— Know what they know.
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Not Investment Advice

PAYX

NASDAQ · USD
Paychex, Inc.
Industrials · Staffing & Employment Services
CEO John Gibson Jr. Employees 17,600 R&D / revenue 0.0%
Last price
$111.63+0.77%last session
Market cap
$39.7B
P/E (TTM)
22.1x
From 52w high
−13.3%
From 52w low
+30.6%
1-year return
−7.9%
RSI 14 · vs SMA200
58.6 · +9.5%
IS score
74.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

PAYX   SPY   XLI (sector ETF) · weekly closes
80100120Jan 26Apr 26Jul 26Oct 26SPY 116XLI 111PAYX 92

Score DNA

Each bar is a 0-100 score within the scored universe
91
Profitability
63
Growth
41
Value
85
Momentum
90
Risk (safety)
88
Quality
54
Balance sheet
69
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+
Warnings
None of the computed warning flags fires for PAYX (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 9 / 9Altman Z 3.5Beta 0.812 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
6 open-market sales, $4.6M
Form 144 notices (12m): 15, $204.3M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+21
157 new holders, 121 closed
1,539 filers hold 86.2% · 635 added, 543 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+140
1,192 funds adding shares
1,052 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
69.0%
20-day avg 61.7%, 50-day avg 58.8%
Latest 7.3 pp over its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$6.5B
Revenue growth YoY+16.9%
Gross margin74.3%
Operating income$2.5B
Operating margin38.6%
Net income$1.8B
Net margin27.0%
EPS (diluted)$4.89
Cash flow
Operating cash flow$2.6B
Capital expenditure$234.9M
Free cash flow$2.3B
FCF conversion (FCF / OCF)90.8%
Stock-based compensation$96.1M
FCF less SBC$2.2B
Buybacks$611.0M
Dividends$1.6B
Balance sheet & returns
Cash & short-term investments$1.2B
Total debt$4.6B
Net debt$3.4B
Shareholders' equity$3.7B
Goodwill & intangibles$6.2B
Debt / equity1.25
ROE (TTM)47.1%
ROIC (TTM)21.1%
Operating margin by fiscal year
39.9%FY202240.6%FY202341.2%FY202439.6%FY202538.6%FY2026
Revenue $4.6B (FY2022) to $6.5B (FY2026), a 9.0% CAGR.

Valuation

P/E (TTM)22.1x
EV / EBITDA14.2x
Price / sales6.02x
Price / FCF19.7x
FCF yield5.07%
Buyback yield1.54%
SBC / revenue1.0%
Price / book10.72x
Forward P/E FY202718.7x
Forward P/E FY202817.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $111.33 across 6 analysts last quarter is theirs, not ours.

PAYX vs industry median

56 companies in Staffing & Employment Services
Gross margin 74.4% 28.1% Operating margin 39.2% 1.7% Net margin 27.4% 0.9% ROIC 21.1% 8.2%
PAYX (TTM)Industry median Asset turnover 0.42 vs industry 1.71 · financial leverage 4.23

Earnings delivery

Next report 2026-12-18 · consensus EPS $1.30
92%
beat rate, 11 of 12 quarters
+1.2%
median EPS surprise
6
longest beat streak
+1+1+2+2+1+1+0+2+2+2+1+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-12-21 to 2026-09-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
PAYX Paychex, Inc. $39.7B22.1x47.1%27.4%+16.9% −7.9%
KFY Korn Ferry $4.0B13.5x14.4%9.0%+6.9% +7.7%
ODFL Old Dominion Freight Line, I $39.0B36.1x24.8%22.6%−0.6% +36.8%
WCN Waste Connections, Inc. $42.3B40.6x13.1%11.6%+6.1% −1.5%
HEI HEICO Corporation $43.2B51.0x18.7%16.7%+20.7% +0.9%
ESLT Elbit Systems Ltd. $35.4B53.9x15.3%7.6%+12.9% —
FERG Ferguson plc $44.8B22.1x33.9%7.6%+3.7% —
CARR Carrier Global Corporation $45.3B37.8x8.8%7.9%−1.6% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-10-16Shareholder Vote
2026-09-23Earnings Release
2026-07-21Officer/Director Change; Exhibits
2026-06-24Earnings Release; Exhibits
2026-03-25Earnings Release; Exhibits
2026-01-26Entry into Material Definitive Agreement; Termination of Material Definitive Agreement; Creation of Direct Financial Obligation

