Paychex, Inc. Financial Ratios — PCX Stock

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025	05/31/2026

Return on Common Equity (%)	35.35	33.69	35.35	37.89	40.94	42.74	46.11	41.57	40.66	38.31	46.17	47.35	46.35	41.8	44.77
Return on Assets (%)	9.23	9	10.01	10.51	11.73	12.45	13.48	12.47	12.75	12.35	14.77	15.43	16.15	12.3	10.75
Return on Capital (%)	35.35	33.69	35.38	37.91	40.98	42.82	46.25	36.22	31.73	29.9	36.38	38.08	38.09	25.15	22.47
Return on Invested Capital (%)	34.8	33.25	35.03	37.62	40.84	42.67	45.94	35.93	31.26	29.62	36.12	37.31	36.88	24.42	21.83
Gross Margin (%)	69.95	71.14	70.92	70.51	70.96	70.84	69.86	68.78	68.3	68.66	70.59	70.98	71.97	72.35	74.29
EBITDA Margin (%)	42.68	43.12	43.18	42.35	42.74	43.79	42.32	41.16	41.34	40.74	44.06	44.13	44.53	43.38	45.35
Operating Margin (%)	38.29	38.9	39.01	38.46	38.84	39.77	38.24	36.35	36.15	36.01	39.9	40.6	41.19	39.62	38.55
Incremental Operating Margin (%)	46.39	52.8	40.43	32.13	43.81	53.36	16.73	20.21	33.28	1.23	68.35	48.84	51.99	11.45	32.2
Pretax Margin (%)	38.58	39.18	39.23	38.69	39	39.93	38.49	36.26	35.57	35.35	39.56	40.91	42.02	39.05	35.49
Profit Margin (%)	24.58	24.46	24.91	24.63	25.64	26.21	29.43	27.42	27.18	27.05	30.2	31.1	32.03	29.74	27.03
Net Income to Common Margin (%)	24.58	24.46	24.91	24.63	25.64	26.21	29.43	27.42	27.18	27.05	30.2	31.1	32.03	29.74	27.03
Effective Tax Rate (%)	36.3	37.57	36.49	36.33	34.25	34.37	23.54	24.39	23.59	23.48	23.67	23.97	23.79	23.83	23.83
Dvd Payout Ratio (%)	84.03	83.78	81.37	81.76	80.14	80.15	74.41	79.93	80.99	82.8	71.77	75.45	77.81	87.4	90.31
Sustainable Growth Rate (%)	5.64	5.46	6.58	6.91	8.13	8.48	11.8	8.34	7.73	6.59	13.03	11.62	10.28	5.27	4.34

Credit (USD)

Credit Ratios API ChatGPT

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025	05/31/2026

Total Debt	- -	- -	- -	- -	- -	- -	- -	809	899	897	881	866	866	5,022	4,608
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	5	7	9	10	19	418	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	809	894	890	873	856	848	4,604	4,608
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	0.52	0.54	0.54	0.43	0.39	0.37	2.08	1.56
Net Debt/EBITDA	-0.11	-0.11	-0.14	-0.15	-0.1	-0.13	-0.25	0.08	-0.06	-0.12	0.21	-0.19	-0.28	1.38	1.17
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	0.59	0.62	0.61	0.48	0.43	0.4	2.27	1.84
Net Debt/EBIT	-0.13	-0.12	-0.16	-0.16	-0.11	-0.15	-0.28	0.09	-0.07	-0.13	0.24	-0.2	-0.3	1.51	1.38
EBITDA to Interest Expense	9,517	10,030	988.82	1,657.43	1,147	552.32	366.54	88.23	43.05	46.16	55.51	60.21	63.02	22.93	10.96
EBITDA-CapEx/Interest Expense	8,621	9,043	912.36	1,510.57	1,058.18	514.6	327.05	81.19	39.77	42.86	51.86	56.31	58.69	21.11	10.09
EBIT to Interest Expense	8,539	9,048	893.36	1,505.14	1,042.36	501.56	331.15	77.91	37.64	40.8	50.27	55.4	58.29	20.95	9.32
Interest Expense	- -	- -	1	1	1	3	4	18	39	36	37	37	37	105	270
Common Equity/Total Assets	24.76	28.78	27.9	27.61	29.68	28.61	29.77	30.19	32.53	31.95	32.02	33.12	36.61	24.92	23.09
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	30.9	32.13	30.18	28.28	24.49	22.3	111.53	123.38
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	23.61	24.28	23.14	22	19.63	18.16	50.31	55.23
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	9.33	10.45	9.64	9.06	8.11	8.16	27.79	28.49
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	30.9	32.31	30.43	28.56	24.78	22.79	121.66	123.38
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	23.61	24.42	23.33	22.22	19.86	18.56	54.89	55.23
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	9.33	10.51	9.72	9.15	8.21	8.34	30.32	28.49
Net Debt to Equity	-6.78	-6.05	-8.58	-9.52	-6.88	-9.44	-15.2	4.69	-3.71	-6.46	14.14	-11.84	-17.14	80.87	92.85
Net Debt/Capital (%)	-7.27	-6.44	-9.39	-10.52	-7.39	-10.43	-17.92	4.46	-3.72	-6.68	12.13	-13.18	-20.37	44.38	47.8
EBITDA	952	1,003	1,088	1,160	1,262	1,381	1,430	1,553	1,670	1,653	2,032	2,210	2,351	2,417	2,953
EBITDA-CapEx	862	904	1,004	1,057	1,164	1,287	1,276	1,429	1,543	1,534	1,898	2,067	2,189	2,225	2,718
Operating Income (Loss)	854	905	983	1,054	1,147	1,254	1,292	1,371	1,461	1,461	1,840	2,033	2,174	2,208	2,511

