Paychex Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Paychex Inc (PAYX) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Paychex Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 6,603M vs -M combined for tracked competitors (100.0% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (-1.2% annualized vs trailing 12 months).
- Scale: Paychex Inc ranks #17 of 168 companies by market capitalization in the Professional Services industry, holding 1.1% of industry market cap.
- Peer revenue share: Paychex Inc accounted for 100.0% of combined revenue among its tracked peer group, up from 100.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.38M compares with $0.46M for the peer group (0.8x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
PAYX Sales vs. its Competitors, Q1 2026
Paychex Inc generated 100.00 % of the combined sales of its peer group, up from 100.00 % a year earlier.
For context: the Professional Services industry grew revenue 6.8% year over year, combined, vs 5.9% for Paychex Inc. Paychex Inc's share of combined industry revenue moved from 0.29% to 0.29%, a gain of 0.00 percentage points.
Paychex Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Paychex Inc | Yes | Yes | Yes | Yes |
| Competitors combined (25) | ||||
| High-Confidence Competitors (9) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 87.50 % (7 of 8) | 75.00 % (6 of 8) | 14.30 % (1 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
PAYX Stock Performance relative to its Competitors
PAYX Stock Performance relative to High-Confidence Competitors
PAYX Stock Performance relative to Similar-Size Competitors
PAYX Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Everi Holdings Inc | 282.9% | Outperformed |
| 2 | Cass Information Systems Inc | 282.9% | Outperformed |
| 3 | Paycor Hcm Inc | 282.9% | Outperformed |
| 4 | Employers Holdings Inc | 282.9% | Outperformed |
| 5 | Diebold Nixdorf Incorporated | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Paychex Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Paychex Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Paychex Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Paychex Inc | 35,410.38 | 6,602.50 |
| Automatic Data Processing Inc | 105,583.94 | 21,947.40 |
| Intuit Inc | 74,623.80 | 21,448.00 |
| Equifax Inc | 17,376.98 | 6,444.50 |
| Dayforce Inc | 11,163.63 | 1,893.70 |
| Paycom Software Inc | 10,125.72 | 2,140.70 |
| SUBTOTAL | 307,684.87 | 103,123.17 |
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Sources: Paychex Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Paychex Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Paychex Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Paylocity Holding Corporation | Named by the company | 85% |
| Paycor Hcm Inc | Named by the company | 85% |
| Equifax Inc | Named by the company | 85% |
| Barrett Business Services Inc | Named by the company | 85% |
| Insperity Inc | Named by the company | 85% |
| Conduent Inc | Named by the company | 85% |
| Asure Software Inc | Named by the company | 85% |
| Paycom Software Inc | Named by the company | 85% |
| Trinet Group Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Paychex Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Paychex Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Automatic Data Processing Inc | Employer Services 67.96 % |
| Intuit Inc | Consumer 61.61 % |
| Equifax Inc | Workforce Solutions 41.49 % |
| Paylocity Holding Corporation | Reportable 100.00 % |
| Aci Worldwide Inc | Payment Software 50.14 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Paychex Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Paychex Inc | 35,410 | 375,142 | 102,614 |
| Automatic Data Processing Inc | 105,584 | 378,403 | 76,095 |
| Intuit Inc | 74,624 | 1,153,118 | 245,484 |
| Equifax Inc | 17,377 | 429,633 | 46,420 |
| Dayforce Inc | 11,164 | 631,233 | -49,933 |
| Paycom Software Inc | 10,126 | 371,005 | 84,506 |
| PEERS TOTAL | 272,274 | 462,315 | 60,666 |
Paychex Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Aci Worldwide Inc | United States 64.29 % |
| Cbiz Inc | United States 99.96 % |
| Euronet Worldwide Inc | Europe 60.43 % |
| The Western Union Company | North America Member 34.31 % |
| Insperity Inc | Northeast 27.81 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Paychex Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 155 companies in Paychex Inc's industry classification, broader than the peer set above. Market cap in millions of $.Paychex Inc ranks #17 of 155 companies by market capitalization in its industry, holding 1.14 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,029, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Visa Inc | 705,447 | 22.66 % |
| 2 | Mastercard Incorporated | 500,352 | 16.07 % |
| 3 | Repay Holdings Corporation | 308,989 | 9.93 % |
| 4 | Alibaba Group Holding Limited | 254,590 | 8.18 % |
| 5 | Uber Technologies Inc | 1,234 | 5.2% |
| 6 | Accenture Plc | 1,234 | 5.2% |
| 7 | Pdd Holdings inc | 1,234 | 5.2% |
| 8 | Orix Corporation | 1,234 | 5.2% |
| 9 | Mercadolibre Inc | 1,234 | 5.2% |
