Stock PAYX PAYCHEX, INC.
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Financials Paychex, Inc.

Equities

PAYX

US7043261079

Employment Services

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
120 USD -1.64% Intraday chart for Paychex, Inc. +0.38% +0.72%
Apr. 08 UBS Raises Paychex's Price Target to $125 From $120, Maintains Neutral Rating MT
Apr. 04 News Highlights : Top Financial Services News of the Day - Thursday at 12 AM ET DJ

Valuation

Fiscal Period: May 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 30,832 25,928 36,447 44,705 37,824 43,185 - -
Enterprise Value (EV) 1 30,887 25,792 36,212 44,279 37,037 42,192 41,516 40,855
P/E ratio 30 x 23.8 x 33.4 x 32.2 x 24.4 x 25.4 x 24.1 x 22.6 x
Yield 2.68% 3.43% 2.49% 2.24% 3.11% 2.99% 3.13% 3.33%
Capitalization / Revenue 8.17 x 6.42 x 8.98 x 9.69 x 7.55 x 8.17 x 7.77 x 7.37 x
EV / Revenue 8.19 x 6.38 x 8.93 x 9.6 x 7.4 x 7.98 x 7.47 x 6.97 x
EV / EBITDA 19.9 x 15.4 x 21.4 x 21.6 x 16.7 x 17.6 x 16.4 x 15 x
EV / FCF 26.5 x 19.6 x 31.6 x 32.3 x 23.5 x 20.8 x 20.5 x 18.8 x
FCF Yield 3.77% 5.09% 3.16% 3.1% 4.25% 4.81% 4.88% 5.32%
Price to Book 11.8 x 9.32 x 12.3 x 14.4 x 10.8 x 11.3 x 10 x 8.86 x
Nbr of stocks (in thousands) 359,393 358,715 360,360 361,017 360,467 359,963 - -
Reference price 2 85.79 72.28 101.1 123.8 104.9 120.0 120.0 120.0
Announcement Date 6/26/19 7/7/20 6/25/21 6/29/22 6/29/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: May 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,772 4,040 4,057 4,612 5,007 5,284 5,560 5,863
EBITDA 1 1,553 1,673 1,692 2,050 2,212 2,401 2,539 2,717
EBIT 1 1,371 1,460 1,493 1,840 2,033 2,208 2,338 2,496
Operating Margin 36.35% 36.15% 36.8% 39.9% 40.6% 41.77% 42.06% 42.57%
Earnings before Tax (EBT) 1 1,368 1,437 1,434 1,825 2,048 2,250 2,374 2,539
Net income 1 1,034 1,098 1,098 1,393 1,557 1,707 1,796 1,917
Net margin 27.42% 27.18% 27.05% 30.2% 31.1% 32.3% 32.3% 32.7%
EPS 2 2.860 3.040 3.030 3.840 4.300 4.720 4.971 5.303
Free Cash Flow 1 1,166 1,314 1,146 1,373 1,573 2,028 2,024 2,175
FCF margin 30.9% 32.52% 28.24% 29.77% 31.42% 38.38% 36.41% 37.09%
FCF Conversion (EBITDA) 75.07% 78.52% 67.72% 66.97% 71.1% 84.49% 79.73% 80.02%
FCF Conversion (Net income) 112.69% 119.65% 104.39% 98.57% 101.01% 118.84% 112.72% 113.42%
Dividend per Share 2 2.300 2.480 2.520 2.770 3.260 3.588 3.760 3.990
Announcement Date 6/26/19 7/7/20 6/25/21 6/29/22 6/29/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maggio 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 1,108 1,276 1,144 1,206 1,190 1,381 1,230 1,286 1,258 1,439 1,294 1,345 1,317 1,512 1,362
EBITDA 1 495.1 611.1 445.2 539.7 518.6 655.8 498.3 578.2 551 694.6 564.3 584.5 582.8 738.7 605.8
EBIT 1 440.3 562.8 394 495.6 472.3 611.9 453.3 536.3 506.2 649.8 514.2 564.6 536.1 687.6 544.6
Operating Margin 39.72% 44.11% 34.43% 41.09% 39.68% 44.31% 36.87% 41.7% 40.24% 45.15% 39.75% 41.97% 40.71% 45.46% 39.98%
Earnings before Tax (EBT) 1 437.6 554.3 388.8 492 475.2 617.4 463.6 549.1 517.9 659.2 522.2 575.4 543.4 695 552.9
Net income 1 332.1 430.7 296.4 379.2 360.3 467.4 350.4 419.2 392.7 498.6 395.2 435 412.6 525.2 419.1
Net margin 29.96% 33.75% 25.9% 31.44% 30.27% 33.85% 28.5% 32.6% 31.22% 34.64% 30.55% 32.34% 31.33% 34.73% 30.76%
EPS 2 0.9100 1.190 0.8200 1.050 0.9900 1.290 0.9700 1.160 1.080 1.380 1.094 1.204 1.142 1.452 1.160
Dividend per Share 2 0.6600 0.6600 0.7900 0.7900 0.7900 0.7900 0.8900 0.8900 0.8900 0.8900 0.9440 0.9445 0.9445 0.9445 0.9656
Announcement Date 12/22/21 3/30/22 6/29/22 9/28/22 12/22/22 3/29/23 6/29/23 9/27/23 12/21/23 4/2/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: Maggio 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 55 - - - - - - -
Net Cash position 1 - 136 235 426 787 993 1,669 2,330
Leverage (Debt/EBITDA) 0.0354 x - - - - - - -
Free Cash Flow 1 1,166 1,314 1,146 1,373 1,573 2,028 2,024 2,175
ROE (net income / shareholders' equity) 41.6% 40.7% 38.3% 46.2% 47.1% 46.3% 44.3% 42.6%
ROA (Net income/ Total Assets) 12.5% 12.7% 12.3% 14.8% 15.4% 15.8% 16% 16.2%
Assets 1 8,299 8,613 8,889 9,431 10,091 10,783 11,231 11,816
Book Value Per Share 2 7.290 7.750 8.190 8.570 9.690 10.60 12.00 13.50
Cash Flow per Share 2 3.560 3.990 3.480 4.150 4.690 6.030 5.700 6.160
Capex 1 124 127 115 133 143 192 175 205
Capex / Sales 3.28% 3.14% 2.82% 2.88% 2.86% 3.63% 3.14% 3.5%
Announcement Date 6/26/19 7/7/20 6/25/21 6/29/22 6/29/23 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Paychex, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
21
Last Close Price
120 USD
Average target price
120.8 USD
Spread / Average Target
+0.67%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Outsourcing & Staffing Services
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