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025	05/31/2026

Cash Ratio	0.07	0.12	0.12	0.12	0.08	0.07	0.08	0.15	0.21	0.21	0.23	0.27	0.28	0.24	0.16
Current Ratio	1.07	1.13	1.13	1.11	1.11	1.12	1.11	1.17	1.23	1.25	1.25	1.3	1.37	1.28	1.26
Quick Ratio	0.1	0.16	0.17	0.16	0.18	0.18	0.18	0.32	0.39	0.42	0.48	0.52	0.59	0.52	0.49
CFO/Avg Current Liab	0.17	0.15	0.2	0.2	0.23	0.21	0.25	0.25	0.31	0.27	0.31	0.31	0.34	0.31	0.37
Common Equity/Total Assets	24.76	28.78	27.9	27.61	29.68	28.61	29.77	30.19	32.53	31.95	32.02	33.12	36.61	24.92	23.09
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	30.9	32.13	30.18	28.28	24.49	22.3	111.53	123.38
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	23.61	24.28	23.14	22	19.63	18.16	50.31	55.23
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	9.33	10.45	9.64	9.06	8.11	8.16	27.79	28.49
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	30.9	32.31	30.43	28.56	24.78	22.79	121.66	123.38
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	23.61	24.42	23.33	22.22	19.86	18.56	54.89	55.23
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	9.33	10.51	9.72	9.15	8.21	8.34	30.32	28.49
CFO/Total Liabilities	14.49	15.38	19.18	19.12	22.48	19.69	22.96	20.99	24.98	20.07	24.27	24.19	28.83	15.29	20.55
CFO/CapEx	7.89	6.84	10.47	8.71	10.42	10.18	8.29	10.27	11.35	10.64	11.88	11.93	11.76	9.91	10.88
Altman's Z-Score	2.49	3.22	3.3	3.67	4.1	4.12	4.01	4.78	4.54	5.2	6.01	5.2	6.04	4.56	3.59

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025	05/31/2026

Accounts Receivable Turnover	14.69	16.87	17.81	16.81	10.09	6.88	7.66	9.49	10.04	8.43	7.08	6.27	5.46	4.66	4.59
Days Sales Outstanding	24.84	21.64	20.49	21.72	36.18	53.03	47.66	38.46	36.34	43.29	51.53	58.21	66.83	78.29	79.54
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025	05/31/2026

