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U.S. HR Services Industry Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies43
  • 7D5.5%
  • 3M-14.4%
  • 1Y-31.0%
  • YTDn/a

In the last week, the HR Services industry is up 2.5%, with Automatic Data Processing leading the way, up 2.0%. However, the industry is down 31% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

Has the U.S. HR Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Mar 2026US$162.5bUS$80.3bUS$4.0b19.7x40.8x2x
Mon, 02 Feb 2026US$193.6bUS$87.0bUS$5.1b22.7x38.1x2.2x
Wed, 31 Dec 2025US$205.1bUS$86.5bUS$5.0b20.8x41x2.4x
Fri, 28 Nov 2025US$203.5bUS$87.4bUS$5.0b20.1x40.4x2.3x
Sun, 26 Oct 2025US$223.7bUS$86.6bUS$6.3b27.4x35.7x2.6x
Tue, 23 Sep 2025US$235.0bUS$86.4bUS$6.3b28.7x37.1x2.7x
Thu, 21 Aug 2025US$243.8bUS$86.8bUS$6.2b30.2x39.6x2.8x
Sat, 19 Jul 2025US$232.5bUS$79.8bUS$6.6b30.9x35.2x2.9x
Mon, 16 Jun 2025US$237.1bUS$79.7bUS$6.8b31.1x34.8x3x
Wed, 14 May 2025US$242.2bUS$79.7bUS$6.9b29.2x35.3x3x
Fri, 11 Apr 2025US$234.7bUS$80.1bUS$6.7b25.7x35x2.9x
Sun, 09 Mar 2025US$244.0bUS$80.0bUS$6.7b22.8x36.4x3x
Tue, 04 Feb 2025US$252.1bUS$85.8bUS$6.8b24.1x36.8x2.9x
Thu, 02 Jan 2025US$243.2bUS$85.7bUS$6.7b24.3x36.4x2.8x
Sat, 30 Nov 2024US$256.4bUS$85.7bUS$6.6b27.6x38.9x3x
Mon, 28 Oct 2024US$235.4bUS$86.1bUS$6.4b27x36.6x2.7x
Wed, 25 Sep 2024US$225.6bUS$81.4bUS$6.2b25.3x36.4x2.8x
Fri, 23 Aug 2024US$216.0bUS$81.4bUS$6.2b23.2x34.9x2.7x
Sun, 21 Jul 2024US$211.5bUS$86.3bUS$6.6b22.1x32.3x2.5x
Tue, 18 Jun 2024US$207.6bUS$87.3bUS$6.5b20.3x31.8x2.4x
Thu, 16 May 2024US$217.2bUS$87.6bUS$6.5b23.5x33.6x2.5x
Sat, 13 Apr 2024US$220.1bUS$87.5bUS$6.4b23.2x34.6x2.5x
Mon, 11 Mar 2024US$219.1bUS$87.4bUS$6.3b26.3x34.5x2.5x
Wed, 07 Feb 2024US$224.1bUS$87.1bUS$6.3b27.5x35.5x2.6x
Fri, 05 Jan 2024US$213.3bUS$87.3bUS$6.4b26x33.5x2.4x
Sun, 03 Dec 2023US$216.1bUS$87.2bUS$5.9b24.9x36.9x2.5x
Tue, 31 Oct 2023US$201.6bUS$86.9bUS$5.8b19.5x34.5x2.3x
Thu, 28 Sep 2023US$224.4bUS$92.1bUS$6.3b19.7x35.6x2.4x
Sat, 26 Aug 2023US$236.0bUS$92.0bUS$6.2b20.6x38.1x2.6x
Mon, 24 Jul 2023US$237.4bUS$91.6bUS$6.2b16.9x38x2.6x
Wed, 21 Jun 2023US$219.9bUS$91.8bUS$6.3b16.3x35x2.4x
Fri, 19 May 2023US$210.3bUS$91.7bUS$6.3b15.2x33.3x2.3x
Sun, 16 Apr 2023US$173.9bUS$87.1bUS$6.0b13x29x2x
Tue, 14 Mar 2023US$45.2bUS$65.3bUS$1.4b12.5x32.6x0.7x
Price to Earnings Ratio

32.6x


Total Market Cap: US$45.2bTotal Earnings: US$1.4bTotal Revenue: US$65.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. HR Services Industry Price to Earnings3Y Average 35.6x202420252026
Current Industry PE
  • Investors are optimistic on the American Human Resource and Employment Services industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 39.9x which is higher than its 3-year average PE of 35.6x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Human Resource and Employment Services industry have grown 42% per year over the last three years.
  • Revenues for these companies have grown 7.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does U.S. HR Services compare with similar industries?

