Paychex (PAYX) Financials

$149.02 -0.43 (-0.29%)

Closing price 04:00 PM Eastern

Extended Trading

$150.60 +1.58 (+1.06%)

As of 06:46 PM Eastern

Annual Income Statements for Paychex

This table shows Paychex's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024
Net Income / (Loss) Attributable to Common Shareholders	661	779	826	994	1,071	1,155	1,093	1,207	1,531	1,705
Consolidated Net Income / (Loss)	675	757	826	994	1,034	1,098	1,098	1,393	1,557	1,690
Net Income / (Loss) Continuing Operations	675	757	826	994	1,034	1,098	1,098	1,393	1,557	1,690
Total Pre-Tax Income	1,060	1,151	1,259	1,300	1,368	1,437	1,434	1,825	2,048	2,218
Total Operating Income	1,054	1,147	1,254	1,292	1,371	1,461	1,461	1,840	2,033	2,174
Total Gross Profit	2,740	2,952	3,153	2,360	2,595	2,760	2,786	3,255	3,554	3,799
Total Revenue	2,740	2,952	3,153	3,378	3,773	4,041	4,057	4,612	5,007	5,278
Operating Revenue	2,740	2,952	3,153	3,378	3,773	4,041	4,057	4,612	5,007	5,278
Total Cost of Revenue	0.00	0.00	0.00	1,018	1,178	1,281	1,271	1,356	1,453	1,479
Operating Cost of Revenue	-	-	-	1,018	1,178	1,281	1,271	1,356	1,453	1,479
Total Operating Expenses	1,686	1,805	1,899	1,068	1,223	1,299	1,325	1,415	1,521	1,625
Selling, General & Admin Expense	1,686	1,805	1,899	1,068	1,223	1,299	1,325	1,415	1,521	1,625
Total Other Income / (Expense), net	6.40	4.50	5.20	8.60	-3.30	-23	-27	-15	15	44
Interest & Investment Income	6.40	4.50	5.20	8.60	-3.30	-23	-27	-15	15	44
Income Tax Expense	385	394	433	306	334	339	337	432	491	528
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	14	-22	-	-	-36	-56	4.70	186	26	-15
Basic Earnings per Share	$1.86	$2.10	$2.30	$2.77	$2.88	$3.06	$3.05	$3.86	$4.32	$4.69
Weighted Average Basic Shares Outstanding	362.90M	360.70M	359.80M	359M	359.20M	358.50M	359.90M	360.60M	360.40M	360.30M
Diluted Earnings per Share	$1.85	$2.09	$2.28	$2.75	$2.86	$3.04	$3.03	$3.84	$4.30	$4.67
Weighted Average Diluted Shares Outstanding	364.60M	362.50M	362.60M	361.50M	361.80M	361M	362.10M	363.10M	362.30M	362.10M
Weighted Average Basic & Diluted Shares Outstanding	355.30M	370.70M	360M	358.90M	359.20M	358.77M	359.83M	359.91M	360.55M	360.13M
Cash Dividends to Common per Share	$1.52	$1.68	$1.84	$2.06	$2.30	$2.48	$2.52	$2.77	$3.26	$3.65

This table shows Paychex's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	8/31/2022	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025
Net Income / (Loss) Attributable to Common Shareholders	342	333	462	395	396	409	521	380	492	402	522
Consolidated Net Income / (Loss)	379	360	467	350	419	393	499	380	427	413	519
Net Income / (Loss) Continuing Operations	379	360	467	350	419	393	499	380	427	413	519
Total Pre-Tax Income	492	475	617	464	549	518	659	492	557	544	686
Total Operating Income	496	472	612	453	536	506	650	482	547	538	692
Total Gross Profit	855	831	1,008	860	926	894	1,060	920	939	938	1,122
Total Revenue	1,206	1,190	1,381	1,230	1,286	1,258	1,439	1,295	1,319	1,317	1,509
Operating Revenue	1,206	1,190	1,381	1,230	1,286	1,258	1,439	1,295	1,319	1,317	1,509
Total Cost of Revenue	351	359	373	370	360	364	380	375	380	379	387
Operating Cost of Revenue	351	359	373	370	360	364	380	375	380	379	387
Total Operating Expenses	360	359	396	407	390	388	410	438	392	400	430
Selling, General & Admin Expense	360	359	396	407	390	388	410	438	392	400	430
Total Other Income / (Expense), net	-3.60	2.90	5.50	10	13	12	9.40	10	10	5.60	-6.00
Interest & Investment Income	-3.60	2.90	5.50	10	13	12	9.40	10	10	5.60	-6.00
Income Tax Expense	113	115	150	113	130	125	161	112	130	130	167
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	38	27	5.90	-44	23	-16	-22	-0.10	-65	12	-2.30
Basic Earnings per Share	$1.05	$1.00	$1.30	$0.97	$1.16	$1.09	$1.39	$1.05	$1.19	$1.15	$1.44
Weighted Average Basic Shares Outstanding	360.10M	360.50M	360.50M	360.40M	360.80M	360.50M	359.90M	360.30M	360.10M	360M	360.10M
Diluted Earnings per Share	$1.05	$0.99	$1.29	$0.97	$1.16	$1.08	$1.38	$1.05	$1.18	$1.14	$1.43
Weighted Average Diluted Shares Outstanding	362.40M	362.30M	362.30M	362.30M	362.80M	362.10M	361.70M	362.10M	361.90M	361.70M	362M
Weighted Average Basic & Diluted Shares Outstanding	360.40M	360.47M	360.51M	360.55M	361.23M	359.82M	359.96M	360.13M	359.90M	360.06M	360.19M
Cash Dividends to Common per Share	$0.79	$0.79	$0.79	$0.89	$0.89	$0.89	$0.89	$0.98	$0.98	$0.98	$0.98

