Paychex - Public Comps and Valuation Multiples

Paychex Overview

About Paychex

Paychex is a leading provider of payroll, human capital management, and insurance solutions servicing small and midsize clients primarily in the United States. The company, founded in 1971, services over 745,000 clients and pays 1 in 12 US private-sector workers. Alongside its traditional payroll services, Paychex offers HCM solutions such as benefits administration and time and attendance software, as well as human resources outsourcing and insurance agency services.

Founded

1979

HQ

Employees

16.5K+

Website

paychex.com

Sectors

Human Capital Management Software
B2B SaaS
Horizontal SaaS
HRTech

Financials

LTM Revenue $5.5B

LTM EBITDA $2.5B

EV

$50.8B

Valuation Multiples

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Paychex Financials

Paychex has a last 12-month revenue of $5.5B and a last 12-month EBITDA of $2.5B.

In the most recent fiscal year, Paychex achieved revenue of $5.3B and an EBITDA of $2.4B.

Paychex expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Paychex P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$5.0B	$5.3B	XXX	XXX	XXX
Gross Profit	$3.3B	$3.6B	XXX	XXX	XXX
Gross Margin	65%	67%	XXX	XXX	XXX
EBITDA	$2.3B	$2.4B	XXX	XXX	XXX
EBITDA Margin	45%	46%	XXX	XXX	XXX
Net Profit	$1.4B	$1.6B	XXX	XXX	XXX
Net Margin	28%	30%	XXX	XXX	XXX
Net Debt	$436M	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Paychex Stock Performance

As of April 25, 2025, Paychex's stock price is $143.

Paychex has current market cap of $51.6B, and EV of $50.8B.

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Paychex Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$50.8B	$51.6B	XXX	XXX	XXX	XXX	$4.97

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Paychex Valuation Multiples

As of April 25, 2025, Paychex has market cap of $51.6B and EV of $50.8B.

Paychex's trades at 9.3x LTM EV/Revenue multiple, and 20.3x LTM EBITDA.

Analysts estimate Paychex's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Paychex Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$50.8B	XXX	XXX	XXX
EV/Revenue	9.4x	XXX	XXX	XXX
EV/EBITDA	20.5x	XXX	XXX	XXX
P/E	29.4x	XXX	XXX	XXX
P/E/Growth	4.2x	XXX	XXX	XXX
EV/FCF	27.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Paychex Valuation Multiples

Paychex's NTM/LTM revenue growth is 5%

Paychex's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Paychex's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Paychex's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Paychex Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	5%	XXX	XXX	XXX	XXX
EBITDA Margin	46%	XXX	XXX	XXX	XXX
EBITDA Growth	8%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	51%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	31%	XXX	XXX	XXX	XXX

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