NASDAQ: PAYX
Paychex
Industrials · Services-Engineering, Accounting, Research, Management
52-week range
$85.45$127.98
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$45.3B
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| Period | Market cap |
|---|---|
| FY2017, ended May 31, 2017 | $21.3B |
| FY2018, ended May 31, 2018 | $23.5B |
| FY2019, ended May 31, 2019 | $30.8B |
| FY2020, ended May 31, 2020 | $25.9B |
| FY2021, ended May 31, 2021 | $36.4B |
| FY2022, ended May 31, 2022 | $44.6B |
| FY2023, ended May 31, 2023 | $37.8B |
| FY2024, ended May 31, 2024 | $43.3B |
| FY2025, ended May 31, 2025 | $56.9B |
| FY2026, ended May 31, 2026 | $34.5B |
| Trailing 12 months to Aug 31, 2026 (through Q1 FY2027) | $45.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$6.60B
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| Period | Revenue |
|---|---|
| FY2017, ended May 31, 2017 | $3.15B |
| FY2018, ended May 31, 2018 | $3.38B |
| FY2019, ended May 31, 2019 | $3.77B |
| FY2020, ended May 31, 2020 | $4.04B |
| FY2021, ended May 31, 2021 | $4.06B |
| FY2022, ended May 31, 2022 | $4.61B |
| FY2023, ended May 31, 2023 | $5.01B |
| FY2024, ended May 31, 2024 | $5.28B |
| FY2025, ended May 31, 2025 | $5.57B |
| FY2026, ended May 31, 2026 | $6.51B |
| Trailing 12 months to Aug 31, 2026 (through Q1 FY2027) | $6.60B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended May 31, 2017 | $826M | $866M |
| FY2018, ended May 31, 2018 | $994M | $1.12B |
| FY2019, ended May 31, 2019 | $1.03B | $1.15B |
| FY2020, ended May 31, 2020 | $1.10B | $1.31B |
| FY2021, ended May 31, 2021 | $1.10B | $1.14B |
| FY2022, ended May 31, 2022 | $1.39B | $1.46B |
| FY2023, ended May 31, 2023 | $1.56B | $1.56B |
| FY2024, ended May 31, 2024 | $1.69B | $1.74B |
| FY2025, ended May 31, 2025 | $1.66B | $1.71B |
| FY2026, ended May 31, 2026 | $1.76B | $2.32B |
| Trailing 12 months to Aug 31, 2026 (through Q1 FY2027) | $1.81B | $2.02B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$601M
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| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended May 31, 2017 | $185M |
| FY2018, ended May 31, 2018 | $358M |
| FY2019, ended May 31, 2019 | $674M |
| FY2020, ended May 31, 2020 | $905M |
| FY2021, ended May 31, 2021 | $995M |
| FY2022, ended May 31, 2022 | $370M |
| FY2023, ended May 31, 2023 | $1.22B |
| FY2024, ended May 31, 2024 | $1.47B |
| FY2025, ended May 31, 2025 | $1.63B |
| FY2026, ended May 31, 2026 | $1.09B |
| Trailing 12 months to Aug 31, 2026 (through Q1 FY2027) | $601M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$4.56B
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| Period | Total debt |
|---|---|
| FY2017, ended May 31, 2017 | — |
| FY2018, ended May 31, 2018 | $0 |
| FY2019, ended May 31, 2019 | $796M |
| FY2020, ended May 31, 2020 | $802M |
| FY2021, ended May 31, 2021 | $805M |
| FY2022, ended May 31, 2022 | $806M |
| FY2023, ended May 31, 2023 | $808M |
| FY2024, ended May 31, 2024 | $817M |
| FY2025, ended May 31, 2025 | $4.97B |
| FY2026, ended May 31, 2026 | $4.56B |
| Trailing 12 months to Aug 31, 2026 (through Q1 FY2027) | $4.56B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 1.0% since 2017.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.356M
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| Period | Shares outstanding |
|---|---|
| FY2017, ended May 31, 2017 | 359M |
| FY2018, ended May 31, 2018 | 359M |
| FY2019, ended May 31, 2019 | 359M |
| FY2020, ended May 31, 2020 | 359M |
| FY2021, ended May 31, 2021 | 360M |
| FY2022, ended May 31, 2022 | 360M |
| FY2023, ended May 31, 2023 | 361M |
| FY2024, ended May 31, 2024 | 360M |
| FY2025, ended May 31, 2025 | 360M |
| FY2026, ended May 31, 2026 | 356M |
| Trailing 12 months to Aug 31, 2026 (through Q1 FY2027) | 356M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.Net: $362M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2017, ended May 31, 2017 | $166M | $35.4M | — |
| FY2018, ended May 31, 2018 | $143M | $44.6M | $33.2M |
| FY2019, ended May 31, 2019 | $56.9M | $46.2M | — |
| FY2020, ended May 31, 2020 | $172M | $47.4M | — |
| FY2021, ended May 31, 2021 | $156M | $52.5M | — |
| FY2022, ended May 31, 2022 | $145M | $52.8M | — |
| FY2023, ended May 31, 2023 | $0 | $62.6M | — |
| FY2024, ended May 31, 2024 | $169M | $61.1M | — |
| FY2025, ended May 31, 2025 | $105M | $112M | — |
| FY2026, ended May 31, 2026 | $611M | $96.1M | — |
| Trailing 12 months to Aug 31, 2026 (through Q1 FY2027) | $451M | $88.6M | — |
Revenue (TTM)
$6.60B
+14.0% YoY
Net income (TTM)
$1.81B
+11.9% YoY
Cash
$601M
−25.7% YoY
Total debt
$4.56B
−8.3% YoY
Valuation
At current price- Market Cap
- $39.9B
- P/E
- 22.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.0×
- Price / Book
- 10.8×
- EV / EBITDA
- 14.5×
Growth
Trailing 12 months- Revenue (TTM)
- $6.60B
- Revenue Growth YoY
- 14.0%
- Revenue CAGR 3Y
- 9.2%
- Revenue CAGR 5Y
- 9.9%
- EPS Growth YoY
- 13.0%
- Net Income Growth YoY
- 11.9%
Profitability
Trailing 12 months- Gross Margin
- 74.4%
- Operating Margin
- 39.2%
- Net Margin
- 27.4%
- FCF Margin
- 30.5%
- Return on Equity
- 47.1%
Earnings
Trailing 12 months- Net Income
- $1.81B
- EPS (diluted)
- $5.04
- EBITDA
- $3.03B
- Operating Income
- $2.59B
Balance Sheet
As of Aug 31, 2026- Cash and cash equivalents
- $601M
- Total Debt
- $4.56B
- Net Debt
- $3.96B
- Total Assets
- $15.7B
- Total Liabilities
- $12.0B
- Shareholders' Equity
- $3.71B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.25B
- Capital Expenditure
- $235M
- Free Cash Flow
- $2.02B
Dividends and risk
Last 12 months- Dividend Yield
- 5.1%
- Dividend / Share
- $5.73
- Beta (5Y)
- 0.87
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 14.0% year over year, at $6.60B.