Market Capitalization	10,822	13,748	15,014	17,891	19,547	21,263	23,653	30,778	25,521	36,218	44,597	38,266	42,629	56,753	33,947
- Cash & Cash Equivalents	109	107	153	170	132	185	358	674	905	995	370	1,222	1,469	1,629	1,088
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	809	899	897	881	866	866	5,022	4,608
Enterprise Value	10,506	13,242	14,462	17,355	19,195	20,940	23,229	30,875	25,487	36,083	44,255	37,536	41,993	60,113	37,431
Total Capital	1,605	1,774	1,777	1,786	1,912	1,955	2,357	3,429	3,680	3,845	3,966	4,359	4,667	9,150	8,343
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	23.61	24.42	23.33	22.22	19.86	18.56	54.89	55.23
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	0.03	0.04	0.02	0.02	0.02	0.02	0.08	0.12
EV/Sales	4.71	5.69	5.74	6.33	6.5	6.64	6.88	8.18	6.31	8.89	9.6	7.5	7.96	10.79	5.75
EV/EBITDA	11.04	13.2	13.3	14.96	15.21	15.16	16.25	19.88	15.26	21.83	21.78	16.99	17.86	24.87	12.68
EV/EBIT	12.3	14.64	14.72	16.47	16.74	16.7	17.99	22.52	17.45	24.7	24.05	18.46	19.31	27.23	14.91
EV/Cash Flow to Firm	14.87	19.61	16.4	19.38	18.84	21.77	18.16	24.03	17.33	28.02	27.36	21.65	21.8	30.34	13.55
EV/Free Cash Flow to Firm	17.03	22.96	18.13	21.89	20.84	24.13	20.64	26.59	18.97	30.86	29.82	23.59	23.8	33.59	14.81
Diluted Market Cap	10,834	13,721	15,142	18,060	19,661	21,453	23,818	30,992	25,677	36,449	44,994	38,457	42,866	56,990	34,367
Diluted Enterprise Value	10,518	13,216	14,591	17,523	19,309	21,129	23,394	31,089	25,644	36,314	44,651	37,727	42,229	60,349	37,851
EV per Share	28.97	36.24	39.84	48.05	53.26	58.26	64.71	85.93	71.03	100.29	122.96	104.12	116.61	166.75	105.26
TTM Sales	2,230	2,326	2,519	2,740	2,952	3,153	3,378	3,773	4,041	4,057	4,612	5,007	5,278	5,572	6,512
TTM EBITDA	952	1,003	1,088	1,160	1,262	1,381	1,430	1,553	1,670	1,653	2,032	2,210	2,351	2,417	2,953
TTM Operating Income	854	905	983	1,054	1,147	1,254	1,292	1,371	1,461	1,461	1,840	2,033	2,174	2,208	2,511
TTM Cash Flow to Firm	707	675	882	896	1,019	962	1,279	1,285	1,471	1,288	1,618	1,734	1,926	1,981	2,762
TTM Free Cash Flow to Firm	617	577	797	793	921	868	1,125	1,161	1,344	1,169	1,484	1,591	1,765	1,789	2,527

Multiples (USD)

