• Paychex average debt/equity ratio for 2023 was 0.23, a 8% decline from 2022.
• Paychex average debt/equity ratio for 2022 was 0.25, a 7.41% decline from 2021.
• Paychex average debt/equity ratio for 2021 was 0.27, a 6.9% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.