Question 1

What is Paychex's P/E ratio?

Accepted Answer

Paychex (PAYX) P/E ratio is 22.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for Paychex?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Paychex specifically, the relevant sector benchmark is the current sector median of 27.8×.

Question 5

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

Accepted Answer

Paychex's P/E ratio of 22.1× is below its own 5-year average of 29.2× and below the sector median of 27.8×. 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/E ratio range?

Accepted Answer

In the available daily series, Paychex (PAYX) P/E ratio has ranged from a low of 14.3× in 2009 to a high of 50.6× in 2002. The 5-year average is 29.2× and the 5-year median is 30.6×.

Question 7

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

Accepted Answer

Paychex (PAYX) P/E ratio at the end of 2025 was 34.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$1.66B	34.3×	+8.7×	May 31, 2025
2024	$43.26B	$1.69B	25.6×	+1.3×	May 31, 2024
2023	$37.83B	$1.56B	24.3×	-7.8×	May 31, 2023
2022	$44.68B	$1.39B	32.1×	-1.1×	May 31, 2022
2021	$36.38B	$1.10B	33.1×	+9.6×	May 31, 2021
2020	$25.81B	$1.10B	23.5×	-6.3×	May 31, 2020
2019	$30.83B	$1.03B	29.8×	+4.6×	May 31, 2019
2018	$23.54B	$933.70M	25.2×	-0.8×	May 31, 2018
2017	$21.28B	$817.30M	26.0×	+0.2×	May 31, 2017
2016	$19.54B	$756.80M	25.8×	-0.7×	May 31, 2016
2015	$17.90B	$674.90M	26.5×	+2.7×	May 31, 2015
2014	$14.94B	$627.50M	23.8×	-0.0×	May 31, 2014
2013	$13.57B	$569.00M	23.9×	+4.0×	May 31, 2013
2012	$10.87B	$548.00M	19.8×	-2.9×	May 31, 2012
2011	$11.69B	$515.30M	22.7×	+1.3×	May 31, 2011
2010	$10.20B	$477.00M	21.4×	+2.1×	May 31, 2010
2009	$10.27B	$533.54M	19.3×	-2.4×	May 31, 2009
2008	$12.46B	$576.14M	21.6×	-8.2×	May 31, 2008
2007	$15.37B	$515.45M	29.8×	-0.2×	May 31, 2007
2006	$13.95B	$464.91M	30.0×	+0.4×	May 31, 2006
2005	$10.93B	$368.85M	29.6×	-17.9×	May 31, 2005
2004	$14.39B	$302.95M	47.5×	+8.3×	May 31, 2004
2003	$11.49B	$293.45M	39.2×	-8.2×	May 31, 2003
2002	$13.01B	$274.53M	47.4×	—	May 31, 2002


Pentair (PNR)	21.1×
Lennox International (LII)	20.6×
Copart (CPRT)	20.4×
Otis Worldwide (OTIS)	20.2×
Union Pacific (UNP)	19.9×
Allegion (ALLE)	19.7×
Alamo Group (ALG)	19.6×
Carlisle Companies (CSL)	18.8×
Automatic Data Processing (ADP)	18.8×
Snap-on (SNA)	18.5×
Brady (BRC)	18.5×
Canadian National Railway (CNI)	18.4×
United Rentals (URI)	18.4×
Pool (POOL)	18.1×
McGrath RentCorp (MGRC)	17.5×
A. O. Smith (AOS)	17.4×
FedEx (FDX)	16.9×
Textron (TXT)	16.6×
United Parcel Service (UPS)	15.9×
ABM Industries (ABM)	15.2×
Gartner (IT)	14.9×
AGCO (AGCO)	10.9×
Delta Air Lines (DAL)	9.7×
United Airlines Holdings (UAL)	8.2×
Versant Media Group, Inc. Class A (VSNT)	6.3×

P/E Ratio for Paychex (PAYX)

P/E Ratio daily chart for Paychex (PAYX)

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

About P/E Ratio at Paychex (PAYX)

Paychex P/E Ratio by Year

Paychex P/E Ratio 2025: 34.3×

Paychex P/E Ratio 2024: 25.6×

Paychex P/E Ratio 2023: 24.3×

Paychex P/E Ratio 2022: 32.1×

Paychex P/E Ratio 2021: 33.1×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Paychex (PAYX) Key Financials

P/E Ratio daily chart for Paychex (PAYX)

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

About P/E Ratio at Paychex (PAYX)

Paychex P/E Ratio by Year

Paychex P/E Ratio 2025: 34.3×

Paychex P/E Ratio 2024: 25.6×

Paychex P/E Ratio 2023: 24.3×

Paychex P/E Ratio 2022: 32.1×

Paychex P/E Ratio 2021: 33.1×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

+What is Paychex's P/E ratio?

+How is the P/E ratio calculated?

+What is the P/E ratio?

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

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

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

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

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

Paychex (PAYX) Key Financials