This table details how cash moves in and out of Paychex's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024
Net Change in Cash & Equivalents	18	-39	-185	1,851	-1,365	725	163	-895	1,207	-238
Net Cash From Operating Activities	895	1,018	960	1,276	1,272	1,441	1,260	1,590	1,706	1,898
Net Cash From Continuing Operating Activities	895	1,018	960	1,276	1,272	1,441	1,260	1,590	1,706	1,898
Net Income / (Loss) Continuing Operations	675	757	826	994	1,034	1,098	1,098	1,393	1,557	1,690
Consolidated Net Income / (Loss)	675	757	826	994	1,034	1,098	1,098	1,393	1,557	1,690
Depreciation Expense	107	115	127	138	182	210	192	192	177	177
Amortization Expense	76	76	242	240	229	227	227	231	237	225
Non-Cash Adjustments To Reconcile Net Income	33	37	40	48	50	44	59	64	91	116
Changes in Operating Assets and Liabilities, net	4.80	34	-275	-144	-223	-138	-316	-289	-356	-310
Net Cash From Investing Activities	-285	-63	-662	999	-1,628	772	-461	-1,505	212	-261
Net Cash From Continuing Investing Activities	-285	-63	-662	999	-1,628	772	-461	-1,505	212	-261
Purchase of Property, Plant & Equipment	-106	-107	-103	-194	-129	-137	-127	-144	-153	-192
Acquisitions	-27	-296	0.00	-180	-992	-6.10	-20	-25	-2.70	-208
Purchase of Investments	-34,020	-12,572	-50,462	-50,220	-35,146	-25,218	-6,090	-17,808	-14,585	-6,869
Sale of Property, Plant & Equipment	-	-	-	-	-	-	3.80	1.20	17	0.00
Sale and/or Maturity of Investments	33,869	12,912	49,903	51,593	34,639	26,133	5,772	16,555	14,943	7,161
Other Investing Activities, net	-	-	-	-	-	-	-	-84	-6.80	-154
Net Cash From Financing Activities	-593	-994	-483	-424	-1,009	-1,488	-636	-979	-711	-1,875
Net Cash From Continuing Financing Activities	-593	-994	-483	-424	-1,009	-1,488	-636	-979	-711	-1,875
Repurchase of Common Equity	-182	-108	-166	-143	-57	-172	-156	-145	0.00	-169
Payment of Dividends	-552	-607	-662	-740	-827	-889	-909	-1,000	-1,175	-1,315
Issuance of Debt	-	-	0.00	0.00	0.00	5.10	2.30	1.30	2.00	9.00
Other Financing Activities, net	142	-279	346	459	-125	-432	426	164	462	-399

This table details how cash moves in and out of Paychex's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	8/31/2022	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025
Net Change in Cash & Equivalents	778	-81	738	-228	1,749	-322	971	-2,636	-49	-189	734
Net Cash From Operating Activities	364	355	569	417	693	311	672	222	546	295	716
Net Cash From Continuing Operating Activities	364	355	569	417	693	311	672	222	546	295	716
Net Income / (Loss) Continuing Operations	379	360	467	350	419	393	499	380	427	413	519
Consolidated Net Income / (Loss)	379	360	467	350	419	393	499	380	427	413	519
Depreciation Expense	44	44	44	44	41	45	45	46	39	42	43
Amortization Expense	59	60	60	58	56	56	57	56	56	56	70
Non-Cash Adjustments To Reconcile Net Income	19	19	21	32	20	20	19	56	24	21	4.00
Changes in Operating Assets and Liabilities, net	-137	-128	-24	-68	157	-203	53	-316	0.00	-237	80
Net Cash From Investing Activities	1,223	-195	-664	-152	-13	-97	-8.10	-143	-110	-193	21
Net Cash From Continuing Investing Activities	1,223	-195	-664	-152	-13	-97	-8.10	-143	-110	-193	21
Purchase of Property, Plant & Equipment	-36	-38	-34	-45	-45	-55	-46	-46	-48	-50	-58
Purchase of Investments	-3,808	-2,697	-6,088	-1,993	-1,924	-1,380	-2,704	-861	-1,030	-4,139	-3,305
Sale and/or Maturity of Investments	5,067	2,564	5,420	1,892	2,201	1,406	2,739	816	1,013	4,151	3,337
Other Investing Activities, net	-	-	35	-8.10	-37	-68	3.00	-52	-45	-155	47
Net Cash From Financing Activities	-810	-241	833	-493	1,069	-537	308	-2,715	-485	-291	-2.70
Net Cash From Continuing Financing Activities	-810	-241	833	-493	1,069	-537	308	-2,715	-485	-291	-2.70
Payment of Dividends	-285	-285	-285	-321	-322	-320	-320	-353	-353	-353	-353
Other Financing Activities, net	-527	43	1,117	-172	1,388	-48	623	-2,362	-28	62	362

This table presents Paychex's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024
Total Assets	6,468	6,441	6,834	7,915	8,676	8,551	9,227	9,635	10,546	10,383
Total Current Assets	5,088	4,864	5,272	5,894	5,678	5,465	6,170	6,582	7,528	7,252
Cash & Equivalents	170	132	185	358	674	905	995	370	1,222	1,469
Restricted Cash	4,273	3,998	4,302	4,704	3,804	3,480	3,801	3,733	4,169	3,754
Short-Term Investments	367	221	139	66	39	27	37	854	373	34
Note & Lease Receivable	215	445	543	407	448	410	603	746	898	1,083
Accounts Receivable	-	-	-	118	406	380	451	572	529	542
Prepaid Expenses	51	59	58	224	234	245	249	272	290	322
Current Deferred & Refundable Income Taxes	13	11	45	17	23	17	34	34	48	48
Plant, Property, & Equipment, net	354	353	337	394	409	407	396	401	396	412
Total Noncurrent Assets	1,025	1,224	1,225	1,628	2,590	2,679	2,662	2,652	2,622	2,720
Long-Term Investments	400	441	454	296	10	10	7.10	5.00	3.80	3.70
Goodwill	562	657	657	814	1,783	1,791	1,821	1,832	1,834	1,883
Intangible Assets	32	70	58	141	399	445	276	225	249	241
Other Noncurrent Operating Assets	32	32	31	377	398	432	558	591	535	592
Total Liabilities & Shareholders' Equity	6,468	6,441	6,834	7,915	8,676	8,551	9,227	9,635	10,546	10,383
Total Liabilities	4,682	4,529	4,878	5,559	6,057	5,769	6,279	6,550	7,053	6,582
Total Current Liabilities	4,573	4,366	4,725	5,297	4,845	4,427	4,938	5,269	5,805	5,309
Short-Term Debt	-	-	-	-	0.00	5.10	7.40	8.70	10	19
Accounts Payable	52	57	57	74	76	79	89	106	85	104
Current Deferred Revenue	11	26	23	-	-	39	38	38	47	50
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	0.00	51	-	-	-	0.00
Current Employee Benefit Liabilities	210	248	281	298	725	644	796	909	974	797
Other Current Liabilities	4,300	4,035	4,365	4,925	4,044	3,609	4,008	4,208	4,689	4,339
Total Noncurrent Liabilities	109	163	153	262	1,212	1,342	1,341	1,281	1,248	1,273
Long-Term Debt	-	-	-	0.00	796	797	797	798	798	799
Noncurrent Deferred Revenue	45	73	46	18	27	34	26	58	83	103
Noncurrent Deferred & Payable Income Tax Liabilities	1.80	22	34	154	223	241	218	166	112	86
Other Noncurrent Operating Liabilities	62	68	74	89	165	271	300	260	255	286
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,786	1,912	1,955	2,357	2,620	2,781	2,948	3,085	3,493	3,801
Total Preferred & Common Equity	1,786	1,912	1,955	2,357	2,620	2,781	2,948	3,085	3,493	3,801
Total Common Equity	1,786	1,912	1,955	2,357	2,620	2,781	2,948	3,085	3,493	3,801
Common Stock	884	956	1,034	1,130	1,210	1,294	1,450	1,550	1,630	1,733
Retained Earnings	894	926	902	1,263	1,410	1,431	1,446	1,670	2,023	2,213
Accumulated Other Comprehensive Income / (Loss)	7.50	29	20	-36	0.10	57	52	-134	-160	-145