Context

Shares outstanding355,980,000
Free float89.8%
Institutional ownership86.2%
Beta0.81
Dividend yield4.07%
Last dividend$1.19 on 2026-10-26
50 / 200-day average$114.71 / $103.36
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where PAYX sits among 12 scored companies in Staffing & Employment Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasurePAYXIndustry medianIndustry percentileSector median
P/E (TTM) 22.0x 18.5x
62nd		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 4.60 — 1.42
Price / sales 6.0x 0.7x
100th		 2.0x
Price / book 10.7x 2.8x
80th		 2.9x
Price / tangible book —
Price / free cash flow 19.7x 17.8x
55th		 20.8x
Price / operating cash flow 17.6x 17.0x
55th		 14.5x
Enterprise value $43.4B $1.4B
100th		 $4.8B
EV / sales 6.6x 0.7x
100th		 2.4x
EV / EBITDA 14.1x 10.3x
67th		 13.6x
EV / EBIT 16.5x 12.5x
67th		 19.9x
EV / free cash flow 21.5x 21.7x
45th		 24.3x
Earnings yield 4.5% 4.5%
55th		 3.3%
FCF yield 5.1% 5.7%
45th		 3.8%
Operating cash flow yield 5.7% 5.9%
45th		 6.2%
Graham number (per share) $34.41 $18.18
71st		 $38.21

Profitability (TTM)

MeasurePAYXIndustry medianIndustry percentileSector median
Gross margin 74.4% 19.6%
82nd		 30.5%
EBITDA margin 46.5% 4.9%
100th		 14.3%
Operating margin 39.2% 2.8%
100th		 9.8%
EBIT margin 39.8% 4.3%
100th		 9.9%
Net margin 27.4% 2.7%
100th		 6.0%
NOPAT margin 29.8% 1.6%
100th		 7.8%
FCF margin 30.5% 3.5%
100th		 7.0%
Operating cash flow margin 34.1% 4.6%
100th		 11.2%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 35.2% 15.2%
70th		 14.1%
Stock comp / revenue 1.0% 1.0%
64th		 0.6%
Effective tax rate 24.1% 28.1%
27th		 21.0%

Returns on capital

MeasurePAYXIndustry medianIndustry percentileSector median
ROE (on average equity) 47.1% 14.4%
90th		 11.9%
ROA 11.2% 4.9%
100th		 4.8%
ROIC 26.6% 10.1%
91st		 8.7%
ROCE 28.2% 15.6%
91st		 9.4%
Return on tangible assets 16.3% 8.5%
91st		 7.9%
Cash ROIC (OCF / invested capital) 30.5% 22.8%
70th		 12.8%
Gross profitability (GP / assets) 31.4% 36.0%
18th		 19.2%
ROIC, 3-yr average 25.2% 12.0%
88th		 7.8%
ROIC, 5-yr average 36.5% 20.4%
89th		 8.6%
ROE, 5-yr average 44.8% 23.5%
80th		 12.5%
Incremental ROIC -111.1% 5.5%
18th		 20.5%

