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	3.24	3.3	3.67	4.09	4.13	3.99	4.8	4.53	5.21	5.97	5.2	6.09	4.54	3.58

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	10,830	13,837	14,968	17,884	19,457	21,323	23,532	30,971	25,489	36,363	44,165	38,169	43,207	56,295	33,732
- 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	10,514	13,332	14,417	17,348	19,105	21,000	23,107	31,068	25,455	36,228	43,822	37,440	42,571	59,654	37,216
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	4.72	5.73	5.72	6.33	6.47	6.66	6.84	8.24	6.3	8.93	9.5	7.48	8.07	10.71	5.71
EV/EBITDA	11.05	13.29	13.25	14.95	15.14	15.21	16.16	20.01	15.24	21.92	21.57	16.94	18.11	24.68	12.6
EV/EBIT	12.31	14.73	14.67	16.47	16.66	16.75	17.89	22.66	17.43	24.8	23.82	18.42	19.58	27.02	14.82
EV/Cash Flow to Firm	14.88	19.74	16.35	19.37	18.75	21.83	18.06	24.18	17.31	28.13	27.09	21.59	22.1	30.11	13.47
EV/Free Cash Flow to Firm	17.04	23.12	18.08	21.88	20.74	24.2	20.53	26.76	18.95	30.98	29.53	23.53	24.12	33.34	14.73
Diluted Market Cap	10,842	13,811	15,096	18,053	19,571	21,513	23,696	31,187	25,645	36,595	44,557	38,360	43,447	56,529	34,149
Diluted Enterprise Value	10,526	13,305	14,545	17,516	19,218	21,189	23,271	31,284	25,612	36,461	44,215	37,630	42,811	59,889	37,633
EV per Share	29	36.49	39.72	48.03	53.01	58.43	64.37	86.47	70.95	100.69	121.76	103.86	118.22	165.48	104.66
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	17.57	23.95	18.95	22.78	21.26	24.84	21.11	27.17	19.52	32.05	30.6	24.54	25.02	33.08	14.71
EV/EBIT	12.31	14.73	14.67	16.47	16.66	16.75	17.89	22.66	17.43	24.8	23.82	18.42	19.58	27.02	14.82
Enterprise Value	10,514	13,332	14,417	17,348	19,105	21,000	23,107	31,068	25,455	36,228	43,822	37,440	42,571	59,654	37,216
Low Price	25.03	29.07	36.11	40.15	41.96	51.82	53.83	63.02	49.97	70.81	100.48	104.42	105.18	116.12	85.22
EV/Sales	4.72	5.73	5.72	6.33	6.47	6.66	6.84	8.24	6.3	8.93	9.5	7.48	8.07	10.71	5.71
EV/EBITDA	11.05	13.29	13.25	14.95	15.14	15.21	16.16	20.01	15.24	21.92	21.57	16.94	18.11	24.68	12.6
Price/Earnings	19.75	24.21	23.95	26.62	25.73	25.83	23.67	29.93	23.19	33.14	31.77	24.5	25.57	33.94	19.34
Price/Earnings Average	19.52	21.28	23.73	24.44	23.7	25.58	22.53	25.25	26.12	28.3	30.87	26.99	25.45	30.17	23.86
Price/Earnings High	21.65	24.6	26.52	27.95	26.77	27.5	25.35	30.24	29.42	33.5	36.48	31.97	27.77	34.61	32.56
Price/Earnings Low	16.55	18.59	20.97	21.59	20	22.56	19.44	21.89	16.31	23.22	26.01	24.16	22.42	25.24	17.38
Price/Book Value	6.75	7.8	8.42	10.02	10.18	10.91	9.98	11.82	9.16	12.33	14.31	10.93	11.37	13.64	9.03
Price/Book Value Average	6.67	6.86	8.34	9.2	9.38	10.8	9.5	9.97	10.32	10.53	13.91	12.04	11.31	12.12	11.14
Price/Book Value High	7.4	7.93	9.33	10.52	10.59	11.61	10.69	11.94	11.63	12.47	16.44	14.26	12.34	13.91	15.2
Price/Book Value Low	5.66	5.99	7.38	8.12	7.91	9.53	8.2	8.64	6.45	8.64	11.72	10.78	9.96	10.14	8.11
Price/Tangible Book Value	10.5	11.58	12.51	15.01	16.42	17.19	16.79	70.74	38.64	42.7	42.92	25.93	25.07	-24.13	-13.62
