ADP's payroll and HCM machine still looks durable, but the more interesting read-through is the mix of recurring workflow revenue, client-funds interest, and a PEO segment that can quietly dilute margin quality.
ADP: The Payroll Tollbooth Hiding a $48 Billion Interest-Rate Lever
NASDAQADPCoverage BootstrapHCM
Thesis summary
ADP's payroll and HCM machine still looks durable, but the more interesting read-through is the mix of recurring workflow revenue, client-funds interest, and a PEO segment that can quietly dilute margin quality.
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