return over the last 7 days and 11.4% over the last 30 days. Yet year to date it sits at a 9.2% loss and a 44.0% loss over the past year, which naturally raises questions about risk and potential recovery.</li>
<li>Recent coverage has focused on how Paycom Software fits into the broader professional services and software space, with attention on how its business model and customer base might respond to changing conditions in payroll and HR technology. These discussions give useful context for why the share price has moved sharply over shorter time frames while longer term returns have been weak.</li>
<li>On Simply Wall St's framework, Paycom Software holds a valuation score of 5 out of 6. The next sections break down what different valuation approaches say about that score, before finishing with a deeper way to think about what &#34;fair value&#34; really means for this stock.</li>
</ul>
<div class="lb-trans"><ul>
<li>想知道 Paycom Software 当前每股约 138 美元是个便宜货还是价值陷阱吗？本文将探讨当前价格实际上意味着什么。</li>
<li>该股票在过去 7 天内显示出 9.2% 的回报，过去 30 天内为 11.4%。然而，年初至今它的损失为 9.2%，过去一年则损失 44.0%，这自然引发了关于风险和潜在恢复的问题。</li>
<li>最近的报道集中在 Paycom Software 如何融入更广泛的专业服务和软件领域，关注其商业模式和客户基础如何应对薪资和人力资源技术的变化。这些讨论为股价在短期内剧烈波动的原因提供了有用的背景，而长期回报则相对疲软。</li>
<li>根据 Simply Wall St 的框架，Paycom Software 的估值得分为 6 分中的 5 分。接下来的部分将分解不同估值方法对该得分的看法，最后深入思考 “公允价值” 对该股票的真正意义。</li>
</ul>
</div><p>Find out why Paycom Software's -44.0% return over the last year is lagging behind its peers.</p>
<div class="lb-trans"><p>了解为什么 Paycom Software 在过去一年中 -44.0% 的回报落后于同行。</p>
</div><h3>Approach 1: Paycom Software Discounted Cash Flow (DCF) Analysis</h3>
<div class="lb-trans"><h3>方法 1：Paycom Software 折现现金流 (DCF) 分析</h3>
</div><p>A Discounted Cash Flow, or DCF, model takes the cash that a company is expected to generate in the future and then discounts those amounts back into today’s dollars to estimate what the business might be worth now.</p>
<div class="lb-trans"><p>折现现金流（DCF）模型将公司预计在未来产生的现金流折现回今天的美元，以估算该业务现在可能的价值。</p>
</div><p>For Paycom Software, the model is a 2 Stage Free Cash Flow to Equity approach using $469.9 million of last twelve month free cash flow as the starting point. Analyst estimates and Simply Wall St extrapolations project free cash flow reaching $693.0 million by 2030, with a path of annual figures between 2026 and 2035 that are all in the hundreds of millions of dollars.</p>
<div class="lb-trans"><p>对于 Paycom Software，该模型采用 2 阶段自由现金流到股权的方法，以过去 12 个月的 4.699 亿美元自由现金流作为起点。分析师的估计和 Simply Wall St 的推算预计到 2030 年自由现金流将达到 6.93 亿美元，2026 年至 2035 年的年度数据均在数亿美元之间。</p>
</div><p>Bringing those projected cash flows back to today and aggregating them gives an estimated intrinsic value of about $337.58 per share. Compared with a recent share price around $138, the DCF output suggests the stock trades at roughly a 59.0% discount to this intrinsic value, which points to a valuation that screens as significantly cheap on this model.</p>
<div class="lb-trans"><p>将这些预计的现金流折现回今天并汇总，得出的每股内在价值约为 337.58 美元。与最近的每股价格约 138 美元相比，DCF 输出表明该股票的交易价格大约比内在价值低 59.0%，这表明在该模型下的估值显著便宜。</p>
</div><p><strong>Result: UNDERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：被低估</strong></p>
</div><p>Our Discounted Cash Flow (DCF) analysis suggests Paycom Software is undervalued by 59.0%. Track this in your watchlist or portfolio, or discover 51 more high quality undervalued stocks.</p>