Price/Tangible Book Value Average	10.38	10.18	12.4	13.78	15.12	17.02	15.98	59.67	43.52	36.47	41.7	28.57	24.94	-21.45	-16.8
Price/Tangible Book Value High	11.51	11.77	13.86	15.76	17.08	18.29	17.98	71.47	49.02	43.17	49.28	33.84	27.21	-24.6	-22.93
Price/Tangible Book Value Low	8.8	8.89	10.96	12.17	12.76	15.01	13.79	51.72	27.18	29.92	35.14	25.58	21.97	-17.94	-12.24
Price/Sales	4.85	5.92	5.97	6.56	6.6	6.77	6.97	8.21	6.3	8.97	9.6	7.62	8.19	10.1	5.23
Price/Sales Average	4.8	5.2	5.91	6.02	6.08	6.7	6.63	6.92	7.1	7.66	9.32	8.4	8.15	8.98	6.45
Price/Sales High	5.32	6.02	6.61	6.89	6.86	7.21	7.46	8.29	8	9.06	11.02	9.94	8.89	10.29	8.8
Price/Sales Low	4.07	4.55	5.22	5.32	5.13	5.91	5.72	6	4.43	6.28	7.86	7.52	7.18	7.51	4.7
Price/Cash Flow	15.32	20.4	17.06	20.07	19.13	22.23	18.44	24.35	17.67	28.86	27.84	22.36	22.78	29.59	13.32
Price/Cash Flow Average	15.14	17.93	16.9	18.43	17.62	22.01	17.55	20.54	19.91	24.65	27.05	24.64	22.67	26.31	16.42
Price/Cash Flow High	16.79	20.73	18.89	21.07	19.9	23.66	19.74	24.6	22.42	29.18	31.96	29.18	24.73	30.17	22.41
Price/Cash Flow Low	12.84	15.66	14.94	16.27	14.86	19.41	15.14	17.8	12.43	20.22	22.79	22.06	19.97	22	11.96
Price/Free Cash Flow Average	17.37	21.05	18.77	20.92	19.59	24.59	20.09	22.92	21.99	27.37	29.74	27.03	24.9	29.41	18.14
Price/Free Cash Flow High	19.26	24.34	20.98	23.92	22.12	26.44	22.61	27.45	24.76	32.4	35.14	32.02	27.17	33.73	24.76
Price/Free Cash Flow Low	14.73	18.39	16.59	18.47	16.52	21.7	17.34	19.87	13.73	22.45	25.06	24.2	21.93	24.6	13.21
EV/Sales Average	4.66	5.01	5.67	5.8	5.95	6.59	6.51	6.95	7.1	7.62	9.23	8.25	8.02	9.59	6.92
EV/Sales High	5.18	5.83	6.36	6.66	6.74	7.1	7.33	8.32	7.99	9.03	10.92	9.8	8.77	10.91	9.25
EV/Sales Low	3.93	4.35	4.98	5.1	5	5.8	5.6	6.03	4.43	6.25	7.77	7.37	7.05	8.12	5.19
EV/EBITDA Average	10.91	11.62	13.13	13.69	13.93	15.06	15.37	16.89	17.17	18.71	20.95	18.7	18.02	22.1	15.27
EV/EBITDA High	12.14	13.51	14.73	15.72	15.77	16.2	17.33	20.21	19.34	22.16	24.79	22.21	19.69	25.14	20.41
EV/EBITDA Low	9.2	10.09	11.54	12.04	11.71	13.25	13.22	14.65	10.72	15.33	17.63	16.7	15.84	18.71	11.44
EV/EBIT Average	12.16	12.88	14.53	15.07	15.33	16.58	17.01	19.12	19.63	21.17	23.13	20.32	19.48	24.19	17.96
EV/EBIT High	13.53	14.98	16.31	17.31	17.35	17.84	19.18	22.89	22.12	25.07	27.37	24.14	21.29	27.52	24
EV/EBIT Low	10.26	11.18	12.78	13.25	12.88	14.6	14.64	16.58	12.25	17.35	19.47	18.16	17.13	20.48	13.46
Last Price	29.87	37.87	41.23	49.51	53.99	59.33	65.55	86.2	71.04	101.06	122.71	105.88	119.99	156.16	94.86
High Price	32.74	38.48	45.66	51.98	56.17	63.14	70.19	87.08	90.13	102.17	140.91	138.16	130.28	159.24	159.66
Enterprise Value Average	10,387	11,653	14,277	15,883	17,572	20,789	21,974	26,222	28,677	30,920	42,568	41,321	42,356	53,410	45,088
Enterprise Value High	11,555	13,554	16,023	18,238	19,891	22,371	24,775	31,384	32,304	36,624	50,369	49,076	46,276	60,765	60,259
Enterprise Value Low	8,760	10,118	12,556	13,964	14,769	18,301	18,901	22,742	17,897	25,343	35,819	36,913	37,238	45,221	33,788

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