This table presents Paychex's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	8/31/2022	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025
Total Assets	9,126	9,214	10,604	10,546	12,200	12,052	13,024	10,383	10,489	10,555	11,222
Total Current Assets	6,085	6,198	7,595	7,528	9,089	8,924	9,886	7,252	7,361	7,430	8,077
Cash & Equivalents	1,184	1,097	1,317	1,222	1,646	1,363	1,694	1,469	1,460	1,202	1,564
Restricted Cash	3,196	3,191	4,294	4,169	5,521	5,488	6,121	3,754	3,818	3,872	4,233
Short-Term Investments	46	166	240	373	46	34	37	34	38	38	37
Note & Lease Receivable	897	897	827	898	1,039	1,106	1,111	1,083	1,149	1,281	1,267
Accounts Receivable	476	495	588	529	535	544	591	542	554	599	598
Prepaid Expenses	286	287	292	290	302	304	313	322	342	346	359
Current Deferred & Refundable Income Taxes	0.00	67	37	48	0.00	84	21	48	0.00	92	18
Plant, Property, & Equipment, net	398	393	385	396	405	418	419	412	417	432	451
Total Noncurrent Assets	2,642	2,623	2,623	2,622	2,707	2,711	2,718	2,720	2,710	2,693	2,693
Long-Term Investments	3.90	3.90	3.80	3.80	1.60	1.60	1.60	3.70	0.00	0.00	0.00
Goodwill	1,825	1,830	1,834	1,834	1,881	1,882	1,882	1,883	1,885	1,880	1,878
Intangible Assets	287	275	264	249	259	260	264	241	237	226	224
Other Noncurrent Operating Assets	526	515	522	535	565	567	571	592	588	587	592
Total Liabilities & Shareholders' Equity	9,126	9,214	10,604	10,546	12,200	12,052	13,024	10,383	10,489	10,555	11,222
Total Liabilities	5,989	6,009	7,203	7,053	8,612	8,528	9,277	6,582	6,639	6,629	7,105
Total Current Liabilities	4,702	4,754	5,958	5,805	7,344	7,254	8,001	5,309	5,344	5,329	5,800
Short-Term Debt	10	10	10	10	14	14	19	19	19	18	18
Accounts Payable	85	87	123	85	95	92	94	104	81	89	119
Current Deferred Revenue	41	45	44	47	51	55	52	50	50	51	52
Current Deferred & Payable Income Tax Liabilities	40	0.00	0.00	-	61	-	-	0.00	74	0.00	0.00
Current Employee Benefit Liabilities	854	916	943	974	887	970	1,077	797	798	817	905
Other Current Liabilities	3,673	3,697	4,839	4,689	6,236	6,123	6,759	4,339	4,322	4,354	4,707
Total Noncurrent Liabilities	1,286	1,255	1,244	1,248	1,269	1,273	1,276	1,273	1,295	1,300	1,305
Long-Term Debt	798	798	798	798	798	798	799	799	799	799	799
Noncurrent Deferred Revenue	62	66	70	83	88	93	99	103	109	113	118
Noncurrent Deferred & Payable Income Tax Liabilities	157	130	117	112	101	103	95	86	95	95	93
Other Noncurrent Operating Liabilities	270	262	260	255	281	279	283	286	292	292	295
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,137	3,205	3,401	3,493	3,588	3,524	3,747	3,801	3,850	3,926	4,117
Total Preferred & Common Equity	3,137	3,205	3,401	3,493	3,588	3,524	3,747	3,801	3,850	3,926	4,117
Total Common Equity	3,137	3,205	3,401	3,493	3,588	3,524	3,747	3,801	3,850	3,926	4,117
Common Stock	1,573	1,592	1,612	1,630	1,670	1,682	1,706	1,733	1,765	1,793	1,818
Retained Earnings	1,736	1,811	1,994	2,023	2,101	2,009	2,186	2,213	2,165	2,225	2,388
Accumulated Other Comprehensive Income / (Loss)	-171	-198	-204	-160	-183	-167	-145	-145	-80	-92	-90

