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	2.5	3.24	3.3	3.68	4.11	4.14	4.01	4.79	4.55	5.23	6.03	5.23	6.05	4.57	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	10,874	13,855	15,009	18,006	19,595	21,461	23,632	30,830	25,641	36,517	44,790	38,613	42,731	57,032	33,923
- 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	10,558	13,350	14,457	17,470	19,243	21,138	23,208	30,927	25,607	36,382	44,448	37,883	42,094	60,391	37,406
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	4.73	5.74	5.74	6.38	6.52	6.7	6.87	8.2	6.34	8.97	9.64	7.57	7.97	10.84	5.74
EV/EBITDA	11.09	13.31	13.29	15.06	15.25	15.31	16.24	19.92	15.33	22.01	21.88	17.14	17.91	24.98	12.67
EV/EBIT	12.36	14.75	14.71	16.58	16.78	16.86	17.97	22.55	17.53	24.91	24.16	18.63	19.36	27.35	14.9
EV/Cash Flow to Firm	14.94	19.77	16.4	19.51	18.89	21.97	18.14	24.07	17.41	28.25	27.48	21.85	21.85	30.48	13.54
EV/Free Cash Flow to Firm	17.11	23.15	18.13	22.03	20.89	24.36	20.62	26.64	19.06	31.11	29.95	23.81	23.85	33.75	14.8
Diluted Market Cap	10,886	13,829	15,137	18,176	19,709	21,652	23,797	31,045	25,798	36,750	45,189	38,805	42,968	57,269	34,342
Diluted Enterprise Value	10,570	13,323	14,586	17,639	19,357	21,329	23,373	31,142	25,764	36,616	44,846	38,076	42,331	60,628	37,826
EV per Share	29.12	36.53	39.83	48.37	53.39	58.81	64.65	86.08	71.37	101.12	123.5	105.08	116.9	167.52	105.19
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	17.64	23.98	19	22.94	21.41	25	21.2	27.05	19.63	32.18	31.04	24.82	24.75	33.51	14.79
EV/EBIT	12.36	14.75	14.71	16.58	16.78	16.86	17.97	22.55	17.53	24.91	24.16	18.63	19.36	27.35	14.9
Enterprise Value	10,558	13,350	14,457	17,470	19,243	21,138	23,208	30,927	25,607	36,382	44,448	37,883	42,094	60,391	37,406
Low Price	25.22	29.22	36.47	40.33	43	51.54	54.31	64.02	49.16	71.71	101.14	105.67	105.99	116.47	86.08
EV/Sales	4.73	5.74	5.74	6.38	6.52	6.7	6.87	8.2	6.34	8.97	9.64	7.57	7.97	10.84	5.74
EV/EBITDA	11.09	13.31	13.29	15.06	15.25	15.31	16.24	19.92	15.33	22.01	21.88	17.14	17.91	24.98	12.67
Price/Earnings	19.83	24.24	24.02	26.81	25.91	26	23.77	29.8	23.33	33.28	32.22	24.79	25.29	34.38	19.45
Price/Earnings Average	19.64	21.26	23.94	24.55	23.86	25.65	22.6	25.31	26.17	28.33	30.9	27.06	25.51	30.2	23.98
Price/Earnings High	21.69	24.66	26.53	28.2	26.71	27.49	25.55	30.36	29.47	33.5	36.22	31.87	27.56	34.6	32.57
Price/Earnings Low	16.68	18.68	21.18	21.68	20.49	22.44	19.61	22.23	16.05	23.52	26.19	24.45	22.59	25.31	17.55
Price/Book Value	6.78	7.81	8.45	10.08	10.25	10.98	10.03	11.77	9.22	12.39	14.52	11.05	11.24	13.82	9.08
Price/Book Value Average	6.71	6.85	8.42	9.24	9.44	10.83	9.53	10	10.34	10.54	13.92	12.07	11.34	12.13	11.19
Price/Book Value High	7.41	7.95	9.33	10.61	10.57	11.6	10.78	11.99	11.65	12.47	16.32	14.21	12.25	13.9	15.21
Price/Book Value Low	5.7	6.02	7.45	8.16	8.11	9.47	8.27	8.78	6.34	8.75	11.8	10.91	10.04	10.17	8.19
Price/Tangible Book Value	10.54	11.6	12.55	15.11	16.53	17.3	16.86	70.42	38.87	42.89	43.52	26.23	24.79	-24.44	-13.7
