— Know what they know.
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Not Investment Advice

ADP

NASDAQ · USD
Automatic Data Processing, Inc.
Technology · Software - Application
CEO Maria Black Employees 67,000 R&D / revenue 3.5%
Last price
$288.90+1.14%last session
Market cap
$114.5B
P/E (TTM)
26.3x
From 52w high
−0.4%
From 52w low
+53.5%
1-year return
+3.8%
RSI 14 · vs SMA200
71.2 · +21.2%
IS score
53.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ADP   SPY   XLK (sector ETF) · weekly closes
80100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116ADP 104

Score DNA

Each bar is a 0-100 score within the scored universe
70
Profitability
58
Growth
44
Value
78
Momentum
30
Risk (safety)
77
Quality
53
Balance sheet
80
Earnings quality

Flags

Strengths
✓ Insider buying✓ Congress buying
Warnings
▲ Altman distress zone▲ Beneish M above -1.78
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 1.4Beta 0.834 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.75M bought
Form 144 notices (12m): 19, $17.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-06-16
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+13
200 new holders, 160 closed
2,300 filers hold 92.0% · 883 added, 887 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+234
1,489 funds adding shares
1,255 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
56.6%
20-day avg 60.8%, 50-day avg 58.9%
Latest 4.2 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$21.9B
Revenue growth YoY+6.7%
Gross margin48.2%
Operating income$4.1B
Operating margin18.6%
Net income$4.4B
Net margin20.1%
EPS (diluted)$10.95
Cash flow
Operating cash flow$5.4B
Capital expenditure$196.6M
Free cash flow$5.2B
FCF conversion (FCF / OCF)96.4%
Stock-based compensation$242.6M
FCF less SBC$5.0B
Buybacks$2.1B
Dividends$2.6B
Balance sheet & returns
Cash & short-term investments$4.2B
Total debt$5.0B
Net debt$734.0M
Shareholders' equity$6.0B
Goodwill & intangibles$4.9B
Debt / equity0.87
ROE (TTM)70.2%
ROIC (TTM)23.9%
Operating margin by fiscal year
23.1%FY202225.0%FY202325.7%FY202426.3%FY202518.6%FY2026
Revenue $16.5B (FY2022) to $21.9B (FY2026), a 7.4% CAGR.

Valuation

P/E (TTM)26.3x
EV / EBITDA17.9x
Price / sales5.22x
Price / FCF23.0x
FCF yield4.35%
Buyback yield1.82%
SBC / revenue1.1%
Price / book19.13x
Forward P/E FY202723.6x
Forward P/E FY202821.6x
Forward multiples divide today's price by Street EPS estimates. Street mean target $282.86 across 7 analysts last quarter is theirs, not ours.

ADP vs industry median

831 companies in Software - Application
Gross margin 48.2% 59.6% Operating margin 18.6% -6.6% Net margin 20.1% -9.7% ROIC 23.9% 3.5%
ADP (TTM)Industry median Asset turnover 0.35 vs industry 0.57 · financial leverage 10.48

Earnings delivery

Next report 2026-10-28 · consensus EPS $2.77
100%
beat rate, 12 of 12 quarters
+2.1%
median EPS surprise
12
longest beat streak
+2+1+3+1+5+2+3+1+2+2+2+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ADP Automatic Data Processing, I $114.5B26.3x70.2%20.1%+6.7% +3.8%
SNOW Snowflake Inc. $108.3Bn/m-48.2%-12.4%+32.0% +27.8%
ADBE Adobe Inc. $95.4B13.7x61.9%27.0%+12.0% −25.5%
UBER Uber Technologies, Inc. $143.7B15.2x38.4%16.9%+16.7% −24.0%
APP AppLovin Corporation $89.4B20.4x203.7%65.8%+37.9% −56.1%
NOW ServiceNow, Inc. $146.8B88.2x14.2%7.5%+22.2% —
DDOG Datadog, Inc. $88.7B497.0x4.7%4.0%+31.5% —
CDNS Cadence Design Systems, Inc. $88.0B63.1x23.2%23.2%+14.7% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-07-29Earnings Release; Exhibits
2026-06-26Material Agreement; Financial Obligation; Exhibits
2026-05-07Material Agreement; Other Events; Exhibits
2026-04-29Earnings Release; Exhibits
2026-01-28Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-11-17Submission of Matters to a Vote of Security Holders

