Paychex Inc (PAYX)

Services-Engineering, Accounting, Research, Management

Latest Price

$98.50

TTM P/E

Normalized P/E

21.86

Div Yield

4.61%

Book Value

10.41

P/B Ratio

9.46

Valuation metrics

EPS: $4.89

Book value / share: $10.50

Formula: √(22.5 × EPS × BVPS)

Graham Number

$34.00

65% downside

Norm. op. income: $2.0B (median of 7yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$33.92

66% downside

Base FCF: $1.7B (median of recent 5yr)

Growth: 12%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$132.99

+35% upside

EPS: $4.89

Target P/E: 22×

Formula: EPS × P/E

P/E Fair Value

$107.58

+9% upside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
XXEC, Inc.	108.49M	$1.12B	30.48%	+108.46M	2026-06-30
Capital International Investors	28.84M	$2.84B	8.10%	-1.11M	2026-06-30
BlackRock, Inc.	27.75M	$2.73B	7.80%	-661.3K	2026-06-30
Vanguard Capital Management LLC	21.04M	$2.07B	5.91%	+75.4K	2026-06-30
Vanguard Portfolio Management LLC	15.28M	$1.50B	4.29%	+28.2K	2026-06-30
State Street Corp	14.41M	$1.42B	4.05%	+361.7K	2026-06-30
Invesco Ltd.	13.04M	$1.28B	3.66%	+7.79M	2026-06-30
Charles Schwab Investment Management Inc	10.40M	$1.02B	2.92%	+1.03M	2026-06-30
Sixth Street Partners Management Company, L.P.	10.40M	$1.02B	2.92%	--	2026-06-30
Geode Capital Management, LLC	10.25M	$1.01B	2.88%	-20.5K	2026-06-30