Paychex (PAYX) Stock Insights

PAYX price $108.21 -1.05 -0.96%

Ticker
PAYX
Price
$108.21
Change
-1.05 -0.96%
Market cap ?
$38.52B
P/E ?
22.91
Forward P/E ?
18.15
Dividend yield ?
4.02%
Beta ?
0.85
Sector
Industrials
Industry
Staffing & Employment Services
Stocklytics score
52
Value
49
Quality
63
Growth
44

Stocklytics score rationale: value 49, quality 63, growth 44.

Financials

2017201820192020202120222023202420252026
3151300000338090000037725000004040500000405680000046117000005007100000527830000055717000006512000000

Founded in 1971 and headquartered in Rochester, New York, Paychex, Inc. delivers comprehensive human capital management (HCM) solutions. The company primarily serves small to medium-sized enterprises (SMEs) across the United States, Europe, and India, addressing their needs in human resources, payroll administration, employee benefits, and insurance. Its diverse service portfolio includes: Payroll Management…

Fair value

PAYX fair value $144.59. Price $108.21. Price is 25% below fair value.

Below fair value, and cheaper than usual. A larger discount than on 87% of days in the past 5 years.

Fair value is an estimate of what one share is worth if future cash flows arrive as modeled. It is not a forecast of the share price. How discounted cash flow works.

Calculated with a 10-year free-cash-flow discount. Starting free cash flow 2.02B. Growth 6.16%. When analyst earnings forecasts are available, free cash flow in those years is forecast earnings times the company's usual conversion of earnings into free cash flow, kept between 60% and 130%. Years with fewer than 3 analyst estimates are left out. Growth then fades in a straight line to terminal growth by year 10, starting from the last well-covered year's growth, or from the pace across those years when the final year slows sharply, kept between 0% and 20%. Without those forecasts, year-1 growth is analyst revenue growth for the next full fiscal year, or 5-year historical revenue growth when that forecast is missing, held for five years, then fading in a straight line to terminal growth by year 10. Terminal growth 3.00%. Discount rate 8.96% (beta 0.8). Beta is kept between 0.8 and 2.0, which on its own would make the discount rate 8.7% to 15.3%. The rate is then capped at 12%. A cap is used because a discount above 12% pushes higher-beta stocks further from the price. The discount rate stays at least 5 percentage points above terminal growth. Shares 355.98M. Net debt 3.49B. The earnings value is next-12-months earnings per share, or trailing earnings when that forecast is missing, times the median P/E of the company's industry. That median uses listed stocks worth at least $10 billion with a positive P/E of 100 or below, and the industry needs at least eight of them. Otherwise the sector median is used when that group also has at least eight, then the market median of those large companies. The multiple used is the lower of that median and 1.25 times the stock's own 10-year median P/E, then kept between 8 and 30. If the stock has no 10-year median, the peer median is kept between 8 and 30. Fair value is the average of the cash-flow value and the earnings value when both exist. Card and credit companies use the earnings value only, because changes in customer receivables distort free cash flow. Model uncertainty is high when fair value is more than 60% from the price, or when most of the cash-flow value sits after year 10.

Compare PAYX

Earnings

DateEPS actualEPS estimateRevenueRevenue estimate
2026-12-18—1.30—1.62B
2026-09-231.341.321.63B1.63B
2026-06-241.321.311.61B1.60B
2026-03-251.711.671.81B1.78B
2025-12-191.261.231.56B1.55B
2025-09-301.221.201.54B1.54B
2025-06-251.191.191.43B1.44B
2025-03-261.491.481.51B1.51B
2024-12-191.141.131.32B1.31B
2024-10-011.161.141.32B1.31B
2024-06-261.121.101.30B1.29B
2024-04-021.381.371.44B1.46B
2023-12-211.081.071.26B1.46B
2023-09-271.141.121.29B1.28B
2023-06-290.970.981.23B1.22B
2023-03-291.291.241.38B1.36B
2022-12-220.990.951.19B1.19B
2022-09-281.030.971.21B1.18B
2022-06-290.810.791.14B1.11B
2022-03-301.151.041.28B1.22B
2021-12-220.910.791.11B1.22B
2021-09-300.890.811.08B1.04B
2021-06-250.720.671.03B952.39M
2021-04-060.960.931.11B1.11B
2020-12-230.730.66983.70M878.74M
2020-10-060.630.56932.20M813.83M
2020-07-070.610.61915.10M900.10M
2020-03-250.970.951.14B1.13B
2019-12-180.700.68990.70M962.39M
2019-10-020.710.69992.00M964.06M
2019-06-260.630.65980.40M1.01B
2019-03-270.890.891.07B1.06B
2018-12-190.650.63858.90M832.47M
2018-10-020.670.65862.80M837.04M
2018-06-270.610.61871.10M859.56M
2018-03-260.630.62866.50M936.10M
2017-12-210.590.59826.50M803.00M
2017-10-030.620.60816.80M767.32M
2017-06-280.540.53798.60M783.81M
2017-03-290.540.54795.80M781.33M