US Market-2.31%
Industrials-4.66%
Professional Services2.74%
HR Services5.51%
Research and Consulting Services0.14%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ADP Automatic Data ProcessingUS$226.245.5%
+US$4.8b		-26.2%PE21.5x
PAYX PaychexUS$100.857.7%
+US$2.6b		-34.3%PE22.7x
PCTY Paylocity HoldingUS$120.1012.8%
+US$733.3m		-38.4%PE27.2x
PAYC Paycom SoftwareUS$138.019.7%
+US$647.5m		-35.2%PE16.2x
FA First AdvantageUS$12.064.8%
+US$95.9m		-9.6%PS1.3x

Latest News

BZ
US$15.14
Kanzhun
7D
-5.8%
1Y
-15.2%
FA
US$12.06
First Advantage
7D
4.8%
1Y
-9.6%

FA: Buyback Plan And 2026 Guidance Will Support Balanced Outlook

Analysts have trimmed their price target on First Advantage from $14.19 to $13.00, reflecting updated views on fair value, discount rate assumptions, revenue growth expectations, profit margins, and the P/E multiple they are willing to apply. What's in the News First Advantage issued full year 2026 earnings guidance, with revenue expected in a range of US$1.625b to US$1.7b (company guidance).
KFY
US$63.60
Korn Ferry
7D
1.5%
1Y
-3.3%
ADP
US$226.24
Automatic Data Processing
7D
5.5%
1Y
-26.2%
TNET
US$39.01
TriNet Group
7D
2.4%
1Y
-48.4%

TNET: AI HR Execution And Buybacks Will Support Future Multiple Expansion

Analysts have trimmed their price expectations for TriNet Group, with the fair value estimate moving from about $70 to roughly $55, citing updated assumptions around discount rates, revenue trends, profit margins, and a lower future P/E multiple that align with recent target cuts from the Street. Analyst Commentary Recent Street updates on TriNet Group focus on recalibrated price targets and refreshed estimates ahead of upcoming results, which feed directly into the lower fair value range you saw earlier.
JOB
US$0.23
GEE Group
7D
-2.7%
1Y
4.3%
MAN
US$29.10
ManpowerGroup
7D
4.0%
1Y
-53.6%

MAN: Future Outlook Will Balance Modest Margin Gains With Fairly Priced Shares

Analysts have modestly raised their price target on ManpowerGroup, citing slightly higher assumptions for revenue growth, profit margins, and future P/E, while applying an updated discount rate to their $30.00 fair value estimate. Valuation Changes Fair Value: Maintained at $30.00 per share, with no change to the overall equity value estimate.
UPWK
US$13.25
Upwork
7D
-1.3%
1Y
-6.5%

UPWK: Share Buybacks And Governance Changes Will Support Long Term Earnings Power

Analysts have trimmed their average price target on Upwork by a few dollars to reflect a slightly higher discount rate and modestly adjusted assumptions on revenue growth, profit margins, and future P/E, even though one firm raised its target by $1 while several others reduced theirs by $1 to $5. Analyst Commentary Even with several firms trimming their targets, the latest batch of research still includes a clear pocket of optimism around Upwork.
PAYC
US$138.01
Paycom Software
7D
9.7%
1Y
-35.2%
PAYX
US$100.85
Paychex
7D
7.7%
1Y
-34.3%

PAYX: AI And Buybacks Will Counter Defensive Competitive Pressures Over Time

Analysts have trimmed their Paychex price target slightly to about $119 per share, reflecting modest adjustments to fair value, discount rate, revenue growth, profit margin, and future P/E assumptions following new bearish coverage that characterizes recent competitive moves as largely defensive. Analyst Commentary Recent research frames the latest competitive response, including the Paycor related move, as more defensive than opportunistic.
KELY.A
US$9.23
Kelly Services
7D
-4.9%
1Y
-31.1%

KELY.A: Future Upside Will Depend On 2026 Outlook Execution After Target Cut

Analysts have lowered their fair value estimate for Kelly Services to about $16.67 from $17.67 and reduced the price target to $15 from $16, citing updated forecasts following Q4 results and the company's 2026 outlook. Analyst Commentary Recent research updates reflect a more cautious stance on Kelly Services, with fair value and price targets adjusted after the latest Q4 results and the 2026 outlook.
PCTY
US$120.10
Paylocity Holding
7D
12.8%
1Y
-38.4%

PCTY: 2026 Sector Setup And Buybacks Will Drive Upside

Our updated narrative on Paylocity reflects a reduced analyst price target of about $226, in line with a broad round of target cuts across the Street as analysts recalibrate for slightly lower revenue growth, narrower profit margin assumptions, a modestly higher discount rate, and a marginally higher future P/E multiple. Analyst Commentary Across the Street, most recent research has centered on recalibrating Paylocity price targets, with a cluster of firms trimming targets by between $5 and $75.
HQI
US$11.01
HireQuest
7D
-5.6%
1Y
-21.2%
DLHC
US$5.85
DLH Holdings
7D
-2.5%
1Y
12.1%
GLXG
US$2.10
Galaxy Payroll Group
7D
-13.2%
1Y
-74.7%
YOUL
US$1.08
Youlife Group
7D
-3.6%
1Y
n/a