Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period Paylocity’s balance sheet shows a pronounced one‑year spike in 2022 followed by a correction and steady strengthening through 2025. Total assets nearly doubled from $2,414.9M in 2021 to $4,809.0M in 2022 (+99%), then fell by ~23% to $3,695.7M in 2023 before recovering to $4,245.5M in 2024 and $4,389.4M in 2025. Liabilities followed the same pattern: a large jump from $1,938.0M to $4,195.6M in 2022 (+117%), a drop to $2,852.8M in 2023, and more moderate movements to $3,212.4M (2024) and $3,155.7M (2025). Stockholders’ equity, by contrast, rose steadily every year from $476.9M (2021) to $1,233.7M (2025) — a cumulative increase of about 159% — reflecting consistent retention of earnings or equity issuance. The net effect is an improving capitalization and lower leverage after 2022: liabilities-to-equity fell from a peak of ~6.8x in 2022 to ~2.6x by 2025, indicating reduced financial risk and stronger solvency. The 2022 spike in both assets and liabilities is noteworthy and likely reflects a discrete event (for example, a large financing, acquisition, or an accounting timing change such as a surge in deferred revenue common in subscription/payroll SaaS businesses). Absent that one-year distortion, the trend from 2023–2025 points to healthier balance-sheet dynamics for a SaaS employer-services provider: stabilizing asset base, controlled liabilities, and steadily growing equity that supports ongoing investment and resilience.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.