Paychex, Inc. Financial Ratios — PAYX 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)

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	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	872	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	2	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	1,286	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	1,460	1,461	1,840	2,033	2,174	2,208	2,510

Liquidity (USD)

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	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	3.2	3.29	3.66	4.1	4.12	4	4.79	4.58	5.21	6.01	5.17	6.1	4.57	3.62

Working Capital (USD)

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	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	11.64	11.94	16.01	16.08	15.81	16.14	15.56	15.75	16.49	15.1	13.93	15.26	15.65	13.16	11.77
Accounts Payable Turnover Days	31.35	30.56	22.8	22.7	23.08	22.61	23.46	23.18	22.13	24.18	26.2	23.91	23.32	27.74	31.02
Cash Conversion Cycle	-6.51	-8.92	-2.31	-0.98	13.1	30.42	24.2	15.28	14.21	19.12	25.33	34.3	43.51	50.55	48.52
Inventory to Cash Days	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
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	10,867	13,604	14,923	17,847	19,541	21,287	23,543	30,824	25,934	36,390	44,566	37,827	43,270	56,927	34,486
- Cash & Cash Equivalents	109	107	152	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	10,551	13,098	14,372	17,310	19,189	20,964	23,119	30,921	25,900	36,255	44,224	37,098	42,633	60,286	37,970
Total Capital	1,604	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	0.03	0.02	0.02	0.02	0.02	0.08	0.12
EV/Sales	4.73	5.63	5.71	6.32	6.5	6.65	6.84	8.2	6.41	8.94	9.59	7.41	8.08	10.82	5.83
EV/EBITDA	11.09	13.06	13.21	14.92	15.21	15.18	16.17	19.91	15.51	21.94	21.77	16.79	18.14	24.94	12.86
EV/EBIT	12.36	14.48	14.62	16.43	16.74	16.72	17.9	22.55	17.73	24.82	24.03	18.25	19.61	27.31	15.12
EV/Cash Flow to Firm	14.93	19.39	16.3	19.33	18.83	21.79	18.07	24.07	17.61	28.16	27.34	21.39	22.13	30.43	13.75
EV/Free Cash Flow to Firm	13.25	16.92	14.88	17.34	17.18	19.85	16.13	21.95	16.21	25.78	25.25	19.76	20.42	27.74	12.67
Diluted Market Cap	10,879	13,578	15,050	18,015	19,655	21,477	23,707	31,039	26,093	36,623	44,963	38,016	43,510	57,163	34,913
Diluted Enterprise Value	10,770	13,470	14,898	17,845	19,523	21,292	23,349	31,175	26,087	36,525	45,474	37,660	42,907	60,557	38,433
EV per Share	29.1	35.85	39.59	47.92	53.24	58.33	64.4	86.06	72.19	100.77	122.88	102.91	118.39	167.23	106.78
TTM Sales	2,230	2,326	2,519	2,740	2,952	3,153	3,378	3,772	4,040	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	1,460	1,461	1,840	2,033	2,174	2,208	2,510
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	796	774	966	998	1,117	1,056	1,433	1,409	1,598	1,406	1,751	1,877	2,088	2,173	2,997

Multiples (USD)

