WIDE MOAT STOCKS COMPARISON

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Stock Comparison

Paychex, Inc. vs Workday, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Paychex, Inc.

PAYX · NASDAQ Global Select Market

Market cap (USD)$40.9B
Gross margin (TTM)74.4%
Operating margin (TTM)39.2%
Net margin (TTM)27.4%
SectorIndustrials
IndustryBusiness services
CountryUS
Data as of2026-08-23
70/100
Moat score

Weighted across the company's segments.

Full stock profile

Dive deeper into Paychex, Inc.'s moat claims, evidence, and risks.

View PAYX analysis

Workday, Inc.

WDAY · NASDAQ

Market cap (USD)$45.5B
Gross margin (TTM)75.8%
Operating margin (TTM)10.7%
Net margin (TTM)12.3%
SectorTechnology
IndustryApplication software
CountryUS
Data as of2026-08-23
78/100
Moat score

Weighted across the company's segments.

Full stock profile

Dive deeper into Workday, Inc.'s moat claims, evidence, and risks.

View WDAY analysis

Comparison highlights

  • Moat score gap: Workday, Inc. leads (78 / 100 vs 70 / 100 for Paychex, Inc.).
  • Segment focus: Paychex, Inc. has 3 segments (74.8% in Management Solutions); Workday, Inc. has 2 segments (92.5% in Subscription services (Workday cloud applications + platform)).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Paychex, Inc. has 4 moat types across 3 domains; Workday, Inc. has 3 across 2.

Primary market context

Paychex, Inc.

Management Solutions

Market

Payroll processing and integrated HCM solutions for SMB and mid-market employers

Geography

United States (primarily)

Customer

Employers (SMB and mid-market)

Role

HCM SaaS + outsourced payroll/HR service provider

Revenue share

74.8%

Workday, Inc.

Subscription services (Workday cloud applications + platform)

Market

Enterprise cloud applications for managing people and money (HCM, financial management, spend, planning & analytics)

Geography

Global

Customer

Medium to large organizations (including higher education and government)

Role

SaaS application vendor and extensible platform provider

Revenue share

92.5%

Side-by-side metrics

Paychex, Inc.
Workday, Inc.
Ticker / Exchange
PAYX - NASDAQ Global Select Market
WDAY - NASDAQ
Market cap (USD)
$40.9B
$45.5B
Gross margin (TTM)
74.4%
75.8%
Operating margin (TTM)
39.2%
10.7%
Net margin (TTM)
27.4%
12.3%
Sector
Industrials
Technology
Industry
Business services
Application software
HQ country
US
US
Primary segment
Management Solutions
Subscription services (Workday cloud applications + platform)
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
78 / 100
Moat domains
Demand, Supply, Financial
Demand, Network
Last update
2026-09-05
2026-09-05

Moat coverage

Shared moat types

Data Workflow Lockin

Paychex, Inc. strengths

Service Field NetworkSwitching Costs GeneralFloat Prepayment

Workday, Inc. strengths

Training Org Change CostsInteroperability Hub

Segment mix

Paychex, Inc. segments

Full profile >

Management Solutions

Competitive

74.8%

PEO and Insurance Solutions

Competitive

22%

Client funds float (interest on funds held for clients)

Oligopoly

3.2%

Workday, Inc. segments

Full profile >

Subscription services (Workday cloud applications + platform)

Oligopoly

92.5%

Professional services (deployment, optimization, training)

Competitive

7.5%

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.