Paycom represents a genuinely high-quality business operating in a structurally attractive industry — non-discretionary payroll processing with 83% gross margins sustained within a 200-basis-point band for a full decade, 95% recurring revenue, and compliance-driven switching costs across 10,000+ tax jurisdictions. The 25% ROIC sustained for five consecutive years at approximately 2.5x the estimated cost of capital, combined with a zero-debt balance sheet holding $375 million in cash, confirms that the single-database architectural advantage identified in our qualitative assessment translates to genuine economic profit creation. Revenue retention improved from 90% to 91% in FY2025, with CEO Richison noting a record number of boomerang clients returning after discovering cheaper alternatives came with integration headaches and payroll errors — bilateral switching costs validated by real customer behavior, not theoretical models. At $124.82, the stock trades at approximately 15x FY2025 GAAP EPS of $8.35 and roughly 9.8x GAAP EBITDA of $661 million (or approximately 7.3x management's adjusted EBITDA of $882 million). Important context: the reported FY2025 free cash flow of $67.7 million from fiscal.ai is distorted by short-term investment purchases classified under investing activities — ROIC.ai's OCF-minus-capex methodology produces TTM FCF of approximately $394 million ($7.04/share), which aligns with the steady FCF/share trajectory from $0.47 in 2015 to $5.99 in 2024. We use the ROIC.ai measure as the more representative operating cash flow metric while acknowledging the discrepancy demands monitoring. The growth deceleration from 30%+ to 9% in FY2025 with 6-7% guided for FY2026 is real but appears orderly rather than catastrophic, and management has consistently beaten initial guidance by 1-2 percentage points in recent years. At current prices, the market is pricing this business as if growth has permanently impaired — essentially valuing Paycom at roughly fair value on today's economics with zero credit for future growth, buyback accretion, or margin expansion. The primary risks are specific and must be sized appropriately: revenue growth could continue decelerating below 5% if Rippling captures the tech-forward mid-market segment (probability 25-30%); founder-CEO Richison holds CEO, President, and Chairman titles with no visible succession plan, and six officer departure filings in five months signal organizational instability beneath the surface (probability of disruptive departure: 10%, severity: 9/10); and the 9% annual churn rate means Paycom must acquire roughly 5,000 new clients annually just to maintain its revenue base — a treadmill that becomes harder as easy cloud-conversion prospects are exhausted. The competitive dynamics around Rippling, go-to-market execution, and sales leadership transitions are more nuanced than a simple 'AI disruption' framing suggests — the earnings call revealed that the three-month sales retraining was about repositioning the automation message, not responding to competitive losses, but the guidance deceleration to 6-7% while demand is reportedly stable raises legitimate questions about whether product superiority translates to market share gains at the current pace. We would begin accumulating below $110, which represents approximately 13x FY2025 GAAP EPS and provides a 15-18% margin of safety from our consensus fair value range of $128-$135. At $110, the ROIC.ai-based FCF yield exceeds 6.4% with prospective buyback accretion of 3-4% annually (assuming continued deployment at depressed prices), producing a passive return floor above 10% before any revenue growth. The stock is not a screaming bargain at $125 — it is approximately fairly valued on current economics — but below $110, the risk-reward tilts meaningfully in the patient investor's favor.