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%+4.9pp	290.6%+3.3pp	289%+2.0pp	288%+1.5pp	287.6%+2.1pp
Operating margin	151.6%-13.5pp	156.2%-8.5pp	160.4%-3.9pp	163.6%-0.5pp	165.1%+1.7pp
Net margin	109.9%-18.1pp	116%-11.9pp	121.6%-5.9pp	125.7%-1.2pp	128%+2.0pp
EBITDA margin	172.5%-5.5pp	173.7%-4.2pp	175.3%-2.4pp	176.9%-0.6pp	178%+0.9pp
Free cash flow margin	128.9%+7.2pp	125.4%-3.7pp	121.6%-13.9pp	119.4%-23.1pp	121.6%-19.2pp
Returns
Return on equity	164.2%-18.2pp	168.2%-16.4pp	173.5%-13.4pp	177.9%-10.9pp	182.4%-7.3pp
Return on assets	47.4%-13.3pp	50.3%-10.1pp	53.8%-6.8pp	56.8%-3.7pp	60.7%+0.9pp
Return on invested capital	129.6%-82.9pp	149.4%-64.1pp	168.5%-47.0pp	193%-23.3pp	212.5%+2.6pp
Efficiency
Asset turnover	1.7×-0.2×	1.7×-0.2×	1.8×-0.1×	1.8×-0.1×	1.9×0.0×
Liquidity
Current ratio	5.1×-0.5×	5.2×-0.2×	5.3×+0.1×	5.4×+0.4×	5.5×+0.5×
Quick ratio	5.1×-0.5×	5.2×-0.2×	5.3×+0.1×	5.4×+0.4×	5.5×+0.5×
Cash ratio	0.8×-0.3×	0.8×-0.2×	0.8×-0.1×	1×+0.1×	1×+0.2×
Leverage
Debt-to-equity	4.6×+3.7×	3.7×+2.8×	2.7×+1.8×	1.8×+0.8×	0.9×-0.1×
Debt-to-assets	1.1×+0.8×	0.9×+0.6×	0.7×+0.4×	0.5×+0.2×	0.3×0.0×
Net debt / EBITDA	5×+6.0×	3.7×+4.7×	2.4×+3.4×	0.6×+1.7×	-0.9×+0.1×
Interest coverage	53.1×-189×	94.5×-130×	153.9×-35.1×	204.6×+40.6×	241.9×+80.8×
Per Share
Book value per share	$44.31+2.2%	$44.51+5.1%	$44.60+8.2%	$44.27+9.4%	$43.36+9.4%
Valuation
Market capitalization	$181.31B-8.3%	$202.3B+8.0%	$214.78B+20.3%	$211.77B+20.8%	$197.77B+16.4%
Enterprise value	$194.16B-0.7%	$211.59B+14.4%	$220.57B+25.3%	$213.16B+23.4%	$195.56B+16.7%
Price / earnings	111.4×-4.0×	122.3×+11.6×	127.7×+20.8×	124.4×+17.7×	115.4×+10.0×
Price / sales	30.9×-6.0×	35.7×+0.3×	38.8×+4.7×	39×+5.2×	36.9×+3.7×
Price / book	45.3×-5.1×	50.1×+1.3×	53.2×+5.3×	52.8×+4.9×	50.3×+3.0×
EV / EBITDA	76.7×-5.3×	85.7×+7.2×	90.8×+15.2×	88.8×+13.7×	82.1×+8.1×
EV / sales	33.1×-3.4×	37.2×+2.3×	39.8×+6.2×	39.3×+5.9×	36.5×+3.8×
Free cash flow yield	17.9%+4.6pp	14.6%-0.1pp	12.6%-3.3pp	12.3%-4.6pp	13.3%-3.6pp
Earnings yield	14.9%+1.0pp	13.3%-1.3pp	12.6%-2.4pp	12.9%-2.1pp	14%-1.3pp
Dividend yield	13.9%+2.8pp	11.8%+0.4pp	10.7%-1.0pp	10.6%-1.0pp	11.1%-0.5pp

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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.