Context

Shares outstanding396,252,000
Free float99.8%
Institutional ownership92.0%
Beta0.83
Dividend yield2.35%
Last dividend$1.70 on 2026-09-11
50 / 200-day average$272.56 / $238.50
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ADP sits among 137 scored companies in Software - Application (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureADPIndustry medianIndustry percentileSector median
P/E (TTM) 25.9x 30.6x
46th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 2.52 1.20
71st		 1.36
Price / sales 5.2x 4.5x
60th		 3.9x
Price / book 19.0x 4.7x
90th		 4.4x
Price / tangible book 81.8x 7.0x
97th		 8.8x
Price / free cash flow 23.0x 17.2x
63rd		 20.3x
Price / operating cash flow 21.5x 16.1x
62nd		 17.9x
Enterprise value $115.5B $3.8B
97th		 $5.5B
EV / sales 5.3x 4.2x
64th		 4.1x
EV / EBITDA 18.0x 19.1x
45th		 18.9x
EV / EBIT 19.7x 27.7x
37th		 26.7x
EV / free cash flow 23.2x 18.6x
63rd		 21.9x
Earnings yield 3.9% 1.4%
72nd		 2.0%
FCF yield 4.3% 4.8%
46th		 3.3%
Operating cash flow yield 4.6% 5.1%
46th		 4.4%
Graham number (per share) $61.27 $20.79
82nd		 $28.08

Profitability (TTM)

MeasureADPIndustry medianIndustry percentileSector median
Gross margin 48.2% 71.1%
18th		 55.7%
EBITDA margin 29.3% 13.6%
79th		 13.7%
Operating margin 18.6% 7.3%
76th		 8.2%
EBIT margin 26.7% 7.1%
83rd		 8.6%
Net margin 20.1% 4.7%
81st		 5.7%
NOPAT margin 14.3% 5.9%
71st		 7.0%
FCF margin 22.7% 20.3%
58th		 15.0%
Operating cash flow margin 24.2% 22.5%
54th		 18.4%
R&D / revenue 3.5% 18.2%
12th		 12.9%
SG&A / revenue 20.1% 38.6%
11th		 25.6%
Stock comp / revenue 1.1% 7.8%
8th		 4.4%
Effective tax rate 23.0% 21.0%
76th		 21.0%

Returns on capital

MeasureADPIndustry medianIndustry percentileSector median
ROE (on average equity) 72.2% 7.9%
92nd		 9.4%
ROA 7.6% 3.0%
70th		 4.1%
ROIC 44.4% 6.6%
84th		 9.0%
ROCE 44.5% 5.7%
96th		 8.6%
Return on tangible assets 10.1% 4.6%
75th		 5.9%
Cash ROIC (OCF / invested capital) 75.2% 29.6%
76th		 20.7%
Gross profitability (GP / assets) 16.7% 37.6%
21st		 30.0%
ROIC, 3-yr average 50.6% 4.8%
90th		 7.4%
ROIC, 5-yr average 87.8% -1.1%
96th		 7.9%
ROE, 5-yr average 82.1% -2.6%
98th		 6.9%
Incremental ROIC 0.0% 13.7%
40th		 15.3%

