Paychex, Inc. Financial Ratios — PAYX AV Stock

Profitability (USD)

	2011 Y	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
As of date	05/31/2011	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

Return on Common Equity (%)	57.8	56.82	54.24	61.12	72.61	82.81	90.06	91.56	77.21	77.11	76.1	89.2	84.18	79.67	73.7
Return on Assets (%)	9.7	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
Return on Capital (%)	57.8	56.83	54.25	61.19	72.66	82.89	90.23	91.83	60.06	49.5	48.07	57.98	58.21	57.53	33.46
Return on Invested Capital (%)	34.96	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
Gross Margin (%)	68.74	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
EBITDA Margin (%)	41.99	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
Operating Margin (%)	37.73	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
Incremental Operating Margin (%)	73.77	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
Pretax Margin (%)	38.01	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
Profit Margin (%)	24.72	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
Net Income to Common Margin (%)	24.72	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
Effective Tax Rate (%)	34.95	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
Dvd Payout Ratio (%)	87.09	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
Sustainable Growth Rate (%)	7.46	9.07	8.8	11.39	13.24	16.45	17.87	23.43	15.5	14.66	13.09	25.18	20.67	17.68	9.29

Credit (USD)

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	2011 Y	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
As of date	05/31/2011	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

Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	809	899	897	881	866	866	5,022
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	5	7	9	10	19	418
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	809	894	890	872	856	848	4,604
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	0.52	0.54	0.54	0.43	0.39	0.37	2.08
Net Debt/EBITDA	-0.14	-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
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	0.59	0.62	0.61	0.48	0.43	0.4	2.27
Net Debt/EBIT	-0.15	-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
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
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
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
Interest Expense	- -	- -	- -	1	1	1	2	4	18	39	36	37	37	37	105
Common Equity/Total Assets	17.11	15.52	17.72	15.09	13.88	14.44	13.25	16	16.29	16.78	15.71	17.37	19.22	21.35	13.77
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	30.9	32.13	30.18	28.28	24.49	22.3	111.53
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	36.42	38.29	37.91	34.16	29.58	27.49	63.04
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.33	10.45	9.64	9.06	8.11	8.16	27.79
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	30.9	32.31	30.43	28.56	24.78	22.79	121.66
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	36.42	38.51	38.23	34.5	29.93	28.1	68.77
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.33	10.51	9.72	9.15	8.21	8.34	30.32
Net Debt to Equity	-7.95	-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
Net Debt/Capital (%)	-14.8	-12.13	-10.89	-18.86	-23.35	-16.47	-25.61	-39.45	7.93	-7.23	-14.1	19.98	-24.76	-40.37	58.83
EBITDA	875	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
EBITDA-CapEx	775	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
Operating Income (Loss)	786	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

Liquidity (USD)

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	2011 Y	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
As of date	05/31/2011	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

Cash Ratio	0.12	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
Current Ratio	1.12	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
Quick Ratio	0.17	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
CFO/Avg Current Liab	0.19	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
Common Equity/Total Assets	17.11	15.52	17.72	15.09	13.88	14.44	13.25	16	16.29	16.78	15.71	17.37	19.22	21.35	13.77
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	30.9	32.13	30.18	28.28	24.49	22.3	111.53
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	36.42	38.29	37.91	34.16	29.58	27.49	63.04
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.33	10.45	9.64	9.06	8.11	8.16	27.79
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	30.9	32.31	30.43	28.56	24.78	22.79	121.66
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	36.42	38.51	38.23	34.5	29.93	28.1	68.77
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.33	10.51	9.72	9.15	8.21	8.34	30.32
CFO/Total Liabilities	18.35	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
CFO/CapEx	7.12	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
Altman's Z-Score	3.16	2.5	3.2	3.3	3.67	4.1	4.13	4	4.79	4.58	5.21	6.02	5.17	6.1	4.57

Working Capital (USD)

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	2011 Y	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
As of date	05/31/2011	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

Accounts Receivable Turnover	11.99	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
Days Sales Outstanding	30.44	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
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	15.76	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
Accounts Payable Turnover Days	23.17	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
Cash Conversion Cycle	7.28	-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
Inventory to Cash Days	30.44	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
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	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
As of date	05/31/2011	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

