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 revenue.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 10 years

Total assets $16.6B

Total liabilities $12.4B

Shareholders equity $4.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	30.1%	28.6%	27.8%	24.4%	8.0%	24.5%	22.4%	17.9%	10.6%	5.9%
Short Term Investments	0.6%	0.7%	—	—	—	—	—	—	—	—
Accounts Receivable	1.0%	0.8%	20.1%	17.4%	15.7%	14.3%	9.5%	11.1%	11.1%	16.1%
Prepaid Expenses	7.0%	6.3%	—	—	—	—	—	—	—	—
Total Current Assets	164.8%	141.3%	137.4%	150.3%	142.7%	152.1%	135.2%	150.5%	174.5%	167.2%
Property,Plant and Equipment	9.5%	8.0%	7.8%	7.9%	8.7%	9.8%	10.1%	10.8%	11.6%	10.7%
Operating Lease Assets	1.2%	0.9%	0.9%	1.2%	1.7%	2.5%	2.8%	—	—	—
Goodwill	83.4%	36.7%	35.7%	36.6%	39.7%	44.9%	44.3%	47.3%	24.1%	20.8%
Intangible Assets	36.0%	3.8%	3.7%	3.7%	4.9%	6.8%	8.2%	10.6%	4.2%	1.8%
Deferred Tax Assets	8.2%	4.5%	4.8%	4.7%	3.9%	3.6%	3.5%	2.9%	2.2%	5.7%
Other Noncurrent Assets	2.4%	2.2%	2.2%	1.3%	1.2%	0.8%	0.9%	0.7%	0.5%	1.0%
Total Assets	306.2%	202.3%	196.7%	210.6%	208.9%	227.5%	211.6%	230.0%	234.3%	216.7%
Liabilities
Accounts Payable	2.4%	2.0%	2.0%	1.7%	2.3%	2.2%	2.0%	2.0%	2.2%	1.8%
Accrued Liabilities	10.2%	9.2%	2.6%	4.2%	4.9%	5.2%	3.3%	3.9%	3.6%	8.9%
Deferred Revenue	1.3%	1.0%	—	—	—	—	—	—	—	—
Current Portion of Long Term Debt	7.4%	0.4%	—	—	—	—	—	—	—	—
Other Current Liabilities	10.2%	9.2%	—	—	—	—	—	—	—	—
Total Current Liabilities	128.6%	103.5%	100.6%	115.9%	114.3%	121.7%	109.6%	128.4%	156.8%	149.9%
Long Term Debt	84.1%	15.6%	15.1%	15.9%	17.3%	19.7%	19.7%	21.1%	—	—
Operating Lease Liabilities Noncurrent	1.0%	1.0%	0.9%	1.1%	1.6%	2.3%	2.4%	0.3%	—	—
Deferred Tax Liabilities	8.2%	6.2%	—	—	—	—	—	—	—	—
Other Noncurrent Liabilities	5.8%	4.6%	4.5%	3.9%	4.0%	5.1%	4.3%	4.0%	2.6%	2.3%
Total Liabilities	229.9%	128.3%	124.7%	140.9%	142.0%	154.8%	142.8%	160.5%	164.6%	154.7%
Equity
Common Stock	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Additional Paid In Capital	35.1%	33.7%	32.8%	32.5%	33.5%	35.7%	31.9%	32.0%	33.4%	32.7%
Retained Earnings	42.1%	43.1%	41.9%	40.4%	36.2%	35.6%	35.4%	37.4%	37.4%	28.6%
Accumulated Other Comprehensive Income	-1.0%	-2.8%	—	—	—	—	—	—	—	—
Total Stockholders Equity	76.3%	74.1%	72.0%	69.8%	66.9%	72.7%	68.8%	69.4%	69.8%	70.6%
Total Liabilitiesand Equity	306.2%	202.3%	196.7%	210.6%	208.9%	227.5%	211.6%	230.0%	234.3%	225.4%

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $5.4B

Operating income $2.2B

Net income $1.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	28.5%	28.8%	28.0%	29.0%	29.4%	31.3%	31.7%	31.2%	30.1%	—
Expenses Selling,General and Administrative	33.7%	31.7%	30.8%	30.4%	30.7%	32.7%	32.2%	32.4%	31.6%	31.1%
Expenses Depreciation and Amortization	3.9%	3.4%	—	—	—	—	—	—	—	—
Expenses Share Based Compensation	2.1%	1.2%	—	—	—	—	—	—	—	—
Expenses Operating Expenses	62.2%	60.5%	—	—	—	—	—	—	—	—
Other Income Expense Operating Income	40.8%	42.4%	—	—	—	—	—	—	—	—
Other Income Expense Interest Income	1.3%	1.6%	—	—	—	—	—	—	—	—
Other Income Expense Other Income/expense	0.0%	-0.0%	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	40.2%	43.2%	—	—	—	—	—	—	—	—
Income Tax Income Tax Expense	9.6%	10.3%	—	—	—	—	—	—	—	—
net Income net Income	30.6%	32.9%	—	—	—	—	—	—	—	—
net Income Comprehensive Income	32.3%	33.2%	—	—	—	—	—	—	—	—
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	6.7%	7.0%	6.8%	7.2%	7.8%	8.9%	8.9%	9.5%	10.6%	11.4%
Earnings Per Share Weighted Average Shares Diluted	6.7%	7.1%	6.9%	7.2%	7.9%	8.9%	8.9%	9.6%	10.7%	11.5%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $1.9B