Growth

MeasurePAYXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 14.0% 1.1%
100th		 8.6%
Revenue growth (QoQ) 1.6% -0.2%
64th		 9.9%
Revenue CAGR, 3 yr 9.1% -0.3%
100th		 5.0%
Revenue CAGR, 5 yr 9.4% 4.9%
82nd		 8.3%
Gross profit CAGR, 3 yr 10.7% -6.5%
100th		 6.5%
Operating income CAGR, 3 yr 7.7% -10.6%
86th		 6.4%
Net income growth (TTM YoY) 11.9% -16.8%
83rd		 11.3%
Net income CAGR, 3 yr 4.2% -17.8%
86th		 6.6%
EPS growth (TTM YoY) 13.6% -8.8%
67th		 13.3%
EPS CAGR, 3 yr 4.8% -12.6%
86th		 5.6%
EPS CAGR, 5 yr 8.5% 0.2%
100th		 8.3%
FCF growth (TTM YoY) 4.9% -24.5%
88th		 14.7%
FCF CAGR, 3 yr 2.5% -17.6%
73rd		 12.2%
Operating cash flow CAGR, 3 yr 3.6% -12.7%
73rd		 8.8%
Book value CAGR, 3 yr 1.7% -6.5%
70th		 7.3%
Dividend CAGR, 3 yr 3.7% 2.9%
67th		 2.7%
Sustainable growth rate 4.7% 8.1%
29th		 11.0%

Margin history & stability

MeasurePAYXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 73.0% 24.3%
82nd		 30.6%
Operating margin, 3-yr average 39.5% 3.9%
100th		 10.0%
Net margin, 3-yr average 29.1% 3.4%
100th		 6.2%
FCF margin, 3-yr average 31.2% 4.5%
100th		 7.1%
Revenue stability (0-1) 0.97 0.66
91st		 0.81
Earnings stability (0-1) 0.84 0.62
100th		 0.47
Margin stability (0-1) 0.98 0.95
82nd		 0.90

Liquidity (latest quarter)

MeasurePAYXIndustry medianIndustry percentileSector median
Cash & short-term investments $934.2M $278.9M
100th		 $249.6M
Net cash (− = net debt) −$3.7B −$97.8M
0th		 −$666.5M
Working capital $1.8B $272.9M
100th		 $376.4M
Current ratio 1.28 1.45
36th		 1.79
Quick ratio 1.28 1.45
36th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.15 0.17
36th		 0.32
Defensive interval (days) 513 days 516 days
40th		 614 days

Leverage & solvency (latest quarter)

MeasurePAYXIndustry medianIndustry percentileSector median
Total debt $4.6B $320.0M
100th		 $919.8M
Debt / equity 1.25 0.61
80th		 0.65
Net debt / equity 0.99 0.11
90th		 0.46
Debt / assets 29.5% 19.6%
82nd		 29.3%
Debt / capital 55.5% 38.0%
80th		 39.5%
Debt / EBITDA 1.50 2.17
22nd		 2.44
Net debt / EBITDA 1.20 0.13
67th		 1.86
Interest coverage (EBIT / interest) 9.9x 4.3x
67th		 5.0x
Cash interest coverage 8.5x 7.7x
56th		 6.1x
Debt payback (years of OCF) 2.1 yrs 2.3 yrs
45th		 3.2 yrs
Liabilities / assets 76.3% 70.6%
73rd		 56.7%
IS credit model rating A — —
Implied credit spread (bps) 150 212
36th		 200

Efficiency

MeasurePAYXIndustry medianIndustry percentileSector median
Asset turnover 0.41 1.70
0th		 0.75
Fixed asset turnover 9.56 33.04
9th		 5.14
Inventory turnover —
Receivables turnover 4.4 5.6
27th		 6.7
Days sales outstanding 82 days 66 days
73rd		 54 days
Days inventory outstanding 0 days — 72 days
Days payables outstanding 28 days 17 days
64th		 41 days
Cash conversion cycle (days) 54 days 38 days
82nd		 63 days
Capex / revenue 3.6% 0.9%
100th		 3.0%
Capex / depreciation 0.53 0.56
45th		 0.76
Operating expense ratio 35.6% 18.9%
73rd		 17.7%

