PAYX

Nasdaq

PAYCHEX INC

Industrials, Human Resource & Employment Services

$120.04

close 7 Aug 2026

-13.39%

52-week change

$42.69B

market cap

$85.45

$141.59

52-week range

Expected price

$125.10 – $152.90

Current price

$120.04

Signal

Could be undervalued

A historical-multiple reference, never a fair-value claim. The band uses only data public at each date and ends at the latest month — no forward estimates.

Current multiples

P/E (TTM)24.55x

P/S (TTM)6.56x

P/B11.43x

EV/EBITDA (TTM)15.63x

FCF yield (TTM)5.44%

PEG (TTM, GAAP)5.61

Context

P/E, own 5-year average28.77x

P/E, sector median29.72x*

Price at 5-year median P/E$140.07*

Indicated dividend yield3.97%

Forward — analyst consensus

Forward P/E (FY2027)20.07x*

Forward P/E (FY2028)18.80x

Forward PEG2.98*

Consensus EPS FY2027 (18 analysts)$5.98

EPS growth (FY2027→FY2028)6.74%

Revenue growth (FY2027)5.62%

Street view

Price target (mean)$109.57*

Target upside-8.72%

Ratings (buy / hold / sell)2 / 12 / 4

FY2027 EPS revisions, 30d (up / down)16 / 1

5-year history

Dashed line: average of month-end values

P/E (TTM)

P/S (TTM)

P/B

FCF yield (TTM)

Dividend yield

period to 31 May 2026, filed 17 Jul 2026, close 7 Aug 2026

Discounted cash flow

Ten projected years plus a perpetuity, prefilled from filings — a model to argue with, never a fair-value claim.

Free cash flow, last ten years and TTM

5Y CAGR +15.25%10Y CAGR +9.69%

Assumptions

Growth rate, years 1–10%

Perpetual growth%Discount rate%

Base FCF$M

As filed — not assumptions

Current price$120.04

Cash & equivalents$1.09B

Total debt$4.56B

Shares outstanding355.60M

Result

DCF price per share$318.24

Current price$120.04

Margin of safety+165.11%

PV of years 1–10$33.77B

PV of terminal value$82.86B

Equity value$113.17B

Market-implied growth+3.33%

Projected FCF, years 1–10

Hover for PV and growth

Projection detail

Override growth for any year; blank years use the uniform rate

Year	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	Terminal
Growth, %											2.5
FCF	$2.68B	$3.08B	$3.55B	$4.10B	$4.72B	$5.44B	$6.27B	$7.23B	$8.33B	$9.60B	$178.89B
PV	$2.48B	$2.64B	$2.82B	$3.01B	$3.21B	$3.43B	$3.66B	$3.90B	$4.17B	$4.45B	$82.86B

period to 31 May 2026, filed 17 Jul 2026, close 7 Aug 2026