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Paychex PAYX Net debt / EBITDA

Net debt / EBITDA at other companies

Automatic Data Processing, Inc. logo
Automatic Data Processing, Inc.ADP
0.2×+0.1×
Equifax logo
EquifaxEFX
2.7×0.0×
ROP
Roper Technologies, Inc.ROP
3.2×+0.7×
Global Payments logo
Global PaymentsGPN
5.2×+1.7×
Corpay logo
CorpayCPAY
3×-0.1×
PayPal Holdings, Inc. logo
PayPal Holdings, Inc.PYPL
-1.8×-2.6×

Other financials

Income statement

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Revenue$1.8B+19.9%
Gross profit$1.4B+22.8%
Operating income$792.0M+14.5%
Net income$560.3M+7.9%
EPS (diluted)$1.56+9.1%

Balance sheet

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Cash & equivalents$1.7B+11.4%
Total debt$4.6B+434%
Total equity$4.0B-2.5%
Total assets$17.5B+56.1%

Cash flow

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Operating cash flow$812.5M+13.5%
CapEx$51.0M+4.7%
Free cash flow$761.5M+14.1%

Valuation

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Market cap$34.96B-38.4%
Enterprise value$37.83B-32.3%
P/E21.4×-11.3×
P/S5.5×-4.9×

Profitability

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Gross margin73.9%+1.9pp
Operating margin36.9%-4.6pp
Net margin25.8%-6.1pp

Returns & leverage

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Return on equity40.3%-4.0pp
Debt / equity1.1×+0.9×
Current ratio1.3×-0.1×

Where this comes from

Calculated from Paychex’s reported figures.

net debt/ebitda=1×

Based on the most recent quarter.

The official record: Paychex’s 10-Q, filed March 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Paychex's net debt / EBITDA?
Paychex (PAYX) reported net debt / EBITDA of 1× in Q4 2025.
How has Paychex's net debt / EBITDA changed year-over-year?
Paychex's net debt / EBITDA increased by 461.7% year-over-year, from -0.3× to 1×.
What is the long-term trend for Paychex's net debt / EBITDA?
Over 4 years (2021 to 2025), Paychex's net debt / EBITDA has grown at a -23.3% compound annual growth rate (CAGR), from -1.6× to 0.6×.
What does net debt / EBITDA mean?
How many years of operating earnings it would take to pay off the company's net debt.
How do you interpret net debt / EBITDA?
Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.
How does net debt / EBITDA compare across companies?
A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.