Cash flow & earnings quality

MeasurePAYXIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.25 1.25
50th		 1.50
FCF / net income 1.12 1.14
38th		 1.15
FCF / operating cash flow 89.6% 78.9%
70th		 74.0%
Capex / operating cash flow 10.4% 22.7%
27th		 26.1%
Accruals ratio -2.8% -4.2%
64th		 -4.0%
Sloan accruals ratio -3.7% -1.9%
36th		 -2.4%
Earnings quality score (0-1) 1.00 0.75
62nd		 1.00

Dividends & buybacks

MeasurePAYXIndustry medianIndustry percentileSector median
Dividend yield 4.1% 2.5%
82nd		 0.6%
Dividend per share (TTM) $4.54 $1.29
100th		 $0.44
Payout ratio (dividends / net income) 90.0% 38.8%
88th		 22.5%
Dividends / FCF 80.6% 48.9%
82nd		 19.6%
Dividend growth (YoY) 11.1% 3.6%
89th		 5.6%
Buyback yield 1.1% 2.5%
27th		 0.5%
Shareholder yield (dividends + buybacks) 5.2% 6.0%
36th		 2.0%
Share count change (YoY) -1.5% -1.7%
55th		 0.0%
Buybacks, last 5 years $1.9B $129.0M
100th		 $76.0M

Scores & forensic checks

MeasurePAYXIndustry medianIndustry percentileSector median
IS score 75 45
100th		 53
IS profitability 91 35
100th		 37
IS growth 63 31
82nd		 54
IS value 41 50
9th		 47
IS momentum 85 54
100th		 76
IS risk (safety) 90 80
64th		 80
IS quality 88 58
100th		 67
IS balance sheet 54 54
45th		 56
IS earnings quality 69 70
36th		 70
IS cash flow 75 45
91st		 54
Piotroski F-score (0-9) 9 6
100th		 6
Altman Z-score 3.5 3.4
82nd		 3.3
Beneish M-score −2.47 −2.60
55th		 −2.52
Ohlson O-score −7.02 −5.88
27th		 −7.49
IS credit score 70 63
55th		 65

Per share

MeasurePAYXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $5.06 $1.28
91st		 $2.21
Book value per share $10.39 $9.32
55th		 $18.38
Tangible book per share −$6.90 $4.41
9th		 $4.39
Revenue per share $18.52 $68.68
18th		 $36.64
FCF per share $5.66 $1.84
73rd		 $2.70
Operating cash flow per share $6.31 $1.87
73rd		 $4.28
Cash per share $2.62 $2.99
36th		 $3.02

Size (TTM)

MeasurePAYXIndustry medianIndustry percentileSector median
Market cap $39.7B $1.5B
100th		 $3.9B
Revenue $6.6B $4.1B
82nd		 $2.7B
EBITDA $3.1B $115.5M
100th		 $394.8M
Net income $1.8B $69.2M
100th		 $136.3M
Free cash flow $2.0B $171.8M
100th		 $162.9M
Total assets $15.7B $2.3B
100th		 $3.5B
Shareholders' equity $3.7B $796.6M
100th		 $1.4B
Employees 17,600 11,732
64th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-16Doody Joseph
Director
 Other 725——970
2026-10-15Bonadio Tom
Director
 Award / grant 970——22,474
2026-10-15Bonadio Tom
Director
 Award / grant 4,040$110.78$447,5514,040
2026-10-15Price Kevin A
Director
 Award / grant 970——4,921
2026-10-15Price Kevin A
Director
 Award / grant 4,040$110.78$447,5514,040
2026-10-15Tucci Joseph M
Director
 Award / grant 970——68,334
2026-10-15Tucci Joseph M
Director
 Award / grant 4,040$110.78$447,5514,040
2026-10-15Joseph Pamela A
Director
 Award / grant 970——12,740
2026-10-15Joseph Pamela A
Director
 Award / grant 4,040$110.78$447,5514,040
2026-10-15Velli Joseph M
Director
 Award / grant 970——82,695
2026-10-15Velli Joseph M
Director
 Award / grant 4,040$110.78$447,5514,040
2026-10-15Doody Joseph
Director
 Award / grant 970——1,695

