Latest revenue
$1.75B
as of 2026-02-28
Latest net income
—
as of 2026-02-28
Net margin
—
as of 2026-02-28
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $34.75B
- Enterprise value
- $37.97B
- P/E (trailing)
- —
- Forward P/E
- —
- P/B
- 8.66×
- Dividend yield
- 4.6%
- 52-wk high
- $161.24
- 52-wk low
- $85.45
- Beta
- —
- Shares out
- 358.3M
5-year trend
What this company does
Paychex provides payroll processing, HR outsourcing, retirement, and insurance services to small and mid-sized US businesses, plus a professional employer organization (PEO) offering. Recurring fees from Management Solutions drive revenue (~$3.7B over nine months), with PEO/insurance and interest on client funds held for tax remittance adding the rest. The company recently absorbed Paycor through a debt-funded acquisition, lifting revenue ~18% but tripling interest expense and prompting a fresh $1.0 billion buyback authorization to offset dilution.
Generated from PAYX's filing dated 2025-07-11
Key risks
- Leverage jumped post-Paycor acquisition: long-term debt now $4.55B with interest expense surging to $204.8M YTD versus $41.7M prior year.
- Integration risk: SG&A rose 43% YTD to $1.74B and 9-month net income fell to $1.34B from $1.36B despite 18% revenue growth.
- Intangibles-heavy balance sheet: $4.53B goodwill plus $1.75B intangibles equal 156% of equity, exposing investors to impairment risk if Paycor synergies disappoint.
Generated from PAYX's filing dated 2025-07-11
Profitability
Operating margin
39.6%
3.8%Leverage
Debt / equity
3.01×
74.0%Long-term debt / equity
1.10×
424.4%Debt / assets
75.1%
18.4%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-02-28 | $1.75B | +19.5% | — | — | — |
Q4 2025 2025-11-30 | $1.50B | +17.4% | — | — | — |
Q3 2025 2025-08-31 | $1.49B | +16.5% | — | — | — |
Q2 2025 2025-05-31 | $1.54B | +10.0% | — | — | — |
Q1 2025 2025-02-28 | $1.47B | +5.1% | — | — | — |
Q4 2024 2024-11-30 | $1.28B | +4.4% | — | — | — |
Q3 2024 2024-08-31 | $1.28B | +2.2% | — | — | — |
Q2 2024 2024-05-31 | $1.40B | — | — | — | — |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Services-Engineering, Accounting, Research, Management · SIC 8700
Your notes
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Insider activity
Insider buying
$197.3K
Insider selling
$16.7M
Net activity
−$16.5M
Distinct insiders
7
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns PAYX
Institutional value
$9.90B
Total shares held
109.8M
Distinct holders
766
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 21.0M | $1.93B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 15.2M | $1.40B | — | New |
| 3 | FEDERATED HERMES, INC. | 5.9M | $542.2M | — | New |
| 4 | Invesco Ltd. | 5.3M | $483.7M | — | New |
| 5 | WELLS FARGO & COMPANY/MN | 4.2M | $390.5M | — | New |
| 6 | UBS Group AG | 3.5M | $325.4M | — | New |
| 7 | DIMENSIONAL FUND ADVISORS LP | 2.8M | $260.0M | — | New |
| 8 | ENVESTNET ASSET MANAGEMENT INC | 2.8M | $255.6M | — | New |
| 9 | Legal & General Group Plc | 2.3M | $216.0M | — | New |
| 10 | Bank of New York Mellon Corp | 2.0M | $184.9M | — | New |
| 11 | STIFEL FINANCIAL CORP | 1.8M | $170.0M | — | New |
| 12 | VANGUARD FIDUCIARY TRUST CO | 1.8M | $168.9M | — | New |
| 13 | LPL Financial LLC | 1.5M | $133.7M | — | New |
| 14 | DEUTSCHE BANK AG\ | 1.4M | $128.9M | — | New |
| 15 | California Public Employees Retirement System | 1.0M | $95.0M | — | New |
| 16 | Nuveen, LLC | 980.2K | $90.3M | — | New |
| 17 | Swiss National Bank | 948.1K | $87.3M | — | New |
| 18 | PNC Financial Services Group, Inc. | 938.7K | $86.5M | — | New |
| 19 | Sumitomo Mitsui Trust Group, Inc. | 859.7K | $79.2M | — | New |
| 20 | MCDONALD CAPITAL INVESTORS INC/CA | 839.2K | $77.3M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
SG&A jumped 36% YoY to $585.7M this quarter—how much is Paycor integration vs. structural, and when does it normalize?
- 2
Nine-month net income fell to $1,339.5M from $1,360.1M despite 18% revenue growth; when does Paycor become EPS accretive ex-amortization?
- 3
Interest expense rose to $204.8M YTD from $41.7M with $4.95B long-term debt—what's your deleveraging timeline given the new $1B buyback?
Refreshed when PAYX files a new report · last from 2025-07-11