Sunday 11 October 2026 Export all PAYX data to Excel Powerpack

Paychex, Inc.

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.

103.98 0.48 −0.46%

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Market cap: $37.2B
P/E: 20.6×
Fwd P/E: 17.9×
Dividend yield: 4.37%
F-score: 6/9
Altman Z: 2.88
Beneish M: −2.65
Dividend safety: 60/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.20

Total sells 3.78

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	2	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	1	1	3	—	—	—

Insider Ownership 10.09%

Capital & Financial Ratios $m

Market Cap 37,190.00

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 20.59

Fwd P/E 17.90

P/S ratio 5.60

P/B ratio 9.98

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

P/E against its own 10 years 3.32%

10-year low 10-year high

P/S against its own 10 years 4.47%

10-year low 10-year high

P/B against its own 10 years 12.33%

10-year low 10-year high

EV/Sales against its own 10 years 7.05%

10-year low 10-year high

EV/FCF against its own 10 years 10.49%

10-year low 10-year high

Dividends

Payout Ratio 0.90

Annual Dividend Rate 4.54

Annual Dividend Yield 4.37%

	total	individual payouts
2029	Powerpack
2028	Powerpack
2027	Powerpack
2026	4.43	1.08 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%

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.

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.

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

Negative figures in brackets.

All 10 years →

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

Charts ten years each

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	$63.9B	— (loss-making)	3.8×	+6.88% (above 0%: growing)	n/m	+6.40% (above 0%: growing)	66.64%	(6,808.11%)	Compare
TEAM Atlassian Corporation PLC	$51.5B	— (loss-making)	125×	+27.60% (above 0%: growing)	n/m	+31.74% (above 0%: growing)	86.50%	11.93%	Compare
ADSK Autodesk, Inc.	$48.8B	30.2×	27.1×	+16.05% (above 0%: growing)	+59.18% (above 0%: growing)	+24.77% (above 0%: growing)	91.40%	29.28%	Compare
WDAY Workday, Inc.	$45.3B	37.6×	35.1×	+12.82% (above 0%: growing)	+200.00% (above 0%: growing)	−21.77% (below 0%: shrinking)	75.39%	11.82%	Compare
PAYX Paychex, Inc.	$37.2B	20.6×	17.9×	+5.88% (above 0%: growing)	+13.08% (above 0%: growing)	−46.05% (below 0%: shrinking)	73.62%	37.98%
ROP Roper Technologies, Inc.	$36.0B	15.0×	20.5×	+8.50% (above 0%: growing)	+230.68% (above 0%: growing)	+18.70% (above 0%: growing)	69.71%	27.73%	Compare
ZM Zoom Communications, Inc.	$27.6B	8.8×	24.6×	+4.93% (above 0%: growing)	+342.86% (above 0%: growing)	−7.02% (below 0%: shrinking)	77.16%	24.61%	Compare
PTC PTC Inc.	$21.1B	18.7×	15.2×	−6.82% (below 0%: shrinking)	−11.86% (below 0%: shrinking)	+3.02% (above 0%: growing)	81.74%	27.75%	Compare
U Unity Software Inc.	$20.2B	— (loss-making)	— (loss-making)	+23.93% (above 0%: growing)	n/m	+59.46% (above 0%: growing)	79.56%	(5.90%)	Compare
Median of peers	$40.6B	18.7×	24.6×	+10.66%	+200.00%	+12.55%	78.36%	18.27%

All 237 Software Application stocks →

Paychex, Inc. (PAYX) key facts

Strength: Paychex, Inc.’s revenue for fiscal 2026 (year ended May 2026) was $6.5 billion, up 16.9% from fiscal 2025.
Paychex, Inc. (PAYX) is a Software Application company in the Technology sector, listed on Nasdaq.
As of October 9, 2026, PAYX traded at $103.98, a market capitalization of $37.2 billion.
Paychex, Inc. pays an annual dividend of $4.54 per share, a yield of 4.37%, with a payout ratio of 90.1%.
Return on equity was 44.8% and debt-to-equity 1.23.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.88 (grey zone) for fiscal 2026.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 2, 2026.

Financial Analysis (summary)

Updated 25 September 2026

Paychex recorded $6.5 billion of revenue, $1.8 billion of net income and $2.3 billion of free cash flow in FY2026. Operating income was $2.5 billion in FY2026, while net debt was $3.4 billion at the end of FY2026.

In Q1 FY2027, revenue was $1.6 billion, operating income was $619.2 million and net income was $429.7 million. Revenue increased 5.88% in Q1 FY2027 against Q1 FY2026, while diluted EPS increased 13.7% over the same period and free cash flow declined 46.1%.

Read the full analysis →