Growth

MeasureADPIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 6.7% 15.1%
18th		 14.3%
Revenue growth (QoQ) -7.8% 4.6%
6th		 6.6%
Revenue CAGR, 3 yr 6.8% 13.7%
22nd		 9.6%
Revenue CAGR, 5 yr 7.9% 16.6%
15th		 11.5%
Gross profit CAGR, 3 yr 6.3% 14.9%
20th		 10.9%
Operating income CAGR, 3 yr -3.3% 20.6%
0th		 11.3%
Net income growth (TTM YoY) 8.2% 27.2%
36th		 21.6%
Net income CAGR, 3 yr 9.0% 20.3%
24th		 9.9%
EPS growth (TTM YoY) 10.4% 30.6%
33rd		 22.3%
EPS CAGR, 3 yr 10.3% 20.2%
24th		 11.2%
EPS CAGR, 5 yr 12.6% 15.4%
39th		 12.0%
FCF growth (TTM YoY) 4.4% 28.9%
15th		 24.6%
FCF CAGR, 3 yr 11.0% 31.3%
10th		 19.3%
Operating cash flow CAGR, 3 yr 8.1% 28.0%
5th		 17.9%
Book value CAGR, 3 yr 21.3% 4.5%
81st		 6.8%
Dividend CAGR, 3 yr 4.3% 4.5%
43rd		 3.1%
Sustainable growth rate 29.3% 15.5%
69th		 14.2%

Margin history & stability

MeasureADPIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 49.5% 71.3%
18th		 53.2%
Operating margin, 3-yr average 23.5% 4.7%
86th		 6.6%
Net margin, 3-yr average 19.8% 5.1%
84th		 5.2%
FCF margin, 3-yr average 21.5% 19.8%
57th		 12.7%
Revenue stability (0-1) 1.00 0.97
94th		 0.87
Earnings stability (0-1) 1.00 0.56
100th		 0.45
Margin stability (0-1) 0.97 0.97
48th		 0.95

Liquidity (latest quarter)

MeasureADPIndustry medianIndustry percentileSector median
Cash & short-term investments $4.2B $434.8M
91st		 $494.1M
Net cash (− = net debt) −$1.0B $57.2M
20th		 $49.8M
Working capital −$41.4B $247.5M
0th		 $391.0M
Current ratio 0.17 1.74
0th		 1.92
Quick ratio 0.17 1.72
0th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.08 1.13
4th		 0.95
Defensive interval (days) 435 days 370 days
57th		 521 days

Leverage & solvency (latest quarter)

MeasureADPIndustry medianIndustry percentileSector median
Total debt $5.3B $237.5M
89th		 $349.3M
Debt / equity 0.87 0.30
76th		 0.29
Net debt / equity 0.17 −0.22
74th		 −0.13
Debt / assets 8.3% 15.2%
38th		 16.9%
Debt / capital 46.6% 23.1%
76th		 22.3%
Debt / EBITDA 0.82 2.26
29th		 1.78
Net debt / EBITDA 0.16 −0.32
60th		 −0.18
Interest coverage (EBIT / interest) 12.8x 5.3x
71st		 5.8x
Cash interest coverage 11.6x 15.8x
42nd		 12.8x
Debt payback (years of OCF) 1.0 yrs 1.0 yrs
47th		 1.6 yrs
Liabilities / assets 90.5% 50.2%
92nd		 48.7%
IS credit model rating A- — —
Implied credit spread (bps) 175 225
44th		 175

Efficiency

MeasureADPIndustry medianIndustry percentileSector median
Asset turnover 0.38 0.59
23rd		 0.62
Fixed asset turnover 21.31 12.05
75th		 9.25
Inventory turnover —
Receivables turnover 6.2 6.5
45th		 6.2
Days sales outstanding 59 days 55 days
57th		 59 days
Days inventory outstanding —
Days payables outstanding 5 days 31 days
7th		 46 days
Cash conversion cycle (days) 54 days 22 days
83rd		 50 days
Capex / revenue 1.5% 1.3%
57th		 2.3%
Capex / depreciation 0.60 0.41
66th		 0.56
Operating expense ratio 32.2% 62.8%
8th		 44.3%

