Paychex (PAYX)
Payroll and HR software with outsourcing, retirement, and business insurance services.
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Sells payroll and human-capital-management software alongside retirement administration, HR outsourcing, PEO co-employment, and insurance, mainly to U.S. businesses. Revenue comes chiefly from service fees, with additional interest earned while payroll and tax funds await remittance.
Provides payroll processing and human-capital-management software through SurePayroll, Paychex Flex, and Paycor, supported by payroll specialists and HR advisers. Management Solutions also covers HR administration, time and attendance, benefits, retirement-plan recordkeeping, and compliance support for customers across the United States and parts of Europe.
Extends that platform into administrative-services and professional-employer-organization arrangements, where clients can outsource broader HR duties and, under the PEO model, share employment responsibilities. Insurance agencies place workers' compensation, health, and other business coverage through third-party carriers.
Combines self-service software with managed processing and advisory expertise, giving smaller employers a modular path from payroll into broader workforce services while Paycor expands reach upmarket. Revenue and demand remain tied to employment levels, new-business formation, regulation-driven HR complexity, client retention, and interest earned on funds held before payroll and tax remittance.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 16, 2026 | Needham | Upgrade | Rating: — | |
| Sep 16, 2026 | Itau BBA | Downgrade | Rating: — | |
| Sep 16, 2026 | FBN Securities | Initiate | Rating: — | |
| Sep 16, 2026 | Barclays | Downgrade | ||
| Sep 16, 2026 | Morgan Stanley | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, May 31, 2026Cash & short-term investments $1.18B · Total debt $4.63B · Total assets $16.17B · Shareholders' equity $3.74B
- Revenue
- $1.61B
- Operating income
- $604.7M
- Net income
- $420.6M
HistoryDividendAnnual yield
| Institutions | 86.24% | 306.74M shares | |
|---|---|---|---|
| 1,576 holders · as of Jun 30, 2026 | |||
| Insiders | 10.29% | 36.61M shares | |
| 24 holders · as of Sep 2, 2026 | |||
| Other | 3.47% | 12.33M shares | |
| remainder | |||
355.68M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
B. Thomas GolisanoInsider10 percent owner | 10.03% | 35.69M | filed Sep 2, 2026 |
Capital International InvestorsInstitution | 8.11% | 28.84M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.80% | 27.75M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 5.92% | 21.04M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.30% | 15.28M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 20, 2026 | Robert L. Schrader | officer: Sr. VP, CFO | −2,600 | $115.09 |
| Jul 17, 2026 | Christopher C. Simmons | officer: VP, Controller & Treasurer | −2,615 | $115.92 |
| Jul 14, 2026 | Martin Mucci | director, other: Chairman | −25,000 | $109.93 |
| Jun 26, 2026 | Joseph M. Tucci | director | −3,907 | $98.25 |
| May 13, 2026 | Elizabeth Roaldsen | officer: Sr. Vice President | −459 | $90.00 |
- ADP
Head-to-head across payroll, HCM SaaS, PEO, and tax compliance at every scale.
- Intuit
Dominant accounting-payroll bundle for small businesses via QuickBooks.
- Paylocity
Modern mid-market HCM SaaS whose top client source is ADP/Paychex defectors.
- Workday
Enterprise HCM SaaS leader competing in the upper tier Paycor now targets.
- Paycom Software
Single-database mid-market HCM platform that directly names Paychex as a rival.
- TriNet Group
Largest publicly traded pure-play PEO, competing head-to-head with Paychex PEO.
- Insperity
High-touch full-service PEO competing with Paychex PEO across the SMB tier.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Paychex | $113.62 | −1.21% | $40.91B | 23.6 | 19.1 | 6.3 | +12.5% |
| ADP | $267.87 | −0.77% | $107.90B | 24.7 | 21.8 | 4.9 | +6.8% |
| Intuit | $289.09 | −4.94% | $83.19B | 18.4 | 12.3 | 3.9 | +13.7% |
| Paylocity | $143.98 | −0.30% | $7.73B | 29.4 | 16.3 | 4.4 | +11.0% |
| Workday | $188.64 | −1.71% | $50.27B | 38.9 | 15.7 | 4.9 | +12.8% |
| Paycom Software | $224.31 | −0.85% | $10.20B | 24.0 | 17.0 | 4.8 | +9.8% |
| TriNet Group | $66.02 | −0.96% | $3.06B | 17.9 | 15.6 | 0.6 | −4.9% |
| Insperity | $50.41 | +0.30% | $1.92B | — | 20.8 | 0.3 | +1.7% |
| Median | 24.3 | 16.3 | 4.4 | +9.8% |