<div class="lb-trans"><p>我们的折现现金流 (DCF) 分析表明 Paycom Software 被低估了 59.0%。将其添加到您的观察列表或投资组合中，或发现更多 51 只高质量被低估的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/dcf/query-ZGF0ZT0yMDI2LTA1LTA5" alt="" original-src="https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/dcf?date=2026-05-09"/></p>
<p>PAYC Discounted Cash Flow as at May 2026</p>
<div class="lb-trans"><p>截至 2026 年 5 月的 PAYC 折现现金流</p>
</div><p>Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Paycom Software.</p>
<div class="lb-trans"><p>前往我们公司报告的估值部分，了解我们如何得出 Paycom Software 的公允价值。</p>
</div><h3>Approach 2: Paycom Software Price vs Earnings</h3>
<div class="lb-trans"><h3>方法 2：Paycom Software 价格与收益</h3>
</div><p>P/E is a common way to assess profitable companies because it links what you pay for each share directly to the earnings that company is generating today. For you as an investor, it is a quick shorthand for how many dollars of price the market is asking for each dollar of current earnings.</p>
<div class="lb-trans"><p>市盈率 (P/E) 是评估盈利公司的一种常见方式，因为它将您为每股支付的价格直接与该公司当前产生的收益联系起来。对于您作为投资者来说，这是市场为每一美元当前收益所要求的价格的快速简写。</p>
</div><p>What counts as a “normal” or “fair” P/E depends on how the market views a company’s growth prospects and risks. Higher expected earnings growth or lower perceived risk can justify a higher multiple, while slower growth or higher risk usually calls for a lower one.</p>
<div class="lb-trans"><p>什么算是 “正常” 或 “公允” 的市盈率取决于市场对公司增长前景和风险的看法。预期收益增长较高或感知风险较低可以证明较高的倍数，而增长缓慢或风险较高通常要求较低的倍数。</p>
</div><p>Paycom Software currently trades on a P/E of 13.72x. That sits below both the Professional Services industry average of about 19.24x and the peer group average of 18.81x. Simply Wall St also calculates a proprietary “Fair Ratio” of 18.75x, which reflects factors such as earnings growth, profit margin, industry, market cap and specific risks. This Fair Ratio can be more informative than a simple peer or industry comparison because it is tailored to this company’s profile rather than using broad group averages.</p>
<div class="lb-trans"><p>Paycom Software 当前的市盈率为 13.72 倍。这低于专业服务行业平均的约 19.24 倍和同行组平均的 18.81 倍。Simply Wall St 还计算出一个专有的 “公允比率” 为 18.75 倍，反映了收益增长、利润率、行业、市场资本和特定风险等因素。这个公允比率比简单的同行或行业比较更具信息性，因为它是针对该公司的特征量身定制的，而不是使用广泛的组平均值。</p>
</div><p>Comparing the Fair Ratio of 18.75x with the current P/E of 13.72x suggests the stock screens as undervalued on this metric.</p>
<div class="lb-trans"><p>将公允比率 18.75 倍与当前市盈率 13.72 倍进行比较，表明该股票在该指标上被低估。</p>
</div><p><strong>Result: UNDERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：被低估</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/pe-multiple-vs-industry/query-ZGF0ZT0yMDI2LTA1LTA5" alt="" original-src="https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/pe-multiple-vs-industry?date=2026-05-09"/></p>
<p>NYSE:PAYC P/E Ratio as at May 2026</p>
<div class="lb-trans"><p>截至 2026 年 5 月的 NYSE:PAYC 市盈率</p>
</div><p>P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 18 top founder-led companies.</p>
<div class="lb-trans"><p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？开始投资于遗产，而不是高管。发现我们 18 家顶级创始人领导的公司。</p>
</div><h2>Upgrade Your Decision Making: Choose your Paycom Software Narrative</h2>
<div class="lb-trans"><h2>升级您的决策：选择您的 Paycom Software 故事</h2>