This table displays calculated financial ratios and metrics derived from Paychex's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.76%	7.75%	6.81%	7.13%	11.69%	7.10%	0.40%	13.68%	8.57%	5.42%
EBITDA Growth	6.77%	8.17%	21.33%	2.89%	6.73%	6.46%	-0.91%	20.37%	8.14%	5.24%
EBIT Growth	7.21%	8.83%	9.36%	3.00%	6.18%	6.50%	0.01%	25.97%	10.49%	6.94%
NOPAT Growth	7.49%	12.38%	9.16%	20.01%	5.00%	7.63%	0.16%	25.66%	10.06%	7.19%
Net Income Growth	7.55%	12.14%	9.18%	20.31%	4.05%	6.16%	-0.05%	26.91%	11.81%	8.55%
EPS Growth	8.19%	12.97%	9.09%	20.61%	4.00%	6.29%	-0.33%	26.73%	11.98%	8.60%
Operating Cash Flow Growth	1.62%	13.74%	-5.68%	32.90%	-0.38%	13.32%	-12.53%	26.14%	7.33%	11.22%
Free Cash Flow Firm Growth	-8.94%	-71.69%	412.07%	-12.89%	-198.80%	191.92%	61.65%	1.59%	39.93%	-57.10%
Invested Capital Growth	-1.96%	15.92%	-8.51%	1.83%	63.78%	24.41%	-29.54%	1.57%	-36.96%	56.20%
Revenue Q/Q Growth	1.98%	2.13%	1.49%	1.36%	3.70%	-1.59%	2.89%	2.56%	1.73%	1.26%
EBITDA Q/Q Growth	1.96%	2.01%	14.99%	-7.69%	1.63%	-0.91%	2.71%	1.96%	2.27%	1.08%
EBIT Q/Q Growth	2.26%	2.20%	3.03%	-0.85%	0.91%	-1.01%	3.85%	2.23%	3.00%	1.33%
NOPAT Q/Q Growth	2.27%	2.49%	3.14%	1.29%	1.73%	-0.59%	3.93%	2.28%	2.81%	1.82%
Net Income Q/Q Growth	2.32%	2.28%	3.27%	1.37%	1.24%	-0.88%	4.01%	2.46%	3.59%	1.78%
EPS Q/Q Growth	2.78%	1.95%	3.17%	1.85%	1.06%	-0.98%	3.77%	2.67%	3.61%	1.74%
Operating Cash Flow Q/Q Growth	3.15%	2.48%	-3.60%	8.17%	-2.96%	10.72%	0.12%	2.03%	-0.23%	-9.35%
Free Cash Flow Firm Q/Q Growth	-9.27%	141.91%	21.96%	2,871.57%	-186.95%	2,847.89%	43.88%	-8.34%	27.50%	-74.53%
Invested Capital Q/Q Growth	19.39%	20.00%	15.03%	-14.94%	58.95%	47.92%	26.80%	34.17%	10.89%	80.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	69.86%	68.78%	68.30%	68.67%	70.59%	70.98%	71.97%
EBITDA Margin	45.13%	45.31%	51.47%	49.43%	47.24%	46.95%	46.34%	49.07%	48.87%	48.79%
Operating Margin	38.46%	38.84%	39.77%	38.24%	36.35%	36.15%	36.01%	39.90%	40.60%	41.19%
EBIT Margin	38.46%	38.84%	39.77%	38.24%	36.35%	36.15%	36.01%	39.90%	40.60%	41.19%
Profit (Net Income) Margin	24.64%	25.64%	26.21%	29.43%	27.42%	27.18%	27.05%	30.20%	31.10%	32.03%
Tax Burden Percent	63.67%	65.75%	65.63%	76.46%	75.61%	76.41%	76.52%	76.33%	76.03%	76.21%
Interest Burden Percent	100.61%	100.39%	100.41%	100.67%	99.76%	98.40%	98.19%	99.16%	100.74%	102.02%
Effective Tax Rate	36.33%	34.25%	34.37%	23.54%	24.39%	23.59%	23.48%	23.67%	23.97%	23.79%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	37.89%	40.94%	42.74%	46.11%	41.57%	40.66%	38.31%	46.17%	47.35%	46.35%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	16.41%	17.77%	18.89%	17.51%	16.53%	16.96%	16.43%	19.51%	20.15%	20.78%
Return on Assets (ROA)	10.51%	11.73%	12.45%	13.48%	12.47%	12.75%	12.35%	14.77%	15.43%	16.15%
Return on Common Equity (ROCE)	37.89%	40.94%	42.74%	46.11%	41.57%	40.66%	38.31%	46.17%	47.35%	46.35%
Return on Equity Simple (ROE_SIMPLE)	37.80%	39.59%	42.26%	42.18%	39.49%	39.48%	37.23%	45.14%	44.58%	44.47%
Net Operating Profit after Tax (NOPAT)	671	754	823	988	1,037	1,116	1,118	1,405	1,546	1,657
NOPAT Margin	24.49%	25.54%	26.10%	29.24%	27.49%	27.62%	27.55%	30.46%	30.87%	31.39%
Net Nonoperating Expense Percent (NNEP)	0.08%	0.06%	0.07%	0.13%	-0.05%	-0.49%	-0.53%	-0.29%	0.25%	0.71%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	30.14%	31.22%	31.70%	31.34%	29.41%	29.02%	28.03%
SG&A Expenses to Revenue	61.54%	61.16%	60.23%	31.62%	32.43%	32.15%	32.66%	30.69%	30.38%	30.78%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	61.54%	61.16%	60.23%	31.62%	32.43%	32.15%	32.66%	30.69%	30.38%	30.78%
Earnings before Interest and Taxes (EBIT)	1,054	1,147	1,254	1,292	1,371	1,461	1,461	1,840	2,033	2,174
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,236	1,337	1,623	1,670	1,782	1,897	1,880	2,263	2,447	2,575
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.58	7.97	8.77	8.32	10.12	8.27	11.30	13.56	10.42	11.29
Price to Tangible Book Value (P/TBV)	11.36	12.86	13.82	13.99	60.53	42.21	39.12	40.65	25.81	25.59
Price to Revenue (P/Rev)	4.94	5.16	5.44	5.81	7.02	5.69	8.21	9.07	7.27	8.13
Price to Earnings (P/E)	20.49	19.58	20.75	19.72	24.75	19.92	30.48	34.66	23.77	25.16
Dividend Yield	4.08%	3.97%	3.86%	3.77%	3.12%	3.87%	2.73%	2.39%	3.23%	3.06%
Earnings Yield	4.88%	5.11%	4.82%	5.07%	4.04%	5.02%	3.28%	2.89%	4.21%	3.97%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	3.04	3.54	3.83	4.20	6.04	4.80	7.22	8.17	6.28	7.29
Enterprise Value to EBITDA (EV/EBITDA)	6.74	7.82	7.43	8.50	12.78	10.22	15.57	16.65	12.85	14.94
Enterprise Value to EBIT (EV/EBIT)	7.91	9.12	9.62	10.98	16.60	13.27	20.04	20.48	15.47	17.69
Enterprise Value to NOPAT (EV/NOPAT)	12.42	13.87	14.66	14.36	21.96	17.37	26.19	26.83	20.34	23.22
Enterprise Value to Operating Cash Flow (EV/OCF)	9.31	10.27	12.56	11.11	17.91	13.45	23.23	23.70	18.43	20.27
Enterprise Value to Free Cash Flow (EV/FCFF)	11.31	50.13	11.30	15.25	0.00	22.94	21.43	27.16	16.20	46.18
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.30	0.29	0.27	0.26	0.23	0.22
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.30	0.29	0.27	0.26	0.23	0.21
