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PAYCHEX INC PAYX

Nasdaq · stock · Services-Engineering, Accounting, Research, Management · website · IPO 1983-08-26 · LEI

PAYCHEX INC statistics & valuation

Market cap$35.8B
P / E20.3×
P / S5.5×
P / B9.6×
P / FCF15.4×
Dividend yield4.44%
Net margin27.0%
Return on equity47.1%
FCF margin35.7%
Net debt$3.5B
Net debt / EBITDA1.2×
Enterprise value USD$39.3B
EV / EBITDA13.3×
Earnings yield EBIT/EV6.4%
Return on capital26.9%
Graham number -71.9%$33.79

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($33.79); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
32.00% 29.70% 27.00% 2017201820192020202120222023202420252026
Gross margin (%)
2017201820192020202120222023202420252026
Operating margin (%)
39.80% 38.20% 36.30% 36.10% 36.00% 39.90% 40.60% 41.20% 39.60% 38.60% 2017201820192020202120222023202420252026
Return on equity (%)
44.50% 40.10% 47.10% 2017201820192020202120222023202420252026
Shares outstanding
362.6M 361.5M 361.8M 361.0M 362.1M 363.1M 362.3M 362.1M 362.0M 360.0M 2017201820192020202120222023202420252026
Net debt ($)
$122.8M -$108.4M -$197.9M $427.7M -$423.8M -$670.3M $3.32B $3.47B 2017201820192020202120222023202420252026
Share buybacks ($)
2017201820192020202120222023202420252026
Return on assets (%)
16.30% 10.00% 10.90% 2017201820192020202120222023202420252026
Free cash flow margin (%)
27.50% 33.20% 30.40% 32.50% 28.10% 31.60% 31.20% 32.90% 30.70% 35.70% 2017201820192020202120222023202420252026
Debt / equity (×)
0.30× 0.29× 0.27× 0.26× 0.23× 0.21× 1.20× 1.22× 2017201820192020202120222023202420252026
EPS ($)
$2.28 $2.75 $2.86 $3.04 $3.03 $3.84 $4.30 $4.67 $4.58 $4.89 2017201820192020202120222023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

PAYCHEX INC trades at about 24.6× earnings — near its 10-year norm (10-year range 20.1×–35.4×, median 26×).

20.1× 35.4×

Shaded band = 10-year range (20.1×–35.4×); dot = today's 24.6×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating margin38.6%39.6%41.2%40.6%39.9%36.0%36.1%36.3%38.2%39.8%
Net margin27.0%29.7%32.0%———————
FCF margin35.7%30.7%32.9%31.2%31.6%28.1%32.5%30.4%33.2%27.5%
Return on assets10.9%10.0%16.3%———————
Return on equity47.1%40.1%44.5%———————
Debt / equity1.22×1.20×0.21×0.23×0.26×0.27×0.29×0.30×——
Current ratio1.261.281.371.301.251.251.231.171.111.12

Computed from company filings · US · as of 2026-05-31. Facts plus Stocktoria's own computed scores — not investment advice.