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Company
Company
Ticker
PAYX
ADP
Headquarter
Rochester ,NY
US
Roseland ,NJ
US
CEO
John B. Gibson Jr.
Maria Black
Industry
Staffing & Employment Services
Staffing & Employment Services
Stock Price
Stock Price
Market Cap
Market Cap
$50.10 B
$122.44 B
Employees
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Employees
  • 16.60 K
  • 16.50 K
  • 19.00 K
  • 63.00 K
  • 64.00 K
  • 0
Y/Y
3.75%
0.6%
15.15%
5%
1.59%
100%

Income Statement

Revenue
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Revenue
  • $5.01 B
  • $5.28 B
  • $5.57 B
  • $18.01 B
  • $19.20 B
  • $20.56 B
Y/Y
8.57%
5.42%
5.56%
9.18%
6.61%
7.07%
Revenue by Products / Services
Revenue by Geography
Research and Development
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Research and Development
  • -
  • -
  • -
  • $844.80 M
  • $955.70 M
  • $988.60 M
Y/Y
0%
0%
0%
5.79%
13.13%
3.44%
Operating Income
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Operating Income
  • $2.03 B
  • $2.17 B
  • $2.21 B
  • $4.51 B
  • $4.94 B
  • $5.41 B
Y/Y
10.49%
6.94%
1.55%
18.48%
9.69%
9.49%
Tax Rate (%)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Tax Rate (%)
  • 24.00%
  • 24.00%
  • 24.00%
  • 23.00%
  • 23.00%
  • 23.00%
Y/Y
1.27%
0.75%
0.17%
2.8%
0.52%
0.78%
Net Income
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Net Income
  • $1.56 B
  • $1.69 B
  • $1.66 B
  • $3.41 B
  • $3.75 B
  • $4.08 B
Y/Y
11.81%
8.55%
1.96%
15.7%
9.96%
8.73%
Revenue Per Employee
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Revenue Per Employee
  • $301.63 K
  • $319.90 K
  • $293.25 K
  • $285.91 K
  • $300.04 K
  • -
Y/Y
4.65%
6.06%
8.33%
3.98%
4.94%
100%
Net Income Per Employee
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Net Income Per Employee
  • $93.81 K
  • $102.45 K
  • $87.23 K
  • $54.16 K
  • $58.63 K
  • -
Y/Y
7.77%
9.2%
14.86%
10.19%
8.25%
100%

Assets & Liabilities | Cash Flow

Total Assets
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Total Assets
  • $10.55 B
  • $10.38 B
  • $16.56 B
  • $50.97 B
  • $54.36 B
  • $53.37 B
Y/Y
9.46%
1.55%
59.53%
19.18%
6.65%
1.83%
Total Liabilities
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Total Liabilities
  • $7.05 B
  • $6.58 B
  • $12.44 B
  • $47.46 B
  • $49.82 B
  • $47.18 B
Y/Y
7.68%
6.68%
88.94%
20.69%
4.96%
5.29%
Capital Expenditures (Capex)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Capital Expenditures (Capex)
  • -$143.00 M
  • -$161.40 M
  • -$191.80 M
  • -$571.60 M
  • -$563.40 M
  • -$168.70 M
Y/Y
7.84%
12.87%
18.84%
3.29%
1.43%
70.06%

Profitability

Operating Income Margin (%)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Operating Income Margin (%)
  • 40.60%
  • 41.19%
  • 39.62%
  • 25.02%
  • 25.74%
  • 26.32%
Y/Y
1.75%
1.45%
3.81%
8.55%
2.88%
2.25%
Net Income Margin (%)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Net Income Margin (%)
  • 31.10%
  • 32.03%
  • 29.74%
  • 18.94%
  • 19.54%
  • 19.84%
Y/Y
2.98%
2.99%
7.15%
5.99%
3.17%
1.54%
EBITDA
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
EBITDA
  • $2.21 B
  • $2.43 B
  • $2.49 B
  • $5.24 B
  • $5.80 B
  • $6.24 B
Y/Y
8.76%
10.05%
2.43%
19.05%
10.59%
7.62%
Free Cash Flow (FCF)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Free Cash Flow (FCF)
  • $1.56 B
  • $1.74 B
  • $1.76 B
  • $3.64 B
  • $3.59 B
  • $4.77 B
Y/Y
13.37%
11.56%
1.32%
42.81%
1.15%
32.74%

Ratios

Return on Equity (ROE)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Return on Equity (ROE)
  • 44.58%
  • 44.47%
  • 40.15%
  • 97.23%
  • 82.51%
  • 65.93%
Y/Y
1.24%
0.25%
9.71%
6.34%
15.14%
20.09%
Return on Assets (ROA)
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Return on Assets (ROA)
  • 14.77%
  • 16.28%
  • 10.01%
  • 6.69%
  • 6.90%
  • 7.64%
Y/Y
2.14%
10.22%
38.51%
42.95%
3.14%
10.72%
Debt to Equity
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Debt to Equity
  • 25.36%
  • 23.30%
  • 121.21%
  • 98.15%
  • 81.48%
  • 146.50%
Y/Y
13.68%
8.12%
420.21%
9.41%
16.98%
79.8%

Valuation

Enterprise Value
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Enterprise value
  • $37.48 B
  • $42.71 B
  • $60.21 B
  • $92.29 B
  • $97.56 B
  • $131.27 B
Y/Y
17.06%
13.95%
40.96%
2.52%
5.71%
34.55%
Enterprise value to Revenue
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Enterprise value to Revenue
  • 7.49
  • 8.09
  • 10.81
  • 5.12
  • 5.08
  • 6.38
Y/Y
23.61%
8.1%
33.54%
6.1%
0.84%
25.66%
Enterprise value to EBITDA
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Enterprise value to EBITDA
  • 16.96
  • 17.56
  • 24.17
  • 17.60
  • 16.82
  • 21.03
Y/Y
23.74%
3.55%
37.63%
13.89%
4.41%
25.03%

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