Financial Leverage	-2.90	-2.70	-2.55	-2.44	-1.84	-1.36	-1.34	-1.36	-1.39	-1.29
Leverage Ratio	3.60	3.49	3.43	3.42	3.33	3.19	3.10	3.13	3.07	2.87
Compound Leverage Factor	3.63	3.51	3.45	3.44	3.33	3.14	3.05	3.10	3.09	2.93
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	23.31%	22.38%	21.44%	20.72%	18.79%	17.70%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%	0.20%	0.22%	0.24%	0.40%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	23.31%	22.24%	21.25%	20.50%	18.56%	17.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	76.69%	77.62%	78.56%	79.28%	81.21%	82.30%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.45	0.42	0.43	0.36	0.33	0.32
Net Debt to EBITDA	0.00	0.00	0.00	0.00	-2.09	-1.91	-2.15	-1.84	-2.03	-1.73
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.45	0.42	0.42	0.35	0.33	0.31
Debt to NOPAT	0.00	0.00	0.00	0.00	0.77	0.72	0.72	0.57	0.52	0.49
Net Debt to NOPAT	0.00	0.00	0.00	0.00	-3.60	-3.24	-3.61	-2.96	-3.21	-2.68
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.77	0.71	0.71	0.57	0.52	0.48
Altman Z-Score	2.99	3.36	3.46	3.40	3.92	3.81	4.52	5.35	4.67	5.63
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	1.11	1.12	1.11	1.17	1.23	1.25	1.25	1.30	1.37
Quick Ratio	0.16	0.18	0.18	0.18	0.32	0.39	0.42	0.48	0.52	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	737	209	1,068	930	-919	845	1,366	1,387	1,942	833
Operating Cash Flow to CapEx	843.73%	954.26%	933.33%	658.62%	984.90%	1,053.29%	1,022.14%	1,110.13%	1,248.13%	990.97%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.46	0.48	0.46	0.45	0.47	0.46	0.49	0.50	0.50
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	14.40	10.28	9.76	9.02	9.10	9.86
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.87	8.35	9.14	9.25	9.41	9.90	10.10	11.57	12.56	13.07
Accounts Payable Turnover	0.00	0.00	0.00	15.56	15.75	16.49	15.10	13.93	15.26	15.65
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	25.35	35.52	37.38	40.48	40.11	37.03
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	23.46	23.18	22.13	24.18	26.20	23.91	23.32
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	-23.46	2.17	13.39	13.20	14.29	16.20	13.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-3,424	-2,879	-3,124	-3,067	-1,111	-840	-1,088	-1,071	-1,466	-642
Invested Capital Turnover	-0.81	-0.94	-1.05	-1.09	-1.81	-4.14	-4.21	-4.27	-3.95	-5.01
Increase / (Decrease) in Invested Capital	-66	545	-245	57	1,956	271	-248	17	-396	824
Enterprise Value (EV)	8,332	10,454	12,064	14,185	22,769	19,381	29,274	37,681	31,447	38,466
Market Capitalization	13,542	15,245	17,143	19,609	26,499	23,002	33,309	41,837	36,406	42,909
Book Value per Share	$4.92	$5.31	$5.44	$6.56	$7.29	$7.75	$8.18	$8.55	$9.69	$10.56
Tangible Book Value per Share	$3.28	$3.29	$3.45	$3.90	$1.22	$1.52	$2.36	$2.85	$3.91	$4.66
Total Capital	1,786	1,912	1,955	2,357	3,416	3,583	3,753	3,892	4,302	4,618
Total Debt	0.00	0.00	0.00	0.00	796	802	805	806	808	817
Total Long-Term Debt	0.00	0.00	0.00	0.00	796	797	797	798	798	799
Net Debt	-5,210	-4,791	-5,079	-5,424	-3,730	-3,621	-4,036	-4,156	-4,959	-4,443
Capital Expenditures (CapEx)	106	107	103	194	129	137	123	143	137	192
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4,295	-3,852	-4,078	-4,531	-3,684	-3,370	-3,595	-3,636	-4,031	-3,296
Debt-free Net Working Capital (DFNWC)	515	498	547	597	833	1,043	1,239	1,321	1,733	1,961
Net Working Capital (NWC)	515	498	547	597	833	1,038	1,231	1,312	1,723	1,942
Net Nonoperating Expense (NNE)	-4.07	-2.96	-3.41	-6.58	2.50	18	20	12	-11	-33
Net Nonoperating Obligations (NNO)	-5,210	-4,791	-5,079	-5,424	-3,730	-3,621	-4,036	-4,156	-4,959	-4,443
Total Depreciation and Amortization (D&A)	183	191	369	378	411	437	419	423	414	401
Debt-free, Cash-free Net Working Capital to Revenue	-156.77%	-130.49%	-129.35%	-134.15%	-97.65%	-83.40%	-88.60%	-78.84%	-80.51%	-62.44%
Debt-free Net Working Capital to Revenue	18.81%	16.86%	17.35%	17.67%	22.07%	25.81%	30.53%	28.65%	34.61%	37.15%
Net Working Capital to Revenue	18.81%	16.86%	17.35%	17.67%	22.07%	25.68%	30.35%	28.46%	34.41%	36.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.88	$3.06	$3.05	$3.86	$4.32	$4.69
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	359.20M	358.50M	359.90M	360.60M	360.40M	360.30M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.86	$3.04	$3.03	$3.84	$4.30	$4.67
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	361.80M	361M	362.10M	363.10M	362.30M	362.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.88	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	359.35M	358.77M	359.83M	359.91M	360.55M	360.13M
Normalized Net Operating Profit after Tax (NOPAT)	671	754	823	988	1,037	1,116	1,118	1,405	1,546	1,657
Normalized NOPAT Margin	24.49%	25.54%	26.10%	29.24%	27.49%	27.62%	27.55%	30.46%	30.87%	31.39%
Pre Tax Income Margin	38.69%	39.00%	39.93%	38.49%	36.26%	35.57%	35.35%	39.56%	40.91%	42.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	81.76%	80.14%	80.15%	74.41%	79.93%	80.99%	82.80%	71.77%	75.45%	77.81%
Augmented Payout Ratio	108.79%	94.40%	100.27%	88.80%	85.43%	96.65%	96.98%	82.19%	75.45%	87.82%