Cash flow & earnings quality

MeasureADPIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.21 1.89
18th		 1.61
FCF / net income 1.13 1.70
23rd		 1.33
FCF / operating cash flow 93.6% 94.0%
48th		 88.0%
Capex / operating cash flow 6.4% 6.0%
52nd		 12.0%
Accruals ratio -1.6% -10.9%
87th		 -6.3%
Sloan accruals ratio -75.4% -4.7%
0th		 -1.8%
Earnings quality score (0-1) 1.00 0.75
80th		 0.75

Dividends & buybacks

MeasureADPIndustry medianIndustry percentileSector median
Dividend yield 2.4% 0.0%
98th		 0.0%
Dividend per share (TTM) $6.80 $0.00
100th		 $0.00
Payout ratio (dividends / net income) 59.5% 0.0%
98th		 0.0%
Dividends / FCF 52.7% 0.0%
100th		 0.0%
Dividend growth (YoY) 11.7% 11.3%
59th		 4.1%
Buyback yield 1.8% 2.7%
44th		 1.2%
Shareholder yield (dividends + buybacks) 4.1% 3.1%
60th		 1.7%
Share count change (YoY) -2.0% -1.9%
48th		 0.1%
Buybacks, last 5 years $7.9B $309.1M
95th		 $215.3M

Scores & forensic checks

MeasureADPIndustry medianIndustry percentileSector median
IS score 54 56
46th		 56
IS profitability 70 37
82nd		 40
IS growth 58 66
34th		 65
IS value 44 38
65th		 39
IS momentum 78 80
46th		 78
IS risk (safety) 30 80
26th		 100
IS quality 77 63
68th		 67
IS balance sheet 53 69
35th		 72
IS earnings quality 80 52
93rd		 61
IS cash flow 75 72
57th		 66
Piotroski F-score (0-9) 6 6
38th		 6
Altman Z-score 1.4 3.0
26th		 4.0
Beneish M-score −0.94 −2.74
93rd		 −2.58
Ohlson O-score −4.97 −7.88
90th		 −8.00
IS credit score 69 62
56th		 69

Per share

MeasureADPIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $11.05 $0.32
94th		 $0.84
Book value per share $15.10 $6.15
73rd		 $9.77
Tangible book per share $2.74 $1.97
54th		 $3.22
Revenue per share $54.95 $7.54
91st		 $13.00
FCF per share $12.47 $1.56
90th		 $1.78
Operating cash flow per share $13.32 $1.77
90th		 $2.40
Cash per share $10.59 $3.77
82nd		 $4.50

Size (TTM)

MeasureADPIndustry medianIndustry percentileSector median
Market cap $114.5B $3.9B
97th		 $4.7B
Revenue $21.9B $872.9M
97th		 $1.2B
EBITDA $6.4B $101.2M
97th		 $185.8M
Net income $4.4B $34.8M
97th		 $84.9M
Free cash flow $5.0B $198.7M
96th		 $170.6M
Total assets $63.2B $1.8B
99th		 $2.4B
Shareholders' equity $6.0B $907.0M
85th		 $1.1B
Employees 67,000 1,988
99th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-09Sugla Vishwas
Chief Strategy Officer
 Award / grant 2,827——2,827
2026-09-09Sugla Vishwas
Chief Strategy Officer
 Award / grant 2,073——4,900
2026-09-03Desilva Joseph
Executive VP
 Open-market sale 631$282.87$178,49118,824
2026-09-02Foskett David
Corp. VP
 Open-market sale 1,529$283.00$432,70714,146
2026-09-02Desilva Joseph
Executive VP
 Open-market sale 6,512$283.00$1.8M19,455
2026-09-02D'Ambrosio Christopher
Corp. VP
 Open-market sale 1,872$283.00$529,7769,928
2026-09-02Black Maria
President & CEO
 Open-market sale 214$279.21$59,751110,220
2026-09-02Black Maria
President & CEO
 Open-market sale 256$279.44$71,538109,964
2026-09-02Black Maria
President & CEO
 Open-market sale 559$279.93$156,483109,405
2026-09-02Black Maria
President & CEO
 Open-market sale 610$281.86$171,936108,795
2026-09-02Black Maria
President & CEO
 Open-market sale 700$278.59$195,012108,095
2026-09-02Black Maria
President & CEO
 Open-market sale 760$281.70$214,089107,335