Market Capitalization	11,686	10,861	13,544	14,985	17,931	19,557	21,311	23,543	30,816	25,912	36,400	44,653	37,817	43,294	56,879
- Cash & Cash Equivalents	119	109	107	152	170	132	185	358	674	905	995	370	1,222	1,469	1,629
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	809	899	897	881	866	866	5,022
Enterprise Value	11,222	10,545	13,039	14,433	17,394	19,205	20,988	23,119	30,913	25,879	36,265	44,310	37,087	42,657	60,238
Total Capital	923	1,006	1,092	961	898	930	905	1,266	2,222	2,334	2,347	2,554	2,892	3,083	7,303
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	36.42	38.51	38.23	34.5	29.93	28.1	68.77
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	0.03	0.03	0.02	0.02	0.02	0.02	0.08
EV/Sales	5.38	4.73	5.61	5.73	6.35	6.51	6.66	6.84	8.19	6.4	8.94	9.61	7.41	8.08	10.81
EV/EBITDA	12.82	11.08	13	13.27	14.99	15.22	15.2	16.17	19.91	15.49	21.94	21.81	16.78	18.15	24.92
EV/EBIT	14.27	12.35	14.41	14.69	16.51	16.75	16.74	17.9	22.54	17.72	24.83	24.08	18.24	19.62	27.29
EV/Cash Flow to Firm	15.69	14.92	19.31	16.37	19.42	18.85	21.82	18.07	24.06	17.6	28.16	27.39	21.39	22.15	30.41
EV/Free Cash Flow to Firm	13.76	13.24	16.84	14.95	17.42	17.2	19.87	16.13	21.95	16.2	25.79	25.3	19.76	20.43	27.72
Diluted Market Cap	11,706	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
Diluted Enterprise Value	11,587	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
EV per Share	31.02	29.1	35.84	39.6	47.93	53.24	58.33	64.4	86.06	72.19	100.77	122.88	102.91	118.39	167.24
TTM Sales	2,084	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
TTM EBITDA	875	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
TTM Operating Income	786	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
TTM Cash Flow to Firm	715	707	675	882	896	1,019	962	1,279	1,285	1,471	1,288	1,618	1,734	1,926	1,981
TTM Free Cash Flow to Firm	816	796	774	966	998	1,117	1,056	1,433	1,409	1,598	1,406	1,751	1,877	2,088	2,173

Multiples (USD)

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	2011 Y	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
As of date	05/31/2011	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