Dividends

Yield 5.30%. Payout ratio 89.96%. Frequency Quarterly.

Safety score 59/100 · Moderate. Payout ratio is 90% of earnings. Dividends are larger than free cash flow. Dividends were paid in 39 separate years. Yield is 5.3%, in a range that is usually sustainable.

Ex-dateDividendRecordPaymentFrequency
2026-10-26$1.192026-10-262026-11-25Quarterly
2026-07-28$1.192026-07-282026-08-28Quarterly
2026-05-13$1.192026-05-132026-05-29Quarterly
2026-01-28$1.082026-01-282026-02-27Quarterly
2025-11-07$1.082025-11-072025-11-26Quarterly
2025-07-21$1.082025-07-212025-08-29Quarterly
2025-05-12$1.082025-05-122025-05-29Quarterly
2025-02-07$0.982025-02-072025-02-27Quarterly
2024-11-07$0.982024-11-072024-11-27Quarterly
2024-08-08$0.982024-08-082024-08-29Quarterly
2024-05-09$0.982024-05-102024-05-30Quarterly
2024-02-12$0.892024-02-132024-02-27Quarterly
2023-11-13$0.892023-11-142023-11-28Quarterly
2023-08-09$0.892023-08-102023-08-24Quarterly
2023-05-10$0.892023-05-112023-05-25Quarterly
2023-02-08$0.792023-02-092023-02-23Quarterly
2022-11-08$0.792022-11-092022-11-23Quarterly
2022-08-10$0.792022-08-112022-08-25Quarterly
2022-05-11$0.792022-05-122022-05-26Quarterly
2022-01-28$0.662022-01-312022-02-24Quarterly
2021-10-29$0.662021-11-012021-11-29Quarterly
2021-07-30$0.662021-08-022021-08-26Quarterly
2021-05-11$0.662021-05-122021-05-27Quarterly
2021-01-29$0.622021-02-012021-02-25Quarterly
2020-10-30$0.622020-11-022020-11-24Quarterly
2020-07-31$0.622020-08-032020-08-27Quarterly
2020-05-14$0.622020-05-152020-05-28Quarterly
2020-01-31$0.622020-02-032020-02-20Quarterly
2019-10-31$0.622019-11-012019-11-21Quarterly
2019-07-31$0.622019-08-012019-08-22Quarterly
2019-05-14$0.622019-05-152019-05-30Quarterly
2019-01-31$0.562019-02-012019-02-15Quarterly
2018-10-31$0.562018-11-012018-11-15Quarterly
2018-07-31$0.562018-08-012018-08-23Quarterly
2018-05-08$0.562018-05-092018-05-24Quarterly
2018-01-31$0.502018-02-012018-02-15Quarterly
2017-10-31$0.502017-11-012017-11-15Quarterly
2017-07-28$0.502017-08-012017-08-24Quarterly
2017-05-08$0.462017-05-102017-05-25Quarterly
2017-01-30$0.462017-02-012017-02-15Quarterly
2016-10-28$0.462016-11-012016-11-22Quarterly
2016-07-28$0.462016-08-012016-08-25Quarterly
2016-05-05$0.422016-05-092016-05-23Quarterly
2016-01-28$0.422016-02-012016-02-16Quarterly
2015-10-29$0.422015-11-022015-11-19Quarterly
2015-07-30$0.422015-08-032015-08-20Quarterly
2015-05-07$0.382015-05-112015-05-21Quarterly
2015-01-29$0.382015-02-022015-02-17Quarterly
2014-10-30$0.382014-11-032014-11-20Quarterly
2014-07-30$0.382014-08-012014-08-15Quarterly
2014-05-08$0.352014-05-122014-05-23Quarterly
2014-01-30$0.352014-02-032014-02-17Quarterly
2013-10-30$0.352013-11-012013-11-15Quarterly
2013-07-30$0.352013-08-012013-08-15Quarterly
2012-12-18$0.662012-12-202012-12-28Quarterly
2012-10-31$0.332012-11-022012-11-15Quarterly
2012-07-30$0.322012-08-012012-08-15Quarterly
2012-05-04$0.322012-05-082012-05-15Quarterly
2012-01-30$0.322012-02-012012-02-15Quarterly
2011-10-28$0.322011-11-012011-11-15Quarterly
2011-07-28$0.312011-08-012011-08-15Quarterly
2011-04-28$0.312011-05-022011-05-16Quarterly
2011-01-28$0.312011-02-012011-02-15Quarterly
2010-10-28$0.312010-11-012010-11-15Quarterly
2010-07-29$0.312010-08-022010-08-16Quarterly
2010-04-29$0.312010-05-032010-05-17Quarterly
2010-01-28$0.312010-02-012010-02-16Quarterly
2009-10-29$0.312009-11-022009-11-16Quarterly
2009-07-30$0.312009-08-032009-08-17Quarterly
2009-04-29$0.312009-05-012009-05-15Quarterly
2009-01-28$0.312009-02-012009-02-16Quarterly
2008-10-29$0.312008-11-012008-11-15Quarterly
2008-07-30$0.312008-08-012008-08-15Quarterly
2008-04-29$0.302008-05-012008-05-15Quarterly
2008-01-30$0.302008-02-012008-02-15Quarterly
2007-10-30$0.302007-11-012007-11-15Quarterly
2007-07-30$0.302007-08-012007-08-15Quarterly
2007-04-27$0.212007-05-012007-05-15Quarterly
2007-01-30$0.212007-02-012007-02-15Quarterly
2006-10-30$0.212006-11-012006-11-15Quarterly

