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Paychex Overview
About Paychex
Paychex is a technology company providing human capital management solutions, enabling clients to better implement payroll, talent, time, tax, and benefits administration. It has a diverse set of product offerings addressing client needs. Aside from its traditional cloud-based payroll and HCM software offering, which accounts for close to half of total revenue, the company provides outsourcing options. Paychex's administrative service organization and professional employer organization accounts generate over 40% of sales. The balance of revenue is generated through retirement services, insurance solutions, and other products. In fiscal 2025, the company had 800,000 clients and almost 2.5 million worksite employees across its ASO and PEO.
Founded
1979
HQ
Employees
19.0K
Website
Financials (LTM)
EV
$37B
Paychex Financials
Paychex reported last 12-month revenue of $6B and EBITDA of $3B.
In the same LTM period, Paychex generated $5B in gross profit, $3B in EBITDA, and $2B in net income.
Revenue (LTM)
Paychex P&L
In the most recent fiscal year, Paychex reported revenue of $6B and EBITDA of $3B.
Paychex expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $6B | XXX | $6B | XXX | XXX | XXX |
| Gross Profit | $5B | XXX | $4B | XXX | XXX | XXX |
| Gross Margin | 74% | XXX | 72% | XXX | XXX | XXX |
| EBITDA | $3B | XXX | $3B | XXX | XXX | XXX |
| EBITDA Margin | 46% | XXX | 46% | XXX | XXX | XXX |
| EBIT Margin | 43% | XXX | 43% | XXX | XXX | XXX |
| Net Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Net Margin | 28% | XXX | 30% | XXX | XXX | XXX |
| Net Debt | — | — | $3B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Paychex Stock Performance
Paychex has current market cap of $34B, and enterprise value of $37B.
Market Cap Evolution
Paychex's stock price is $94.25.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $37B | $34B | 0.0% | XXX | XXX | XXX | $4.62 |
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Start Free TrialPaychex Valuation Multiples
Paychex trades at 5.9x EV/Revenue multiple, and 12.7x EV/EBITDA.
EV / Revenue (LTM)
Paychex Financial Valuation Multiples
As of April 5, 2026, Paychex has market cap of $34B and EV of $37B.
Equity research analysts estimate Paychex's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Paychex has a P/E ratio of 19.2x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $34B | XXX | $34B | XXX | XXX | XXX |
| EV (current) | $37B | XXX | $37B | XXX | XXX | XXX |
| EV/Revenue | 5.9x | XXX | 6.7x | XXX | XXX | XXX |
| EV/EBITDA | 12.7x | XXX | 14.7x | XXX | XXX | XXX |
| EV/EBIT | 13.6x | XXX | 15.8x | XXX | XXX | XXX |
| EV/Gross Profit | 7.9x | XXX | 9.3x | XXX | XXX | XXX |
| P/E | 19.2x | XXX | 20.4x | XXX | XXX | XXX |
| EV/FCF | 16.7x | XXX | 21.1x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Paychex Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Paychex Margins & Growth Rates
Paychex's revenue in the last 12 month grew by 7%.
Paychex's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.
Paychex's rule of 40 is 57% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Paychex's rule of X is 71% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Paychex Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 7% | XXX | 17% | XXX | XXX | XXX |
| EBITDA Margin | 46% | XXX | 46% | XXX | XXX | XXX |
| EBITDA Growth | 10% | XXX | 18% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 57% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 71% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 33% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Paychex Public Comps
See public comps and valuation multiples for other Human Capital Management Software comps.
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Paychex M&A Activity
Paychex acquired XXX companies to date.
Last acquisition by Paychex was on XXXXXXXX, XXXXX. Paychex acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Paychex
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialPaychex Investment Activity
Paychex invested in XXX companies to date.
Paychex made its latest investment on XXXXXXXX, XXXXX. Paychex invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Paychex
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Paychex
| When was Paychex founded? | Paychex was founded in 1979. |
| Where is Paychex headquartered? | Paychex is headquartered in United States. |
| How many employees does Paychex have? | As of today, Paychex has over 19K employees. |
| Who is the CEO of Paychex? | Paychex's CEO is John B. Gibson. |
| Is Paychex publicly listed? | Yes, Paychex is a public company listed on Nasdaq. |
| What is the stock symbol of Paychex? | Paychex trades under PAYX ticker. |
| When did Paychex go public? | Paychex went public in 1983. |
| Who are competitors of Paychex? | Paychex main competitors are Workday, Paycom, Paylocity, TOTVS. |
| What is the current market cap of Paychex? | Paychex's current market cap is $34B. |
| What is the current revenue of Paychex? | Paychex's last 12 months revenue is $6B. |
| What is the current revenue growth of Paychex? | Paychex revenue growth (NTM/LTM) is 7%. |
| What is the current EV/Revenue multiple of Paychex? | Current revenue multiple of Paychex is 5.9x. |
| Is Paychex profitable? | Yes, Paychex is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Paychex? | Paychex's last 12 months EBITDA is $3B. |
| What is Paychex's EBITDA margin? | Paychex's last 12 months EBITDA margin is 46%. |
| What is the current EV/EBITDA multiple of Paychex? | Current EBITDA multiple of Paychex is 12.7x. |
| What is the current FCF of Paychex? | Paychex's last 12 months FCF is $2B. |
| What is Paychex's FCF margin? | Paychex's last 12 months FCF margin is 35%. |
| What is the current EV/FCF multiple of Paychex? | Current FCF multiple of Paychex is 16.7x. |
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