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired32295,209$28.0M
GiftDisposed6846,540$82.7M
Open-market saleDisposed642,420$4.6M
Option exerciseDisposed3234,922$13.5M
Option exerciseAcquired3234,922$13.5M
OtherDisposed2889—
OtherAcquired1164—
Tax withholdingDisposed18199,439$21.8M
—Disposed40—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 15 notices · 1,912,265 shares · $204.3M
FiledFilerShares proposedEst. proceeds
2026-10-14Velli Joseph M7,839$844,074
2026-09-29Golisano B Thomas562,635$56.2M
2026-07-20Schrader Robert L.2,600$299,238
2026-07-17Simmons Christopher C2,615$303,131
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 28 trades (7 purchases) · Senate 12 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-25April DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-08-25April McClain DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-04-21April DelaneyHouseSale$1,001 - $15,0002026-05-07
2026-04-21April McClain DelaneyHouseSale (Partial)$1,001 - $15,0002026-05-07
2026-03-27Alan ArmstrongSenateSale$1,001 - $15,0002026-07-21
2026-02-20Shelley Moore CapitoSenateSale$1,001 - $15,0002026-03-04
2026-02-20Shelley Moore CapitoSenateSale$1,001 - $15,0002026-03-04
2025-11-13Shelley Moore CapitoSenateSale$1,001 - $15,0002025-12-04
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
Capital International Investors28,840,445$2.8B8.10%
BlackRock, Inc.27,753,178$2.7B7.80%
VANGUARD CAPITAL MANAGEMENT LLC21,040,690$2.1B5.91%
VANGUARD PORTFOLIO MANAGEMENT LLC15,277,715$1.5B4.29%
STATE STREET CORP14,411,341$1.4B4.05%
Invesco Ltd.13,040,655$1.3B3.66%
GEODE CAPITAL MANAGEMENT, LLC10,250,030$1.0B2.88%
FEDERATED HERMES, INC.5,881,768$578.4M1.65%
MORGAN STANLEY5,167,036$508.1M1.45%
GOLDMAN SACHS GROUP INC4,619,471$454.2M1.30%
BANK OF AMERICA CORP /DE/4,414,326$434.1M1.24%
WELLS FARGO & COMPANY/MN3,852,234$378.8M1.08%
FIRST TRUST ADVISORS LP3,366,093$331.0M0.95%
UBS Group AG3,299,279$324.4M0.93%
NORTHERN TRUST CORP2,959,888$291.0M0.83%

Institutional ownership by quarter

2023-092026-0686.2%
% of shares held by 13F filers
2023-092026-061,539
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,53986.2%157635543121
2026-03-311,51881.6%155617537208
2025-12-311,59481.9%179535644169
2025-09-301,62277.1%129523671162
2025-06-301,67978.8%114603620121
2025-03-311,70979.0%16758464169
2024-12-311,64078.9%19558657370
2024-09-301,54677.9%14055557692
2024-06-301,51876.9%116554577118
2024-03-311,53675.9%11453960477
2023-12-311,51374.4%17251357687
2023-09-301,44973.4%12353250772

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management6.8%24,271,194
2026-02-13SCHEDULE 13G/ACapital International Investors8.6%30,738,102
2026-01-30SCHEDULE 13G/AThe Vanguard Group11.8%42,347,888
2025-11-13SCHEDULE 13G/ACapital International Investors5.4%19,328,967
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$1.0B
VTI0.04%$1.0B
VSMPX0.04%$1.0B
VTSAX0.04%$1.0B
SCHD0.87%$978.2M
VFINX0.05%$828.1M

