HR Tech Stock Index - HRTA

HR Technology Stocks

Down 10.93%

S&P 500 +15.39%

Based on YTD Through Nov 24, 2025 results

HOW HEALTHY IS THE HR TECH MARKET?

Welcome to the HR Tech Stock Index (HRTA), your essential resource for HR professionals, designed to track the financial health of the top HR technology companies through our unique index. The HR Tech Stock Index is comprised of public firms primarily focused on HR, payroll, recruitment, and performance management software solutions.

Why is it important to pay attention to the financial viability of HR technology vendors?

Why focus on HR tech vendor finances? It's simple: they play a critical role in managing your most vital asset – your people. From recruitment to engagement, HR tech drives business success. Monitoring vendor stock performance provides valuable insights. Falling stock prices may indicate trouble, impacting R&D and support function investments. Conversely, strong stock performance signals stability and innovation potential.

Additionally, it is important to note that many HR Tech vendors are private companies such as BambooHR, iSolved, Rippling, and UKG. Evaluating the financial viability of private companies is more challenging. Of course, when considering the right solution, financial viability is just one factor. Also, financial health can change over time and it is prudent to keep informed of your vendor's performance as part of your ongoing vendor risk assessments.

HR Tech Stock Index (HRTA) vs S&P 500

The HR Tech Stock Index is an equally weighted index of the stock prices of each of the 5 publicly traded HR Tech companies:

ADP
Paychex
Paycom
Paylocity
Workday

We use a comparison to the S&P 500 as a benchmark to compare the HR Tech Stock index to the performance of the broader market. The 5 companies included in the index have a total market capitalization of over $200B.

Disclaimer: This information is not intended to be investment advice. Seek a licensed professional for investment advice.

Note: If viewing on a mobile device - - turn your phone horizontally to see the HRTA performance graph.

HR Product Comparison -

At a Glance

Compare the top Small & Mid-Market HCM solutions on 20 different aspects of feature/functionality.

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2025 Individual Company Performance

Insights: 2025 has seen increasing consolidation in the HR Tech market. Public companies such as Paycor and Dayforce have been acquired by either larger players (Paychex) or PE firms. Private HR Tech firms have been gobbled up by Workday and others such as Flowise, Paradox, Sana, and Pipedream.

Even with the industry consolidation, HR Tech companies continued to lag the overall market. No company was immune with all down double-digits.

It would appear that Wall Street and investors don't like the outlook for 2026 for hiring and expect slow growth for HR Tech industry.

With a lot of uncertainty in the economy, there is logic to this expectation that layoffs may continue and hiring might be stagnant.

Note: Public HR Tech Companies rarely match the fiscal and calendar years. It may be confusing to see Q3 2024 results for one vendor and Q3 or Q4 results for others. It confuses us, too.