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Paychex, Inc.

PAYX Technology Software Application

Paychex, Inc.’s revenue for fiscal 2026 (year ended May 2026) was $6.5 billion, up 16.9% from fiscal 2025. In the quarter to August 2026, revenue grew 5.88%, EPS grew 13.1%, free cash flow fell 46.1% and total debt fell 8.27%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for five; insiders bought in the last twelve months.

112.10 2.73 +2.50%
Market cap
$38.9B
P/E
22.2×
Fwd P/E
21.5×
Dividend yield
5.11%
F-score
6/9
Altman Z
2.88
Beneish M
−2.65
Dividend safety
60/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Insider Decisions trades per month

Total buys 0.20
Total sells 4.62
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — 2 — — — — — — — —
Sell — — — — — — 1 1 3 — — 1
Insider Ownership 10.08%

Capital & Financial Ratios $m

Market Cap 38,930.00
Revenue 6,602.50
Net Income 1,806.00
Free Cash Flow 2,016.70
Net Debt 3,568.80
Current Ratio 1.28
Debt/Equity 1.23
P/E ratio 22.20
Fwd P/E 21.50
P/S ratio 6.04
P/B ratio 10.76 (above 6: high)
Past 5Y EPS Growth 10.05%
This Y EPS Growth 8.18%
Next Y EPS Growth 7.54%
Next Y revenue growth 5.41%
Next 5Y EPS Growth 7.63%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.6×, against a ten-year median of 7.8×; over the ten years it ranged from 5.5× in 2020 to 11.3× in 2021.
P/E against its own 10 years 8.37%
10-year low 10-year high
P/S against its own 10 years 7.27%
10-year low 10-year high
P/B against its own 10 years 27.47%
10-year low 10-year high
EV/Sales against its own 10 years 19.28%
10-year low 10-year high
EV/FCF against its own 10 years 21.89%
10-year low 10-year high

Dividends

Payout Ratio 1.14
Annual Dividend Rate 5.73
Annual Dividend Yield 5.11%
total individual payouts
2029 Powerpack
2028 Powerpack
2027 Powerpack
2026 4.65
1.08
1.19
1.19
1.19
2025 4.22
0.98
1.08
1.08
1.08
2024 3.83
0.89
0.98
0.98
0.98
2023 3.46
0.79
0.89
0.89
0.89
2022 3.03
0.66
0.79
0.79
0.79
2021 2.60
0.62
0.66
0.66
0.66
2020 2.48
0.62
0.62
0.62
0.62
2019 2.42
0.56
0.62
0.62
0.62
2018 2.18
0.50
0.56
0.56
0.56
2017 1.92
0.46
0.46
0.50
0.50
2016 1.76
0.42
0.42
0.46
0.46
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 1,551 1,711 1,177 989
Receivables 1,625 1,975 2,208 2,335
Inventory — — — —
Other 3,706 4,813 4,832 4,348
7,252 8,917 8,613 8,094
2024 2025 2026 Q'26
Payables 104 130 155 141
ST’ Debt 19 418 — —
Other 4,339 5,419 5,522 5,090
5,309 6,956 6,841 6,340

Compound Annual Growth %

10y 5y 3y
Sales 8.23% 9.93% 9.15%
Cash Flow 9.64% 15.20% 14.43%
Earnings 8.81% 9.91% 4.16%
Book Value 6.93% 4.85% 2.26%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 1.33 Actual 1.34

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 1.24 1.26 Beat by 0.02
Q3 FY26 1.68 1.71 Beat by 0.03
Q4 FY26 1.31 1.32 Beat by 0.01
Q1 FY27 1.33 1.34 Beat by 0.01
Q2 FY27 1.30 — Reports 18 December 2026

EPS $

Aug Nov Feb May Year
’26 1.21 — — — —
’26 1.06 1.10 1.56 1.17 4.89
’25 1.18 1.14 1.43 0.82 4.58
’24 1.16 1.08 1.38 1.05 4.67
’23 1.05 0.99 1.29 0.97 4.30
’22 0.92 0.91 1.19 0.82 3.84
’21 0.59 0.75 0.97 0.73 3.03
Fiscal quarters ending in the months shown.

