{ "schema_version": "v2", "vertical": "hr_media", "side": "sell", "layout_id": "hr_media_sell_v1", "layout_hints": { "hero_component": "three_asset_split", "empty_state": "asset_unavailable", "language_frame": "seller_perspective" }, "generated_at": "2026-04-09T05:04:32.784859+00:00", "generator": "traced_buyer_run_v2", "_pipeline_version": "v2.0.0-br4", "_llm_provenance": { "primary": "claude", "fallback_allowed": false }, "llm_model_used": "claude", "buyer_name": "paychex", "buyer_slug": "paychex", "buyer_type": "strategic_public", "buyer_tier": 1, "buyer_city": null, "buyer_state": null, "buyer_country": "USA", "logo_domain": null, "ticker": "PAYX", "fit_score": null, "financial_data": { "market_cap": 32.21, "stock_price": 89.89, "ttm_revenue": 5.41, "ttm_ebitda": 2417200000, "valuation_range": null, "confidence_by_field": { "market_cap": "high", "stock_price": "high", "ttm_revenue": "high", "ttm_ebitda": "high" }, "source_url_by_field": { "market_cap": "https://finance.yahoo.com/quote/PAYX", "stock_price": "https://finance.yahoo.com/quote/PAYX", "ttm_revenue": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json", "ttm_ebitda": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json" }, "as_of": "2025-05-31", "data_source": "sec_edgar", "confidence": "high", "filing_type": "10-K", "filing_standard": "US-GAAP", "last_filing_url": "https://www.sec.gov/Archives/edgar/data/723531/000095017025095300/payx-20250531.htm", "cik": "0000723531", "ticker": "PAYX", "company_name": "Paychex, Inc.", "revenue_unit": "USD_billions", "market_cap_unit": "USD_billions", "source_urls": [ "https://data.sec.gov/submissions/CIK0000723531.json", "https://www.sec.gov/Archives/edgar/data/723531/000095017025095300/payx-20250531.htm" ], "_revenue_sidecar": { "value": 5410000000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json", "as_of": "2025-05-31", "tag": "RevenueFromContractWithCustomerExcludingAssessedTax", "unit": "USD" }, "_ebitda_sidecar": { "value": 2417200000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json", "as_of": "2025-05-31", "tag": "OperatingIncomeLoss+DepreciationDepletionAndAmortization", "unit": "USD", "derivation": "operating_income_plus_da" }, "_market_cap_sidecar": { "value": 32206766080, "confidence": "high", "source_url": "https://finance.yahoo.com/quote/PAYX", "as_of": "2026-04-08", "provider": "yahoo_finance" }, "_price_sidecar": { "value": 89.89, "confidence": "high", "source_url": "https://finance.yahoo.com/quote/PAYX", "as_of": "2026-04-08", "provider": "yahoo_finance" }, "_hr_segment_sidecar": null, "_ebit_sidecar": { "value": 2207700000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json", "as_of": "2025-05-31", "tag": "us-gaap:OperatingIncomeLoss", "unit": "USD", "derivation": "us_gaap_operating_income_direct" }, "_net_debt_sidecar": { "value": 3319600000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json", "as_of": "2025-05-31", "tag": "LongTermDebt - CashAndCashEquivalentsAtCarryingValue", "unit": "USD", "derivation": "us_gaap_net_debt", "interpretation": "Negative value indicates net cash position. Positive value indicates net debt." }, "_borrowings_total_sidecar": { "value": 4948200000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json", "as_of": "2025-05-31", "tag": "LongTermDebt + LongTermDebtCurrent", "unit": "USD", "derivation": "us_gaap_debt_sum" }, "_longterm_borrowings_sidecar": { "value": 4548400000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json", "as_of": "2025-05-31", "tag": "LongTermDebtNoncurrent", "unit": "USD" }, "_current_liabilities_sidecar": { "value": 6956300000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json", "as_of": "2025-05-31", "tag": "LiabilitiesCurrent", "unit": "USD" }, "_noncurrent_liabilities_sidecar": { "value": null, "confidence": "medium", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json", "as_of": null, "tag": "LiabilitiesNoncurrent", "unit": "USD", "caveat": "XBRL tag 'LiabilitiesNoncurrent' not found in companyfacts for PAYX" }, "_cash_sidecar": { "value": 1628600000, "confidence": "high", "source_url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000723531.json", "as_of": "2025-05-31", "tag": "CashAndCashEquivalentsAtCarryingValue", "unit": "USD" } }, "financials": { "data_source": "sec_edgar", "confidence": "high", "market_cap": 32.21, "market_cap_unit": "USD_billions", "stock_price": 89.89, "ttm_revenue": 5.41, "revenue_unit": "USD_billions", "ttm_ebitda": 2417200000, "valuation_range": null, "as_of_date": "2025-05-31", "source_urls": [ "https://data.sec.gov/submissions/CIK0000723531.json", "https://www.sec.gov/Archives/edgar/data/723531/000095017025095300/payx-20250531.htm" ] }, "three_asset_split": { "asset_a_domain": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": 15000000, "high": 20000000, "point_estimate": null, "unit": "USD", "methodology_note": "Seller-provided broker range for premium 2-letter .com", "confidence": "low", "source_urls": [] }, "valuation_methodology": "broker_comps_two_letter_com", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] }, "asset_b_media": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": 9000000, "high": 45000000, "point_estimate": null, "unit": "USD", "methodology_note": "Source: 2022 HR.com process range, per Debbie 2026-03-23", "confidence": "low", "source_urls": [] }, "valuation_methodology": "insufficient_data", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] }, "asset_c_platform": { "fit_score": null, "fit_rationale": null, "valuation_range": { "low": null, "high": null, "point_estimate": null, "unit": "USD", "methodology_note": "No buyer evidence provided", "confidence": "low", "source_urls": [] }, "valuation_methodology": "insufficient_data", "integration_complexity": null, "deal_killer": null, "timing_window": null, "approach_path": null, "confidence": "low", "source_urls": [] } }, "golden_nuggets": [], "sections": { "deal_killer": { "section_id": "deal_killer", "applicable": true, "reason": null, "primary_killer": "cfo_objection", "explanation": "paychex's financial profile, derived from public filings, suggests capital allocation is under scrutiny. A discretionary media acquisition at HR.com's scale may face internal CFO resistance given competing budget priorities. Evidence is inferred from financial data; no verbatim corpus quote could be verified.", "evidence_quotes": [], "confidence": "low", "source_urls": [ "https://data.sec.gov/submissions/CIK0000723531.json", "https://www.sec.gov/Archives/edgar/data/723531/000095017025095300/payx-20250531.htm" ], "_renderer_warnings": [ "deal_killer: no verified corpus quotes — financial-fallback confidence is low; explanation cites financial_data source_urls." ] }, "competitive_moat": { "section_id": "competitive_moat", "applicable": true, "reason": null, "moat_type": "scale", "strength": "weak", "observed_moat_signals": [ { "type": "scale", "matched_phrases": [ "market share" ], "excerpt": "REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab\n\nJan 7 (Reuters) - Paychex (PAYX.O), opens new tab said on Tuesday it will acquire payroll processing firm Paycor HCM (PYCR.O),", "source": "https://www.reuters.com/markets/deals/paychex-buy-payroll-firm-paycor-41-bln-deal-2025-01-07/" } ], "evidence_quotes": [ { "speaker": "paychex (corpus source)", "text": "REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab\n\nJan 7 (Reuters) - Paychex (PAYX.O), opens new tab said on Tuesday it will acquire payroll processing firm Paycor HCM (PYCR.O), opens new tab for about $4.1 billion in cash, as the HR management firm looks to broaden its artificial intelligence capabilities and consolidate its market share.", "source_url": "https://www.reuters.com/markets/deals/paychex-buy-payroll-firm-paycor-41-bln-deal-2025-01-07/", "verified": true, "verified_reason": "high", "moat_type": "scale", "matched_phrases": [ "market share" ] } ], "confidence": "low", "source_urls": [ "https://www.reuters.com/markets/deals/paychex-buy-payroll-firm-paycor-41-bln-deal-2025-01-07/" ], "_renderer_warnings": [] }, "integration_post_mortem": { "section_id": "integration_post_mortem", "applicable": true, "prior_deals": [ { "name": "paychex acquisition (2025)", "year": 2025, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "paychex acquisition record", "text": "to provide a 364-day senior unsecured credit facility not to exceed $3.5 billion for the acquisition of Paycor, including related fees and expenses. We incurred $14.9 million in debt financing fees, including structuring and commitment fees, which were capitalized as Prepaid expenses and other curre", "source_url": "https://www.sec.gov/Archives/edgar/data/723531/000095017025095300/payx-20250531.htm", "verified": true, "verified_reason": "high" } ] }, { "name": "paychex acquisition (2023)", "year": 2023, "outcome": "disaster", "outcome_signals": [ "disaster:impairment" ], "evidence_quotes": [ { "speaker": "paychex acquisition record", "text": "Purchased Receivables, reporting unit, and a quantitative assessment was performed on the Purchased Receivable reporting unit. The qualitative assessment considered various financial, macroeconomic, industry, and reporting unit specific qualitative factors. Based on the results of the Company’", "source_url": "https://www.sec.gov/Archives/edgar/data/723531/000095017025095300/payx-20250531.htm", "verified": true, "verified_reason": "high" } ] }, { "name": "paychex acquisition (year unknown)", "year": null, "outcome": "none", "outcome_signals": [], "evidence_quotes": [ { "speaker": "paychex acquisition record", "text": "New Roman;font-kerning:none;min-width:fit-content;\">connection with the acquisition of Paycor, the Company exchanged certain unvested Paycor employee equity awards for Paychex RSUs or RSAs based on an exchange ratio of approximately

\n \n connection with the acquisition of Paycor, the Company exchanged certain unvested Paycor employee equity awards for Paychex RSUs or RSAs based on an exchange ratio of approximately

\n \n