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired28194,751—
DiscretionaryAcquired3148$33,208
Open-market buyAcquired13,619$745,695
Open-market saleDisposed2444,534$12.4M
Option exerciseAcquired32,104$321,744
Option exerciseDisposed32,104$321,744
Tax withholdingDisposed1483,246$23.6M
—Disposed30—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 19 notices · 66,518 shares · $17.9M
FiledFilerShares proposedEst. proceeds
2026-09-03Desilva Joseph631$178,491
2026-09-02Black Maria29,810$8.4M
2026-09-02Foskett David1,529$432,707
2026-09-02D'Ambrosio Christopher1,872$529,776
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 31 trades (11 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-06-16Gilbert CisnerosHousePurchase$1,001 - $15,0002026-07-03
2026-06-16Gilbert CisnerosHousePurchase$1,001 - $15,0002026-07-03
2023-10-16Tommy TubervilleSenateSale (Full)$1,001 - $15,0002023-11-16
2023-10-16Tommy TubervilleSenateSale (Full)$1,001 - $15,0002023-11-15
2023-10-16Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002023-11-15
2023-09-21Pete RickettsSenateSale$50,001 - $100,0002023-10-20
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.36,156,415$8.1B9.12%
VANGUARD CAPITAL MANAGEMENT LLC26,095,828$5.8B6.59%
STATE STREET CORP20,389,160$4.6B5.15%
Invesco Ltd.13,562,578$3.0B3.42%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC12,729,575$2.9B3.21%
Sixth Street Partners Management Company, L.P.12,729,575$2.9B3.21%
GEODE CAPITAL MANAGEMENT, LLC11,955,019$2.7B3.02%
VANGUARD PORTFOLIO MANAGEMENT LLC10,541,337$2.4B2.66%
WELLINGTON MANAGEMENT GROUP LLP10,029,229$2.2B2.53%
Capital Research Global Investors8,277,905$1.9B2.09%
WELLS FARGO & COMPANY/MN7,193,141$1.6B1.82%
MORGAN STANLEY5,942,909$1.3B1.50%
BANK OF AMERICA CORP /DE/5,497,545$1.2B1.39%
GOLDMAN SACHS GROUP INC5,211,149$1.2B1.32%
First Eagle Investment Management, LLC5,173,929$1.2B1.31%

Institutional ownership by quarter

2023-092026-0692.0%
% of shares held by 13F filers
2023-092026-062,300
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,30092.0%200883887160
2026-03-312,28786.5%1907461,027274
2025-12-312,41484.2%2547711,018182
2025-09-302,39583.1%113843975153
2025-06-302,47483.2%161872985123
2025-03-312,46782.8%184850982105
2024-12-312,42382.9%31378888979
2024-09-302,23781.5%192781866101
2024-06-302,17382.1%134829802101
2024-03-312,16980.9%16080082893
2023-12-312,13082.5%240708828105
2023-09-302,02982.2%15468581183

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION5.1%20,410,883
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%30,265,513
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-02-07SCHEDULE 13G/AThe Vanguard Group10.1%40,976,102
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.14%$3.3B
VSMPX0.14%$3.3B
VTSAX0.14%$3.3B
VTI0.14%$3.3B
SCHD2.78%$3.1B
VFIAX0.16%$2.7B

