Question 1

What is Paychex's P/B ratio?

Accepted Answer

Paychex (PAYX) P/B ratio is 9.0× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Paychex?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Paychex specifically, the relevant sector benchmark is the current sector median of 5.0×.

Question 5

Is Paychex's P/B ratio high or low?

Accepted Answer

Paychex's P/B ratio of 9.0× is below its own 5-year average of 12.5× and above the sector median of 5.0×. That places the current reading at the 6th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Paychex's historical P/B ratio range?

Accepted Answer

In the available daily series, Paychex (PAYX) P/B ratio has ranged from a low of 6.0× in 2009 to a high of 16.4× in 2022. The 5-year average is 12.5× and the 5-year median is 12.6×.

Question 7

What was Paychex's P/B ratio in 2025?

Accepted Answer

Paychex (PAYX) P/B ratio at the end of 2025 was 13.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Paychex's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$56.89B	$4.13B	13.8×	+2.4×	May 31, 2025
2024	$43.26B	$3.80B	11.4×	+0.6×	May 31, 2024
2023	$37.83B	$3.49B	10.8×	-3.7×	May 31, 2023
2022	$44.68B	$3.09B	14.5×	+2.1×	May 31, 2022
2021	$36.38B	$2.95B	12.3×	+3.1×	May 31, 2021
2020	$25.81B	$2.78B	9.3×	-2.5×	May 31, 2020
2019	$30.83B	$2.62B	11.8×	+0.1×	May 31, 2019
2018	$23.54B	$2.02B	11.6×	+0.7×	May 31, 2018
2017	$21.28B	$1.96B	10.9×	+0.7×	May 31, 2017
2016	$19.54B	$1.91B	10.2×	+0.2×	May 31, 2016
2015	$17.90B	$1.79B	10.0×	+1.6×	May 31, 2015
2014	$14.94B	$1.78B	8.4×	+0.8×	May 31, 2014
2013	$13.57B	$1.77B	7.7×	+0.9×	May 31, 2013
2012	$10.87B	$1.60B	6.8×	-1.0×	May 31, 2012
2011	$11.69B	$1.50B	7.8×	+0.5×	May 31, 2011
2010	$10.20B	$1.40B	7.3×	-0.4×	May 31, 2010
2009	$10.27B	$1.34B	7.7×	-2.8×	May 31, 2009
2008	$12.46B	$1.20B	10.4×	+2.5×	May 31, 2008
2007	$15.37B	$1.95B	7.9×	-0.6×	May 31, 2007
2006	$13.95B	$1.65B	8.4×	+0.5×	May 31, 2006
2005	$10.93B	$1.39B	7.9×	-4.1×	May 31, 2005
2004	$14.39B	$1.20B	12.0×	+1.3×	May 31, 2004
2003	$11.49B	$1.08B	10.7×	-3.4×	May 31, 2003
2002	$13.01B	$923.98M	14.1×	—	May 31, 2002


PACCAR (PCAR)	3.1×
Franklin Electric Co. (FELE)	3.0×
Huntington Ingalls Industries (HII)	2.9×
Brady (BRC)	2.9×
Fortive (FTV)	2.9×
Southwest Airlines (LUV)	2.7×
Xylem (XYL)	2.6×
FedEx (FDX)	2.5×
Axon Enterprise (TASR)	2.4×
Builders FirstSource (BLDR)	2.3×
McGrath RentCorp (MGRC)	2.2×
Tennant (TNC)	2.2×
Delta Air Lines (DAL)	2.1×
AGCO (AGCO)	2.0×
Textron (TXT)	1.9×
Archer Aviation (ACHR)	1.9×
United Airlines Holdings (UAL)	1.9×
Alamo Group (ALG)	1.7×
Matthews International (MATW)	1.6×
MDU Resources Group (MDU)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Stanley Black & Decker (SWK)	1.2×
Alaska Air Group (ALK)	1.1×
Versant Media Group, Inc. Class A (VSNT)	0.7×

P/B Ratio for Paychex (PAYX)

P/B Ratio daily chart for Paychex (PAYX)

Historical P/B Ratio for Paychex (PAYX) from 2002 to 2025

About P/B Ratio at Paychex (PAYX)

Paychex P/B Ratio by Year

Paychex P/B Ratio 2025: 13.8×

Paychex P/B Ratio 2024: 11.4×

Paychex P/B Ratio 2023: 10.8×

Paychex P/B Ratio 2022: 14.5×

Paychex P/B Ratio 2021: 12.3×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Paychex (PAYX) Key Financials

P/B Ratio daily chart for Paychex (PAYX)

Historical P/B Ratio for Paychex (PAYX) from 2002 to 2025

About P/B Ratio at Paychex (PAYX)

Paychex P/B Ratio by Year

Paychex P/B Ratio 2025: 13.8×

Paychex P/B Ratio 2024: 11.4×

Paychex P/B Ratio 2023: 10.8×

Paychex P/B Ratio 2022: 14.5×

Paychex P/B Ratio 2021: 12.3×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Paychex's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Paychex?

+Is Paychex's P/B ratio high or low?

+What is Paychex's historical P/B ratio range?

+What was Paychex's P/B ratio in 2025?

+Why does Paychex's P/B ratio change over time?

Paychex (PAYX) Key Financials