Question 1

What is Paychex's P/B ratio?

Accepted Answer

Paychex (PAYX) P/B ratio is 10.6× as of July 22, 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 5.6×.

Question 5

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

Accepted Answer

Paychex's P/B ratio of 10.6× is below its own 5-year average of 12.4× and above the sector median of 5.6×. That places the current reading at the 14th 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 12.4× and the 5-year median is 12.6×.

Question 7

What was Paychex's P/B ratio in 2026?

Accepted Answer

Paychex (PAYX) P/B ratio at the end of 2026 was 9.8×. 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.


2026	$36.6B	$3.74B	9.8×	-4.0×	May 31, 2026
2025	$56.9B	$4.13B	13.8×	+2.4×	May 31, 2025
2024	$43.3B	$3.8B	11.4×	+0.6×	May 31, 2024
2023	$37.8B	$3.49B	10.8×	-3.7×	May 31, 2023
2022	$44.7B	$3.09B	14.5×	+2.1×	May 31, 2022
2021	$36.4B	$2.95B	12.3×	+3.1×	May 31, 2021
2020	$25.8B	$2.78B	9.3×	-2.5×	May 31, 2020
2019	$30.8B	$2.62B	11.8×	+0.1×	May 31, 2019
2018	$23.5B	$2.02B	11.6×	+0.7×	May 31, 2018
2017	$21.3B	$1.96B	10.9×	+0.7×	May 31, 2017
2016	$19.5B	$1.91B	10.2×	+0.2×	May 31, 2016
2015	$17.9B	$1.79B	10.0×	+1.6×	May 31, 2015
2014	$14.9B	$1.78B	8.4×	+0.8×	May 31, 2014
2013	$13.6B	$1.77B	7.7×	+0.9×	May 31, 2013
2012	$10.9B	$1.6B	6.8×	-1.0×	May 31, 2012
2011	$11.7B	$1.5B	7.8×	+0.5×	May 31, 2011
2010	$10.2B	$1.4B	7.3×	-0.4×	May 31, 2010
2009	$10.3B	$1.34B	7.7×	-2.8×	May 31, 2009
2008	$12.5B	$1.2B	10.4×	+2.5×	May 31, 2008
2007	$15.4B	$1.95B	7.9×	-0.6×	May 31, 2007
2006	$14B	$1.65B	8.4×	+0.5×	May 31, 2006
2005	$10.9B	$1.39B	7.9×	-4.1×	May 31, 2005
2004	$14.4B	$1.2B	12.0×	+1.3×	May 31, 2004
2003	$11.5B	$1.08B	10.7×	-3.4×	May 31, 2003
2002	$13B	$924M	14.1×	—	May 31, 2002


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P/B Ratio for Paychex (PAYX) 2002-2026

P/B Ratio daily chart for Paychex (PAYX)

Historical P/B Ratio for Paychex (PAYX) from 2002 to 2026

About P/B Ratio at Paychex (PAYX)

Paychex P/B Ratio by Year

Paychex P/B Ratio 2026: 9.8×

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×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Paychex (PAYX) Key Financials