Share structure

Shares outstanding396,252,000
Float395,491,989
Free float99.8%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$16.5B$18.0B$19.2B$20.6B$21.9B
Cost of revenue$8.8B$9.2B$9.6B$10.1B$11.4B
Gross profit$7.7B$8.8B$9.6B$10.5B$10.6B
R&D$798.6M$844.8M$955.7M$988.6M$774.9M
SG&A$3.1B$3.5B$3.7B$4.1B$4.4B
Operating income$3.8B$4.5B$4.9B$5.4B$4.1B
EBITDA$4.4B$5.2B$5.8B$6.2B$6.4B
Pretax income$3.8B$4.4B$4.9B$5.3B$5.7B
Income tax$855.2M$1.0B$1.1B$1.2B$1.3B
Net income$2.9B$3.4B$3.8B$4.1B$4.4B
EPS, diluted$7.00$8.21$9.10$9.98$10.95
Diluted shares421.1M415.7M412.2M408.7M399.4M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$1.5B$2.1B$3.3B$7.8B$4.2B
Receivables$3.2B$3.0B$3.4B$3.6B$3.5B
Inventory$0$0$0$0$0
Total current assets$54.8B$42.2B$45.5B$43.3B$8.6B
PP&E, net$1.1B$1.1B$1.1B$1.0B$1.0B
Goodwill & intangibles$3.6B$3.7B$3.7B$4.9B$4.9B
Total assets$63.1B$51.0B$54.4B$53.4B$63.2B
Accounts payable$110.2M$96.8M$100.6M$169.1M$162.5M
Total current liabilities$55.2B$42.8B$45.1B$41.3B$50.0B
Long-term debt$3.0B$3.0B$3.0B$4.0B$5.0B
Total liabilities$59.8B$47.5B$49.8B$47.2B$57.2B
Shareholders' equity$3.2B$3.5B$4.5B$6.2B$6.0B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$2.9B$3.4B$3.8B$4.1B$4.4B
Depreciation & amortization$515.1M$549.3M$561.9M$486.0M$585.9M
Stock-based compensation$201.7M$220.4M$243.5M$266.1M$242.6M
Change in working capital−$1.6B−$938.7M−$1.4B−$1.1B−$1.1B
Operating cash flow$3.1B$4.2B$4.2B$4.9B$5.4B
Capital expenditure−$553.4M−$571.6M−$563.4M−$168.7M−$196.6M
Free cash flow$2.5B$3.6B$3.6B$4.8B$5.2B
Investing cash flow−$7.0B−$2.5B−$1.4B−$3.0B−$4.7B
Net debt issued / repaid$127.4M−$1.0M$921.8M$5.7B−$3.8B
Buybacks−$2.0B−$1.1B−$1.2B−$1.3B−$2.1B
Dividends paid−$1.7B−$1.9B−$2.2B−$2.4B−$2.6B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin46.9%48.9%49.9%50.5%48.2%
Operating margin23.1%25.0%25.7%26.3%18.6%
Net margin17.9%18.9%19.5%19.8%20.1%
FCF margin15.4%20.2%18.7%23.2%22.7%
ROE66.3%101.3%93.1%76.0%72.2%
ROIC56.3%71.4%76.8%56.1%44.4%
ROA5.3%6.0%7.1%7.6%7.6%
Debt / equity1.080.980.811.460.87
Interest coverage47.4x18.5x14.4x12.7x12.8x
Current ratio0.990.991.011.050.17
Revenue growth+9.9%+9.2%+6.6%+7.1%+6.7%
EPS growth+15.6%+16.8%+11.0%+9.5%+10.4%
P/E at year end27.6x25.3x25.3x30.5x20.3x
EV / EBITDA at year end19.0x16.7x16.4x19.9x14.1x
FCF yield at year end3.13%4.22%3.79%3.84%5.57%
Dividend payout56.3%55.8%58.2%58.8%59.5%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
HCM$7.2B$7.7B$8.2B$8.7B$9.1B
Professional Employee Organization Services Segment$3.5B$3.8B$4.0B$4.3B$4.6B
HRO$3.1B$3.4B$3.5B$3.8B$4.0B
Global$2.2B$2.3B$2.5B$2.6B$2.9B
Interest on Funds Held for Clients$451.8M$813.4M$1.0B——

