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	3.22	3.3	3.67	4.09	4.12	4.01	4.79	4.53	5.2	6	5.21	6.07	4.56	3.62

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	10,858	13,716	15,011	17,872	19,465	21,270	23,658	30,843	25,437	36,235	44,520	38,381	42,957	56,770	34,499
- 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	10,542	13,210	14,460	17,336	19,113	20,946	23,233	30,939	25,404	36,100	44,177	37,652	42,321	60,129	37,983
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	5.68	5.74	6.33	6.47	6.64	6.88	8.2	6.29	8.9	9.58	7.52	8.02	10.79	5.83
EV/EBITDA	11.08	13.17	13.29	14.94	15.15	15.17	16.25	19.92	15.21	21.84	21.74	17.04	18	24.88	12.86
EV/EBIT	12.35	14.6	14.71	16.45	16.67	16.7	17.99	22.56	17.39	24.71	24.01	18.52	19.47	27.24	15.13
EV/Cash Flow to Firm	14.92	19.56	16.4	19.36	18.76	21.77	18.16	24.08	17.27	28.03	27.31	21.71	21.97	30.35	13.75
EV/Free Cash Flow to Firm	17.08	22.91	18.13	21.87	20.75	24.14	20.64	26.65	18.91	30.87	29.77	23.66	23.98	33.6	15.03
Diluted Market Cap	10,870	13,689	15,139	18,041	19,578	21,459	23,822	31,057	25,593	36,467	44,916	38,573	43,196	57,006	34,926
Diluted Enterprise Value	10,554	13,184	14,588	17,504	19,226	21,136	23,398	31,154	25,560	36,332	44,573	37,843	42,559	60,365	38,409
EV per Share	29.07	36.15	39.83	48	53.03	58.28	64.72	86.11	70.8	100.33	122.75	104.44	117.52	166.79	106.81
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	17.62	23.74	19	22.77	21.27	24.78	21.22	27.06	19.48	31.94	30.85	24.68	24.88	33.35	15.04
EV/EBIT	12.35	14.6	14.71	16.45	16.67	16.7	17.99	22.56	17.39	24.71	24.01	18.52	19.47	27.24	15.13
Enterprise Value	10,542	13,210	14,460	17,336	19,113	20,946	23,233	30,939	25,404	36,100	44,177	37,652	42,321	60,129	37,983
Low Price	25.11	29.15	35.83	40.22	42.18	50.41	53.82	63.26	50.87	70.8	100.37	104.79	105.55	115.81	85.29
EV/Sales	4.73	5.68	5.74	6.33	6.47	6.64	6.88	8.2	6.29	8.9	9.58	7.52	8.02	10.79	5.83
EV/EBITDA	11.08	13.17	13.29	14.94	15.15	15.17	16.25	19.92	15.21	21.84	21.74	17.04	18	24.88	12.86
Price/Earnings	19.8	24	24.02	26.61	25.74	25.77	23.8	29.81	23.15	33.03	32.03	24.64	25.43	34.23	19.78
Price/Earnings Average	19.58	21.31	23.81	24.54	23.81	25.62	22.56	25.32	26.11	28.3	30.89	26.97	25.48	30.19	23.91
Price/Earnings High	21.7	24.62	26.51	28.05	26.52	27.52	25.45	30.36	29.44	33.48	36.65	32.09	27.53	34.61	32.55
Price/Earnings Low	16.61	18.64	20.81	21.63	20.1	21.95	19.43	21.97	16.61	23.22	25.98	24.25	22.5	25.17	17.39
Price/Book Value	6.77	7.73	8.45	10.01	10.18	10.88	10.04	11.77	9.15	12.29	14.43	10.99	11.3	13.75	9.24
Price/Book Value Average	6.69	6.87	8.37	9.23	9.42	10.82	9.51	10	10.32	10.53	13.92	12.03	11.33	12.13	11.16
Price/Book Value High	7.42	7.93	9.32	10.55	10.49	11.62	10.73	11.99	11.63	12.46	16.52	14.31	12.24	13.91	15.2
Price/Book Value Low	5.68	6.01	7.32	8.14	7.95	9.27	8.2	8.68	6.56	8.64	11.71	10.81	10	10.11	8.12
Price/Tangible Book Value	10.53	11.48	12.55	15	16.42	17.14	16.88	70.45	38.56	42.55	43.26	26.08	24.92	-24.33	-13.93
