Automatic Data Processing Inc
ADP—
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Automatic Data Processing Inc AI Insights
Informational only. Not investment advice.Snapshot
- ROE of 70.6% TTM vs industry median -0.8% driven by capital-light model with only 1B PPE on 20.9B revenue[Return on Equity]
- ROIC of 27.6% TTM on 15.6B invested capital - exceptional capital efficiency funds 6.16 dividend per share[Return on Invested Capital]
- FCF of 4.2B TTM (20% margin) with capex only 548M (2.6% of revenue) - minimal reinvestment needed[Free Cash Flow]
Watch Triggers
- Operating Margin: Falls below 24% — Would signal pricing pressure or cost inflation eroding moat
- Free Cash Flow: Drops below 3.5B TTM — Threatens dividend sustainability at current 2.5B annual payout
- Debt to Equity: Rises above 2.0x — Balance sheet leverage approaching uncomfortable levels for stable business
Bull Case
Recurring payroll/HR revenue creates predictable cash flows - 4.8B operating cash flow TTM with 59% payout ratio sustains dividend growth
Cash Flow TTMDividend Payout Ratio 5Y Avg
Asset-light model generates 27.6% ROIC TTM with only 1B PPE - minimal capex requirement preserves FCF for returns
Return on Invested CapitalProperty Plant & Equipment
Bear Case
P/E of 25.4x and P/B of 69.7x prices in perfection - limited margin of safety if growth slows from current levels
Price to Earnings RatioPrice to Book Ratio
Debt/equity of 1.49 with 9.5B total debt and 453M interest expense TTM - rising rates pressure interest coverage
Debt to EquityInterest Expense
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Operating margins likely to expand as AI automates service delivery costs
1-3ymed
- 26.2% operating margin TTM already 26x industry median
- Service model scales without proportional headcount
- Interest income on client funds rises with rates
Operating income 5.5B on 4.1B opex TTMGross margin 45.9% vs 70% industry medianNet margin 19.8% vs -0.1% industry median
Valuation Context
Caveats
Public Strategies Rankings
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ADP Fundamentals
Information → Software Publishers
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$81.26B | — | ||
$83.15B | — | ||
19 | — | ||
$21.21B | +6.6% | — | |
$10.41 | +8.5% | — | |
26.3% | +4.5% | — | |
20.0% | -1.0% | — | |
$4.18B | -0.3% | — | |
73.8% | -9.9% | — | |
Beta 5Y (Monthly) | unknown | — |
ADP Dividend History
106 dividends
2026
$3.400006/12/26$1.7000
03/13/26$1.7000
2025
$6.320012/12/25$1.7000
09/12/25$1.5400
06/13/25$1.5400
03/14/25$1.5400
2024
$5.740012/13/24$1.5400
09/13/24$1.4000
06/14/24$1.4000
03/07/24$1.4000
2023
$5.150012/07/23$1.4000
09/07/23$1.2500
06/08/23$1.2500
03/09/23$1.2500
2022
$4.370012/08/22$1.2500
09/08/22$1.0400
06/09/22$1.0400
03/10/22$1.0400
2021
$3.830012/09/21$1.0400
09/09/21$0.9300
06/10/21$0.9300
03/11/21$0.9300
2020
$3.660012/10/20$0.9300
09/10/20$0.9100
06/11/20$0.9100
03/12/20$0.9100
2019
$3.280012/12/19$0.9100
09/12/19$0.7900
06/13/19$0.7900
03/07/19$0.7900
2018
$2.800012/13/18$0.7900
09/13/18$0.6900
06/07/18$0.6900
03/08/18$0.6300
2017
$2.340012/07/17$0.6300
09/07/17$0.5700
06/07/17$0.5700
03/08/17$0.5700
2016
$2.160012/07/16$0.5700
09/07/16$0.5300
06/08/16$0.5300
03/09/16$0.5300
2015
$2.000012/09/15$0.5300
09/09/15$0.4900
06/10/15$0.4900
03/11/15$0.4900
2014
$1.930012/10/14$0.4900
09/10/14$0.4800
06/11/14$0.4800
03/12/14$0.4800
2013
$1.785012/11/13$0.4800
09/11/13$0.4350
06/12/13$0.4350
03/06/13$0.4350
2012
$1.620012/12/12$0.4350
09/12/12$0.3950
06/06/12$0.3950
03/07/12$0.3950
2011
$1.475012/07/11$0.3950
09/07/11$0.3600
06/08/11$0.3600
03/09/11$0.3600
2010
$1.380012/08/10$0.3600
09/08/10$0.3400
06/09/10$0.3400
03/10/10$0.3400
2009
$1.330012/09/09$0.3400
09/09/09$0.3300
06/10/09$0.3300
03/11/09$0.3300
2008
$1.200012/10/08$0.3300
09/10/08$0.2900
06/11/08$0.2900
03/12/08$0.2900
2007
$0.980012/12/07$0.2900
09/12/07$0.2300
06/13/07$0.2300
03/07/07$0.2300