Revenue by region · FY2026

UNITED STATES$19.3B · 95%
CANADA$523.7M · 3%
Other Segments$410.6M · 2%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $2.77 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$21.9B$21.9B – $22.0B$11.07$11.04 – $11.101026.1x
2027$23.2B$23.1B – $23.4B$12.26$12.10 – $12.401123.6x
2028$24.5B$24.3B – $24.8B$13.39$13.15 – $13.621021.6x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$2.59$2.64+1.9%$5.4B$5.5B+0.7%
2026-04-29$3.30$3.37+2.1%$5.9B$5.9B+1.5%
2026-01-28$2.57$2.62+1.9%$5.3B$5.4B+0.4%
2025-10-29$2.44$2.49+2.0%$5.1B$5.2B+0.8%
2025-07-30$2.23$2.26+1.3%$5.0B$5.1B+1.6%
2025-04-30$2.97$3.06+3.0%$5.5B$5.6B+1.1%
2025-01-29$2.30$2.35+2.2%$5.0B$5.0B+1.6%
2024-10-30$2.21$2.33+5.4%$4.8B$4.8B+1.2%
2024-07-31$2.06$2.09+1.5%$4.7B$4.8B+0.6%
2024-05-01$2.79$2.88+3.2%$5.2B$5.3B+0.6%
2024-01-31$2.10$2.13+1.4%$4.7B$4.7B+0.2%
2023-10-25$2.03$2.08+2.5%$4.5B$4.5B+0.0%
2023-07-26$1.83$1.89+3.3%$4.4B$4.5B+2.1%
2023-04-26$2.45$2.52+2.9%$4.9B$4.9B+1.0%
2023-01-25$1.94$1.96+1.0%$4.4B$4.2B−3.9%
2022-10-26$1.80$1.86+3.3%$4.2B$4.1B−2.0%
2022-07-27$1.46$1.50+2.7%$4.1B$4.0B−1.3%
2022-04-27$2.08$2.21+6.2%$4.5B$4.4B−1.4%
2022-01-26$1.63$1.65+1.2%$4.0B$3.9B−1.4%
2021-10-27$1.49$1.65+10.7%$4.0B$3.7B−6.2%
2021-07-28$1.14$1.20+5.3%$3.8B$3.6B−3.2%
2021-04-28$1.82$1.89+3.8%$4.1B$4.0B−2.1%
2021-01-27$1.29$1.52+17.8%$3.0B$3.6B+18.2%
2020-10-28$0.98$1.41+43.9%$2.4B$3.4B+39.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.706-150.806-220.606-290.507-060.707-130.907-201.107-270.908-030.808-100.808-170.608-240.608-31
Week ofNotionalSharesTrades
2026-08-31$564.5M1,999,46967,846
2026-08-24$598.4M2,109,72370,317
2026-08-17$820.6M2,979,84377,636
2026-08-10$792.1M2,919,19478,767
2026-08-03$859.4M3,175,36690,827
2026-07-27$1.1B4,195,876111,232