Valuation Multiples API ChatGPT

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025	05/31/2026

Price/Free Cash Flow	17.56	23.8	19	22.79	21.36	24.77	21.22	27	19.54	31.92	30.9	24.6	24.69	33.34	14.8
EV/EBIT	12.3	14.64	14.72	16.47	16.74	16.7	17.99	22.52	17.45	24.7	24.05	18.46	19.31	27.23	14.91
Enterprise Value	10,506	13,242	14,462	17,355	19,195	20,940	23,229	30,875	25,487	36,083	44,255	37,536	41,993	60,113	37,431
Low Price	25.28	29.26	36.25	40.24	42.44	52.2	53.92	63.1	50.19	70.68	100.05	104.73	105.02	115.89	85.35
EV/Sales	4.71	5.69	5.74	6.33	6.5	6.64	6.88	8.18	6.31	8.89	9.6	7.5	7.96	10.79	5.75
EV/EBITDA	11.04	13.2	13.3	14.96	15.21	15.16	16.25	19.88	15.26	21.83	21.78	16.99	17.86	24.87	12.68
Price/Earnings	19.74	24.06	24.02	26.63	25.85	25.76	23.79	29.75	23.22	33.01	32.08	24.57	25.23	34.22	19.47
Price/Earnings Average	19.54	21.3	23.84	24.45	23.74	25.53	22.46	25.31	26.14	28.29	30.87	26.97	25.45	30.12	23.9
Price/Earnings High	21.56	24.62	26.49	28.07	26.49	27.33	25.35	30.24	29.42	33.5	36.58	32.17	27.53	34.6	32.54
Price/Earnings Low	16.72	18.71	21.06	21.64	20.23	22.73	19.47	21.91	16.38	23.18	25.9	24.24	22.38	25.19	17.4
Price/Book Value	6.75	7.75	8.45	10.02	10.22	10.87	10.04	11.75	9.18	12.29	14.46	10.95	11.22	13.75	9.09
Price/Book Value Average	6.68	6.86	8.38	9.2	9.39	10.78	9.47	10	10.33	10.53	13.91	12.03	11.31	12.1	11.16
Price/Book Value High	7.37	7.93	9.31	10.56	10.48	11.54	10.69	11.95	11.62	12.47	16.48	14.34	12.24	13.9	15.19
Price/Book Value Low	5.71	6.03	7.41	8.14	8	9.6	8.21	8.66	6.47	8.63	11.67	10.81	9.95	10.12	8.13
Price/Tangible Book Value	10.49	11.51	12.55	15.01	16.49	17.14	16.88	70.3	38.69	42.53	43.34	26	24.73	-24.32	-13.71
Price/Tangible Book Value Average	10.39	10.19	12.45	13.78	15.15	16.99	15.93	59.81	43.54	36.46	41.7	28.55	24.94	-21.41	-16.83
Price/Tangible Book Value High	11.46	11.78	13.84	15.82	16.9	18.18	17.98	71.48	49.01	43.16	49.41	34.05	26.99	-24.59	-22.91
Price/Tangible Book Value Low	8.89	8.95	11	12.2	12.91	15.12	13.81	51.79	27.3	29.86	34.99	25.65	21.94	-17.9	-12.26
Price/Sales	4.85	5.88	5.99	6.56	6.63	6.75	7	8.16	6.31	8.93	9.69	7.64	8.08	10.18	5.26
Price/Sales Average	4.8	5.21	5.94	6.02	6.09	6.69	6.61	6.94	7.1	7.65	9.32	8.39	8.15	8.96	6.46
Price/Sales High	5.3	6.02	6.6	6.91	6.79	7.16	7.46	8.29	7.99	9.06	11.05	10	8.82	10.29	8.79
Price/Sales Low	4.11	4.58	5.25	5.33	5.19	5.96	5.73	6.01	4.45	6.27	7.82	7.54	7.17	7.49	4.7
Price/Cash Flow	15.31	20.27	17.11	20.08	19.21	22.16	18.53	24.2	17.7	28.75	28.11	22.42	22.48	29.83	13.4
Price/Cash Flow Average	15.16	17.95	16.98	18.43	17.65	21.97	17.49	20.59	19.92	24.64	27.05	24.62	22.67	26.26	16.46
Price/Cash Flow High	16.72	20.74	18.87	21.16	19.69	23.51	19.74	24.6	22.42	29.17	32.05	29.36	24.53	30.17	22.4
Price/Cash Flow Low	12.96	15.76	15	16.31	15.03	19.56	15.17	17.83	12.49	20.18	22.69	22.12	19.94	21.96	11.98
Price/Free Cash Flow Average	17.39	21.07	18.86	20.92	19.62	24.55	20.03	22.97	22	27.36	29.74	27.01	24.9	29.35	18.18
Price/Free Cash Flow High	19.18	24.35	20.95	24.02	21.89	26.28	22.61	27.46	24.76	32.39	35.24	32.22	26.94	33.72	24.74
Price/Free Cash Flow Low	14.87	18.51	16.66	18.52	16.71	21.86	17.37	19.89	13.79	22.41	24.95	24.27	21.9	24.55	13.23
EV/Sales Average	4.66	5.02	5.7	5.8	5.96	6.58	6.49	6.97	7.1	7.62	9.23	8.25	8.03	9.57	6.94
EV/Sales High	5.16	5.83	6.35	6.69	6.67	7.05	7.34	8.32	7.99	9.03	10.95	9.86	8.69	10.9	9.25
EV/Sales Low	3.97	4.38	5.01	5.11	5.06	5.85	5.61	6.04	4.45	6.24	7.73	7.39	7.04	8.1	5.2
EV/EBITDA Average	10.93	11.63	13.19	13.69	13.95	15.03	15.32	16.93	17.18	18.7	20.95	18.68	18.02	22.06	15.3
EV/EBITDA High	12.09	13.52	14.71	15.79	15.6	16.1	17.33	20.21	19.34	22.16	24.86	22.35	19.52	25.13	20.39
EV/EBITDA Low	9.3	10.16	11.59	12.07	11.84	13.35	13.25	14.66	10.76	15.31	17.55	16.76	15.82	18.67	11.46
EV/EBIT Average	12.18	12.9	14.6	15.08	15.35	16.55	16.96	19.17	19.65	21.16	23.14	20.31	19.49	24.15	17.99
EV/EBIT High	13.47	14.99	16.28	17.38	17.16	17.73	19.19	22.89	22.11	25.07	27.45	24.29	21.1	27.52	23.99
EV/EBIT Low	10.36	11.26	12.83	13.29	13.03	14.71	14.66	16.6	12.31	17.32	19.38	18.21	17.1	20.45	13.48
Last Price	29.85	37.62	41.36	49.53	54.24	59.16	65.89	85.66	71.13	100.66	123.92	106.15	118.38	157.43	95.47
High Price	32.6	38.5	45.6	52.2	55.58	62.77	70.2	87.09	90.1	102.15	141.28	139	129.18	159.19	159.57
Enterprise Value Average	10,400	11,669	14,346	15,887	17,601	20,752	21,905	26,283	28,693	30,909	42,569	41,288	42,362	53,315	45,169
Enterprise Value High	11,504	13,562	16,000	18,316	19,677	22,235	24,778	31,389	32,296	36,620	50,505	49,379	45,880	60,749	60,227
Enterprise Value Low	8,849	10,186	12,609	14,000	14,944	18,439	18,934	22,770	17,974	25,295	35,665	37,025	37,180	45,137	33,834

