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PAYX

Paychex Inc

US$98.94-1.88% (-US$1.90)
Day's range
US$98.50 – US$101.00
Day's volume
US$228.5m
52-week range
US$83.61 – US$127.34

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PAYX in numbers

Market cap
US$35.2bn
P/E
19.50
P/B
9.50
Dividend yield (12m)
4.59%
Net debt/EBITDA
1.20

The 12-month dividend yield of PAYX is 4.59%, above its 5-year average of 2.78%.

PAYX price history

03/10/202502/10/2026
Compare with

PAYX risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return-8.40%-10.86%-3.58%
Volatility (annualised)35.76%24.17%25.50%
Largest drawdown-22.65%-40.04%-40.04%
Positive months7/1220/3631/60

How much did investing in PAYX return?

US$1,000.00 invested on 01/11/2021 would be worth US$964.17 today.

Value today in PAYX
US$964.17
Return over the period
-3.58%
Return per year
-0.74%
In the S&P 500
US$1,690.98

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

PAYX fundamentals

Valuation

  • P/E
    19.50
  • P/B
    9.50
  • EV/EBITDA
    12.82
  • EV/EBIT
    15.01
  • EV/Revenue
    6.08
  • P/EBIT
    13.61
  • P/S
    5.51
  • P/OCF
    15.64
  • P/FCF
    17.46
  • Earnings yield
    6.66%
  • PEG ratio
    —
  • Earnings per share
    US$5.07
  • Book value per share
    US$10.41

Debt

  • Net debt
    US$3.6bn
  • Net debt/EBITDA
    1.20
  • Net debt/Equity
    0.98
  • Debt/Equity
    1.23
  • Current ratio
    1.28
  • Quick ratio
    —
  • Cash ratio
    0.15

Efficiency

  • Gross margin
    73.54%
  • EBITDA margin
    47.44%
  • Operating margin
    40.50%
  • Net margin
    28.26%
  • Asset turnover
    0.41

Profitability

  • ROE
    48.74%
  • ROA
    11.53%
  • ROIC
    26.81%
  • Payout
    89.49%

Growth

  • Revenue CAGR (5 years)
    9.02%
  • Earnings CAGR (5 years)
    —
  • Revenue growth (year)
    —
  • Earnings growth (year)
    —
  • Revenue growth (quarter)
    —
  • Earnings growth (quarter)
    —

What is PAYX's fair price?

Two classic value formulas, with today's numbers. The current price is US$98.94.

Graham's fair price
US$34.47
65.16% below the price

√(22.50 × US$5.07 × US$10.41)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
US$57.13
42.25% below the price

US$3.43 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

PAYX indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20262025202420232022202120202019
P/E20.0024.3929,879,879.2327.5829.86———
P/B9.429.7913.2912.2913.4816.6612.0211.67
EV/EBITDA13.0818.0921.1919.0820.2629.5819.9419.74
Dividend yield3.50%3.76%2.73%2.90%2.62%1.90%2.66%2.85%
Earnings per shareUS$4.95US$4.60US$0.00US$4.32US$3.87———
Book value per shareUS$10.50US$11.46US$10.55US$9.69US$8.57US$8.19US$7.75US$7.29
ROE47.12%40.14%0.00%44.57%45.15%———
ROIC26.68%22.63%53.18%57.12%52.65%41.08%42.10%38.36%
Gross margin73.43%71.53%71.17%70.39%70.22%68.20%67.60%68.10%
EBITDA margin46.87%44.68%45.80%45.03%44.62%41.34%42.25%42.06%
Net margin27.93%30.63%0.00%31.73%30.59%———
Net debt/EBITDA1.161.37-0.29-0.36-0.21-0.14-0.080.05