This table displays calculated financial ratios and metrics derived from Paychex's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	8/31/2022	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.39%	7.38%	8.23%	7.45%	6.62%	5.68%	4.22%	5.33%	2.53%	4.69%	4.84%
EBITDA Growth	9.71%	5.49%	7.02%	10.81%	5.80%	5.41%	4.86%	4.97%	1.28%	4.66%	7.16%
EBIT Growth	11.90%	7.27%	8.72%	15.05%	8.21%	7.18%	6.19%	6.29%	1.94%	6.30%	6.46%
NOPAT Growth	14.76%	7.17%	5.93%	14.07%	7.19%	7.18%	6.10%	8.63%	2.44%	6.60%	6.58%
Net Income Growth	13.67%	8.49%	8.52%	18.22%	10.55%	8.99%	6.68%	8.42%	1.96%	5.27%	4.15%
EPS Growth	14.13%	8.79%	8.40%	18.29%	10.48%	9.09%	6.98%	8.25%	1.72%	5.56%	3.62%
Operating Cash Flow Growth	-5.52%	109.31%	-7.15%	-0.95%	90.23%	-12.41%	18.03%	-46.89%	-21.20%	-5.24%	6.60%
Free Cash Flow Firm Growth	-132.95%	-130.51%	-16.51%	160.65%	1,133.89%	1,238.46%	342.34%	-161.20%	-163.76%	-171.12%	-187.31%
Invested Capital Growth	57.19%	56.55%	-1.18%	-36.96%	-481.02%	-475.43%	-99.82%	56.20%	76.97%	85.51%	72.60%
Revenue Q/Q Growth	5.41%	-1.32%	16.02%	-10.96%	4.59%	-2.19%	14.42%	-10.02%	1.81%	-0.12%	14.59%
EBITDA Q/Q Growth	19.34%	-3.73%	24.29%	-22.41%	13.94%	-4.07%	23.64%	-22.33%	9.94%	-0.87%	26.60%
EBIT Q/Q Growth	25.79%	-4.70%	29.56%	-25.92%	18.31%	-5.61%	28.37%	-25.85%	13.47%	-1.57%	28.56%
NOPAT Q/Q Growth	27.17%	-6.25%	29.36%	-26.04%	19.50%	-6.25%	28.05%	-24.28%	12.69%	-2.45%	28.03%
Net Income Q/Q Growth	27.94%	-4.98%	29.73%	-25.03%	19.63%	-6.32%	26.97%	-23.81%	12.50%	-3.28%	25.62%
EPS Q/Q Growth	28.05%	-5.71%	30.30%	-24.81%	19.59%	-6.90%	27.78%	-23.91%	12.38%	-3.39%	25.44%
Operating Cash Flow Q/Q Growth	-13.55%	-2.44%	60.13%	-26.66%	66.03%	-55.08%	92.74%	-66.99%	146.32%	-45.98%	142.71%
Free Cash Flow Firm Q/Q Growth	-193.53%	17.41%	320.49%	53.04%	270.98%	-9.06%	-14.33%	-121.17%	-286.52%	-1.45%	-5.17%
Invested Capital Q/Q Growth	54.76%	8.49%	-271.25%	10.89%	-91.92%	9.37%	-28.92%	80.47%	-0.92%	42.99%	-143.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.90%	69.81%	73.00%	69.93%	71.99%	71.05%	73.61%	71.03%	71.18%	71.21%	74.33%
EBITDA Margin	49.63%	48.42%	51.87%	45.20%	49.25%	48.29%	52.19%	45.05%	48.65%	48.28%	53.34%
Operating Margin	41.09%	39.68%	44.31%	36.87%	41.70%	40.24%	45.15%	37.20%	41.46%	40.86%	45.84%
EBIT Margin	41.09%	39.68%	44.31%	36.87%	41.70%	40.24%	45.15%	37.20%	41.46%	40.86%	45.84%
Profit (Net Income) Margin	31.44%	30.27%	33.85%	28.50%	32.60%	31.22%	34.64%	29.33%	32.42%	31.39%	34.41%
Tax Burden Percent	77.07%	75.82%	75.70%	75.58%	76.34%	75.83%	75.64%	77.25%	76.72%	76.03%	75.72%
Interest Burden Percent	99.27%	100.61%	100.90%	102.27%	102.39%	102.31%	101.45%	102.08%	101.90%	101.04%	99.13%
Effective Tax Rate	22.93%	24.18%	24.30%	24.42%	23.66%	24.17%	24.36%	22.75%	23.28%	23.97%	24.28%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	46.54%	46.37%	44.96%	47.35%	47.50%	48.43%	46.47%	46.35%	45.67%	46.16%	44.25%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	21.04%	20.22%	20.88%	18.29%	19.89%	19.51%	19.92%	18.76%	19.41%	19.41%	20.57%
Return on Assets (ROA)	16.10%	15.43%	15.95%	14.14%	15.55%	15.13%	15.29%	14.80%	15.17%	14.91%	15.44%
Return on Common Equity (ROCE)	46.54%	46.37%	44.96%	47.35%	47.50%	48.43%	46.47%	46.35%	45.67%	46.16%	44.25%
Return on Equity Simple (ROE_SIMPLE)	45.85%	45.76%	44.20%	0.00%	44.52%	46.24%	44.32%	0.00%	44.11%	43.80%	42.27%
Net Operating Profit after Tax (NOPAT)	382	358	463	343	409	384	491	372	419	409	524
NOPAT Margin	31.67%	30.09%	33.54%	27.86%	31.84%	30.51%	34.15%	28.74%	31.81%	31.07%	34.71%
Net Nonoperating Expense Percent (NNEP)	-0.07%	0.06%	0.08%	0.17%	0.20%	0.18%	0.12%	0.16%	0.15%	0.08%	-0.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	8.85%	-	-	-	8.63%	10.62%
Cost of Revenue to Revenue	29.10%	30.19%	27.00%	30.07%	28.01%	28.95%	26.39%	28.97%	28.82%	28.79%	25.67%
SG&A Expenses to Revenue	29.81%	30.14%	28.69%	33.06%	30.29%	30.81%	28.47%	33.83%	29.72%	30.35%	28.48%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.81%	30.14%	28.69%	33.06%	30.29%	30.81%	28.47%	33.83%	29.72%	30.35%	28.48%
Earnings before Interest and Taxes (EBIT)	496	472	612	453	536	506	650	482	547	538	692
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	599	576	716	556	633	608	751	583	641	636	805
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	13.32	13.22	11.17	10.42	11.91	12.13	11.59	11.29	12.27	13.41	13.27
Price to Tangible Book Value (P/TBV)	40.78	38.50	29.13	25.81	29.52	30.95	27.12	25.59	27.34	28.93	27.10
Price to Revenue (P/Rev)	8.83	8.80	7.72	7.27	8.40	8.30	8.33	8.13	8.90	9.80	10.04
Price to Earnings (P/E)	34.21	33.51	28.22	23.77	26.94	25.75	25.24	25.16	26.23	29.33	30.41
Dividend Yield	2.50%	2.58%	3.00%	3.23%	2.84%	2.92%	2.95%	3.06%	2.85%	2.62%	2.58%
Earnings Yield	2.92%	2.98%	3.54%	4.21%	3.71%	3.88%	3.96%	3.97%	3.81%	3.41%	3.29%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	8.06	8.04	6.69	6.28	7.14	7.12	6.98	7.29	8.05	9.00	9.12
Enterprise Value to EBITDA (EV/EBITDA)	16.48	16.51	13.76	12.85	14.63	14.60	14.28	14.94	16.55	18.51	18.61
Enterprise Value to EBIT (EV/EBIT)	20.17	20.12	16.69	15.47	17.51	17.40	16.96	17.69	19.57	21.81	21.96
Enterprise Value to NOPAT (EV/NOPAT)	26.26	26.21	21.90	20.34	23.08	22.94	22.36	23.22	25.65	28.57	28.75
Enterprise Value to Operating Cash Flow (EV/OCF)	24.34	22.08	19.26	18.43	17.85	18.43	17.38	20.27	24.42	27.87	27.88
Enterprise Value to Free Cash Flow (EV/FCFF)	47.31	43.00	21.63	16.20	9.31	9.90	11.13	46.18	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.26	0.25	0.24	0.23	0.23	0.23	0.22	0.22	0.21	0.21	0.20
Long-Term Debt to Equity	0.25	0.25	0.23	0.23	0.22	0.23	0.21	0.21	0.21	0.20	0.19