Price/Tangible Book Value Average	10.41	10.2	12.44	13.83	15.19	17.05	16	59.85	43.5	36.46	41.72	28.54	24.98	-21.46	-16.84
Price/Tangible Book Value High	11.54	11.78	13.85	15.81	16.92	18.31	18.05	71.74	49.04	43.14	49.51	33.96	26.99	-24.6	-22.92
Price/Tangible Book Value Low	8.83	8.92	10.87	12.19	12.83	14.6	13.79	51.91	27.67	29.92	35.1	25.67	22.05	-17.89	-12.25
Price/Sales	4.87	5.87	5.98	6.55	6.6	6.75	7	8.17	6.29	8.93	9.67	7.66	8.14	10.18	5.35
Price/Sales Average	4.81	5.21	5.93	6.04	6.1	6.71	6.64	6.94	7.1	7.66	9.33	8.39	8.16	8.98	6.46
Price/Sales High	5.33	6.02	6.6	6.91	6.8	7.21	7.49	8.32	8	9.06	11.07	9.98	8.82	10.29	8.8
Price/Sales Low	4.08	4.56	5.18	5.33	5.15	5.75	5.72	6.02	4.51	6.28	7.85	7.54	7.21	7.49	4.7
Price/Cash Flow	15.36	20.22	17.11	20.06	19.13	22.17	18.53	24.25	17.64	28.76	28.06	22.49	22.65	29.84	13.62
Price/Cash Flow Average	15.19	17.96	16.96	18.5	17.7	22.04	17.57	20.6	19.9	24.64	27.06	24.62	22.7	26.32	16.46
Price/Cash Flow High	16.83	20.74	18.88	21.15	19.71	23.67	19.82	24.7	22.43	29.15	32.11	29.29	24.53	30.17	22.41
Price/Cash Flow Low	12.88	15.7	14.83	16.31	14.94	18.88	15.14	17.87	12.66	20.22	22.77	22.13	20.04	21.94	11.97
Price/Free Cash Flow Average	17.42	21.08	18.84	21	19.67	24.63	20.12	22.99	21.97	27.36	29.75	27.01	24.93	29.42	18.18
Price/Free Cash Flow High	19.31	24.35	20.97	24	21.91	26.46	22.69	27.56	24.77	32.37	35.31	32.14	26.94	33.73	24.75
Price/Free Cash Flow Low	14.78	18.44	16.46	18.51	16.61	21.1	17.33	19.94	13.98	22.45	25.03	24.29	22.01	24.53	13.22
EV/Sales Average	4.67	5.02	5.69	5.82	5.98	6.6	6.51	6.97	7.09	7.62	9.24	8.24	8.04	9.59	6.94
EV/Sales High	5.19	5.83	6.36	6.68	6.67	7.1	7.36	8.35	8	9.02	10.97	9.84	8.69	10.91	9.25
EV/Sales Low	3.94	4.36	4.94	5.11	5.03	5.64	5.59	6.05	4.51	6.25	7.76	7.4	7.08	8.1	5.19
EV/EBITDA Average	10.95	11.64	13.18	13.74	13.99	15.08	15.39	16.94	17.16	18.71	20.96	18.68	18.05	22.11	15.3
EV/EBITDA High	12.17	13.52	14.72	15.78	15.62	16.21	17.4	20.29	19.35	22.14	24.91	22.29	19.52	25.14	20.4
EV/EBITDA Low	9.24	10.12	11.45	12.06	11.77	12.89	13.22	14.7	10.91	15.33	17.61	16.77	15.9	18.66	11.45
EV/EBIT Average	12.2	12.9	14.58	15.13	15.39	16.61	17.03	19.18	19.62	21.16	23.15	20.3	19.51	24.2	18
EV/EBIT High	13.57	14.99	16.3	17.37	17.18	17.85	19.26	22.97	22.13	25.05	27.51	24.23	21.1	27.52	24
EV/EBIT Low	10.29	11.21	12.67	13.28	12.95	14.19	14.63	16.64	12.48	17.35	19.44	18.22	17.19	20.43	13.47
Last Price	29.95	37.54	41.35	49.48	54.01	59.18	65.9	85.84	70.9	100.71	123.7	106.47	119.29	157.48	97.02
High Price	32.82	38.5	45.64	52.16	55.65	63.19	70.46	87.42	90.16	102.09	141.57	138.65	129.18	159.24	159.64
Enterprise Value Average	10,420	11,675	14,331	15,946	17,652	20,824	21,998	26,300	28,662	30,914	42,592	41,281	42,418	53,433	45,180
Enterprise Value High	11,583	13,562	16,015	18,305	19,703	22,388	24,871	31,505	32,317	36,596	50,610	49,255	45,880	60,765	60,251
Enterprise Value Low	8,790	10,146	12,455	13,992	14,850	17,793	18,896	22,825	18,220	25,339	35,779	37,046	37,374	45,107	33,813

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