Share structure

Shares outstanding355,980,000
Float319,602,828
Free float89.8%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$4.6B$5.0B$5.3B$5.6B$6.5B
Cost of revenue$1.4B$1.5B$1.5B$1.5B$1.7B
Gross profit$3.3B$3.6B$3.8B$4.0B$4.8B
R&D$0$0$0$0$0
SG&A$1.4B$1.5B$1.6B$1.8B$2.3B
Operating income$1.8B$2.0B$2.2B$2.2B$2.5B
EBITDA$2.0B$2.2B$2.4B$2.5B$3.0B
Pretax income$1.8B$2.0B$2.2B$2.2B$2.3B
Income tax$431.8M$490.9M$527.6M$518.6M$550.8M
Net income$1.4B$1.6B$1.7B$1.7B$1.8B
EPS, diluted$3.84$4.30$4.67$4.58$4.89
Diluted shares363.1M362.3M362.1M362.0M360.0M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$1.2B$1.6B$1.5B$1.7B$1.2B
Receivables$1.3B$1.4B$1.6B$2.0B$2.2B
Inventory$0$0$0$0$0
Total current assets$6.6B$7.5B$7.3B$8.9B$8.6B
PP&E, net$480.0M$457.8M$458.6M$575.3M$652.8M
Goodwill & intangibles$2.1B$2.0B$2.1B$6.5B$6.2B
Total assets$9.6B$10.5B$10.4B$16.6B$16.2B
Accounts payable$105.7M$84.7M$104.3M$129.8M$154.8M
Total current liabilities$5.3B$5.8B$5.3B$7.0B$6.8B
Long-term debt$797.7M$798.2M$798.6M$4.5B$4.6B
Total liabilities$6.5B$7.1B$6.6B$12.4B$12.4B
Shareholders' equity$3.1B$3.5B$3.8B$4.1B$3.7B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$1.4B$1.6B$1.7B$1.7B$1.8B
Depreciation & amortization$191.8M$176.6M$176.5M$209.5M$442.6M
Stock-based compensation$52.8M$62.6M$61.1M$111.8M$96.1M
Change in working capital−$368.4M−$317.9M−$280.4M−$280.7M−$124.1M
Operating cash flow$1.5B$1.7B$1.9B$2.0B$2.6B
Capital expenditure−$132.6M−$143.0M−$161.4M−$191.8M−$234.9M
Free cash flow$1.4B$1.6B$1.7B$1.8B$2.3B
Investing cash flow−$1.4B$218.5M−$260.9M−$3.7B−$1.2B
Net debt issued / repaid$1.3M$2.0M$9.0M$4.1B−$418.8M
Buybacks−$145.2M$0−$169.2M−$104.5M−$611.0M
Dividends paid−$999.6M−$1.2B−$1.3B−$1.4B−$1.6B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin70.6%71.0%72.0%72.4%74.3%
Operating margin39.9%40.6%41.2%39.6%38.6%
Net margin30.2%31.1%32.0%29.7%27.0%
FCF margin29.8%31.8%32.0%31.8%35.7%
ROE46.2%47.3%46.3%41.8%44.8%
ROIC51.2%55.9%52.4%22.5%26.6%
ROA14.8%15.4%16.2%12.3%10.8%
Debt / equity0.290.250.231.221.24
Interest coverage50.5x55.7x58.9x21.6x9.6x
Current ratio1.251.301.371.281.26
Revenue growth+13.7%+8.6%+5.4%+5.6%+16.9%
EPS growth+26.7%+12.1%+8.7%−2.1%+7.4%
P/E at year end29.1x22.6x24.6x33.9x19.7x
EV / EBITDA at year end19.7x15.5x17.2x23.9x12.6x
FCF yield at year end3.39%4.51%4.07%3.15%6.68%
Dividend payout71.8%75.5%77.8%87.4%90.3%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Management Solutions$3.4B$3.7B$3.9B$4.1B$4.9B
Peo And Insurance Solutions$1.1B$1.2B$1.3B$1.3B$1.4B

