Paychex, Inc. (PAYX)
Paychex provides payroll, HR, and benefits-administration services to small and midsize businesses.
PAYX vs WAB: how the two businesses compare
- Bigger business: WAB, with $11.2B of yearly revenue, about 1.7× PAYX's $6.5B.
- More profitable: PAYX keeps 27 cents of each sales dollar as profit, against 10 cents at WAB.
- More cash from each sale: PAYX turns 39 cents of each sales dollar into operating cash flow, against 16 cents at WAB.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Westinghouse Air Brake Technologies (WAB) is the larger business by reported revenue: $11.2B in its fiscal year ended Dec 2025, about 1.7× PAYX's $6.5B (fiscal year ended May 2026). PAYX's net margin was 27.0% and WAB's 10.5%. The SEC classifies them differently (Services-Engineering, Accounting, Research, Management; Railroad Equipment); what connects them is shared exposure to the Economic trends research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Industrials
- Different
- Separate classifications
- Different
- PAYX May 31 · WAB December 31
- Jul 17, 2026
PAYX vs WAB: quick comparison
| Company fact | PAYX | WAB |
|---|---|---|
| Company | Paychex, Inc. | Westinghouse Air Brake Technologies Corporation |
| Exchange | NASDAQ | NYSE |
| SEC industry | Services-Engineering, Accounting, Research, Management | Railroad Equipment |
| Fiscal year-end | May 31 | December 31 |
| Latest annual filing | 10-K · 2026-07-17 | 10-K · 2026-02-13 |
PAYX vs WAB: audited financials
- Scale: WAB's $11.2B of revenue is about 1.7× PAYX's $6.5B.
- Net margin: PAYX kept 27.0% of revenue as net income versus 10.5% at WAB.
- Cash conversion: operating cash flow equalled PAYX 39.3% of revenue, or 1.45× net income; WAB 15.8% of revenue, or 1.50× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 5 months apart (2026-05-31 for PAYX, 2025-12-31 for WAB), so each figure reflects somewhat different demand and cost conditions.
| Metric | PAYX | WAB |
|---|---|---|
| Revenue | $6.5B2025-06-01 to 2026-05-31 · SEC filing | $11.2B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.8B2025-06-01 to 2026-05-31 · SEC filing | $1.2B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $2.6B2025-06-01 to 2026-05-31 · SEC filing | $1.8B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $4.892025-06-01 to 2026-05-31 · SEC filing | $6.832025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 27.0%2025-06-01 to 2026-05-31 · SEC filing | 10.5%2025-01-01 to 2025-12-31 · SEC filing |
PAYX: FY ending 2026-05-31 · WAB: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where PAYX and WAB overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
Differences
- Different SEC industries: PAYX files as Services-Engineering, Accounting, Research, Management; WAB as Railroad Equipment.
- Offset fiscal calendars: PAYX's year ends May 31 and WAB's December 31, about 5 months apart.
- Scale: WAB reported about 1.7× the annual revenue of PAYX.
- Profitability: net margin of 27.0% for PAYX versus 10.5% for WAB.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Westinghouse Air Brake Technologies Corporation (WAB)
Wabtec makes locomotives, braking systems, and rail equipment for freight and transit operators.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves PAYX
We have not yet published a company-specific driver list for PAYX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-07-17.
What moves WAB
We have not yet published a company-specific driver list for WAB. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-13.
The investment question
You now know WAB reports about 1.7× PAYX's revenue, and PAYX keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
Members-only research
What members are reading this month
- Issue 07: The Vote That Knocked Almost a Quarter off Data Center Stocks
Texas has frozen new data center approvals since the summer. The vote extends that freeze, but it cannot unplug campuses that already have power. We map who is exposed, test whether the sell-off overshot and say where the real risk sits.
- Citadel bought the AI fire sale. The seller had run out of time.
Up 439% in the first half, down about 67% in July: how an AI hedge fund ended up selling a roughly $16 billion stock book to Citadel at a discount.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. PAYX's fiscal year ends May 31, while WAB's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 31 matched transaction rows for PAYX and 21 matched transaction rows for WAB. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
PAYX primary filings
WAB primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving PAYX or WAB
PAYX vs WAB FAQs
Are PAYX and WAB direct competitors?
Not necessarily. Paychex files as Services-Engineering, Accounting, Research, Management and Westinghouse Air Brake Technologies as Railroad Equipment. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is PAYX or WAB the bigger company by revenue?
Westinghouse Air Brake Technologies (WAB) is the larger business by reported revenue: $11.2B in its fiscal year ended Dec 2025, about 1.7× PAYX's $6.5B (fiscal year ended May 2026). PAYX's net margin was 27.0% and WAB's 10.5%. The SEC classifies them differently (Services-Engineering, Accounting, Research, Management; Railroad Equipment); what connects them is shared exposure to the Economic trends research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, PAYX or WAB?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this PAYX vs WAB comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Paychex, Inc. and Westinghouse Air Brake Technologies Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
PAYX vs WAB compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included