Insider trades

DateInsiderActionSharesPriceValue
2027-01-19Hansen J. MichaelOther2.44K$111.18270.72K
2026-10-19Gibson John BSell409$110.7545.30K
2026-10-16DOODY JOSEPHSell725——
2026-10-15JOSEPH PAMELA ABuy970——
2026-10-15JOSEPH PAMELA ABuy4.04K$110.78447.55K
2026-10-15VELLI JOSEPH MBuy970——
2026-10-15VELLI JOSEPH MBuy4.04K$110.78447.55K
2026-10-15DOODY JOSEPHBuy4.04K$110.78447.55K
2026-10-15DOODY JOSEPHBuy970——
2026-10-15Simmons Christopher CSell38$110.784.21K
2026-10-15MUCCI MARTINBuy1.14K——
2026-10-15MUCCI MARTINBuy4.74K$110.78524.54K
2026-10-15Schrader Robert L.Sell116$110.7812.85K
2026-10-15Hansen J. MichaelBuy4.04K$110.78447.55K
2026-10-15Hansen J. MichaelBuy970——
2026-10-15Payton Theresa M.Buy4.04K$110.78447.55K
2026-10-15Payton Theresa M.Buy970——
2026-10-15BONADIO TOMBuy970——
2026-10-15BONADIO TOMBuy4.04K$110.78447.55K
2026-10-15Price Kevin ABuy970——
2026-10-15Price Kevin ABuy4.04K$110.78447.55K
2026-10-15TUCCI JOSEPH MBuy970——
2026-10-15TUCCI JOSEPH MBuy4.04K$110.78447.55K
2026-10-14VELLI JOSEPH MSell7.84K$107.68844.10K
2026-10-01ANTE ADAM BROOKSSell1.76K$100.84177.68K
2026-10-01BERGSTROM RYAN NORMANSell1.39K$100.84140.47K
2026-09-28GOLISANO B THOMASSell562.63K$99.9156.21M
2026-09-01GOLISANO B THOMASSell334$127.0442.43K
2026-08-14Simmons Christopher CSell130$122.0215.86K
2026-07-20DOODY JOSEPHBuy164——
2026-07-20DOODY JOSEPHSell164——
2026-07-20Schrader Robert L.Sell2.60K$115.09299.23K
2026-07-17MUCCI MARTINSell9.31K$113.981.06M
2026-07-17Simmons Christopher CSell2.62K$115.92303.13K
2026-07-15Gibson John BBuy96.97K$110.0010.67M
2026-07-15Gibson John BBuy14.32K——
2026-07-15Gibson John BSell14.08K$110.001.55M
2026-07-15BERGSTROM RYAN NORMANBuy3.41K——
2026-07-15BERGSTROM RYAN NORMANSell303$110.0033.33K
2026-07-15BERGSTROM RYAN NORMANBuy23.09K$110.002.54M
2026-07-15Argiropoulos MasonBuy14.78K$110.001.63M
2026-07-15Argiropoulos MasonBuy2.18K——
2026-07-15Argiropoulos MasonSell386$110.0042.46K
2026-07-15Parodi Chad CBuy18.47K$110.002.03M
2026-07-15Parodi Chad CBuy2.73K——
2026-07-15Parodi Chad CSell300$110.0033.00K
2026-07-15Simmons Christopher CBuy11.08K$110.001.22M
2026-07-15Simmons Christopher CBuy1.82K——
2026-07-15Simmons Christopher CSell1.17K$110.00128.92K
2026-07-15ANTE ADAM BROOKSBuy3.41K——
2026-07-15ANTE ADAM BROOKSSell299$110.0032.89K
