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Paychex PAYX
$ 127.04 0.44%
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Quarterly report 2026-Q3
added 07-17-2026

Paychex Financial Ratios 2026-2007 | PAYX

Brief overview of Paychex's multiples and efficiency

This overview follows the five latest available observations from 2021 through 2025.

Market valuation is represented by P/E 31.14x (median 31.14x), EV/EBITDA 28.68x (median 16.96x), P/S 9.26x (median 9.45x). The multiple basket looks neutral against its history, differing from median levels by roughly -0.2%.

The inverse P/E implies an earnings yield of 3.2%. This is not a dividend yield, but current earnings relative to market price.

End-period return metrics are ROE 40.1%, ROA 10%, ROCE 53.5%. Current resource returns are convincing and help explain a higher market valuation.

On PEG (3.96x), valuation is stretched relative to growth and requires strong execution.

The cash cycle changed only slightly and ended at -27.7 days.

Overall assessment

Paychex trades near its familiar ratio range. A new earnings or profitability trend is needed to change the view.

Annual Financial Ratios Paychex

2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

P/E

 23.3 31.1 30.5 28.0 31.3 38.6 24.7 28.6 26.3 25.1 28.4 25.2 24.1 23.3 20.8 21.6 76.2 81.7 21.6 -

P/S

 6.3 9.3 9.8 8.7 9.5 10.4 6.7 7.8 7.3 6.5 7.3 6.2 6.0 5.7 5.1 5.5 19.9 20.7 6.0 -

EPS

 4.9 4.6 4.7 4.3 3.9 3.0 3.1 2.9 2.8 2.3 2.1 1.9 1.7 1.6 1.5 1.4 0.4 0.3 1.6 -

EV (Enterprise Value)

 52.4 B 62.4 B 56.7 B 49.4 B 49.8 B 47.7 B 32 B 34.9 B 29.6 B 25.2 B 25.9 B 21.5 B 19.6 B 17.6 B 16.1 B 14.9 B 13.7 B 13.6 B 12.3 B -79.4 M

EBITDA per Share

 8.23 6.71 6.52 6.13 5.63 4.59 4.66 4.32 3.97 3.8 3.5 3.2 2.98 2.76 2.63 2.29 0.8 0.77 2.47 -

EV/EBITDA

 17.7 25.8 24.1 22.4 24.5 28.7 16.2 19.1 17.0 14.9 16.9 14.5 13.8 13.1 11.8 13.3 47.3 48.8 13.5 -

PEG

 1.84 3.96 3.46 2.99 3.69 6.83 3.96 2.65 1.81 3.1 2.2 3.1 2.42 6.8 3.37 2.73 - - - -

P/B

 11.0 12.5 13.6 12.5 14.1 14.4 9.8 11.3 12.1 10.5 11.2 9.5 8.5 7.5 7.1 7.4 7.3 7.7 - -

P/CF

 16.1 27.2 27.2 25.5 27.4 33.6 20.7 25.8 21.9 23.7 23.3 21.5 19.0 23.0 18.4 18.1 16.7 14.9 17.2 -

ROE %

 47.12 40.15 44.47 44.58 45.14 37.23 39.48 39.49 46.12 41.80 39.59 37.80 35.31 32.08 34.15 34.44 9.55 9.39 48.15 -

ROA %

 10.88 10.01 16.28 14.77 14.46 11.89 12.84 11.92 12.51 11.96 11.75 10.41 9.85 9.23 8.46 9.55 2.56 2.46 - -

ROCE %

 67.21 53.48 57.20 58.20 59.64 49.55 35.42 35.79 59.15 58.79 55.26 55.18 50.89 47.73 49.25 45.99 14.54 14.40 69.22 -

Current Ratio

 1.3 1.3 1.6 1.5 1.5 1.5 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.4 1.4 - -

DSO

 - - - - - - 71.4 82.6 60.8 62.9 55.0 28.6 26.9 26.0 28.3 34.1 129.9 65.4 - -

DPO

 31.0 27.7 23.3 23.9 26.2 24.2 22.6 23.5 26.7 22.7 24.1 23.4 24.3 23.2 37.4 25.4 - - - -

Operating Cycle

 - - - - - - 71.4 82.6 60.8 62.9 55.0 28.6 26.9 26.0 28.3 34.1 129.9 65.4 - -

Cash Conversion Cycle

 -31.0 -27.7 -23.3 -23.9 -26.2 -24.2 48.8 59.1 34.1 40.2 30.8 5.2 2.6 2.8 -9.0 8.8 129.9 65.4 - -

All numbers in USD currency

Quarterly Financial Ratios Paychex

2026-Q3 2026-Q2 2026-Q1 2025-Q3 2025-Q2 2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1 2010-Q3 2010-Q2 2010-Q1

EPS

 1.56 1.1 1.56 1.07 - 1.44 1.15 1.19 - 1.39 1.09 1.16 - 1.3 1 1.05 2.05 1.19 0.92 0.93 1.85 0.97 0.76 0.59 0.76 0.59 0.72 0.74 0.72 0.74 0.66 0.68 0.66 0.68 0.55 0.59 0.6 0.63 0.56 0.6 0.56 0.6 0.52 0.58 0.52 0.58 0.48 0.47 0.48 0.47 0.43 0.45 0.43 0.45 0.41 0.42 0.41 0.42 0.39 0.41 0.39 0.41 0.31 0.35 0.34

