Paychex, Inc. (PAYX)
NEUTRAL基本面
65
价格
$125.31
市值
$44.27B
第一部分 · 这家公司值多少
概览
Paychex runs payroll and handles human resources administration for small and mid-sized businesses in the United States, calculating pay, filing payroll taxes and managing benefits enrolment so a business owner does not have to. Alongside that core service it sells a professional employer organisation (PEO) offering, where Paychex becomes the legal co-employer of a client's staff, taking on compliance and offering access to larger-scale health and workers' compensation insurance plans.
盈利方式
Most revenue is recurring fees charged per employee per pay period for payroll processing and related HR services, so revenue grows both from adding new clients and from clients adding employees. The PEO business earns a fee built into the insurance premiums it administers, and the company also earns interest on client funds it holds briefly between collecting payroll taxes from a business and remitting them to tax authorities, so its results have some sensitivity to interest rates.
分部营收
Core payroll processing, tax filing, HR administration and related software services sold to small and mid-sized businesses.
Professional employer organisation services, where Paychex co-employs a client's staff, plus workers' compensation and related insurance offerings.
护城河
转换成本 · 狭窄Payroll touches tax filings, benefits and compliance obligations that a small business owner does not want to risk getting wrong, so once a client is set up on Paychex, moving to a competitor is a real, disruptive project rather than a casual switch. The moat is narrow rather than wide because ADP, Gusto, Rippling and other well-capitalised rivals compete hard for new clients, especially smaller ones with simpler needs.
需求驱动因素
中度周期性Existing clients keep paying recurring fees regardless of the economic cycle as long as they stay in business and keep employees on payroll, which makes the base revenue fairly resilient. New client growth and total employee counts at existing clients do track the broader economy, however, since a slowdown that reduces small-business formation or hiring shows up directly in Paychex's growth rate.
主要风险
- Competition from established and newer HCM providers — ADP, Gusto, Rippling and other human capital management platforms compete aggressively for small and mid-sized business clients, pressuring pricing and making client retention harder to take for granted.
- Integration of the Paycor acquisition — Paychex closed its acquisition of Paycor during fiscal 2025; combining systems, products and client bases from a large deal carries execution risk and could distract from running the core business.
- Sensitivity of float income to interest rates — Interest earned on client funds held briefly before remittance is a real part of profitability; a period of falling interest rates would reduce this income without any change in the underlying payroll business.
- Cybersecurity and data protection — Paychex holds sensitive payroll, tax and personal data for millions of employees at its client companies; a data breach would damage trust in a business built on handling that information correctly.
- Regulatory and tax law changes — Payroll processing must keep pace with changing federal, state and local tax and employment rules; errors or delays in adapting to new requirements create compliance risk for both Paychex and its clients.
看多理由
Buyers argue that payroll is a service clients rarely switch once set up, that the Paycor acquisition adds scale and a stronger position with larger small-business clients, and that combined Management Solutions and PEO revenue growth shows the business keeps taking share even against well-funded competitors.
看空理由
Sellers worry that newer, cloud-native HCM platforms are winning smaller and younger businesses away from incumbents like Paychex, that integrating Paycor could prove more disruptive than expected, and that float income built into recent results would fade if interest rates fall meaningfully.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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资产负债表与流动性
营收
$6.30B
最近12个月(截至2026/5/31)
净利润
$1.76B
最近12个月(截至2026/5/31)
自由现金流
$2.32B
股东权益合计
$3.74B
负债合计
$12.44B
流动比率
1.26
利息覆盖率
9.32
债务/EBITDA
1.57
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$114.91
当前价格
$125.31
安全边际
-9.1%
公允价值区间
$87.00 - $142.81
估算方法
估值指标
市盈率(P/E)
25.77
ROE
47.1%
市净率(P/B)
12.00
P/FCF
19.30
毛利率
73.4%
ROIC
21.3%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
21.3%
WACC
8.6%
ROIC − WACC
+12.6 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
基本面分析标准
通过(19)
- EPS shows upward trend
- EPS CAGR 6.55%
- Price CAGR 7.42%
- ROIC 21.2%
- Gross Margin 73.4%
- P/FCF 19.30
- Debt/Equity ratio
- Operating Margin 39.8%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 45.1%
- Revenue Growth 5Y 9.9%
- Earnings Quality (OCF/NI) 1.45
- Share Dilution -0.5%
- Piotroski F-Score 7/9
未通过(8)
- P/B Ratio 12.00
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 8% Buy
- Earnings Surprise avg -0.2%
- PEG Ratio 2.42
- Net Margin Trend 27.9% vs 30.6%
不可用(1)
- Dividend Payout NaN%
Piotroski F-评分
财务状况强健
盈利质量
高质量:盈利有现金流支撑
股权稀释
正在回购股份,对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. John B. Gibson Jr. | President, CEO & Director | 58 |
| Mr. Robert Lewis Schrader | Senior VP & CFO | 52 |
| Mr. Adam Brooks Ante | Senior Vice President of HCM | 44 |
| Ms. Elizabeth Roaldsen | Senior Vice President of Operations & Customer Experience | 53 |
| Mr. Ryan Norman Bergstrom | Chief Product & Technology Officer | 46 |
| Ms. Prabha Sipi Bhandari | Senior VP, Chief Legal Officer, Chief Ethics Officer & Secretary | 54 |
审计风险
1
董事会风险
6
薪酬风险
5
股东权利风险
2
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for PAYX, sourced from Markets Gazette.
- 3/25/2026NEUTRALPaychex Gears Up For Q3 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts
Paychex Inc. (NASDAQ: PAYX) is scheduled to report its third-quarter earnings on March 25th. Wall Street analysts are forecasting earnings per share of $1.67 and revenue of $1.78 billion. Ahead of the print, the stock experienced a 3.1% decline, closing at $90.61 on Tuesday. The upcoming earnings report will be crucial for investors to assess the company's performance against these expectations and gauge future growth prospects.
- 2/21/2026NEUTRALPaychex: A Strong Contender in the Payroll Processing Arena
The article dissects Paychex's business model and financial health, a leader in payroll processing. It questions whether the stock is a good investment, suggesting a fundamental analysis rather than a news with immediate market impact.
via Markets Gazette