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1556.6%
DateShort shareShort volumeTotal volume
2026-10-1556.6%353,633624,335
2026-10-1456.0%330,279589,350
2026-10-1363.6%265,571417,326
2026-10-1265.1%224,237344,540
2026-10-0961.8%211,377341,807
2026-10-0860.2%360,963599,183
2026-10-0761.7%311,509504,832
2026-10-0668.8%340,868495,661
2026-10-0564.7%303,164468,466
2026-10-0258.9%308,451523,508
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-1.3Jan+0.3Feb+1.5Mar+0.6Apr+1.2May+0.1Jun+2.3Jul+1.2Aug-0.0Sep+2.8Oct+4.2Nov+0.6Dec
MonthAvg returnUp yearsYears
Jan−1.3%45%20
Feb+0.3%60%20
Mar+1.5%67%21
Apr+0.6%50%20
May+1.2%60%20
Jun+0.1%45%20
Jul+2.3%65%20
Aug+1.2%65%20
Sep−0.0%50%20
Oct+2.8%70%20
Nov+4.2%65%20
Dec+0.6%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1471.2
MFI66.8
ADX22.0
Stochastic %K / %D94.5 / 94.5
Williams %R-3.2
CCI195
TSI / signal15.5 / -0.3
Chaikin money flow-0.01
ATR$5.52
Bollinger width12.8%
Volume vs 20-day avg1.24x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$268.31 (+7.7%)
SMA 50$272.58 (+6.0%)
SMA 200$238.42 (+21.2%)
EMA 21$272.26 (+6.1%)
EMA 50$267.88 (+7.8%)
EMA 200$253.00 (+14.2%)
Bollinger upper$285.54 (+1.2%)
Bollinger lower$251.08 (+15.1%)
Parabolic SAR$267.01 (+8.2%)
Open the live chart, 110+ indicators

About Automatic Data Processing, Inc.

Automatic Data Processing, Inc. (ADP) is a global provider of cloud-based solutions designed for human capital management (HCM). The company organizes its operations into two primary segments: Employer Services and Professional Employer Organization (PEO). Through its Employer Services division, ADP delivers strategic, cloud-powered platforms and comprehensive human resources (HR) outsourcing. This encompasses a wide array of services such as payroll processing, benefits administration, talent acquisition and management, general HR and workforce management, insurance, retirement planning, and regulatory compliance, often integrated into holistic HCM solutions. Conversely, the Professional Employer Organization (PEO) segment specializes in offering HR outsourcing to small and mid-sized businesses, leveraging a co-employment framework. This segment's offerings span robust benefits packages, regulatory protection and compliance, talent engagement strategies, specialized HR expertise, all-encompassing outsourcing, and even recruitment process outsourcing. Established in 1949, ADP maintains its corporate headquarters in Roseland, New Jersey.

https://www.adp.com

Key executives

NameTitlePayBorn
Maria BlackPresident, Chief Executive Officer & DIrector$4.8M1974
Michael Anthony BonartiChief Administrative Officer$2.1M1965
Joseph DeSilva Jr.Executive Vice President of North America & Chief of Operations$2.0M1975
Peter HadleyChief Financial Officer$2.0M1973
Sreenivasa KutamPresident of Global Product & Innovation$1.8M1970
David FoskettPresident of Global Sales$1.5M1976
Jonathan LehbergerCorporate Controller & Principal Accounting Officer—1973
Matthew John KeatingVice President of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Maria Black President and Chief Executive Officer2026$1.3M$20.7M$2.9M$25.5M
Michael A. Bonarti Chief Administrative Officer2026$678,500$4.6M$1.2M$6.8M
Joseph DeSilva EVP, North America and Chief of Operations2026$672,800$4.6M$1.2M$6.7M
Sreeni Kutam President, Global Product and Innovation2026$598,000$4.6M$1.0M$6.4M
Peter J. Hadley Chief Financial Officer2026$650,000$2.8M$1.1M$4.8M

Employees

58k201958k202056k202160k202263k202364k202467k202567k2026

Dividends

Ex-dateAmountPaid
2026-09-11$1.72026-10-01
2026-06-12$1.72026-07-01
2026-03-13$1.72026-04-01
2025-12-12$1.72026-01-01
2025-09-12$1.542025-10-01
2025-06-13$1.542025-07-01
2025-03-14$1.542025-04-01
2024-12-13$1.542025-01-01

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage68
Intangibles25
Switching costs54
Network effect32
Efficient scale76
Our component scores (0-100) and overall 49.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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