In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
Paychex's net current asset value per share for the quarter that ended in Feb. 2023 was $1.09.
The historical rank and industry rank for Paychex's Net Current Asset Value or its related term are showing as below:
PAYX'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 8.5 Med: 25.7 Max: 1375.89
Current: 101.15
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Paychex was 1375.89. The lowest was 8.50. And the median was 25.70.
PAYX's Price-to-Net-Current-Asset-Value is ranked worse than 98.77% of 567
companies
in the Business Services industry
Industry Median: 4.33
vs PAYX: 101.15
Paychex Net Current Asset Value Historical Data
The historical data trend for Paychex's Net Current Asset Value can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
* Premium members only.
Paychex Annual Data
Trend
May13
May14
May15
May16
May17
May18
May19
May20
May21
May22
Net Current Asset Value
0.93
-1.05
-0.85
-0.30
0.09
Paychex Quarterly Data
May18
Aug18
Nov18
Feb19
May19
Aug19
Nov19
Feb20
May20
Aug20
Nov20
Feb21
May21
Aug21
Nov21
Feb22
May22
Aug22
Nov22
Feb23
Net Current Asset Value
0.66
0.09
0.27
0.52
1.09
Competitive Comparison
For the Staffing & Employment Services subindustry, Paychex's Net Current Asset Value, along with its competitors' market caps and Net Current Asset Value data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Paychex Net Current Asset Value Distribution
For the Business Services industry and Industrials sector, Paychex's Net Current Asset Value distribution charts can be found below:
* The bar in red indicates where Paychex's Net Current Asset Value falls in comparison to its industry or sector. The grey bar indicates the Net Current Asset Value's extreme value range as defined by GuruFocus.
Paychex Net Current Asset Value Calculation
Paychex's Net Current Asset Value (NCAV) per share for the fiscal year that ended in May. 2022 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Paychex (NAS:PAYX) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Paychex Net Current Asset Value Related Terms
Thank you for viewing the detailed overview of Paychex's Net Current Asset Value provided by GuruFocus.com. Please click on the following links to see related term pages.
Paychex is a leading provider of payroll, human capital management, and insurance solutions servicing small and midsize clients primarily in the United States. The company, established in 1979, services over 730,000 clients and pays over 1 in 12 U.S. private-sector workers. Alongside its traditional payroll services, Paychex offers HCM solutions such as benefits administration and time and attendance software, as well as human resources outsourcing and insurance agency services.
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