2026-07-15ANTE ADAM BROOKSBuy23.09K$110.002.54M
2026-07-15Bhandari Prabha SSell282$110.0031.02K
2026-07-15Roaldsen ElizabethSell2.38K$110.00262.13K
2026-07-15Schrader Robert L.Buy29.55K$110.003.25M
2026-07-15Schrader Robert L.Buy4.36K——
2026-07-15Schrader Robert L.Sell2.38K$110.00262.02K
2026-07-15Parodi Chad COther11.81K$140.681.66M
2026-07-14MUCCI MARTINBuy214.48K$57.2412.28M
2026-07-14MUCCI MARTINSell163.33K$109.9217.95M
2026-07-14MUCCI MARTINSell25.00K$109.932.75M
2026-07-14MUCCI MARTINSell214.48K$57.2412.28M
2026-07-01ANTE ADAM BROOKSSell2.68K$102.71275.06K
2026-07-01BERGSTROM RYAN NORMANSell2.09K$102.71214.66K
2026-06-26TUCCI JOSEPH MBuy10.22K$60.59619.23K
2026-06-26TUCCI JOSEPH MSell6.31K$98.10619.31K
2026-06-26TUCCI JOSEPH MSell3.91K$98.25383.86K
2026-06-26TUCCI JOSEPH MSell10.22K$60.59619.23K
2026-06-01GOLISANO B THOMASSell1.03K$96.98100.08K
2026-05-31Schrader Robert L.Other0——
2026-05-31Schrader Robert L.Other0——
2026-05-31Argiropoulos MasonOther0——
2026-05-31Argiropoulos MasonOther0——
2026-05-13Roaldsen ElizabethSell459$90.0041.31K
2026-05-08VELLI JOSEPH MBuy10.22K$60.59619.23K
2026-05-08VELLI JOSEPH MSell10.22K$60.59619.23K
2026-05-06GOLISANO B THOMASSell109.30K$91.279.98M
2026-05-04GOLISANO B THOMASSell163.93K$93.2115.28M
2026-04-15Argiropoulos MasonSell79$90.267.13K
2026-04-01ANTE ADAM BROOKSSell2.25K$90.91204.46K
2026-04-01BERGSTROM RYAN NORMANSell1.37K$90.91124.91K
2026-03-03GOLISANO B THOMASSell1.10K$93.65103.39K
2026-02-04DOODY JOSEPHBuy1.00K$98.7698.76K
2026-02-04BONADIO TOMBuy1.00K$98.5098.50K
2026-01-30GOLISANO B THOMASSell26.13K$102.132.67M
2026-01-23GOLISANO B THOMASSell9.39K$107.171.01M
2026-01-21GOLISANO B THOMASSell239.84K$107.7725.85M
2026-01-16Hansen J. MichaelOther0——
2026-01-15Parodi Chad CSell347$110.5138.35K
2025-12-31ANTE ADAM BROOKSSell1.81K$112.18203.16K
2025-12-31BERGSTROM RYAN NORMANSell1.44K$112.18161.31K
2025-12-23MUCCI MARTINSell8.28K$114.36946.56K
2025-12-01GOLISANO B THOMASSell923$111.41102.83K
2025-11-12GOLISANO B THOMASSell234.28K$111.4026.10M
2025-11-10GOLISANO B THOMASSell212.98K$111.4523.74M
2025-10-28GOLISANO B THOMASSell200$123.8724.77K
2025-10-22GOLISANO B THOMASSell302.05K$127.5438.52M
2025-10-15Roaldsen ElizabethSell41$127.525.23K
2025-10-15VELLI JOSEPH MBuy725——
2025-10-15VELLI JOSEPH MBuy3.06K$127.52390.34K

