What are Paychex's profit margins?

Paychex (PAYX) runs a 73.9% gross margin and a 36.9% operating margin, with a 25.8% net margin.

Where do Paychex's ratios come from?

Every ratio is computed from Paychex's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Paychex PAYX Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	TTM Q3 '26	TTM Q2 '26	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25
Profitability
Gross margin	292.5%+1.9pp	290.6%+1.6pp	289%+1.1pp	288%+0.4pp	287.6%+0.3pp
Operating margin	151.6%-4.6pp	156.2%-4.2pp	160.4%-3.1pp	163.6%-1.6pp	165.1%+0.4pp
Net margin	109.9%-6.1pp	116%-5.6pp	121.6%-4.1pp	125.7%-2.3pp	128%+0.1pp
EBITDA margin	172.5%-1.2pp	173.7%-1.6pp	175.3%-1.6pp	176.9%-1.1pp	178%+0.1pp
Free cash flow margin	128.9%+3.5pp	125.4%+3.8pp	121.6%+2.1pp	119.4%-2.2pp	121.6%-7.4pp
Returns
Return on equity	164.2%-4.0pp	168.2%-5.3pp	173.5%-4.4pp	177.9%-4.5pp	182.4%-2.2pp
Return on assets	47.4%-3.0pp	50.3%-3.4pp	53.8%-3.1pp	56.8%-3.9pp	60.7%+0.3pp
Return on invested capital	129.6%-19.8pp	149.4%-19.1pp	168.5%-24.5pp	193%-19.5pp	212.5%-1.0pp
Efficiency
Asset turnover	1.7×0.0×	1.7×0.0×	1.8×0.0×	1.8×-0.1×	1.9×0.0×
Liquidity
Current ratio	5.1×-0.1×	5.2×-0.1×	5.3×-0.1×	5.4×-0.1×	5.5×+0.2×
Quick ratio	5.1×-0.1×	5.2×-0.1×	5.3×-0.1×	5.4×-0.1×	5.5×+0.2×
Cash ratio	0.8×0.0×	0.8×0.0×	0.8×-0.2×	1×0.0×	1×+0.1×
Leverage
Debt-to-equity	4.6×+0.9×	3.7×+1.0×	2.7×+0.9×	1.8×+0.9×	0.9×0.0×
Debt-to-assets	1.1×+0.2×	0.9×+0.2×	0.7×+0.2×	0.5×+0.2×	0.3×0.0×
Net debt / EBITDA	5×+1.3×	3.7×+1.4×	2.4×+1.8×	0.6×+1.5×	-0.9×+0.1×
Interest coverage	53.1×-41.4×	94.5×-59.4×	153.9×-50.6×	204.6×-37.3×	241.9×+17.5×
Per Share
Book value per share	$44.31-0.5%	$44.51-0.2%	$44.60+0.8%	$44.27+2.1%	$43.36+2.4%
Valuation
Market capitalization	$181.31B-10.4%	$202.3B-5.8%	$214.78B+1.4%	$211.77B+7.1%	$197.77B+5.6%
Enterprise value	$194.16B-8.2%	$211.59B-4.1%	$220.57B+3.5%	$213.16B+9.0%	$195.56B+5.7%
Price / earnings	111.4×-10.8×	122.3×-5.4×	127.7×+3.3×	124.4×+9.0×	115.4×+4.8×
Price / sales	30.9×-4.7×	35.7×-3.1×	38.8×-0.2×	39×+2.1×	36.9×+1.6×
Price / book	45.3×-4.9×	50.1×-3.1×	53.2×+0.4×	52.8×+2.5×	50.3×+1.5×
EV / EBITDA	76.7×-8.9×	85.7×-5.1×	90.8×+2.0×	88.8×+6.8×	82.1×+3.5×
EV / sales	33.1×-4.2×	37.2×-2.6×	39.8×+0.5×	39.3×+2.7×	36.5×+1.6×
Free cash flow yield	17.9%+3.3pp	14.6%+2.0pp	12.6%+0.3pp	12.3%-1.0pp	13.3%-1.4pp
Earnings yield	14.9%+1.7pp	13.3%+0.7pp	12.6%-0.4pp	12.9%-1.0pp	14%-0.6pp
Dividend yield	13.9%+2.0pp	11.8%+1.2pp	10.7%+0.1pp	10.6%-0.5pp	11.1%-0.3pp

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Questions, answered.

What are Paychex's profit margins?: Paychex (PAYX) runs a 73.9% gross margin and a 36.9% operating margin, with a 25.8% net margin.
Where do Paychex's ratios come from?: Every ratio is computed from Paychex's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.