Strength
Keeps 39.2% of revenue as operating profit.
Note
Net debt of $3.96B is 1.3× EBITDA, a manageable load.
Strength
Turns 30.5% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended May 31, 2026 · filed Jul 17, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K64Mildly positive
64Mildly positive
10-K for the fiscal year ended May 31, 2025
Filed Jul 11, 2025 · Read the filing on EDGAR
- Revenue rose 6% to $5.57 billion and operating income rose 2% to $2.21 billion. Net income fell 2% because of Paycor deal costs and higher interest.
- Paychex completed its acquisition of Paycor on April 14, 2025, paying for it with $4.2 billion of new bonds. Long-term debt is now about $5.0 billion.
- Acquisition-related costs of $162.3 million cut the operating margin to 39.6% from 41.2%. The adjusted margin, which excludes those costs, rose to 42.5%.
- Unrealized losses on the bond portfolio shrank to $53.6 million from $162.5 million, and interest earned on client funds rose 10%.
Business momentum
Improving
“Total revenue increased to $5.6 billion for fiscal 2025, reflecting an increase of 6% compared to the prior year.”
Outlook
Neutral
“Looking to the future, we believe that investing in our solutions, people, and digital capabilities will position us to capitalize on opportunities for long-term growth.”
Financial stress
Low
“Our financial position as of May 31, 2025 remained strong with cash, restricted cash, and total corporate investments of $1.7 billion.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Adjusted profit and margin grew
“Adjusted operating income(1) of $2.4 billion, which excludes the acquisition related costs and cost optimization initiatives noted above, reflects an increase of 7%.”
Larger client base with steady retention
“Client retention remained high in the range of 82% to 83% of our beginning client base for both fiscal 2025 and fiscal 2024 and we have sustained high revenue retention.”
Smaller paper losses on investments
“The combined funds held for clients and corporate available-for-sale securities reflected net unrealized losses of $53.6 million and $162.5 million as of May 31, 2025 and 2024, respectively.”
Concerns
Interest costs nearly tripled after Paycor deal
“Interest expense increased $68.1 million to $105.4 million in fiscal 2025, primarily due to the issuance of incremental debt to finance the acquisition of Paycor”
Slow growth without the acquisition
“Excluding the acquisition of Paycor, Management Solutions revenue increased by 3% compared to the prior year.”
Dividends take a growing share of profit
“Dividends paid to stockholders represented approximately 87% of net income for fiscal 2025 compared to approximately 78% of net income for fiscal 2024.”
New risks since the previous report
Paycor integration may fall short
“We may not realize the expected financial or business benefits from the Paycor acquisition.”
Much larger debt load and covenants
“In April 2025, we issued $4.2 billion aggregate principal amount of fixed rate corporate debt (“Corporate Bonds”).”
Future deals could approach covenant limits
“Future acquisitions or transactions may bring us closer to the covenant thresholds previously outlined, potentially requiring further amendments to our credit facilities and debt obligations on less favorable terms.”
Tariffs and inflation hurting clients
“Further, inflation and uncertainty about tariff implementation may negatively impact our business and/or our clients' business, raise costs and reduce profitability.”
Biggest risks named
- Cyberattacks and data breaches
- Paycor integration and acquisition risk
- Higher debt and loan covenant limits
- Economic slowdown, tariffs and bank instability hurting small-business clients
- Falling interest rates reducing income on client funds
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 64 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Jul 17, 2026 | Pro | |||
| 10-K | Jul 11, 2025 | 64 | Improving | None | |
| 10-K | Jul 11, 2024 | 63 | Improving | 1 minor | |
| 10-K | Jul 14, 2023 | 65 | Improving | None | |
| 10-K | Jul 15, 2022 | 76 | Strong improvement | None | |
| 10-K | Jul 16, 2021 | 64 | Stable | None | |
| 10-K | Jul 17, 2020 | 60 | Improving | None | |
| 10-K | Jul 24, 2019 | 65 | Improving | None | |
| 10-K | Jul 20, 2018 | 67 | Improving | None | |
| 10-K | Jul 21, 2017 | 63 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2027 (period ended Aug 31, 2026), filed Sep 24, 2026. View filings on SEC EDGAR