Revenue $m

Aug Nov Feb May Year
’26 1,631 — — — —
’26 1,540 1,558 1,809 1,606 6,512
’25 1,319 1,317 1,509 1,427 5,572
’24 1,286 1,258 1,439 1,295 5,278
’23 1,206 1,190 1,381 1,230 5,007
’22 1,083 1,109 1,276 1,144 4,612
’21 932 984 1,112 1,029 4,057
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Aug Nov Feb May Year
’26 414 — — — —
’26 718 445 813 581 2,557
’25 546 295 716 344 1,901
’24 693 311 672 222 1,898
’23 364 355 569 417 1,706
’22 386 170 613 421 1,590
’21 215 216 440 390 1,260
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Aug Nov Feb May Year
’26 357 — — — —
’26 663 383 762 515 2,322
’25 511 248 667 283 1,709
’24 654 271 631 180 1,736
’23 334 330 545 371 1,580
’22 355 136 578 388 1,457
’21 194 186 408 358 1,146
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to May

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Price, $
Price, $ Low 54.20 59.36 63.33 47.87 85.30 105.66 104.09 114.72 108.00 85.45 +5.2% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 70.39 76.02 88.43 99.95 138.97 141.92 129.70 150.71 161.24 127.98 +6.9% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 13,700 14,300 15,600 15,800 15,000 16,000 16,600 16,500 19,000 17,600 +2.8% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.23 0.24 0.24 0.26 0.27 0.29 0.30 0.32 0.29 0.37 +5.4% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 3,153 3,378 3,773 4,041 4,057 4,612 5,007 5,278 5,572 6,512 +8.4% 6,864 7,240 7,610 +5.3%
Gross margin, % 70.84 69.86 68.78 68.30 68.66 70.59 70.98 71.97 72.35 74.29 +3.4 pt
EBT 1,259 1,300 1,368 1,437 1,434 1,825 2,048 2,218 2,176 2,311 +7.0%
EBT margin, % 39.93 38.49 36.26 35.57 35.35 39.56 40.91 42.02 39.05 35.49 (4.4) pt
Net income 826 994 1,034 1,098 1,098 1,393 1,557 1,690 1,657 1,760 +8.8%
Depreciation 369 378 411 437 419 423 414 401 469 684 +7.1%
Per share, $
Per share, $ Revenue 8.76 9.41 10.50 11.27 11.27 12.79 13.89 14.65 15.47 18.14 +8.4%
Earnings 2.27 2.60 2.88 3.06 3.05 3.86 4.32 4.69 4.60 4.90 +8.9%
Cash flow 2.67 3.56 3.54 4.02 3.50 4.41 4.73 5.27 5.28 7.12 +11.5%
Capex (0.26) (0.43) (0.34) (0.35) (0.32) (0.37) (0.35) (0.45) (0.53) (0.65) +10.7%
Free cash flow 2.41 3.13 3.20 3.67 3.18 4.04 4.38 4.82 4.74 6.47 +11.6%
Book value 5.43 6.56 7.29 7.76 8.19 8.56 9.69 10.55 11.46 10.41 +7.5%
Shares, m 360 359 359 359 360 361 360 360 360 359 0.0%
Valuation, ×
Valuation, × P/E 26.21 22.67 29.79 23.44 33.11 32.08 24.29 25.57 34.24 20.86 27.2
P/S 6.76 6.97 8.17 6.38 8.96 9.68 7.55 8.20 10.18 5.65 7.9
P/B 10.90 9.99 11.76 9.27 12.33 14.47 10.83 11.39 13.74 9.84 11.5
EV/Sales 6.67 6.86 8.19 6.34 8.89 9.58 7.39 8.06 10.77 6.23 7.9
EV/FCF 24.30 20.65 26.93 19.49 31.48 30.32 23.41 24.51 35.10 17.46 25.4
Cash, $m
Cash, $m Operating cash flow 960 1,276 1,272 1,441 1,260 1,590 1,706 1,898 1,901 2,557 +11.5%
Capex (94) (154) (124) (127) (115) (133) (126) (161) (192) (235) +10.7%
Free cash flow 866 1,122 1,148 1,314 1,146 1,457 1,580 1,736 1,709 2,322 +11.6%
Balance, $m
Balance, $m Working capital 547 597 833 1,038 1,231 1,312 1,723 1,942 1,960 1,773 +14.0%
Total debt — — 796 802 805 806 808 817 4,967 4,556 +28.3%
Net debt (323) (424) 33 (180) (278) (468) (837) (733) 3,256 3,379 n/m
Shareholders’ equity 1,955 2,357 2,620 2,781 2,948 3,085 3,493 3,801 4,128 3,735 +7.5%
Returns, %
Returns, % ROA 12.45 13.48 12.47 12.75 12.35 14.77 15.43 16.15 12.30 10.75 (1.7) pt
ROIC 48.02 41.77 32.31 35.09 34.20 43.94 47.83 44.29 18.69 22.06 (26.0) pt
ROE 42.74 46.11 41.57 40.66 38.31 46.17 47.35 46.35 41.80 44.77 +2.0 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to May 2026 · latest quarter Aug 2026 · fundamentals updated 2 Oct 2026