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	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	13.66	17.54	15.6	18.05	17.61	20.36	16.57	22.25	16.64	26.56	26.09	20.56	21.13	27.32	12.51
EV/EBIT	12.36	14.48	14.62	16.43	16.74	16.72	17.9	22.55	17.73	24.82	24.03	18.25	19.61	27.31	15.12
Enterprise Value	10,551	13,098	14,372	17,310	19,189	20,964	23,119	30,921	25,900	36,255	44,224	37,098	42,633	60,286	37,970
Low Price	25.12	29.12	35.74	40.1	41.59	52.78	54.2	61.32	47.87	69.96	99.88	104.09	105.07	115.4	85.45
EV/Sales	4.73	5.63	5.71	6.32	6.5	6.65	6.84	8.2	6.41	8.94	9.59	7.41	8.08	10.82	5.83
EV/EBITDA	11.09	13.06	13.21	14.92	15.21	15.18	16.17	19.91	15.51	21.94	21.77	16.79	18.14	24.94	12.86
Price/Earnings	19.82	23.8	23.88	26.57	25.84	25.79	23.68	29.79	23.6	33.17	32.06	24.28	25.61	34.32	19.78
Price/Earnings Average	19.57	21.38	23.87	24.63	23.88	25.65	22.58	25.36	26.15	28.37	30.97	27.03	25.52	30.25	23.84
Price/Earnings High	21.64	24.72	26.69	27.81	26.11	27.45	26.4	30.47	29.56	33.65	36.74	32.28	27.64	34.72	32.88
Price/Earnings Low	16.61	18.62	20.76	21.56	19.82	22.98	19.57	21.29	15.63	22.94	25.86	24.09	22.4	25.08	17.42
Price/Book Value	6.77	7.67	8.4	10	10.22	10.89	9.99	11.77	9.32	12.34	14.45	10.83	11.38	13.79	9.23
Price/Book Value Average	6.69	6.89	8.4	9.26	9.45	10.83	9.52	10.02	10.33	10.56	13.96	12.05	11.34	12.15	11.13
Price/Book Value High	7.4	7.96	9.39	10.46	10.33	11.59	11.13	12.04	11.68	12.52	16.56	14.39	12.29	13.95	15.35
Price/Book Value Low	5.68	6	7.3	8.11	7.84	9.7	8.26	8.41	6.18	8.54	11.65	10.74	9.95	10.08	8.14
Price/Tangible Book Value	10.54	11.39	12.48	14.98	16.49	17.16	16.8	70.41	39.31	42.74	43.31	25.7	25.1	-24.4	-13.93
Price/Tangible Book Value Average	10.4	10.23	12.47	13.88	15.24	17.06	16.02	59.93	43.57	36.56	41.84	28.61	25.01	-21.5	-16.79
Price/Tangible Book Value High	11.51	11.83	13.95	15.68	16.66	18.26	18.73	72.02	49.24	43.36	49.63	34.16	27.09	-24.68	-23.15
Price/Tangible Book Value Low	8.83	8.91	10.85	12.16	12.65	15.29	13.88	50.32	26.04	29.56	34.93	25.5	21.95	-17.83	-12.27
Price/Sales	4.87	5.82	5.95	6.55	6.63	6.76	6.97	8.17	6.41	8.97	9.68	7.55	8.2	10.21	5.34
Price/Sales Average	4.81	5.23	5.95	6.07	6.12	6.72	6.65	6.95	7.11	7.68	9.35	8.41	8.17	9	6.44
Price/Sales High	5.32	6.05	6.65	6.85	6.69	7.19	7.77	8.36	8.03	9.1	11.1	10.04	8.85	10.33	8.89
Price/Sales Low	4.08	4.55	5.17	5.31	5.08	6.02	5.76	5.84	4.25	6.21	7.81	7.49	7.17	7.46	4.71
Price/Cash Flow	15.37	20.06	17.01	20.03	19.21	22.19	18.45	24.24	17.98	28.88	28.09	22.16	22.81	29.92	13.61
Price/Cash Flow Average	15.18	18.01	17.01	18.57	17.75	22.07	17.59	20.63	19.93	24.71	27.14	24.67	22.73	26.37	16.41
Price/Cash Flow High	16.79	20.83	19.01	20.97	19.41	23.61	20.56	24.79	22.53	29.3	32.19	29.46	24.63	30.27	22.63
Price/Cash Flow Low	12.88	15.69	14.79	16.26	14.73	19.77	15.24	17.32	11.91	19.98	22.66	21.99	19.95	21.87	12
Price/Free Cash Flow Average	13.49	15.75	15.59	16.73	16.28	20.25	15.8	18.93	18.45	22.72	25.2	22.89	21.05	24.08	15.08
Price/Free Cash Flow High	14.92	18.22	17.43	18.89	17.8	21.67	18.47	22.75	20.85	26.95	29.9	27.33	22.81	27.63	20.79
Price/Free Cash Flow Low	11.45	13.72	13.56	14.65	13.51	18.15	13.7	15.9	11.02	18.37	21.04	20.39	18.48	19.96	11.02
EV/Sales Average	4.76	5.21	5.86	5.98	6.07	6.66	6.54	6.99	7.11	7.65	9.45	8.34	8.05	9.61	6.93
EV/Sales High	5.27	6.03	6.56	6.76	6.64	7.13	7.66	8.39	8.04	9.08	11.19	9.97	8.73	10.95	9.35
EV/Sales Low	4.04	4.53	5.09	5.22	5.03	5.96	5.65	5.88	4.25	6.18	7.91	7.42	7.05	8.08	5.21
EV/EBITDA Average	11.16	12.07	13.58	14.11	14.21	15.2	15.45	16.98	17.21	18.78	21.44	18.9	18.08	22.16	15.27
EV/EBITDA High	12.36	13.98	15.19	15.96	15.54	16.27	18.11	20.39	19.45	22.28	25.39	22.59	19.61	25.23	20.61
EV/EBITDA Low	9.46	10.5	11.79	12.34	11.78	13.6	13.36	14.28	10.28	15.17	17.94	16.82	15.84	18.61	11.48
EV/EBIT Average	12.44	13.38	15.03	15.54	15.63	16.74	17.1	19.23	19.68	21.24	23.68	20.54	19.55	24.26	17.96
EV/EBIT High	13.77	15.49	16.82	17.57	17.1	17.92	20.04	23.09	22.24	25.21	28.04	24.55	21.21	27.62	24.24
EV/EBIT Low	10.54	11.64	13.05	13.59	12.96	14.98	14.79	16.17	11.76	17.17	19.81	18.28	17.13	20.38	13.51
Last Price	29.97	37.23	41.11	49.41	54.22	59.23	65.58	85.79	72.28	101.14	123.83	104.93	120.16	157.91	96.98
High Price	32.73	38.66	45.95	51.72	54.78	63.03	73.1	87.75	90.54	102.61	141.92	139.47	129.7	159.75	161.24
Enterprise Value Average	10,620	12,110	14,766	16,372	17,925	20,985	22,089	26,373	28,738	31,031	43,568	41,752	42,508	53,569	45,100
Enterprise Value High	11,759	14,019	16,527	18,511	19,611	22,468	25,885	31,664	32,479	36,821	51,588	49,923	46,102	60,984	60,857
Enterprise Value Low	9,000	10,533	12,821	14,314	14,858	18,785	19,100	22,168	17,169	25,074	36,458	37,168	37,233	44,995	33,906

Shares Outstanding	363	365	363	361	360	359	359	359	359	360	360	360	360	360	356
Diluted Weighted Avg Shares	363	365	366	365	362	363	362	362	361	362	363	362	362	362	360
Basic Weighted Avg Shares	362	364	364	363	361	360	359	359	358	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

Paychex, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)