| Stage | PAYX | % of rev | TNET | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $1.6B | 100.00% | $1.2B | 100.00% | PAYX ×1.38 |
| Gross profit | $1.2B | 73.62% | $1.1B | 94.48% | TNET +20.9pp |
| Operating income | $619M | 37.98% | $74M | 6.28% | PAYX +31.7pp |
| Pre-tax income | $565M | 34.65% | $74M | 6.28% | PAYX +28.4pp |
| Net income | $430M | 26.35% | $53M | 4.50% | PAYX +21.9pp |
| Stage | PAYX | TNET | Gap · A − B |
|---|---|---|---|
| Revenue | $1.6B100.00% | $1.2B100.00% | PAYX ×1.38 |
| Gross profit | 73.62%$1.2B | 94.48%$1.1B | TNET +20.9pp |
| Operating income | 37.98%$619M | 6.28%$74M | PAYX +31.7pp |
| Pre-tax income | 34.65%$565M | 6.28%$74M | PAYX +28.4pp |
| Net income |
| 26.35%$430M |
| 4.50%$53M |
| PAYX +21.9pp |
No disclosed counterparties: PAYX, TNET.