Credit and interest ratespositive · 6 filings
“Interest expense: Interest expense decreased by $3.1 million to $65.1 million for the first quarter, primarily reflecting lower outstanding debt balances.”10-Q · Sep 24, 2026 ↗
Paychex, Inc.
PAYX
You’ve read what changed. Here’s whether the market is confirming it.
Market read
Paychex, Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 27 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
What changed
- Revenue increased 19.5% versus the comparable filing period.
- Operating margin fell 2.0 percentage points.
Company+2.4% todayVolume comparison unavailable
Market group0 of 27 activeMixed Multi-Sector · unavailable
Disclosed network0 of 7 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Interest expense decreased as outstanding debt balances fell, supporting the latest period’s expense profile.
- Management Solutions revenue increased with higher revenue per client from price realization and product penetration.
Invalidation: The isolated read changes if PAYX's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 27 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 19.5% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 2.0 percentage points.
- Net margin fell 3.4 percentage points.
What would clarify the read
- Interest expense decreased as outstanding debt balances fell, supporting the latest period’s expense profile.
- Management Solutions revenue increased with higher revenue per client from price realization and product penetration.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations616
Usable filing statements125
Verified relationships11
Evidence supporting the case
- Latest annual revenue changed +16.5% year over year.
- Operating cash flow covered net income at 1.45x in the latest annual period.
- Credit and interest rates has repeated favorable evidence across 6 filings.
Evidence challenging the case
- Net margin changed -2.7 percentage points in the latest annual period.
Questions before a position
- P/E is 31% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 48% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Oct 1, 2026
100.846m+10.9%12m-20.4%24m-24.2%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2022-05-31$4.6B+13.9%$3.84+0.3%
2023-05-31$4.9B+7.8%$4.30-0.2%
2024-05-31$5.1B+4.6%$4.67-0.1%
2025-05-31$5.4B+5.4%$4.58-0.0%
2026-05-31$6.3B+16.5%$4.89-0.6%
What management says matters
Persistent and emerging business drivers
Restructuring and cost reductionsmixed · 3 filings
“Acquisition-related costs: o Acquisition-related costs were primarily associated with the April 2025 acquisition of Paycor and include the amortization of intangibles acquired in the acquisition of Paycor, compensation costs related to the acquisition and int…”10-Q · Sep 24, 2026 ↗
Supply chain and availabilitymixed · 2 filings
“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 ↗
Labor availability and costsmixed · 1 filings
“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
Descriptive valuation snapshot
Price/sales 5.8× · EV/sales 6.3×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
100.84+2.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 1 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
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
Reported financial figures are not available yet
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.
Earlier comparable assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-03-26 against the comparable filing from 2025-03-26.
A newer Struct brief is shown above. This older assessment remains here for comparison, not as the current read.
OperationsmixedEvidence score +1
liquidityneutralEvidence score 0
valuationpremium
What improved
- Revenue increased 19.5% versus the comparable filing period.
What weakened
- Operating margin fell 2.0 percentage points.
- Net margin fell 3.4 percentage points.
Filing receipts
“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
The relationships behind PAYX
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
JPMJPMorgan Chase & Co.lenderMar 26, 2026 ▾
“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.”
ADPAutomatic Data Processing, Inc.partnerJul 11, 2025 ▾
“Our Peer Group for fiscal 2025 is comprised of the following companies: Automatic Data Processing, Inc.”
Depended on by
BILLBILL Holdings, Inc.partnerMay 8, 2026 ▾
“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.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
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
Theme membership history
No durable theme membership has been observed for this name yet.