Institutional holders

Latest filed quarter: Q2 2026.

Institutions holding: 1.58K, holders +18 vs prior quarter. Ownership 85.78%.

HolderSharesChangeChange %Value
CAPITAL INTERNATIONAL INVESTORS28.84M-1.11M-3.70%2.84B
BLACKROCK, INC.27.75M-661.27K-2.33%2.73B
VANGUARD CAPITAL MANAGEMENT LLC21.04M75.42K+0.36%2.07B
VANGUARD PORTFOLIO MANAGEMENT LLC15.28M28.16K+0.18%1.50B
STATE STREET CORP14.41M361.71K+2.57%1.42B
INVESCO LTD.13.04M5.51M+73.09%1.28B
SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P.10.40M10.40MNew1.02B
CHARLES SCHWAB INVESTMENT MANAGEMENT INC10.40M1.03M+10.95%1.02B
GEODE CAPITAL MANAGEMENT, LLC10.25M-20.50K-0.20%1.01B
MORGAN STANLEY6.54M1.24M+23.46%643.16M
FEDERATED HERMES, INC.5.88M-3.81K-0.06%578.35M
GOLDMAN SACHS GROUP INC4.62M660.15K+16.67%454.23M
BANK OF AMERICA CORP /DE/4.41M90.44K+2.09%434.06M
NORTHERN TRUST CORP4.01M9.66K+0.24%393.96M
WELLS FARGO & COMPANY/MN3.85M-387.01K-9.13%378.79M
FIRST TRUST ADVISORS LP3.37M1.02M+43.60%330.99M
UBS GROUP AG3.30M-228.80K-6.48%324.84M
JPMORGAN CHASE & CO2.84M96.05K+3.50%283.35M
ENVESTNET ASSET MANAGEMENT INC2.76M-10.47K-0.38%271.78M
VICTORY CAPITAL MANAGEMENT INC2.74M1.34M+95.82%269.54M
DIMENSIONAL FUND ADVISORS LP2.71M-116.09K-4.11%266.16M
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC2.67M-29.94K-1.11%262.49M
MILLENNIUM MANAGEMENT LLC2.33M1.19M+105.26%229.07M
SELECT EQUITY GROUP, L.P.2.32M-1.35M-36.78%228.15M
NORGES BANK2.13M2.13MNew209.57M

Insights

Revenue by product
PeriodValue
FY2019Management Solutions: 2877700000.0, Peo And Insurance Solutions: 814200000.0
FY2020Management Solutions: 2963000000.0, Peo And Insurance Solutions: 990600000.0
FY2021Management Solutions: 3023400000.0, Peo And Insurance Solutions: 974100000.0
FY2022Management Solutions: 3442700000.0, Peo And Insurance Solutions: 1111300000.0
FY2023Management Solutions: 3730500000.0, Peo And Insurance Solutions: 1176800000.0
FY2024Management Solutions: 3866400000.0, Peo And Insurance Solutions: 1265600000.0
FY2025Management Solutions: 4067100000.0, Peo And Insurance Solutions: 1342900000.0
FY2026Management Solutions: 4867900000.0, Peo And Insurance Solutions: 1433200000.0

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Paychex (PAYX) Stock Insights

PAYX$108.21-1.05 -0.96%

$38.52B

Market Cap

22.91

P/E

18.15

Forward P/E

52

Score

Price History