</div><p>Earlier it was mentioned that there is an even better way to understand valuation, so this is where Narratives come in, giving you a simple way to attach your story about a company to the numbers by linking your assumptions for future revenue, earnings and margins to a fair value estimate that you can compare with today’s price.</p>
<div class="lb-trans"><p>之前提到过，有一种更好的方式来理解估值，这就是叙述，它为您提供了一种简单的方法，将您对公司的故事与数字联系起来，通过将您对未来收入、收益和利润率的假设与您可以与今天的价格进行比较的公允价值估计相联系。</p>
</div><p>On Simply Wall St’s Community page, Narratives are easy to use, are updated automatically when new information like news or earnings is added, and help you decide if a stock looks attractive or stretched by letting you line up your Fair Value against the current Price rather than relying only on a single P/E or DCF output.</p>
<div class="lb-trans"><p>在 Simply Wall St 的社区页面上，叙述易于使用，当有新闻或收益等新信息添加时会自动更新，并帮助您决定一只股票是否看起来有吸引力或被高估，让您能够将公允价值与当前价格进行对比，而不仅仅依赖单一的市盈率或 DCF 输出。</p>
</div><p>For Paycom Software, one investor might build a Narrative around a higher fair value near US$250.00 that reflects assumptions similar to the more optimistic analyst cohort, while another might lean toward a fair value around US$151.53 or even US$120.00, closer to the lower analyst targets. Narratives simply make those different views explicit so you can see which story you agree with.</p>
<div class="lb-trans"><p>对于 Paycom Software，一位投资者可能会围绕接近 250.00 美元的更高公允价值构建叙述，这反映了与更乐观的分析师群体相似的假设，而另一位可能会倾向于接近 151.53 美元或甚至 120.00 美元的公允价值，更接近较低的分析师目标。叙述只是将这些不同的观点明确化，以便您可以看到您同意哪个故事。</p>
</div><p>Do you think there's more to the story for Paycom Software? Head over to our Community to see what others are saying!</p>
<div class="lb-trans"><p>您认为 Paycom Software 的故事还有更多内容吗？前往我们的社区看看其他人怎么说！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/quote-price/query-ZGF0ZT0yMDI2LTA1LTA5" alt="" original-src="https://images.simplywall.st/company/4ba91d1a-ba26-4ddd-b535-60a268cbf663/chart/quote-price?date=2026-05-09"/></p>
<p>NYSE:PAYC 1-Year Stock Price Chart</p>
<div class="lb-trans"><p>NYSE:PAYC 1 年股票价格走势图</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章不应被视为财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>
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<div class="lb-trans"><h3><strong>新功能：</strong> 在一个地方管理您的所有股票投资组合</h3>
</div><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p>
<div class="lb-trans"><p>我们为股票投资者创建了 <strong>终极投资组合助手</strong>，<strong>而且是免费的。</strong></p>
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<div class="lb-trans"><p>• 连接无限数量的投资组合，并以一种货币查看您的总额</p>
</div><p>• Be alerted to new Warning Signs or Risks via email or mobile</p>
<div class="lb-trans"><p>• 通过电子邮件或手机接收新的警告信号或风险提示</p>
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<div class="lb-trans"><p>• 跟踪您股票的公允价值</p>
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<div class="lb-trans"><p>免费试用演示投资组合</p>
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Is It Time To Revisit Paycom Software (PAYC) After A Steep One Year Share Price Slide?

Simplywall

Paycom Software

Proshares Big Data Refiners ETF

iShares US Digital Infrastructure and Real Estate ETF

FRNKL EXP DT ETF

Global X Data Center & Dgtl Infrs ETF

在 Paycom Software (PAYC) 经历了一年股价大幅下滑后，是否是时候重新审视这家公司？