Price/Free Cash Flow	14.35	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
EV/EBIT	14.27	12.35	14.41	14.69	16.51	16.75	16.74	17.9	22.54	17.72	24.83	24.08	18.24	19.62	27.29
Enterprise Value	11,222	10,545	13,039	14,433	17,394	19,205	20,988	23,119	30,913	25,879	36,265	44,310	37,087	42,657	60,238
Low Price	24.65	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
EV/Sales	5.38	4.73	5.61	5.73	6.35	6.51	6.66	6.84	8.19	6.4	8.94	9.61	7.41	8.08	10.81
EV/EBITDA	12.82	11.08	13	13.27	14.99	15.22	15.2	16.17	19.91	15.49	21.94	21.81	16.78	18.15	24.92
Price/Earnings	22.68	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
Price/Earnings Average	20.68	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
Price/Earnings High	23.81	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
Price/Earnings Low	17.31	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
Price/Book Value	12.66	10.8	12.4	15.59	19.97	21.03	23.54	18.59	21.81	18.06	25.11	26.69	18.66	19.53	24.94
Price/Book Value Average	11.54	10.66	11.14	15.59	18.51	19.44	23.41	17.73	18.56	20.01	21.48	25.78	20.77	19.46	21.98
Price/Book Value High	13.29	11.79	12.88	17.43	20.9	21.25	25.05	20.73	22.31	22.62	25.48	30.59	24.8	21.08	25.23
Price/Book Value Low	9.66	9.05	9.7	13.55	16.21	16.13	20.98	15.37	15.59	11.96	17.37	21.53	18.51	17.08	18.23
Price/Tangible Book Value	12.91	10.53	11.34	12.53	15.05	16.5	17.18	16.8	70.39	39.28	42.75	43.39	25.69	25.12	-24.38
Price/Tangible Book Value Average	11.77	10.4	10.18	12.52	13.95	15.25	17.08	16.02	59.91	43.54	36.57	41.92	28.6	25.02	-21.49
Price/Tangible Book Value High	13.55	11.5	11.77	14	15.75	16.67	18.28	18.73	72	49.2	43.37	49.73	34.15	27.11	-24.66
Price/Tangible Book Value Low	9.85	8.83	8.87	10.89	12.21	12.66	15.31	13.88	50.31	26.01	29.57	35	25.49	21.96	-17.81
Price/Sales	5.61	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
Price/Sales Average	5.11	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
Price/Sales High	5.89	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
Price/Sales Low	4.28	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
Price/Cash Flow	16.34	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
Price/Cash Flow Average	14.9	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
Price/Cash Flow High	17.15	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
Price/Cash Flow Low	12.47	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
Price/Free Cash Flow Average	13.09	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
Price/Free Cash Flow High	15.06	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
Price/Free Cash Flow Low	10.95	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
EV/Sales Average	5.06	4.76	5.18	5.89	6	6.08	6.66	6.54	6.99	7.11	7.65	9.47	8.34	8.06	9.61
EV/Sales High	5.83	5.27	6	6.59	6.79	6.65	7.13	7.66	8.39	8.03	9.08	11.21	9.97	8.74	10.94
EV/Sales Low	4.22	4.03	4.51	5.11	5.25	5.04	5.96	5.65	5.87	4.25	6.18	7.92	7.42	7.06	8.07
EV/EBITDA Average	12.04	11.15	12.02	13.63	14.18	14.22	15.21	15.45	16.98	17.19	18.78	21.48	18.89	18.09	22.14
EV/EBITDA High	13.88	12.35	13.92	15.26	16.03	15.56	16.29	18.11	20.39	19.43	22.29	25.44	22.59	19.62	25.21
EV/EBITDA Low	10.06	9.45	10.46	11.84	12.4	11.79	13.62	13.36	14.27	10.27	15.18	17.98	16.82	15.85	18.6
EV/EBIT Average	13.4	12.43	13.32	15.09	15.61	15.65	16.75	17.1	19.23	19.66	21.25	23.72	20.53	19.56	24.25
EV/EBIT High	15.45	13.76	15.43	16.89	17.65	17.12	17.94	20.04	23.08	22.22	25.21	28.09	24.55	21.22	27.6
EV/EBIT Low	11.19	10.53	11.59	13.1	13.65	12.97	15	14.79	16.16	11.75	17.17	19.85	18.28	17.14	20.37
Last Price	32.3	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
High Price	33.91	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
Enterprise Value Average	10,538	10,615	12,056	14,828	16,450	17,940	21,009	22,089	26,366	28,714	31,040	43,652	41,741	42,532	53,527
Enterprise Value High	12,150	11,753	13,957	16,596	18,599	19,628	22,494	25,885	31,656	32,452	36,831	51,688	49,909	46,128	60,936
Enterprise Value Low	8,799	8,995	10,487	12,875	14,382	14,870	18,806	19,100	22,162	17,155	25,081	36,528	37,158	37,254	44,961

Shares Outstanding	362	363	365	363	361	360	359	359	359	359	360	360	360	360	360
Diluted Weighted Avg Shares	362	363	365	366	365	362	363	362	362	361	362	363	362	362	362
Basic Weighted Avg Shares	362	362	364	364	363	361	360	359	359	358	360	361	360	360	360
Revenue per Share	5.76	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
EBITDA per Share	2.42	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
Operating Income per Share	2.17	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
Basic EPS, GAAP	1.42	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
Basic EPS from Cont Ops	1.42	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
Diluted EPS, GAAP	1.42	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
Diluted EPS from Cont Ops	1.42	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
Dividend per Share	1.24	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
Cash Flow per Share	1.98	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
Free Cash Flow per Basic Share	1.7	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
Cash & Equivalents per Share	1.28	0.87	1.39	1.51	1.48	0.98	0.9	1.18	1.98	2.6	2.87	3.39	4.43	4.17	4.62
Book Value per Share	2.55	2.78	3	2.64	2.47	2.58	2.52	3.53	3.93	4	4.03	4.64	5.62	6.15	6.33
Tangible Book Value per Share	2.5	2.85	3.28	3.28	3.28	3.29	3.45	3.9	1.22	1.84	2.37	2.85	4.08	4.78	-6.48

Paychex, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)