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

Year-over-year change per cell; first column has no prior.

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	+10.9%	+0.0%	+20.2%	+230.3%	-62.8%	+9.9%	+34.4%	+88.1%	+94.0%	—
Short Term Investments	+1.8%	—	—	—	—	—	—	—	—	—
Accounts Receivable	+22.1%	-96.0%	+21.3%	+20.7%	+25.2%	+50.6%	-8.7%	+12.3%	-26.2%	—
Prepaid Expenses	+17.5%	—	—	—	—	—	—	—	—	—
Total Current Assets	+23.0%	+0.0%	-3.7%	+14.4%	+6.7%	+12.9%	-3.8%	-3.7%	+11.8%	—
Property,Plant and Equipment	+24.2%	+0.0%	+3.9%	-1.2%	+1.4%	-2.8%	-0.3%	+3.9%	+16.7%	—
Operating Lease Assets	+36.0%	+0.0%	-23.7%	-21.9%	-23.6%	-10.3%	—	—	—	—
Goodwill	+139.8%	+0.0%	+2.7%	+0.1%	+0.6%	+1.7%	+0.5%	+119.0%	+23.9%	—
Intangible Assets	+901.2%	+0.0%	+3.8%	-16.6%	-18.6%	-16.6%	-17.2%	+182.2%	+145.5%	—
Deferred Tax Assets	+90.7%	-8.5%	+7.6%	+32.0%	+22.4%	+4.3%	+29.6%	+43.5%	-57.6%	—
Other Noncurrent Assets	+11.7%	+0.0%	+76.4%	+21.4%	+57.0%	-10.5%	+53.4%	+51.8%	-46.9%	—
Total Assets	+59.5%	+0.0%	-1.5%	+9.5%	+4.4%	+7.9%	-1.4%	+9.6%	+15.8%	—
Liabilities
Accounts Payable	+24.4%	+0.0%	+23.1%	-19.9%	+18.8%	+12.1%	+4.6%	+3.0%	+28.8%	—
Accrued Liabilities	+17.5%	+248.0%	-35.7%	-6.9%	+7.5%	+59.2%	-10.0%	+20.5%	-56.7%	—
Deferred Revenue	+38.2%	—	—	—	—	—	—	—	—	—
Current Portion of Long Term Debt	+2038.0%	—	—	—	—	—	—	—	—	—
Other Current Liabilities	+17.5%	—	—	—	—	—	—	—	—	—
Total Current Liabilities	+31.0%	+0.0%	-8.5%	+10.2%	+6.7%	+11.5%	-8.6%	-8.5%	+12.1%	—
Long Term Debt	+469.5%	+0.0%	+0.1%	+0.1%	+0.1%	+0.1%	+0.1%	—	—	—
Operating Lease Liabilities Noncurrent	+13.3%	+0.0%	-14.5%	-23.4%	-19.0%	-4.6%	+645.4%	—	—	—
Deferred Tax Liabilities	+39.5%	—	—	—	—	—	—	—	—	—
Other Noncurrent Liabilities	+31.8%	+0.0%	+20.1%	+6.8%	-11.0%	+19.0%	+15.0%	+70.3%	+20.7%	—
Total Liabilities	+88.9%	+0.0%	-6.7%	+7.7%	+4.3%	+8.8%	-4.7%	+9.0%	+13.9%	—
Equity
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+9.9%	+0.0%	+6.3%	+5.2%	+6.9%	+12.2%	+6.9%	+7.1%	+9.4%	—
Retained Earnings	+2.9%	+0.0%	+9.4%	+21.2%	+15.5%	+1.0%	+1.6%	+11.6%	+40.0%	—
Accumulated Other Comprehensive Income	+63.0%	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	+8.6%	+0.0%	+8.8%	+13.2%	+4.7%	+6.0%	+6.2%	+11.1%	+5.8%	—
Total Liabilitiesand Equity	+59.5%	+0.0%	-1.5%	+9.5%	+4.4%	+7.9%	-1.4%	+9.6%	+11.4%	—