Street estimates by fiscal year

Next report 2026-12-18 · consensus EPS $1.30 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$6.5B$6.5B – $6.5B$5.49$5.47 – $5.511220.3x
2027$6.9B$6.8B – $6.9B$5.96$5.93 – $6.001318.7x
2028$7.2B$7.2B – $7.3B$6.41$6.08 – $6.531217.4x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-09-23$1.32$1.34+1.5%$1.6B$1.6B+0.2%
2026-06-24$1.31$1.32+0.8%$1.6B$1.6B+0.3%
2026-03-25$1.67$1.71+2.4%$1.8B$1.8B+1.5%
2025-12-19$1.23$1.26+2.4%$1.6B$1.6B+0.3%
2025-09-30$1.20$1.22+1.7%$1.5B$1.5B+0.1%
2025-06-25$1.19$1.190.0%$1.4B$1.4B−1.1%
2025-03-26$1.48$1.49+0.7%$1.5B$1.5B+0.0%
2024-12-19$1.13$1.14+0.9%$1.3B$1.3B+0.3%
2024-10-01$1.14$1.16+1.8%$1.3B$1.3B+0.3%
2024-06-26$1.10$1.12+1.8%$1.3B$1.3B+0.1%
2024-04-02$1.37$1.38+0.7%$1.5B$1.4B−1.3%
2023-12-21$1.07$1.08+0.9%$1.5B$1.3B−13.9%
2023-09-27$1.12$1.14+1.8%$1.3B$1.3B−0.3%
2023-03-29$1.24$1.29+4.0%$1.4B$1.4B+1.4%
2022-12-22$0.95$0.99+4.2%$1.2B$1.2B+0.0%
2022-09-28$0.97$1.03+6.2%$1.2B$1.2B+2.1%
2021-12-22$0.80$0.91+13.7%$1.2B$1.1B−9.1%
2021-09-30$0.80$0.89+11.2%$1.0B$1.1B+3.9%
2021-06-25$0.67$0.72+7.5%$952.4M$1.0B+8.1%
2021-04-06$0.92$0.96+4.3%$1.1B$1.1B+0.2%
2020-12-23$0.66$0.73+10.6%$878.7M$983.7M+11.9%
2020-10-06$0.55$0.63+14.5%$813.8M$932.2M+14.5%
2020-07-07$0.60$0.61+1.7%$900.1M$915.1M+1.7%
2020-03-25$0.96$0.97+1.0%$1.1B$1.1B+1.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.606-220.406-290.407-060.407-130.507-200.707-270.408-030.308-100.408-170.308-240.408-31
Week ofNotionalSharesTrades
2026-08-31$414.3M3,324,24776,373
2026-08-24$288.5M2,289,84968,346
2026-08-17$411.5M3,374,09274,737
2026-08-10$312.5M2,571,06568,428
2026-08-03$417.0M3,522,61687,149
2026-07-27$700.3M5,903,748118,164

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1569.0%
DateShort shareShort volumeTotal volume
2026-10-1569.0%1,040,0081,506,175
2026-10-1473.1%804,2491,100,870
2026-10-1366.0%500,842758,598
2026-10-1271.1%449,177631,903
2026-10-0976.5%609,640797,331
2026-10-0869.8%654,071937,621
2026-10-0757.7%434,581753,101
2026-10-0661.0%495,410812,679
2026-10-0555.3%443,050801,681
2026-10-0271.8%542,505755,265
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.8Jan-0.1Feb+1.5Mar+0.2Apr+1.1May-1.2Jun+2.2Jul+1.3Aug+0.2Sep+2.2Oct+3.7Nov-0.2Dec
MonthAvg returnUp yearsYears
Jan−0.8%50%20
Feb−0.1%65%20
Mar+1.5%62%21
Apr+0.2%45%20
May+1.1%65%20
Jun−1.2%40%20
Jul+2.2%70%20
Aug+1.3%65%20
Sep+0.2%55%20
Oct+2.2%70%20
Nov+3.7%75%20
Dec−0.2%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1458.6
MFI75.5
ADX26.3
Stochastic %K / %D93.9 / 88.2
Williams %R-6.1
CCI112
TSI / signal-13.3 / -27.7
Chaikin money flow-0.04
ATR$2.65
Bollinger width19.4%
Volume vs 20-day avg1.58x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$104.32 (+7.0%)
SMA 50$114.54 (−2.5%)
SMA 200$101.98 (+9.5%)
EMA 21$107.22 (+4.1%)
EMA 50$109.94 (+1.5%)
EMA 200$108.35 (+3.0%)
Bollinger upper$114.46 (−2.5%)
Bollinger lower$94.17 (+18.5%)
Parabolic SAR$102.07 (+9.4%)
Open the live chart, 110+ indicators