Financial Leverage	-1.26	-1.23	-1.49	-1.39	-1.49	-1.44	-1.69	-1.29	-1.47	-1.39	-1.53
Leverage Ratio	2.99	2.99	3.12	3.07	3.17	3.16	3.31	2.87	3.05	3.03	3.08
Compound Leverage Factor	2.97	3.01	3.15	3.14	3.25	3.23	3.35	2.93	3.11	3.07	3.06
Debt to Total Capital	20.48%	20.13%	19.20%	18.79%	18.46%	18.73%	17.91%	17.70%	17.52%	17.23%	16.55%
Short-Term Debt to Total Capital	0.26%	0.25%	0.24%	0.24%	0.31%	0.31%	0.41%	0.40%	0.40%	0.38%	0.36%
Long-Term Debt to Total Capital	20.22%	19.88%	18.96%	18.56%	18.14%	18.41%	17.49%	17.29%	17.11%	16.84%	16.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	79.52%	79.87%	80.80%	81.21%	81.54%	81.27%	82.09%	82.30%	82.49%	82.77%	83.45%
Debt to EBITDA	0.35	0.34	0.34	0.33	0.33	0.32	0.32	0.32	0.32	0.31	0.31
Net Debt to EBITDA	-1.56	-1.56	-2.11	-2.03	-2.58	-2.42	-2.76	-1.73	-1.74	-1.64	-1.88
Long-Term Debt to EBITDA	0.34	0.34	0.33	0.33	0.32	0.32	0.31	0.31	0.31	0.31	0.30
Debt to NOPAT	0.56	0.55	0.54	0.52	0.52	0.51	0.50	0.49	0.49	0.48	0.47
Net Debt to NOPAT	-2.49	-2.47	-3.36	-3.21	-4.07	-3.80	-4.32	-2.68	-2.70	-2.54	-2.91
Long-Term Debt to NOPAT	0.55	0.54	0.53	0.52	0.51	0.50	0.49	0.48	0.48	0.47	0.46
Altman Z-Score	5.33	5.39	4.27	4.18	3.95	3.97	3.78	5.10	5.47	5.98	5.84
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.29	1.30	1.27	1.30	1.24	1.23	1.24	1.37	1.38	1.39	1.39
Quick Ratio	0.55	0.56	0.50	0.52	0.44	0.42	0.43	0.59	0.60	0.59	0.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-265	-219	482	738	2,739	2,491	2,134	-452	-1,746	-1,772	-1,863
Operating Cash Flow to CapEx	1,006.35%	1,242.66%	2,100.00%	931.70%	1,533.19%	569.10%	1,460.22%	486.18%	1,132.99%	595.96%	1,236.61%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.51	0.47	0.50	0.48	0.48	0.44	0.50	0.47	0.48	0.45
Accounts Receivable Turnover	9.81	9.38	9.36	9.10	10.06	9.92	8.84	9.86	9.75	9.39	9.15
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.93	12.17	12.55	12.56	12.68	12.72	12.97	13.07	12.92	12.64	12.50
Accounts Payable Turnover	17.04	16.48	12.34	15.26	16.25	16.39	13.62	15.65	17.02	16.68	14.31
Days Sales Outstanding (DSO)	37.21	38.90	38.99	40.11	36.30	36.79	41.27	37.03	37.43	38.86	39.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	21.42	22.14	29.58	23.91	22.47	22.27	26.81	23.32	21.45	21.88	25.51
Cash Conversion Cycle (CCC)	15.79	16.75	9.42	16.20	13.83	14.53	14.47	13.71	15.98	16.98	14.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-484	-443	-1,645	-1,466	-2,814	-2,550	-3,288	-642	-648	-370	-901
Invested Capital Turnover	-5.86	-6.58	-3.01	-3.95	-3.08	-3.44	-2.11	-5.01	-3.07	-3.68	-2.60
Increase / (Decrease) in Invested Capital	647	577	-19	-396	-2,330	-2,107	-1,643	824	2,166	2,181	2,387
Enterprise Value (EV)	38,174	38,729	32,935	31,447	36,318	36,683	36,381	38,466	42,750	48,347	49,593
Market Capitalization	41,796	42,377	37,982	36,406	42,720	42,758	43,416	42,909	47,249	52,642	54,611
Book Value per Share	$8.72	$8.89	$9.44	$9.69	$9.95	$9.76	$10.41	$10.56	$10.69	$10.91	$11.43
Tangible Book Value per Share	$2.85	$3.05	$3.62	$3.91	$4.01	$3.83	$4.45	$4.66	$4.80	$5.06	$5.60
Total Capital	3,946	4,013	4,209	4,302	4,400	4,336	4,564	4,618	4,668	4,743	4,933
Total Debt	808	808	808	808	812	812	817	817	818	817	817
Total Long-Term Debt	798	798	798	798	798	798	799	799	799	799	799
Net Debt	-3,622	-3,649	-5,047	-4,959	-6,402	-6,075	-7,035	-4,443	-4,499	-4,295	-5,017
Capital Expenditures (CapEx)	36	29	27	45	45	55	46	46	48	50	58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,032	-2,998	-4,204	-4,031	-5,453	-5,202	-5,946	-3,296	-3,280	-2,994	-3,539
Debt-free Net Working Capital (DFNWC)	1,394	1,454	1,647	1,733	1,759	1,683	1,904	1,961	2,036	2,119	2,295
Net Working Capital (NWC)	1,383	1,444	1,637	1,723	1,745	1,669	1,886	1,942	2,018	2,100	2,277
Net Nonoperating Expense (NNE)	2.77	-2.20	-4.16	-7.78	-9.77	-8.87	-7.11	-7.72	-7.98	-4.26	4.54
Net Nonoperating Obligations (NNO)	-3,622	-3,649	-5,047	-4,959	-6,402	-6,075	-7,035	-4,443	-4,499	-4,295	-5,017
Total Depreciation and Amortization (D&A)	103	104	104	103	97	101	101	102	95	98	113
Debt-free, Cash-free Net Working Capital to Revenue	-64.04%	-62.24%	-85.41%	-80.51%	-107.20%	-100.93%	-114.07%	-62.44%	-61.76%	-55.75%	-65.06%
Debt-free Net Working Capital to Revenue	29.43%	30.19%	33.47%	34.61%	34.57%	32.65%	36.53%	37.15%	38.34%	39.45%	42.19%
Net Working Capital to Revenue	29.21%	29.98%	33.26%	34.41%	34.30%	32.39%	36.17%	36.80%	37.99%	39.12%	41.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.05	$1.00	$1.30	$0.97	$1.16	$1.09	$1.39	$1.05	$1.19	$1.15	$1.44
Adjusted Weighted Average Basic Shares Outstanding	360.10M	360.50M	360.50M	360.40M	360.80M	360.50M	359.90M	360.30M	360.10M	360M	360.10M
Adjusted Diluted Earnings per Share	$1.05	$0.99	$1.29	$0.97	$1.16	$1.08	$1.38	$1.05	$1.18	$1.14	$1.43
Adjusted Weighted Average Diluted Shares Outstanding	362.40M	362.30M	362.30M	362.30M	362.80M	362.10M	361.70M	362.10M	361.90M	361.70M	362M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	360.40M	360.47M	360.51M	360.55M	361.23M	359.82M	359.96M	360.13M	359.90M	360.06M	360.19M
Normalized Net Operating Profit after Tax (NOPAT)	382	358	463	343	409	384	491	372	419	409	524
Normalized NOPAT Margin	31.67%	30.09%	33.54%	27.86%	31.84%	30.51%	34.15%	28.74%	31.81%	31.07%	34.71%
Pre Tax Income Margin	40.79%	39.92%	44.71%	37.70%	42.70%	41.17%	45.80%	37.97%	42.25%	41.29%	45.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	72.73%	74.49%	75.75%	75.45%	75.90%	76.57%	77.27%	77.81%	79.29%	80.23%	81.15%
Augmented Payout Ratio	82.82%	84.39%	85.41%	75.45%	75.90%	86.95%	87.46%	87.82%	95.37%	86.31%	87.16%

