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PAYXPaychex, Inc.
$114.53$40.7B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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PAYX logo

Paychex, Inc.

PAYX
NASDAQ · Staffing & HR
$114.53
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$40.73B
P/E23.4x
52W High$130.88
Volume4.01M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q4

Accelerating Revenue Growth Amidst Rising Leverage

Paychex exhibits a compelling growth trajectory with revenue expansion reaching 12.5% in 2026Q4, supported by a resilient 74% gross margin profile. However, the company's strategic shift toward higher leverage, evidenced by a debt-to-equity ratio of 1.23, and ...

GrowthAccelerating
ProfitabilityStrong
ValuationReview
TechnicalsMixed
Explore valuation models
MARKET ACTION

PAYX price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

11/12 Beats

EPS beat 11 of last 12 quarters

02

Valuation risk

+5% Peers

P/E is 5% above peer median

03

Market leadership

RS 72 · Avg

Average momentum (RS Rating: 72)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Sep 24
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 12.5% in 2026Q4 while maintaining structural gross margins at 74%, reflecting effective leverage of the proprietary technology platform.

Analyst Consensus-3.6% target
Hold(30 analysts)
5 Buy20 Hold5 Sell

The Bull Case

Upside Catalysts

Recurring Revenue Strength

Paychex benefits from strong recurring revenues, which provide stability and predictable cash flows.

High Margins

The company maintains high margins, reflecting efficient operations and profitability.

Dividend Growth

A recent 10.2% dividend increase underscores Paychex's financial strength and commitment to shareholder returns.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
PAYX+8.65%
S&P 500 (^GSPC)+13.20%
1-Year Return
PAYX-8.69%
S&P 500 (^GSPC)+15.98%
3-Year Return
PAYX+12.38%
S&P 500 (^GSPC)+79.59%
5-Year Return
PAYX+21.78%
S&P 500 (^GSPC)+74.73%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
23.4x
Forward P/EExpansion
20.8x
EV/EBITDA20th %ile
15.0x
FCF YieldCash Flow
5.7%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
23.4x
25.7x
20th· Low
EV/EBITDA
15.0x
18.3x
20th· Low
Price/FCF
17.5x
25.1x
20th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$65.18-43.1%
Base (Fair)$116.67+0.5%
Bull$199.66+74.3%
$65.18 Bear$116.67 Base$199.66 Bull
Current Market Price: $114.53
Trades at a 1.8% discount to Base DCF ($116.67)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$6.51B+16.9% YoY
Net income
$1.76B+6.2% YoY
Free cash flow
$2.32B+32.0% YoY
Operating margin
38.6%-1.1 pts YoY
ROIC (TTM)25.6%
Avg ROIC 5Y-
ROE (TTM)44.8%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate11/12 (92%)
Revenue Beat Rate9/12 (75%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jun 24, 2026
$1.32+0.8%
vs $1.31
$1.6B+0.3%
vs $1.6B
Q2 2026
Mar 25, 2026
$1.71+2.4%
vs $1.67
$1.8B+1.5%
vs $1.8B
Q4 2025
Dec 19, 2025
$1.26+2.4%
vs $1.23
$1.6B+0.3%
vs $1.6B
Q4 2025
Sep 30, 2025
$1.22+1.7%
vs $1.20
$1.5B+0.1%
vs $1.5B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
GlobeNewsWire·Sep 15, 2026
Paychex's WISE Named a 2026 Top HR Product of the Year by HR Executive

The company's agentic AI engine recognized for industry innovation and impact Paychex WISE recognized as one HR Executive's Top HR Products of the Year in 2026 Built on Paychex's trusted HR, payroll, and workforce expertise, WISE combines embedded AI capabilities with expert guidance to proactively identify issues, automate workflows, and drive better business outcomes ROCHESTER, N.Y., Sept. 15, 2026 (GLOBE NEWSWIRE) -- Paychex (Nasdaq: PAYX), a leading provider of expert-enabled HR, payroll, and benefits, today announced that WISE (Workforce Intelligence Strengthened by Expertise), the company's AI-powered intelligence engine, has been named a Top HR Product by HR Executive.