PAYX financial statements

Line202620252024202320222021
Net revenueUS$6.3bnUS$5.4bnUS$5.1bnUS$4.9bnUS$4.6bnUS$4bn
Cost of sales-US$1.7bn-US$1.5bn-US$1.5bn-US$1.5bn-US$1.4bn-US$1.3bn
Gross profitUS$4.6bnUS$3.9bnUS$3.7bnUS$3.5bnUS$3.2bnUS$2.7bn
EBITDAUS$3bnUS$2.4bnUS$2.4bnUS$2.2bnUS$2bnUS$1.7bn
EBITUS$2.5bnUS$2.2bnUS$2.2bnUS$2bnUS$1.8bnUS$1.5bn
Net finance resultUS$69.9mUS$73.6mUS$81.2mUS$51.8m——
Profit before taxUS$2.3bnUS$2.2bnUS$2.2bnUS$2bnUS$1.8bnUS$1.4bn
Income tax-US$550.8m-US$518.6m-US$527.6m-US$490.9m-US$431.8m-US$336.7m
Net incomeUS$1.8bnUS$1.7bnUS$1.7kUS$1.6bnUS$1.4bn—

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does PAYX pay dividends?

Dividend yield per year

  • 2.82%2017
  • 3.35%2018
  • 2.85%2019
  • 2.66%2020
  • 1.90%2021
  • 2.62%2022
  • 2.90%2023
  • 2.73%2024
  • 3.76%2025
  • 3.50%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend27/07/202628/08/2026US$1.19
Dividend12/05/202629/05/2026US$1.19
Dividend27/01/202627/02/2026US$1.08
Dividend06/11/202526/11/2025US$1.08
Dividend18/07/202529/08/2025US$1.08
Dividend09/05/202529/05/2025US$1.08
Dividend06/02/202527/02/2025US$0.98
Dividend06/11/202427/11/2024US$0.98
Dividend07/08/202429/08/2024US$0.98
Dividend08/05/202430/05/2024US$0.98
Dividend09/02/202427/02/2024US$0.89
Dividend10/11/202328/11/2023US$0.89
See all 40 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend08/08/202324/08/2023US$0.89
Dividend09/05/202325/05/2023US$0.89
Dividend07/02/202323/02/2023US$0.79
Dividend07/11/202223/11/2022US$0.79
Dividend09/08/202225/08/2022US$0.79
Dividend10/05/202226/05/2022US$0.79
Dividend27/01/202224/02/2022US$0.66
Dividend28/10/202129/11/2021US$0.66
Dividend29/07/202126/08/2021US$0.66
Dividend10/05/202127/05/2021US$0.66
Dividend28/01/202125/02/2021US$0.62
Dividend29/10/202024/11/2020US$0.62
Dividend30/07/202027/08/2020US$0.62
Dividend13/05/202028/05/2020US$0.62
Dividend30/01/202020/02/2020US$0.62
Dividend30/10/201921/11/2019US$0.62
Dividend30/07/201922/08/2019US$0.62
Dividend13/05/201930/05/2019US$0.62
Dividend30/01/201915/02/2019US$0.56
Dividend30/10/201815/11/2018US$0.56
Dividend30/07/201823/08/2018US$0.56
Dividend07/05/201824/05/2018US$0.56
Dividend30/01/201815/02/2018US$0.50
Dividend30/10/201715/11/2017US$0.50
Dividend27/07/201724/08/2017US$0.50
Dividend05/05/201725/05/2017US$0.46
Dividend27/01/201715/02/2017US$0.46
Dividend27/10/201622/11/2016US$0.46

About Paychex

Sector
Services

Questions about PAYX

How much is PAYX today?

PAYX is at US$98.94 (-1.88% on the day), last traded on 02/10/2026.

How much did PAYX pay in dividends in 2025?

PAYX paid US$4.22 per share in 2025, a dividend yield of 3.76%.

What are the P/E and P/B of PAYX?

PAYX trades at a P/E of 19.50 and a P/B of 9.50.

How much did PAYX return in 12 months?

PAYX returned -8.40% in 12 months, with annualised volatility of 35.76% and a largest drawdown of -22.65%.