Investing cash flow $-3.4B

Financing cash flow $2.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	30.6%	32.9%	—	—	—	—	—	—	—	—
Operating Activities Depreciation and Amortization	3.9%	3.4%	3.3%	3.5%	4.2%	4.7%	5.2%	4.8%	4.1%	4.0%
Operating Activities Stock Based Compensation	2.1%	1.2%	—	—	—	—	—	—	—	—
Operating Activities Deferred Income Taxes	-0.3%	-0.6%	-0.6%	-0.9%	0.0%	-0.5%	-0.1%	0.1%	-1.1%	0.7%
Operating Activities Changes In Operating Assets and Liabilities	2.6%	-1.7%	-2.1%	2.7%	3.3%	6.7%	-1.4%	3.1%	-0.5%	3.3%
Operating Activities net Cash From Operating Activities	35.1%	37.0%	36.0%	34.1%	34.5%	31.1%	35.7%	33.7%	37.8%	30.5%
Investing Activities Capital Expenditures	3.5%	3.1%	3.1%	2.9%	2.9%	2.9%	3.1%	3.3%	4.6%	3.0%
Investing Activities Business Acquisitions	54.9%	4.1%	—	—	—	—	—	—	—	—
Investing Activities Purchases of Investments	264.4%	133.8%	—	—	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	264.2%	139.5%	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-62.0%	-5.1%	-4.9%	4.2%	-32.6%	-11.4%	19.1%	-43.2%	29.6%	-21.0%
Financing Activities Repurchase of Common Stock	1.9%	3.3%	3.2%	—	3.1%	3.8%	4.3%	1.5%	4.2%	5.3%
Financing Activities Dividends Paid	26.8%	25.6%	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	0.9%	0.0%	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	42.4%	-36.5%	-35.5%	-14.2%	-21.2%	-15.7%	-36.8%	-26.7%	-12.5%	-15.3%
Cash Reconciliation Effect of Exchange Rate On Cash	50.5%	37.0%	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	15.5%	-4.6%	-4.5%	24.1%	-19.4%	4.0%	17.9%	-36.2%	54.8%	-5.9%
Cash Reconciliation Cash At Beginning of Period	50.5%	37.0%	—	—	—	—	—	—	—	—
Cash Reconciliation Cash At End of Period	50.5%	37.0%	—	—	—	—	—	—	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+71.5%	+71.2%	+72.0%	+71.0%	+70.6%	+68.7%	+68.3%	+68.8%	+69.9%	—
Operating margin	+40.8%	+42.4%	+41.2%	+40.6%	+39.9%	+36.0%	+36.1%	+36.3%	+38.2%	+39.8%
Net margin	+30.6%	+32.9%	—	—	—	—	—	—	—	—
FCF margin	+31.6%	+33.8%	+32.9%	+31.2%	+31.6%	+28.1%	+32.5%	+30.4%	+33.2%	+27.5%
Growth
Revenue CAGR (3y)	+2.6%	+3.6%	+9.2%	+7.4%	+6.9%	+6.3%	+8.6%	+8.5%	+7.2%	+7.8%
Returns
ROE	+40.1%	+44.5%	—	—	—	—	—	—	—	—
ROA	+10.0%	+16.3%	—	—	—	—	—	—	—	—
ROIC	+22.6%	+52.6%	+69.0%	+66.0%	+52.2%	+53.0%	+54.5%	+50.0%	—	—
Liquidity
Current ratio	1.28x	1.37x	1.37x	1.30x	1.25x	1.25x	1.23x	1.17x	1.11x	1.12x
Quick ratio	0.24x	0.28x	0.48x	0.36x	0.21x	0.32x	0.29x	0.23x	0.14x	0.15x
Leverage
D/E	3.01x	1.73x	1.73x	2.02x	2.12x	2.13x	2.07x	2.31x	2.36x	2.19x
Interest coverage	—	58.29x	58.29x	55.40x	50.27x	40.80x	37.64x	77.91x	331.15x	501.56x
Efficiency
Asset turnover	0.33x	0.49x	0.51x	0.47x	0.48x	0.44x	0.47x	0.43x	0.43x	0.46x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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