Defense World·Sep 10, 2026
Comparing Paychex (NASDAQ:PAYX) & OFA Group (NASDAQ:OFAL)

Paychex (NASDAQ: PAYX - Get Free Report) and OFA Group (NASDAQ: OFAL - Get Free Report) are both industrials companies, but which is the better investment? We will contrast the two companies based on the strength of their earnings, institutional ownership, profitability, analyst recommendations, risk, dividends and valuation. Volatility and Risk Paychex has a beta of 0.82,

Defense World·Sep 10, 2026
California State Teachers Retirement System Buys 56,189,662 Shares of Paychex, Inc. $PAYX

California State Teachers Retirement System increased its stake in Paychex, Inc. (NASDAQ: PAYX) by 10,017.6% in the undefined quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,750,570 shares of the business services provider's stock after buying an additional 56,189,662 shares during

Defense World·Sep 10, 2026
Baird Financial Group Inc. Boosts Stock Position in Paychex, Inc. $PAYX

Baird Financial Group Inc. boosted its position in Paychex, Inc. (NASDAQ: PAYX) by 0.7% in the undefined quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 775,030 shares of the business services provider's stock after purchasing an additional 5,023 shares during the quarter. Baird Financial Group

Filtered for Paychex, Inc.More Headlines
04

Compare before deciding

Benchmark PAYX against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Paychex, Inc. (PAYX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
PAYX logoPAYXPaychex, Inc.Current
$114.53$40.73B23.4216.88%27.03%44.77%3.86%
ADP logoADPAutomatic Data Processing, Inc.
$269.64$107.78B24.626.74%20.11%70.2%—
PCTY logoPCTYPaylocity Holding Corporation
$145.71$7.8B29.6211.04%15.23%23.44%—
PAYC logoPAYCPaycom Software, Inc.
$224.61$12.26B27.808.95%22.78%40.43%—
TNET logoTNETTriNet Group, Inc.
$66.71$3.06B21.11-0.85%3.58%188.17%—
NSP logoNSPInsperity, Inc.
$50.26$1.92B-279.223.51%-0.23%-24.52%—

Compare PAYX vs Peers

Paychex, Inc. (PAYX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ADP

Most directly comparable listed peer for PAYX.

Scale Benchmark

vs SAP

Larger-name benchmark to compare PAYX against a more recognizable public peer.

Peer Set

Compare Top 5

vs ADP, PCTY, PAYC, TNET

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

PAYX SEC Filings & Documents

Paychex, Inc. (PAYX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jun 24, 2026·SEC

Material company update

Mar 25, 2026·SEC

Material company update

Jan 26, 2026·SEC

10-K Annual Reports

2
FY 2025

Jul 11, 2025·SEC

FY 2024

Jul 11, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Mar 26, 2026·SEC

FY 2025

Dec 22, 2025·SEC

FY 2025

Sep 30, 2025·SEC

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PAYX Frequently Asked Questions

Paychex, Inc. (PAYX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Paychex, Inc.'s revenue?

Paychex, Inc. (PAYX) reported $6.51B in revenue for fiscal year 2026. This represents a 786% increase from $734.7M in 1997.

How fast is Paychex, Inc. growing?

Paychex, Inc. (PAYX) grew revenue by 16.9% over the past year. This is strong growth.

Is PAYX profitable?

Yes, Paychex, Inc. (PAYX) is profitable, generating $1.76B in net income for fiscal year 2026 (27.0% net margin).

Dividend & Returns
Does PAYX pay dividends?

Yes, Paychex, Inc. (PAYX) pays a dividend with a yield of 3.86%. This makes it attractive for income-focused investors.

What is PAYX's return on equity?

Paychex, Inc. (PAYX) has a return on equity (ROE) of 44.8%. This is excellent, indicating efficient use of shareholder capital.

What is Paychex, Inc.'s free cash flow?

Paychex, Inc. (PAYX) generated $2.32B in free cash flow for fiscal year 2026. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in PAYX back in 1997?

Total return calculator · dividends reinvested · 29+ years of data

See returns →