• Paychex average return on tangible equity for 2023 was 119.6, a 8.88% decline from 2022.
• Paychex average return on tangible equity for 2022 was 131.25, a 5.68% decline from 2021.
• Paychex average return on tangible equity for 2021 was 139.16, a 29.07% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.