Paycom Software, Inc.

Paycom Software, Inc. is an American cloud-based human capital management company that provides a single-database software platform covering the full employment lifecycle — from recruitment and onboarding through payroll, benefits administration, talent management, and retirement — generating $2.05 billion in revenue in fiscal 2025. Headquartered in Oklahoma City and selling exclusively through a captive direct sales force of 58 teams, Paycom serves approximately 39,200 clients, primarily mid-market employers with 50 to 10,000-plus workers.

This is a story about a founder-led software business approaching a capital-structure inflection. After a decade of growth funded entirely from operating cash flow, Paycom drew $675 million on its revolver in early 2026 to repurchase 8.4 million shares — roughly 15% of the float — at prices well below the stock's 52-week high of $265.71. The central question the file turns on is whether that buyback, paired with automation-driven margin expansion and improving client retention, makes Paycom a compounding earnings-per-share machine or whether the leverage arrived just as growth began to decelerate.