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NASDAQ · Industrials

AUTOMATIC DATA PROCESSING IN ADP

Automatic Data Processing is a human-capital-management platform providing payroll, HR, benefits, tax, compliance, and professional employer organization services. The business benefits from recurring payroll processing, client retention, employment levels, interest on client funds, and operating leverage from software and automation.

Sources Quartr company materials quartr.com
Diversified Commercial Services

Company profile

Business mix

  • Employer Services: payroll, HR, tax, benefits, compliance, and workforce-management tools.
  • PEO Services: co-employment, benefits administration, HR outsourcing, and risk-management services.
  • Technology and AI: automation, data, and self-service tools improve efficiency and client experience.

Current key questions

  • How do employment growth, pays per control, and small-business formation affect payroll volume?
  • Can retention, pricing, and product attach rates support steady organic growth?
  • How sensitive are earnings to interest rates on client funds and wage/employment cycles?
Holders 4 Current sample portfolio
Public mentions 1 Videos / interviews / letters
Valuation snapshot
PE 21.65 FCF 5.71% Buyback 0.87%
2026-06-07

Current firm holders

Firm Weight Value Filing period
Fundsmith Terry Smith 6.1% $783.3M 2026-03-31
First Eagle legacy Jean-Marie Eveillard 0.8% $579.0M 2026-03-31
Giverny Capital Francois Rochon 3.1% $85.2M 2026-03-31
Gotham Asset Management Joel Greenblatt 0.1% $33.7M 2026-03-31

Recent trading changes over the last 4 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 4 Last 4 13F filing periods
Net reducers 1 Last 4 13F filing periods
Unchanged holders 0 Share count unchanged
Increase amount $709.0M Estimated from net added shares
Reduction amount $133.9M Estimated from net reduced shares
Net share change / base shares +60.4% +2,781,924 / 4,602,264
Fundsmith Terry Smith 4 filing periods
13F 2025-06-30 Filed 2025-08-14
Minor reduction Shares -3.4% 13F value change -$33.9M
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -1.2% 13F value change -$79.8M
13F 2025-12-31 Filed 2026-02-17
Minor reduction Shares -3.1% 13F value change -$190.8M
13F 2026-03-31 Filed 2026-05-15
Minor reduction Shares -7.7% 13F value change -$291.4M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 4,513,899 Last 4 periods -658,794 (-14.6%) Total shares 3,855,105 Value $783.3M
Gotham Asset Management Joel Greenblatt 4 filing periods
13F 2025-06-30 Filed 2025-08-14
Major increase Shares 21.8% 13F value change +$6.2M
13F 2025-09-30 Filed 2025-11-14
Major increase Shares 27.4% 13F value change +$7.1M
13F 2025-12-31 Filed 2026-02-17
Major reduction Shares -26.6% 13F value change -$14.4M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 64.6% 13F value change +$7.8M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 88,365 Last 4 periods +77,309 (+87.5%) Total shares 165,674 Value $33.7M
Giverny Capital Francois Rochon 1 filing periods
13F 2026-03-31 Filed 2026-05-15
New Shares - 13F value change +$85.2M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 4 periods +419,090 (New) Total shares 419,090 Value $85.2M
First Eagle legacy Jean-Marie Eveillard 1 filing periods
13F 2026-03-31 Filed 2026-05-12
New Shares - 13F value change +$579.0M
Settlement As of 13F 2026-03-31 · Filed 2026-05-12
Base shares 0 Last 4 periods +2,849,784 (New) Total shares 2,849,784 Value $579.0M
Polen Capital Management 2 filing periods
13F 2025-03-31 Filed 2025-05-12
New Shares - 13F value change +$50.9M
13F 2025-06-30 Filed 2025-08-13
Major reduction Shares -43.2% 13F value change -$21.7M
Settlement As of 13F 2025-06-30 · Filed 2025-08-13
Base shares 0 Last 4 periods +94,535 (New) Total shares 94,535 Value $29.2M

Recent mentions

Fundsmith Equity Fund 2023 Semi-Annual Letter

Fundsmith · Terry Smith

2023 semi-annual letter explains portfolio valuation, low turnover, selling Amazon, and why Fundsmith still prioritizes long-term free cash flow compounding.

Shareholder letter / fund letter

Mentioned by firms

Fundsmith Terry Smith