EBITDA per Share

 3.13 2.2 2.31 1.81 - 2.01 1.58 1.63 - 1.9 1.49 1.6 - 1.79 1.4 1.5 2.93 1.66 1.31 1.36 2.71 1.38 1.07 0.93 1.26 0.93 1.05 1.12 1.26 1.12 0.94 0.99 1.06 0.99 0.92 0.97 1.11 1.05 0.93 0.98 1.03 0.98 0.88 0.89 0.97 0.89 0.81 0.81 0.89 0.81 0.74 0.77 0.82 0.77 0.69 0.72 0.77 0.72 0.65 0.7 0.73 0.7 0.65 0.65 0.59

ROE %

 47.78 46.43 46.77 43.91 34.25 47.55 46.08 47.23 36.13 49.88 47.81 48.75 37.07 61.04 60.40 59.81 58.68 57.29 55.15 53.93 50.29 37.14 33.79 34.43 37.39 38.03 40.91 40.56 40.33 39.99 39.70 38.99 39.77 41.07 42.51 44.63 44.74 44.29 42.07 41.12 41.87 53.60 53.65 52.90 50.82 38.25 38.40 37.98 37.70 36.91 36.45 36.15 36.08 36.35 36.72 37.02 37.44 37.61 38.02 37.03 36.39 36.07 8.02 9.04 9.06

ROA %

 11.10 11.81 13.49 14.12 11.82 11.82 15.08 14.60 10.52 14.93 15.01 15.91 12.47 20.15 19.93 19.45 18.85 18.39 17.82 17.55 16.52 12.49 11.35 11.16 11.69 11.49 12.06 12.45 12.85 12.85 12.88 12.10 11.40 11.60 11.86 12.77 13.57 13.54 13.00 12.65 12.58 15.60 15.41 15.02 14.25 10.81 10.89 10.77 10.74 10.60 10.55 10.50 10.48 10.19 9.91 10.17 10.48 10.80 11.19 10.28 10.00 10.02 1.94 2.70 2.63

ROCE %

 67.85 64.93 63.89 58.36 44.71 62.05 59.61 60.85 46.65 64.64 62.04 63.47 48.52 79.90 79.03 78.41 77.16 75.75 74.02 72.17 67.44 49.75 44.57 45.61 49.37 50.41 54.04 53.41 53.04 52.41 51.97 53.04 56.16 60.36 64.59 67.98 67.90 67.30 66.55 65.25 65.54 65.74 65.43 64.33 62.77 61.50 59.97 59.36 58.97 57.78 57.11 56.53 56.32 56.64 57.09 57.52 58.07 58.30 58.82 56.88 55.83 55.17 12.04 13.87 13.91

Current Ratio

 1.3 1.3 1.3 1.3 1.3 - 1.6 1.6 1.6 1.4 1.4 1.4 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.4 1.4 1.4 1.4 1.5 1.5 1.4 1.4 1.3 1.3 1.4 1.4 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.3 1.3 1.5 1.4 1.4 1.4 1.3 1.4 1.4

DSO

 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 702.0 1583.6 1840.2 1618.8 1451.8 1614.6 1642.9 1423.8 1310.8 1468.0 1521.6 1314.5 1217.3 1381.1 1471.0 1334.9 1299.4 1643.9 1788.3 1475.6 1373.9 1316.3 34.2 38.9 -

DPO

 28.6 29.9 26.8 27.6 - 10.5 20.5 22.2 - 22.4 23.5 22.8 - 25.6 21.8 24.8 13.9 25.6 22.7 24.5 12.6 22.1 18.9 21.0 22.6 23.1 19.5 19.3 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Operating Cycle

 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 702.0 1583.6 1840.2 1618.8 1451.8 1614.6 1642.9 1423.8 1310.8 1468.0 1521.6 1314.5 1217.3 1381.1 1471.0 1334.9 1299.4 1643.9 1788.3 1475.6 1373.9 - - - -

Cash Conversion Cycle

 - - -26.8 -27.6 - - -20.5 -22.2 - -22.4 -23.5 -22.8 - -25.6 -21.8 -24.8 -13.9 -25.6 -22.7 -24.5 -12.6 -22.1 -18.9 -21.0 -22.6 -23.1 -19.5 -19.3 - - - - - - - - - - - - 702.0 1583.6 1840.2 1618.8 1451.8 1614.6 1642.9 1423.8 1310.8 1468.0 1521.6 1314.5 1217.3 1381.1 1471.0 1334.9 1299.4 1643.9 1788.3 1475.6 1373.9 - - - -

All numbers in USD currency

Multiples are an important financial analysis tool for the company Paychex, allowing investors and analysts to quickly assess the company’s value and investment attractiveness based on the ratio of market indicators to the company’s financial performance. Essentially, multiples express how the market values the company relative to its earnings, revenue, equity, or other key metrics.

Advantages of Using Financial Ratios
  • Simplified Data Analysis
    Financial ratios transform large volumes of accounting data into compact and easily interpretable indicators, significantly simplifying the assessment of the company’s condition.
  • Comparability Between Companies
    Multiples standardize financial metrics, enabling objective comparison of companies of different sizes, industries, and market capitalizations.
  • Identification of Trends and Issues
    Regular analysis of ratios helps track the dynamics of financial health, identify strengths and weaknesses of the business, as well as potential risks.
  • Decision Support
    Financial multiples serve as an important tool for investors, creditors, and company management in making investment, credit, and managerial decisions.
  • Accelerated Assessment of Investment Attractiveness
    Ratios allow quick determination of key performance, liquidity, and financial stability indicators, facilitating prompt evaluation of companies’ attractiveness for investments.

Using multiples enables comparison between companies, even if they differ in size or industry, as they standardize financial data into ratios convenient for analysis. This is especially useful for evaluating companies where direct analysis of financial statements may be complex or require in-depth knowledge.

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