Sather Financial, they’ve been nibbling at Paycom Software. A little over 18,000 shares added in the last quarter, the paperwork says. January 26th, 2026, to be exact. It’s a move. Not a shout, but a move. The kind that gets filed with the SEC and then mostly forgotten, unless you’re looking for shadows.
The Numbers, Such as They Are
Three point two million bucks, give or take. That’s what Sather dropped on those shares. Calculated by the market’s whim, the average closing price. But here’s the rub. The whole position, even with the new additions, lost nine point three two million. The stock’s been circling the drain, and even new money can’t entirely plug the leak.
What They Hold
As of December 31st, 2025, Paycom represented 2.3% of Sather’s 1.86 billion in U.S. equity. Not a king’s ransom, but enough to warrant a look. Their top holdings? Google, a solid bet. Berkshire Hathaway, always a safe harbor. And a scattering of others, the usual suspects. Here’s the list, if you’re counting:
- NASDAQ:GOOGL: $221.90 million
- NYSE:BRK-B: $192.74 million
- NASDAQ:ANET: $118.95 million
- NASDAQ:MSFT: $110.52 million
- TSX:BN: $97.26 million
Paycom, meanwhile, was trading at 152.29 on January 23rd, 2026. Down 25.3% over the last year. Underperforming the S&P 500 by a cool 38.3 percentage points. A slow fade, if you will.
The Company, Briefly
Paycom. They handle payroll, talent acquisition, the whole HR shebang. Cloud-based, naturally. Subscription fees keep the lights on. They aim for the small to mid-sized companies, the ones that don’t have an army of HR specialists. Seven thousand and thirty-six employees. A broad base of clients. Efficient, integrated, automated. The buzzwords write themselves.
| Metric | Value |
|---|---|
| Price (as of market close 1/23/26) | $152.29 |
| Market Capitalization | $8.57 billion |
| Revenue (TTM) | $2.00 billion |
| Net Income (TTM) | $453.20 million |
What It Means, If Anything
Sather’s buying when Paycom’s bruised. Five years ago, this stock was a rocket. Now it’s sputtering. Revenue growth was over 25% then. Now? Around 10%. Respectable, sure, but a far cry from the glory days. The stock’s lost over 60% of its value in five years. A slow bleed.
The valuation, though, is getting interesting. A P/E ratio of 19. During the pandemic, it was flirting with 150. A little patience might pay off. Sather may have jumped the gun, though. The position lost over nine million, even after adding seven percent more shares. A risky gamble, maybe. But low valuations have a way of attracting attention.
It’s a slow dance in the rain, this market. You pick your partner, hope the music lasts, and try not to get too wet. Sather’s chosen Paycom. Whether it’s a waltz or a stumble remains to be seen.
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2026-01-26 23:14