PAYCHEX INC (PAYX)
Services-Engineering, Accounting, Research, Management
Latest Price
$116.84
TTM P/E
25.68
Normalized P/E
26.29
Div Yield
3.79%
Book Value
11.17
P/B Ratio
10.46
Valuation metrics
adjust assumptions →EPS: $4.89
Book value / share: $10.50
Formula: √(22.5 × EPS × BVPS)
Graham Number
$34.00
71% 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
71% 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
+14% upside
EPS: $4.89
Target P/E: 26×
Formula: EPS × P/E
P/E Fair Value
$127.14
+9% upside
Institutional Ownership
78.2% held by institutions| Institution | Shares | Value | Ownership % | Change | Filing Date |
|---|---|---|---|---|---|
| Capital International Investors | 29.95M | $2.76B | 8.42% | -316.5K | 2026-03-31 |
| BlackRock, Inc. | 28.41M | $2.62B | 7.99% | +536.1K | 2026-03-31 |
| VANGUARD CAPITAL MANAGEMENT LLC | 20.97M | $1.93B | 5.90% | -- | 2026-03-31 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 15.25M | $1.40B | 4.29% | -- | 2026-03-31 |
| STATE STREET CORP | 14.05M | $1.29B | 3.95% | +61.2K | 2026-03-31 |
| GEODE CAPITAL MANAGEMENT, LLC | 10.27M | $951.0M | 2.89% | +565.1K | 2026-03-31 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 9.38M | $863.0M | 2.64% | -2.17M | 2026-03-31 |
| FEDERATED HERMES, INC. | 5.89M | $542.0M | 1.66% | +3.48M | 2026-03-31 |
| MORGAN STANLEY | 5.30M | $488.0M | 1.49% | +454.8K | 2026-03-31 |
| Invesco Ltd. | 5.25M | $483.0M | 1.48% | +1.29M | 2026-03-31 |