| 10 | Uxin Limited | 1,234 | 5.2% |
| 17 | Paychex Inc | 35,640 | 1.14 % |
Market cap and industry share for the rest of Paychex Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Paychex Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 12 | Relx Plc | 62,563 | -28.95 % |
| 13 | Sea Limited | 61,614 | -48.07 % |
| 14 | Paypal Holdings Inc | 49,312 | -19.69 % |
| 15 | Ebay Inc | 48,103 | 13.54 % |
| 16 | Msci Inc | 1,234 | 12.3% |
| 17 | Paychex Inc | 35,640 | -21.86 % |
| 18 | Corpay Inc | 1,234 | 12.3% |
| 19 | Fiserv Inc | 1,234 | 12.3% |
| 20 | Brookfield Corporation | 1,234 | 12.3% |
| 21 | Global Payments Inc | 1,234 | 12.3% |
| 22 | Broadridge Financial Solutions Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Paychex Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Paychex Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Professional Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (230 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 74.39 % | 47.17 % (avg) | +27.2 pp |
| Operating Margin | 39.19 % | industry median | - |
| EBITDA Margin | 47.35 % | 5.74 % (avg) | +41.6 pp |
| Capital Intensity (Capex / Revenue) | - | 4.25 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Paychex Inc's Valuation vs Competitive Position
Valuation multiples vs the Professional Services industry average (230 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 23.1x | 25.6x | -2.5x |
| EV / EBITDA | 14.4x | 15.4x | -0.9x |
| P/B | 10.7x | 3.7x | +7.0x |
| Return on Equity | 46.36 % | industry aggregate | 0.00 % |
| Return on Invested Capital | 19.32 % | 5.25 % (avg) | 14.07 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Paychex Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 6.84 % | 16.60 % | -1.48 % | 9.02 % | 11.18 % | 7.01 % | 4.18 % | 12.37 % |
| Operating Margin | 35.78 % | 35.57 % | 35.43 % | 39.37 % | 39.96 % | 40.89 % | 41.98 % | 35.36 % |
| Return on Invested Capital | 26.58 % | 22.38 % | 20.29 % | 23.08 % | 25.19 % | 25.58 % | 25.67 % | 16.89 % |
| P/E | 25.3x | 28.6x | 31.1x | 35.4x | 29.3x | 26.3x | 29.9x | 26.5x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Paychex Inc's Strategic Group Map
Every company in Paychex Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Paychex Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Paychex Inc's BCG Growth-Share Matrix
Relative market share (vs Paychex Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Paychex Inc falls in the Dog quadrant: relative market share of 0.05x vs its largest competitor, in an industry growing revenue 5.2% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Paychex Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,029 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Paychex Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Paychex Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Paychex Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Paychex Inc falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Paychex Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.05x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- Trades at a lower P/E than the industry average (23.1x vs 25.6x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Paychex Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Paychex Inc | 0.18 | 1.27 | 1.22 |
| Automatic Data Processing Inc | 0.07 | 1.05 | 1.08 |
| Intuit Inc | 0.39 | 1.43 | 0.35 |
| Equifax Inc | 0.08 | 0.63 | 1.12 |
| Dayforce Inc | 0.11 | 1.06 | 0.46 |
| Paycom Software Inc | 0.08 | 1.10 | 0.33 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Paychex Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Paychex Inc | Q3 2026 | +5.9 % | +12.0 % |
| Automatic Data Processing Inc | Q2 2026 | +6.8 % | +7.5 % |
| Intuit Inc | Q2 2026 | +13.7 % | -4.7 % |
| Equifax Inc | Q2 2026 | +10.6 % | -3.9 % |
| Dayforce Inc | Q3 2025 | +9.6 % | - |
| Paycom Software Inc | Q2 2026 | +9.8 % | +20.0 % |
| PEERS TOTAL | +6.4 % | -3.8 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Paychex Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Paychex Inc | Q3 2026 | +3.9 % | -11.1 % |
| Automatic Data Processing Inc | Q2 2026 | +2,340.2 % | +39.3 % |
| Intuit Inc | Q2 2026 | -2.3 % | +192.0 % |
| Equifax Inc | Q2 2026 | +16.4 % | +10.5 % |
| Dayforce Inc | Q3 2025 | - | +0.0 % |
| Paycom Software Inc | Q2 2026 | +1.8 % | -61.6 % |
Paychex Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Paychex Inc | 10.96% | 19.01% | 46.36% |
| Automatic Data Processing Inc | 7.50% | 33.58% | 70.78% |
| Intuit Inc | 12.49% | 16.28% | 23.22% |
| Equifax Inc | 5.85% | 6.95% | 15.02% |
| Dayforce Inc | - | - | - |
| Paycom Software Inc | 8.92% | 22.73% | 40.43% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Paychex Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Paychex Inc | 19.70 | 5.36 |
| Automatic Data Processing Inc | 23.97 | 4.81 |
| Intuit Inc | 16.36 | 3.48 |
| Equifax Inc | 25.71 | 2.70 |
| Dayforce Inc | - | 5.90 |
| Paycom Software Inc | 23.54 | 4.73 |
| PEERS AVERAGE | 21.26 | 2.98 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.