PAYX
Market read
The latest filing is mixed. 0 of 31 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
Invalidation: The isolated read changes if PAYX's group or a disclosed connection begins moving with it.
Research brief
The latest filing is mixed. 0 of 31 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
Company research
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
“Interest expense: Interest expense increased $164.1 million to $269.5 million in fiscal 2026, primarily due to the issuance of incremental debt in April 2025 to finance the acquisition of Paycor.”10-K · Jul 17, 2026 ↗
“isition-related costs (1) 10.7 16.7 51.6 16.7 Adjusted EBITDA $ 913.6 $ 751.6 22 % $ 2,292.1 $ 1,916.5 20 % (1) Acquisition-related costs included in selling, general and administrative expenses include: • $60.5 million for the third quarter and $181.5 millio…”10-Q · Mar 26, 2026 ↗
“In addition, acquisition-related costs for the three and nine months ended February 28, 2025 include $13.2 million, reflecting the amortization of financing fees related to debt instruments associated with the financing of the Paycor acquisition and the exclu…”10-Q · Mar 26, 2026 ↗
“n clients and HR outsourcing solutions worksite employees; o Higher revenue per client resulting from price realization and product penetration, including HR solutions and retirement; o The acquisition of Paycor; offset by o Lower revenue from ancillary servi…”10-K · Jul 11, 2025 ↗
Valuation discipline
Price/sales 6.6× · EV/sales 7.1×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 10:35 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
Jodie has not returned a relevant primary source or news item for PAYX. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
10-Q filed 2026-03-26 against the comparable filing from 2025-03-26.
“26 Table of Contents Interest expense: Interest expense increased $45.5 million to $68.1 million for the third quarter and $163.1 million to $204.8 million for the nine months, primarily due to the issuance of incremental debt to finance the acquisition of Paycor.”
“Management Solutions revenue increased due to the following: o Growth in the number of clients served, primarily driven by the acquisition of Paycor, and client worksite employees for HR Solutions; and o Higher revenue per client driven by Paycor's upmarket client base, price realization, and product penetration.”
“The changes in revenue as compared to the prior year periods were primarily driven by the following factors: • Management Solutions revenue: $1.4 billion for the third quarter and $3.7 billion for the nine months, reflecting increases of 23% and 22%, respectively.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
“10.2 2019 Credit Agreement, dated as of July 31, 2019 by and among Paychex of New York, the Company, the lender parties thereto, JPMorgan Chase Bank, N.A.”
“Our Peer Group for fiscal 2025 is comprised of the following companies: Automatic Data Processing, Inc.”
Depended on by
“In addition, we previously announced embed partnerships with Paychex, Oracle NetSuite, and Acumatica, which we expect will extend our platform's reach and offer new payment capabilities to our partners' users.”
Filing peers
Companies whose filings use similar operating language.
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What is moving around it
PAYX is currently a Participant in the organic co-movement group Mixed Multi-Sector. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for PAYX; it is not active in the latest market snapshot.
Context history
No durable theme membership has been observed for this name yet.