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025	05/31/2026

Shares Outstanding	363	365	363	361	360	359	359	359	359	360	360	361	360	361	356
Diluted Weighted Avg Shares	363	365	366	365	363	363	362	362	361	362	363	362	362	362	360
Basic Weighted Avg Shares	362	364	365	363	361	360	359	359	359	360	361	360	360	360	359
Revenue per Share	6.15	6.39	6.91	7.55	8.18	8.76	9.41	10.5	11.27	11.27	12.79	13.89	14.65	15.47	18.14
EBITDA per Share	2.63	2.76	2.98	3.2	3.5	3.84	3.98	4.32	4.66	4.59	5.63	6.13	6.52	6.71	8.23
Operating Income per Share	2.36	2.49	2.7	2.9	3.18	3.48	3.6	3.82	4.07	4.06	5.1	5.64	6.03	6.13	6.99
Basic EPS, GAAP	1.51	1.56	1.72	1.86	2.1	2.3	2.77	2.88	3.06	3.05	3.86	4.32	4.69	4.6	4.9
Basic EPS from Cont Ops	1.51	1.56	1.72	1.86	2.1	2.3	2.77	2.88	3.06	3.05	3.86	4.32	4.69	4.6	4.9
Diluted EPS, GAAP	1.51	1.56	1.71	1.85	2.09	2.28	2.75	2.86	3.04	3.03	3.84	4.3	4.67	4.58	4.89
Diluted EPS from Cont Ops	1.51	1.56	1.71	1.85	2.09	2.28	2.75	2.86	3.04	3.03	3.84	4.3	4.67	4.58	4.89
Dividend per Share	1.27	1.31	1.4	1.52	1.68	1.84	2.06	2.3	2.48	2.52	2.77	3.26	3.65	4.02	4.43
Cash Flow per Share	1.95	1.86	2.42	2.47	2.82	2.67	3.56	3.54	4.02	3.5	4.41	4.73	5.27	5.28	7.12
Free Cash Flow per Basic Share	1.7	1.58	2.19	2.18	2.55	2.41	3.13	3.2	3.66	3.17	4.04	4.34	4.82	4.74	6.47
Cash & Equivalents per Share	0.87	1.38	1.52	1.49	0.98	0.9	1.18	1.98	2.6	2.87	3.4	4.43	4.17	4.61	3.16
Book Value per Share	4.42	4.85	4.9	4.94	5.3	5.44	6.56	7.29	7.75	8.19	8.57	9.69	10.56	11.45	10.5
Tangible Book Value per Share	2.84	3.27	3.3	3.3	3.29	3.45	3.9	1.22	1.84	2.37	2.86	4.08	4.79	-6.47	-6.96