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	+5.4%	-2.8%	+5.4%	+8.6%	+13.7%	+0.4%	+7.1%	+11.7%	+7.1%	—
Expenses Cost of Revenue	+4.1%	+0.0%	+1.8%	+7.1%	+6.7%	-0.7%	+8.7%	+15.7%	—	—
Expenses Selling,General and Administrative	+12.2%	+0.0%	+6.8%	+7.5%	+6.8%	+2.0%	+6.2%	+14.6%	+9.0%	—
Expenses Depreciation and Amortization	+18.7%	—	—	—	—	—	—	—	—	—
Expenses Share Based Compensation	+83.0%	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	+8.4%	—	—	—	—	—	—	—	—	—
Other Income Expense Operating Income	+1.5%	—	—	—	—	—	—	—	—	—
Other Income Expense Interest Income	-12.0%	—	—	—	—	—	—	—	—	—
Other Income Expense Other Income/expense	+153.3%	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	-1.9%	—	—	—	—	—	—	—	—	—
Income Tax Income Tax Expense	-1.7%	—	—	—	—	—	—	—	—	—
net Income net Income	-2.0%	—	—	—	—	—	—	—	—	—
net Income Comprehensive Income	+2.6%	—	—	—	—	—	—	—	—	—
Earnings Per Share Basic Eps	-1.9%	+0.0%	+8.6%	+11.9%	+26.6%	-0.3%	+6.3%	+4.0%	+20.4%	—
Earnings Per Share Diluted Eps	-1.9%	+0.0%	+8.6%	+12.0%	+26.7%	-0.3%	+6.3%	+4.0%	+20.6%	—
Earnings Per Share Weighted Average Shares Basic	-0.0%	+0.0%	-0.0%	-0.1%	+0.2%	+0.4%	-0.2%	+0.1%	-0.2%	—
Earnings Per Share Weighted Average Shares Diluted	-0.0%	+0.0%	-0.1%	-0.2%	+0.3%	+0.3%	-0.2%	+0.1%	-0.3%	—

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	-2.0%	—	—	—	—	—	—	—	—	—
Operating Activities Depreciation and Amortization	+18.7%	+0.0%	-0.1%	-7.9%	-0.1%	-8.4%	+15.5%	+31.5%	+8.7%	—
Operating Activities Stock Based Compensation	+83.0%	—	—	—	—	—	—	—	—	—
Operating Activities Deferred Income Taxes	+47.0%	+0.0%	+32.3%	-2013.0%	+111.0%	-425.0%	-185.1%	+112.6%	-263.9%	—
Operating Activities Changes In Operating Assets and Liabilities	+262.5%	+22.3%	-183.3%	-11.9%	-43.5%	+595.3%	-147.0%	+823.5%	-115.7%	—
Operating Activities net Cash From Operating Activities	+0.2%	+0.0%	+11.2%	+7.3%	+26.1%	-12.5%	+13.3%	-0.4%	+32.9%	—
Investing Activities Capital Expenditures	+18.8%	+0.0%	+12.9%	+6.9%	+13.0%	-6.8%	+2.6%	-19.6%	+63.3%	—
Investing Activities Business Acquisitions	+1324.6%	—	—	—	—	—	—	—	—	—
Investing Activities Purchases of Investments	+108.2%	—	—	—	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	+99.6%	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-1186.6%	+0.0%	-223.2%	+114.1%	-226.8%	-159.7%	+147.4%	-263.1%	+250.8%	—
Financing Activities Repurchase of Common Stock	-38.2%	+0.0%	—	—	-6.7%	-9.4%	+202.1%	-60.2%	-13.9%	—
Financing Activities Dividends Paid	+10.1%	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	+222.3%	+0.0%	-163.5%	+27.4%	-53.9%	+57.2%	-47.6%	-138.0%	+12.2%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+44.1%	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	+452.0%	+0.0%	-119.7%	+234.8%	-647.9%	-77.5%	+153.1%	-173.8%	+1103.3%	—
Cash Reconciliation Cash At Beginning of Period	+44.1%	—	—	—	—	—	—	—	—	—
Cash Reconciliation Cash At End of Period	+44.1%	—	—	—	—	—	—	—	—	—

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	—	—	—	—	—	—	—	—	—	—

Valuation

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