Paychex, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MSTR Strategy Inc $59.8B — (loss-making) — (loss-making) +6.88% (above 0%: growing) n/m +6.40% (above 0%: growing) 66.64% (6,808.11%) Compare
TEAM Atlassian Corporation PLC $51.4B — (loss-making) 228× +27.60% (above 0%: growing) n/m +31.74% (above 0%: growing) 86.50% 11.93% Compare
ADSK Autodesk, Inc. $50.5B 32.1× 29.7× +16.05% (above 0%: growing) +59.18% (above 0%: growing) +24.77% (above 0%: growing) 91.40% 29.28% Compare
WDAY Workday, Inc. $47.1B 39.9× 36.8× +12.82% (above 0%: growing) +200.00% (above 0%: growing) −21.77% (below 0%: shrinking) 75.39% 11.82% Compare
ROP Roper Technologies, Inc. $44.5B 19.2× 17.0× +8.50% (above 0%: growing) +230.68% (above 0%: growing) +18.70% (above 0%: growing) 69.71% 27.73% Compare
PAYX Paychex, Inc. $38.9B 22.2× 21.5× +5.88% (above 0%: growing) +13.08% (above 0%: growing) −46.05% (below 0%: shrinking) 73.62% 37.98%
BSP Bending Spoons S.p.A. $29.7B 167× 66.8× — — — 65.84% 34.12% Compare
ZM Zoom Communications, Inc. $28.5B 8.6× 11.5× +4.93% (above 0%: growing) +342.86% (above 0%: growing) −7.02% (below 0%: shrinking) 77.16% 24.61% Compare
PTC PTC Inc. $21.2B 18.8× 21.7× −6.82% (below 0%: shrinking) −11.86% (below 0%: shrinking) +3.02% (above 0%: growing) 81.74% 27.75% Compare
Median of peers $45.8B 25.7× 29.7× +8.50% +200.00% +6.40% 76.28% 26.17%

All 230 Software Application stocks →

Business profile

Updated

Paychex is a human-capital-management company that combines software and advisory services for businesses. It helps employers run payroll, manage HR tasks, administer benefits, recruit and manage workers, meet employment-related requirements, and obtain insurance.

Its three cloud-based HCM platforms serve different customer needs. SurePayroll is aimed at digitally driven small businesses using self-service tools; Paychex Flex serves small and medium-sized businesses; and Paycor is its platform for larger organizations with more complex requirements. Customers can select modules covering payroll, HR, talent acquisition, talent management, benefits administration, workforce management, and partner marketplaces.

From the latest earnings call

Updated

  • John Gibson said Paychex’s go-to-market execution led to ASO-to-PEO conversions at double its expectations and stronger PEO referrals from HCM sales teams.
  • Bob Schrader said Paychex raised its PEO and insurance revenue-growth outlook to 7% to 8% while reaffirming the remainder of its fiscal 2027 outlook.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 83.22%
Held by the ten largest 45.96%
Holder Shares Stake Change
Vanguard 39.82m 11.20% +172.50k
Capital Group 29.38m 8.26% −3.68m
BlackRock 27.75m 7.80% −661.27k
State Street 14.41m 4.05% +361.71k
Invesco 13.04m 3.67% +255.85k
Charles Schwab 10.40m 2.92% +1.03m
Geode Capital Management 10.25m 2.88% −20.50k
Morgan Stanley 6.54m 1.84% +1.24m
UBS 5.97m 1.68% −258.74k
FEDERATED HERMES, INC. 5.88m 1.65% −3.81k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 4 September 2026

Ownership

Directors and executive officers, together 0.60%
B. Thomas Golisano 10.10%
Capital International Investors 8.60%
BlackRock, Inc. 7.80%
Vanguard Capital Management 6.80%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Paychex, Inc. (PAYX) Latest News

29 Oct

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27 Oct

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26 Oct

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23 Oct

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5 Oct

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2 Oct

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29 Sep

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28 Sep

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PAYX metrics, ten years each

stockrow.com/PAYX · Data as of Oct 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com