Inside the research

Paychex, Inc.

PAYX Research profile · latest available data

Price overview

$101.37

▼ -0.22 (-0.2%)

52w hi$127.34
52w lo$83.61
Vol3.93M
As of25 Sep 2026

The Verdict

Hold

Our score +0.30

Short-0.08
Medium+0.54
Long+0.57

computed 2026-09-27

Key fundamentals

Paychex, Inc.

Technology · Software - Application

Market cap$36.09B
Enterprise value$39.77B
Trailing P/E20.11x
Forward P/E15.87x
EV / EBITDA12.92x
P / S (ttm)5.47x
Profit margin27.4%
Return on equity47.1%
Revenue growth+5.9%
Earnings growth+13.9%
Debt / equity124.70

Layer Breakdown

LayerRawContribution
Fundamental+0.27
Sector+0.15
Technical+0.11
Earnings+0.00
Sentiment-0.14

macro × 1.00 · 2026-09-27

Business overview

Paychex, Inc., together with its subsidiaries, provides human capital management solutions (HCM) for human resources, payroll processing, employee benefits, and insurance services for small to medium-sized businesses in the United States, Europe, Canada, India, and Israel. It offers technology and advisory solutions; and payroll tax administration services. The company also provides retirement solutions, such as plan implementation, ongoing compliance with government regulations, employee and employer reporting, participant and employer online access, electronic funds transfer, and other administrative services; HCM solutions from recruiting and hiring to retirement; and talent management and talent acquisition services. In addition, it offers payroll solutions, including calculation, preparation, and delivery of employee payroll checks; production of internal accounting records and management reports; preparation of federal, state, and local payroll tax returns; and collection and remittance of clients' payroll obligations. Further, the company provides workforce management solutions; benefits administration solutions; digital marketplace for earned wages, financial wellness solutions, and voluntary lifestyle benefits; administrative services organization HR outsourcing solutions; solutions to payroll and non-payroll customers; retirement and funding solutions; and insurance services for property and casualty coverage, such as workers' compensation, business-owner policies, cyber security protection, and commercial auto, as well as health and benefits coverage, including health, dental, vision, and life. Additionally, it offers payroll, HR, employee benefits administration, retirement, insurance, risk management outsourcing, and access to professionally trained HR representatives, virtually and on-site. It markets and sells its solutions primarily through its direct sales force. Paychex, Inc. was founded in 1971 and is headquartered in Rochester, New York.

United States · www.paychex.com

Risk Metrics

Beta vs SPX0.46
Corr SPX0.27
Annual vol27.1%
Annual ret-10.0%
Sharpe-0.37
Max DD-46.4%

Window: 504 trading days (504 obs)

Analyst Coverage

Mean PT$100.93
High / Low$125.00 / $90.00
Median$100.00
Analysts15
Strong Buy0
Buy1
Hold14
Sell3
Strong Sell1

Recent rating actions

2026-04-13UBS→ Neutral
2026-03-26Wells Fargo→ Underweight
2026-03-26TD Cowen→ Hold
2026-03-26JP Morgan→ Underweight
2026-03-26Citigroup→ Neutral
2026-03-26Baird→ Neutral

Material Events

DateEvent8-K
2026-07-21Officer / Director Change, Exhibitsread
2026-06-24Earnings Release, Exhibitsread
2026-03-25Earnings Release, Exhibitsread
2026-01-26Material Agreement, Termination of Agreement…read
2026-01-20Officer / Director Change, Other Material Event…read
2025-12-19Earnings Release, Exhibitsread
2025-10-14Shareholder Voteread
2025-09-30Earnings Release, Exhibitsread
2025-07-14Officer / Director Change, Reg FD Disclosure…read
2025-06-25Earnings Release, Exhibitsread
2025-05-16Officer / Director Change, Exhibitsread
2025-04-14Acquisition / Disposition, Other Material Event…read

Flow & Concentration

Insider 180d net$0
Insider buys / sells0 / 0
Insider biasNeutral
13F holders8
Top-5 share94.7%
HHI3,648 (concentrated)

Top Holders

HolderValueShares
State Street Corp$1.42B14.41M
Capital Research / Capital World$330.65M3.36M
Millennium Management$243.33M2.47M
AQR Capital Management$200.63M2.04M
Fidelity / FMR LLC$162.82M1.66M
Citadel Advisors$110.63M1.13M
Renaissance Technologies$21.49M218.50K
T. Rowe Price Group$66.86K679.90K

As of 2026-06-30

Dividends

Yield (TTM)2.13%
$ / share (TTM)$2.16
5y CAGR+11.2%

Annual dividend per share

2021$2.60
2022$3.03
2023$3.46
2024$3.83
2025$4.22
2026$1.08

SEC Filings

DateFormDoc
2026-07-218-Kview
2026-07-214view
2026-07-214view
2026-07-214view
2026-07-174view
2026-07-174view
2026-07-1710-Kview
2026-07-174view
2026-07-174view
2026-07-174view
2026-07-174view
2026-07-174view
2026-07-174view
2026-07-174view
2026-07-154view

The Long Run

FY 2010–2025 · 16 years

LineLatestCAGRTrend
Revenue$5.13B+6.2%
Operating income$2.17B+6.8%
Net income$569.00M+3.6%
Cash from ops$1.71B+7.9%

Indices

NASDAQ-100S&P 500

Recent Sessions

DateOpenHighLowCloseVol
Sep 25$101.18$102.09$100.32$101.373.93M
Sep 24$105.49$107.60$101.49$101.594.44M
Sep 23$109.67$110.50$103.25$104.498.22M
Sep 22$115.71$115.97$113.32$114.534.03M
Sep 21$115.52$116.26$114.18$115.012.91M

Understand the score. Research layers are inputs to a model, and the available data has limits.

Read the methodology →