Paychex Inc Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
Liquid Liquidation Value
- Accounts Receivable: not reported in this period (annual-only)
Operating Liquidation Value
- Accounts Receivable: not reported in this period (annual-only)
- Inventory: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-10.81B | $-30.17 |
| Liquid Liquidation Value | $-10.81B | $-30.17 |
| Operating Liquidation Value | $-10.81B | $-30.17 |
Key Components (as of 2026-02-28)
| Cash & Equivalents | $1.74B |
| Accounts Receivable | N/A |
| Inventory | N/A |
| Current Liabilities | $7.88B |
| Long-term Debt (?) | $4.55B |
| Op. Lease Liability (?) | $59.30M |
| Finance Lease (?) | N/A |
| Shares Outstanding | 358.3M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-02-28 | $1.74B | N/A | N/A | $132.40M | $7.88B | $4.55B | $59.30M | N/A |
| 2025-11-30 | $1.49B | N/A | N/A | $137.60M | $7.04B | $4.55B | $66.60M | N/A |
| 2025-08-31 | $809.00M | N/A | N/A | $120.60M | $7.13B | $4.55B | $52.90M | N/A |
| 2025-05-31 | $1.63B | N/A | N/A | $129.80M | $6.96B | $4.55B | $55.50M | N/A |
| 2025-02-28 | $1.56B | N/A | N/A | $118.70M | $5.80B | $799.00M | $47.10M | N/A |
| 2024-11-30 | $1.20B | N/A | N/A | $89.20M | $5.33B | $798.90M | $45.70M | N/A |
| 2024-08-31 | $1.46B | N/A | N/A | $80.90M | $5.34B | $798.70M | $49.40M | N/A |
| 2024-05-31 | $1.47B | N/A | N/A | $104.30M | $5.31B | $798.60M | $49.00M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-02-28 | 10-Q | 2026-03-26 | View |
| 2025-11-30 | 10-Q | 2025-12-22 | View |
| 2025-08-31 | 10-Q | 2025-09-30 | View |
| 2025-05-31 | 10-K | 2025-07-11 | View |
| 2025-02-28 | 10-Q | 2025-03-26 | View |
| 2024-11-30 | 10-Q | 2024-12-19 | View |
| 2024-08-31 | 10-Q | 2024-10-01 | View |
| 2024-05-31 | 10-K | 2024-07-11 | View |
AI Insights
PAYCHEX INC (PAYX) 10-Q for the quarter ended February 28, 2026 shows a deeply negative liquidation value, consistent with MFFAIS-reported CLV/LLV/OLV of approximately -$10.75B. The structure is typical for a payroll/HCM services company: the balance sheet is dominated by client fund assets and matching client fund obligations, a large goodwill and intangible asset stack from the Paycor acquisition, and $5.0B in long-term debt issued to finance that acquisition.
Total assets are $17.5B against total liabilities of $13.5B, yielding reported book equity of $4.0B. Under liquidation haircuts, the picture deteriorates sharply. Goodwill of $4.5B and acquired intangibles of $1.7B receive zero recovery; together they account for $6.3B of assets that vanish under the lens. PP&E of $0.57B recovers at best 50-70%, contributing $285M-$400M. The $4.5B AFS securities portfolio (funds held for clients) at fair value nets close to 100% in theory, but is matched by client fund obligations that must be settled at face value — these are pass-through items that net to approximately zero in a liquidation. Cash and equivalents of $1.7B recover at 100%. AR of $1.4B (net) recovers at 90-95% or approximately $1.3B-$1.4B.
On the liability side, $5.0B in long-term debt (including $400M Series A Senior Notes that matured March 13, 2026 — repaid subsequent to period-end — and $4.6B in remaining tranches maturing 2029-2035), $7.9B current liabilities, and $5.6B in noncurrent liabilities all remain at face value. The asymmetry between zero-recovery intangibles and face-value debt obligations produces strongly negative residual equity under any liquidation scenario.
The primary change since the prior filing (Q2 FY2026, November 30, 2025) is that the $400M Series A Senior Notes moved into current maturities and were subsequently repaid; this reduces long-term debt from approximately $5.35B to $4.95B as of period-end, and post-period to approximately $4.55B. The AFS investment portfolio increased modestly, with fair value moving to net unrealized gain of $7.2M from net unrealized loss of $9.0M at November 30, 2025, a meaningful improvement but immaterial to recovery posture. Operating lease liabilities are minimal at $59M noncurrent. No goodwill impairment was recognized. The Paycor acquisition-related intangible amortization continues at $60.5M per quarter ($181.5M YTD), gradually reducing the zero-recovery intangible stack but at a pace that does not alter the recovery picture within any near-term horizon. Filing discusses the $1.0B share repurchase program authorized January 16, 2026 and Paycor acquisition-related costs in MD&A but these are income-statement and equity allocation items, not balance-sheet recovery drivers.
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