About Paychex, Inc.

Founded in 1971 and headquartered in Rochester, New York, Paychex, Inc. delivers comprehensive human capital management (HCM) solutions. The company primarily serves small to medium-sized enterprises (SMEs) across the United States, Europe, and India, addressing their needs in human resources, payroll administration, employee benefits, and insurance. Its diverse service portfolio includes: Payroll Management: Encompassing core payroll processing, payroll tax administration, employee payment facilitation, and ensuring compliance with regulations like new-hire reporting and garnishment processing. Human Resources Solutions: Providing support for employer compliance, HR and employee benefits administration, risk management outsourcing, and even the availability of professionally trained on-site HR representatives. Retirement Services: Offering full administration for retirement plans, which covers implementation, ongoing adherence to government regulations, reporting for both participants and employers, online access capabilities, electronic funds transfers, and other administrative tasks. Cloud-based HR Software: A suite of software products designed for efficient HR administration, including tools for benefits management, time and attendance tracking, digital communication, recruitment, and onboarding processes. Additional Business Services: This category features plan administration outsourcing, state unemployment insurance services, and various support functions for SMBs such as payroll funding and outsourcing (including payroll processing, invoicing, and tax preparation), payment processing solutions, financial wellness programs, and a resource center for small business loans. Insurance Offerings: Providing both property and casualty coverage, which includes workers' compensation, business-owner policies, cybersecurity protection, and commercial auto insurance, alongside health and benefits coverage like medical, dental, vision, and life insurance. Paychex primarily distributes its services through its dedicated direct sales team.

https://www.paychex.com

Key executives

NameTitlePayBorn
John Gibson Jr.President, Chief Executive Officer & Director$1.8M1967
Elizabeth RoaldsenSenior Vice President of Operations & Customer Experience$1.0M1972
Robert L. SchraderSenior Vice President & Chief Financial Officer$873,0021973
Chad ParodiSenior VP of HR & Benefits Services$864,1101972
Adam Brooks AnteSenior Vice President of HCM$838,7421981
Ryan Norman BergstromChief Product & Technology Officer$796,7671979
Dave WilsonManaging Director of Engineering and Technology——
Jason RoseSenior Vice President of Digital Sales & Marketing—1976

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
John B. Gibson President and CEO2026$921,923$6.3M$881,448$10.3M
Robert L. Schrader SVP and CFO2026$521,923$1.9M$336,656$3.4M
Adam Ante SVP of HCM2026$509,615$1.5M$320,625$2.8M
Ryan Bergstrom Chief Product and Technology Officer2026$484,135$1.5M$304,594$2.8M
Chad Parodi SVP of HR & Benefits Services2026$475,000$1.2M$304,594$2.5M

Employees

16k201916k202015k202116k202217k202316k202419k202518k2026

Dividends

Ex-dateAmountPaid
2026-10-26$1.192026-11-25
2026-07-28$1.192026-08-28
2026-05-13$1.192026-05-29
2026-01-28$1.082026-02-27
2025-11-07$1.082025-11-26
2025-07-21$1.082025-08-29
2025-05-12$1.082025-05-29
2025-02-07$0.982025-02-27

Moat model

Weak · Efficient Scale · 2026-08-31
Cost advantage30
Intangibles36
Switching costs12
Network effect75
Efficient scale100
Our component scores (0-100) and overall 44.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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