2006
$0.785012/06/06$0.2300
09/13/06$0.1850
06/07/06$0.1850
03/08/06$0.1850
2005
$0.650012/07/05$0.1850
09/07/05$0.1550
06/08/05$0.1550
03/10/05$0.1550
2004
$0.575012/08/04$0.1550
09/08/04$0.1400
06/09/04$0.1400
03/11/04$0.1400
2003
$0.500012/10/03$0.1400
09/10/03$0.1200
06/11/03$0.1200
03/12/03$0.1200
2002
$0.465012/11/02$0.1200
09/11/02$0.1150
06/12/02$0.1150
03/13/02$0.1150
2001
$0.422512/12/01$0.1150
09/12/01$0.1025
06/06/01$0.1025
03/07/01$0.1025
2000
$0.365012/07/00$0.1025
09/13/00$0.0875
06/07/00$0.0875
03/08/00$0.0875
ADP Stock Splits
No stock splits
ADP SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
01/29/26 | 12/31/25 | 10-Q | |
10/31/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-K | |
05/01/25 | 03/31/25 | 10-Q | |
01/30/25 | 12/31/24 | 10-Q | |
11/01/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-K | |
05/02/24 | 03/31/24 | 10-Q | |
02/01/24 | 12/31/23 | 10-Q | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-K | |
05/01/23 | 03/31/23 | 10-Q | |
02/02/23 | 12/31/22 | 10-Q | |
11/02/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-K | |
04/29/22 | 03/31/22 | 10-Q | |
01/31/22 | 12/31/21 | 10-Q | |
10/29/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-K | |
04/30/21 | 03/31/21 | 10-Q | |
02/01/21 | 12/31/20 | 10-Q | |
10/30/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-K | |
05/01/20 | 03/31/20 | 10-Q | |
01/31/20 | 12/31/19 | 10-Q | |
11/04/19 | 09/30/19 | 10-Q | |
08/09/19 | 06/30/19 | 10-K | |
05/03/19 | 03/31/19 | 10-Q | |
01/31/19 | 12/31/18 | 10-Q | |
11/01/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-K | |
05/04/18 | 03/31/18 | 10-Q | |
02/01/18 | 12/31/17 | 10-Q | |
11/02/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-K | |
05/04/17 | 03/31/17 | 10-Q | |
02/01/17 | 12/31/16 | 10-Q | |
11/03/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-K | |
05/05/16 | 03/31/16 | 10-Q | |
02/03/16 | 12/31/15 | 10-Q | |
11/05/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-K | |
05/06/15 | 03/31/15 | 10-Q | |
02/05/15 | 12/31/14 | 10-Q | |
10/30/14 | 09/30/14 | 10-Q | |
08/08/14 | 06/30/14 | 10-K | |
05/01/14 | 03/31/14 | 10-Q | |
02/05/14 | 12/31/13 | 10-Q | |
11/01/13 | 09/30/13 | 10-Q | |
08/19/13 | 06/30/13 | 10-K | |
05/03/13 | 03/31/13 | 10-Q | |
02/06/13 | 12/31/12 | 10-Q | |
11/02/12 | 09/30/12 | 10-Q | |
08/20/12 | 06/30/12 | 10-K | |
05/04/12 | 03/31/12 | 10-Q | |
02/07/12 | 12/31/11 | 10-Q | |
11/04/11 | 09/30/11 | 10-Q | |
08/24/11 | 06/30/11 | 10-K | |
05/06/11 | 03/31/11 | 10-Q | |
02/09/11 | 12/31/10 | 10-Q | |
11/04/10 | 09/30/10 | 10-Q | |
08/25/10 | 06/30/10 | 10-K | |
05/06/10 | 03/31/10 | 10-Q | |
02/09/10 | 12/31/09 | 10-Q | |
11/06/09 | 09/30/09 | 10-Q | |
08/28/09 | 06/30/09 | 10-K | |
05/08/09 | 03/31/09 | 10-Q | |
02/09/09 | 12/31/08 | 8-K | |
11/07/08 | 09/30/08 | 10-Q | |
08/29/08 | 06/30/08 | 10-K | |
05/09/08 | 03/30/08 | Unknown | -- |
02/11/08 | 12/31/07 | 10-Q | |
11/09/07 | 09/30/07 | 10-Q | |
08/29/07 | 06/30/07 | 10-K | |
05/09/07 | 03/30/07 | Unknown | -- |
02/09/07 | 12/31/06 | 10-Q | |
11/09/06 | 09/30/06 | 10-Q | |
08/30/06 | 06/30/06 | 8-K | |
05/10/06 | 03/30/06 | Unknown | -- |
02/07/06 | 12/31/05 | 8-K | |
11/07/05 | 09/30/05 | 8-K | |
06/30/05 | 06/30/05 | 8-K | |
05/06/05 | 03/30/05 | Unknown | -- |
02/08/05 | 12/31/04 | 8-K | |
11/04/04 | 09/30/04 | 8-K | |
06/30/04 | 06/30/04 | 8-K | |
05/10/04 | 03/30/04 | Unknown | -- |
02/03/04 | 12/31/03 | 8-K | |
11/05/03 | 09/30/03 | 8-K | |
06/30/03 | 06/30/03 | 5 | |
05/02/03 | 03/30/03 | Unknown | -- |
01/31/03 | 12/31/02 | 10-Q | |
10/31/02 | 09/30/02 | 10-Q | |
06/30/02 | 06/30/02 | Unknown | -- |
05/06/02 | 03/30/02 | Unknown | -- |
01/31/02 | 12/31/01 | 10-Q | |
11/07/01 | 09/30/01 | 10-Q | |
09/14/01 | 06/30/01 | 10-K405 | |
05/04/01 | 03/30/01 | Unknown | -- |
01/26/01 | 12/31/00 | 10-Q | |
11/13/00 | 09/30/00 | 10-Q | |
09/12/00 | 06/30/00 | 10-K | |
05/08/00 | 03/30/00 | Unknown | -- |