Paychex

Industrials Human Resource & Employment Services Penfield, New York Last filing Jul 11, 2025 · FY2025

                    Revenue
                    FY2025
                
$5.4B
                    3y CAGR +2.6%
                    
                    P35
                    
                    +5.4%
                    
                    Net income
                    FY2025
                
$1.7B
                    Net margin +30.6%
                    
                    P97
                    
                    -2.0%
                    
                    Total assets
                    FY2025
                
$16.6B
                    ROA +10.0%
                    
                    P70
                    
                    +59.5%
                    
                    Operating cash flow
                    FY2025
                
$1.9B
                    FCF margin +31.6%
                    
                    P99
                    
                    +0.2%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 3 years

Total assets $16.6B

Total liabilities $12.4B

Shareholders equity $4.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	9.8%	14.1%	14.1%
Short Term Investments	0.2%	0.3%	—
Accounts Receivable	0.3%	0.4%	10.2%
Prepaid Expenses	2.3%	3.1%	—
Total Current Assets	53.8%	69.8%	69.8%
Property,Plant and Equipment	3.1%	4.0%	4.0%
Operating Lease Assets	0.4%	0.5%	0.5%
Goodwill	27.3%	18.1%	18.1%
Intangible Assets	11.8%	1.9%	1.9%
Deferred Tax Assets	2.7%	2.2%	2.5%
Other Noncurrent Assets	0.8%	1.1%	1.1%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	0.8%	1.0%	1.0%
Accrued Liabilities	3.3%	4.5%	1.3%
Deferred Revenue	0.4%	0.5%	—
Current Portion of Long Term Debt	2.4%	0.2%	—
Other Current Liabilities	3.3%	4.5%	—
Total Current Liabilities	42.0%	51.1%	51.1%
Long Term Debt	27.5%	7.7%	7.7%
Operating Lease Liabilities Noncurrent	0.3%	0.5%	0.5%
Deferred Tax Liabilities	2.7%	3.1%	—
Other Noncurrent Liabilities	1.9%	2.3%	2.3%
Total Liabilities	75.1%	63.4%	63.4%
Equity
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	11.5%	16.7%	16.7%
Retained Earnings	13.7%	21.3%	21.3%
Accumulated Other Comprehensive Income	-0.3%	-1.4%	—
Total Stockholders Equity	24.9%	36.6%	36.6%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $5.4B

Operating income $2.2B

Net income $1.7B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	32.7%	49.4%	50.8%
Expenses Cost of Revenue	9.3%	14.2%	14.2%
Expenses Selling,General and Administrative	11.0%	15.6%	15.6%
Expenses Depreciation and Amortization	1.3%	1.7%	—
Expenses Share Based Compensation	0.7%	0.6%	—
Expenses Operating Expenses	20.3%	29.9%	—
Other Income Expense Operating Income	13.3%	20.9%	—
Other Income Expense Interest Income	0.4%	0.8%	—
Other Income Expense Other Income/expense	0.0%	-0.0%	—
Other Income Expense Income Before Tax	13.1%	21.4%	—
Income Tax Income Tax Expense	3.1%	5.1%	—
net Income net Income	10.0%	16.3%	—
net Income Comprehensive Income	10.6%	16.4%	—
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	2.2%	3.5%	3.5%
Earnings Per Share Weighted Average Shares Diluted	2.2%	3.5%	3.5%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $1.9B

Investing cash flow $-3.4B

Financing cash flow $2.3B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	10.0%	16.3%	—
Operating Activities Depreciation and Amortization	1.3%	1.7%	1.7%
Operating Activities Stock Based Compensation	0.7%	0.6%	—
Operating Activities Deferred Income Taxes	-0.1%	-0.3%	-0.3%
Operating Activities Changes In Operating Assets and Liabilities	0.9%	-0.8%	-1.1%
Operating Activities net Cash From Operating Activities	11.5%	18.3%	18.3%
Investing Activities Capital Expenditures	1.2%	1.6%	1.6%
Investing Activities Business Acquisitions	17.9%	2.0%	—
Investing Activities Purchases of Investments	86.3%	66.2%	—
Investing Activities Proceeds From Sale of Investments	86.3%	69.0%	—
Investing Activities net Cash From Investing Activities	-20.3%	-2.5%	-2.5%
Financing Activities Repurchase of Common Stock	0.6%	1.6%	1.6%
Financing Activities Dividends Paid	8.7%	12.7%	—
Financing Activities Other Financing Activities	0.3%	0.0%	—
Financing Activities net Cash From Financing Activities	13.8%	-18.1%	-18.1%
Cash Reconciliation Effect of Exchange Rate On Cash	16.5%	18.3%	—
Cash Reconciliation net Change In Cash	5.1%	-2.3%	-2.3%
Cash Reconciliation Cash At Beginning of Period	16.5%	18.3%	—
Cash Reconciliation Cash At End of Period	16.5%	18.3%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+71.5%	+71.2%	+72.0%
Operating margin	+40.8%	+42.4%	+41.2%
Net margin	+30.6%	+32.9%	—
FCF margin	+31.6%	+33.8%	+32.9%
Growth
Revenue CAGR (3y)	+2.6%	+3.6%	+9.2%
Returns
ROE	+40.1%	+44.5%	—
ROA	+10.0%	+16.3%	—
ROIC	+22.6%	+52.6%	+69.0%
Liquidity
Current ratio	1.28x	1.37x	1.37x
Quick ratio	0.24x	0.28x	0.48x
Leverage
D/E	3.01x	1.73x	1.73x
Interest coverage	—	58.29x	58.29x
Efficiency
Asset turnover	0.33x	0.49x	0.51x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Paychex

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