Price/Tangible Book Value Average	10.44	10.17	12.51	13.84	15.22	17.07	16.03	59.82	43.6	36.5	41.74	28.64	25	-21.47	-16.89
Price/Tangible Book Value High	11.53	11.8	13.86	15.9	17.04	18.29	18.12	71.75	49.1	43.17	48.92	33.73	27.01	-24.6	-22.93
Price/Tangible Book Value Low	8.87	8.94	11.07	12.22	13.08	14.93	13.91	52.54	26.74	30.3	35.37	25.88	22.14	-17.99	-12.36
Price/Sales	4.87	5.93	5.98	6.6	6.64	6.81	7	8.17	6.34	9	9.73	7.71	8.1	10.23	5.26
Price/Sales Average	4.83	5.2	5.96	6.05	6.12	6.72	6.65	6.94	7.11	7.66	9.33	8.42	8.17	8.98	6.48
Price/Sales High	5.33	6.03	6.61	6.95	6.85	7.2	7.52	8.32	8.01	9.06	10.94	9.91	8.83	10.29	8.8
Price/Sales Low	4.1	4.57	5.28	5.34	5.25	5.88	5.77	6.1	4.36	6.36	7.91	7.61	7.23	7.53	4.74
Price/Cash Flow	15.38	20.43	17.11	20.21	19.26	22.37	18.51	24.24	17.78	28.98	28.23	22.62	22.53	29.98	13.39
Price/Cash Flow Average	15.23	17.91	17.06	18.51	17.73	22.07	17.6	20.59	19.95	24.67	27.07	24.7	22.72	26.33	16.51
Price/Cash Flow High	16.82	20.78	18.9	21.26	19.85	23.65	19.9	24.7	22.46	29.18	31.73	29.09	24.55	30.17	22.42
Price/Cash Flow Low	12.94	15.74	15.09	16.35	15.23	19.31	15.28	18.08	12.23	20.48	22.94	22.32	20.12	22.07	12.08
Price/Free Cash Flow Average	17.47	21.03	18.94	21.01	19.71	24.66	20.15	22.98	22.03	27.39	29.77	27.1	24.96	29.43	18.23
Price/Free Cash Flow High	19.29	24.4	20.98	24.13	22.07	26.43	22.79	27.56	24.8	32.4	34.89	31.92	26.96	33.72	24.76
Price/Free Cash Flow Low	14.84	18.48	16.76	18.56	16.93	21.58	17.49	20.18	13.51	22.74	25.22	24.49	22.1	24.67	13.35
EV/Sales Average	4.69	5.01	5.72	5.82	5.99	6.61	6.53	6.97	7.11	7.63	9.24	8.27	8.04	9.59	6.96
EV/Sales High	5.19	5.84	6.36	6.72	6.72	7.09	7.39	8.35	8.01	9.03	10.84	9.77	8.7	10.9	9.26
EV/Sales Low	3.96	4.37	5.04	5.12	5.13	5.77	5.65	6.12	4.36	6.33	7.82	7.46	7.11	8.14	5.24
EV/EBITDA Average	10.98	11.61	13.25	13.75	14.02	15.1	15.42	16.93	17.2	18.73	20.97	18.75	18.06	22.11	15.34
EV/EBITDA High	12.16	13.55	14.73	15.87	15.73	16.2	17.47	20.29	19.37	22.16	24.61	22.14	19.54	25.14	20.41
EV/EBITDA Low	9.28	10.14	11.66	12.09	12	13.18	13.34	14.87	10.54	15.53	17.75	16.91	15.97	18.76	11.54
EV/EBIT Average	12.24	12.87	14.67	15.14	15.43	16.63	17.07	19.17	19.67	21.19	23.16	20.38	19.53	24.21	18.04
EV/EBIT High	13.55	15.02	16.31	17.47	17.31	17.83	19.34	22.98	22.16	25.07	27.17	24.06	21.12	27.52	24.01
EV/EBIT Low	10.34	11.24	12.91	13.32	13.21	14.52	14.77	16.84	12.05	17.57	19.6	18.38	17.26	20.54	13.58
Last Price	29.99	37.92	41.35	49.85	54.37	59.71	65.83	85.81	71.46	101.49	124.45	107.11	118.66	158.2	95.4
High Price	32.79	38.57	45.66	52.45	56.05	63.12	70.75	87.43	90.28	102.17	139.88	137.71	129.29	159.22	159.71
Enterprise Value Average	10,450	11,644	14,412	15,956	17,687	20,849	22,040	26,287	28,729	30,947	42,611	41,428	42,456	53,448	45,298
Enterprise Value High	11,575	13,588	16,025	18,409	19,847	22,362	24,974	31,509	32,358	36,624	50,000	48,915	45,920	60,757	60,277
Enterprise Value Low	8,829	10,170	12,686	14,029	15,143	18,202	19,074	23,098	17,604	25,666	36,058	37,364	37,529	45,348	34,093

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