Frequently Asked Questions About Paychex's Financials

When does Paychex's financial year end?

According to the most recent income statement we have on file, Paychex's fiscal year ends in May. Their fiscal year 2024 ended on May 31, 2024.

How has Paychex's net income changed over the last 9 years?

Paychex's net income appears to be on an upward trend, with a most recent value of $1.69 billion in 2024, rising from $674.90 million in 2015. The previous period was $1.56 billion in 2023. See Paychex's forecast for analyst expectations on what’s next for the company.

What is Paychex's operating income?

Paychex's total operating income in 2024 was $2.17 billion, based on the following breakdown:

Total Gross Profit: $3.80 billion
Total Operating Expenses: $1.62 billion

How has Paychex revenue changed over the last 9 years?

Over the last 9 years, Paychex's total revenue changed from $2.74 billion in 2015 to $5.28 billion in 2024, a change of 92.7%.

How much debt does Paychex have?

Paychex's total liabilities were at $6.58 billion at the end of 2024, a 6.7% decrease from 2023, and a 40.6% increase since 2015.

How much cash does Paychex have?

In the past 9 years, Paychex's cash and equivalents has ranged from $131.50 million in 2016 to $1.47 billion in 2024, and is currently $1.47 billion as of their latest financial filing in 2024.

How has Paychex's book value per share changed over the last 9 years?

Over the last 9 years, Paychex's book value per share changed from 4.92 in 2015 to 10.56 in 2024, a change of 114.8%.

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This page (NASDAQ:PAYX) was last updated on 5/6/2025 by MarketBeat.com Staff

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Paychex (PAYX) Financials

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Paychex (PAYX) Financials

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