Paychex, Inc.

PAYX · Consumer Discretionary · $40.9B mkt cap · FY2025 filings · Wide moat

On the watchlist

Wide moat

The four filters

Pricing power100

Median gross margin 69.7% over 8y, very stable.

Returns on capital100

Median ROIC 41.1%, above the 9% hurdle in 100% of years.

Balance-sheet safety81

Net debt/EBITDA 1.4x, interest coverage 21x.

Capital discipline55

Owner earnings +4.9%/yr, share count flat.

Margin of safety

Above valueOn sale

39% above value

Owner earnings (normalized): $1.6B
Est. intrinsic value / share: $81.53
Recent price: $113.53
Discount to value: 39% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PAYX. See the disclaimer.