A Business at a Glance
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CORPAY, INC.
CPAY
$26.3B
Mkt Cap
$370.58
+1.58%
CORPAY, INC. (CPAY) has a current P/E ratio of 24.7, compared to its historical median P/E of 23.5. The stock is currently considered Fair based on its historical valuation range.
CORPAY, INC. (CPAY) has a 5-year average return on invested capital (ROIC) of 15.7%. This indicates strong capital allocation and a potential competitive advantage.
CORPAY, INC. (CPAY) has a market capitalization of $24.5B. It is classified as a large-cap stock.
CORPAY, INC. (CPAY) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 6.16%.
Based on historical P/E analysis, CORPAY, INC. (CPAY) appears fair. The current P/E of 24.7 is 5% above its historical median of 23.5. The estimated fair value CAGR (P/E method) is 8.9%.
CORPAY, INC. (CPAY) operates in the Services-Business Services, Nec industry, within the Industrials sector.
CORPAY, INC. (CPAY) reported annual revenue of $4.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Corpay is a global corporate payments company that provides a comprehensive suite of payment and spend management solutions to businesses and consumers, helping them manage and control expenses more efficiently than traditional methods. The company operates through four reportable segments: Corporate Payments (which includes accounts payable automation, cross-border payments, virtual cards, and purchasing and travel & entertainment cards), Vehicle Payments (fuel cards, tolls, and related services), Lodging Payments (hotel and housing management solutions), and Other. Corpay's business model is characterized by recurring, volume-driven revenue streams primarily from business customers with predictable transaction volumes, supported by proprietary technology platforms and payment acceptance networks that create competitive advantages and barriers to entry. The company distributes its solutions through a multi-channel go-to-market strategy combining digital channels, direct sales forces, and strategic partner relationships, competing against financial institutions, specialized payment providers, and traditional payment methods such as cash and checks. Corpay's solutions deliver attractive unit economics with strong cash flow conversion and relatively limited incremental infrastructure investment requirements, while serving millions of businesses globally across multiple geographies including North America, Europe, Brazil, and Asia.
【Strong organic growth momentum】 Management expects continued 10% organic revenue growth in 2026 as a core durability metric, with corporate payments segment anticipated to deliver mid-teens organic growth and vehicle payments expected to grow in the high single digits. The company is benefiting from favorable macroeconomic conditions including improved foreign exchange rates and is realizing synergies from recent acquisitions, particularly Alpha and Avid, which are expected to contribute meaningful accretion to earnings. Management is pursuing a strategic rotation toward higher-margin corporate payments solutions, which is expected to represent over 40% of company revenue, while simultaneously executing cost efficiency initiatives and artificial intelligence-driven productivity improvements to drive incremental margin expansion. Capital allocation priorities include maintaining leverage within target ranges while continuing to pursue attractive M&A opportunities and share repurchases, with the company generating substantial free cash flow to support these objectives.
| Metric | Target | Period |
|---|---|---|
| Revenue | $5.29 billion | FY2026 |
| Cash EPS | $26.70 | FY2026 |
| Organic revenue growth | 10% | FY2026 |
Revenue (FY2026): “We're raising full year 2026 revenue guidance today to $5.29 billion at the midpoint.”
Cash EPS (FY2026): “we are raising full year 2026 cash EPS guidance to $26.70 at the midpoint.”
Organic revenue growth (FY2026): “We do continue to expect 10% organic revenue growth for the year, which again, is our most important measure of durability.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.8B | 4.5B | 4.0B | 3.8B | 3.4B | 2.8B |
| Net Income | 1.2B | 1.1B | 1.0B | 982M | 954M | 839M |
| EPS | $17.09 | $15.03 | $13.97 | $13.20 | $12.42 | $9.99 |
| Free Cash Flow | 1.3B | 1.3B | 1.8B | 1.9B | 603M | 1.1B |
| ROIC | 32.0% | 14.4% | 15.8% | 17.2% | 16.1% | 15.0% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.07 | 3.47 | 3.48 | 2.73 | 3.72 | 2.65 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 2.2B | 2.0B | 1.8B | 1.7B | 1.4B | 1.2B |
| Operating Margin | 46.1% | 44.0% | 45.0% | 44.1% | 42.2% | 43.8% |
| ROE | 33.4% | 30.5% | 31.3% | 33.7% | 35.3% | 27.0% |
| Shares Outstanding | 66M | 71M | 72M | 74M | 77M | 84M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.2B | 1.7B | 1.8B | 2.2B | 2.4B | 2.6B | 2.4B | 2.8B | 3.4B | 3.8B | 4.0B | 4.5B | 4.8B |
| Gross Margin | 73.7% | 64.5% | 65.6% | 73.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 206M | 298M | 284M | 388M | 389M | 407M | 375M | 486M | 584M | 603M | 617M | 733M | 780M |
| EBIT | 565M | 668M | 754M | 884M | 1.1B | 1.2B | 972M | 1.2B | 1.4B | 1.7B | 1.8B | 2.0B | 2.2B |
| Op. Margin | 47.1% | 39.2% | 41.2% | 39.3% | 44.8% | 46.5% | 40.7% | 43.8% | 42.2% | 44.1% | 45.0% | 44.0% | 46.1% |
| Net Income | 369M | 362M | 452M | 740M | 811M | 895M | 704M | 839M | 954M | 982M | 1.0B | 1.1B | 1.2B |
| Net Margin | 30.7% | 21.3% | 24.7% | 32.9% | 33.3% | 33.8% | 29.5% | 29.6% | 27.8% | 26.1% | 25.3% | 23.6% | 24.5% |
| Non-Recurring | 0 | 0 | 0 | 175M | 153M | 0 | 0 | 0 | 0 | 14M | 211M | 42M | 42M |
| Returns on Capital | |||||||||||||
| ROIC | 8.3% | 9.2% | 9.6% | 10.7% | 14.1% | 17.0% | 15.9% | 15.0% | 16.1% | 17.2% | 15.8% | 14.4% | 32.0% |
| ROE | 19.2% | 13.3% | 15.3% | 21.9% | 23.1% | 25.4% | 19.9% | 27.0% | 35.3% | 33.7% | 31.3% | 30.5% | 33.4% |
| ROA | 5.9% | 4.4% | 5.2% | 7.1% | 7.2% | 7.6% | 6.0% | 6.8% | 6.9% | 6.6% | 6.0% | 4.8% | 4.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 608M | 755M | 708M | 680M | 903M | 1.2B | 1.5B | 1.2B | 755M | 2.1B | 1.9B | 1.5B | 1.5B |
| Free Cash Flow | 581M | 713M | 649M | 610M | 822M | 1.1B | 1.4B | 1.1B | 603M | 1.9B | 1.8B | 1.3B | 1.3B |
| Owner Earnings | 509M | 582M | 533M | 456M | 668M | 887M | 1.2B | 788M | 242M | 1.5B | 1.2B | 685M | 671M |
| CapEx | 27M | 42M | 59M | 70M | 81M | 75M | 78M | 112M | 151M | 154M | 175M | 201M | 207M |
| Maint. CapEx | 61M | 83M | 111M | 131M | 165M | 214M | 266M | 329M | 391M | 515M | 576M | 712M | 735M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 61M | 83M | 111M | 131M | 165M | 214M | 266M | 329M | 391M | 515M | 576M | 712M | 735M |
| CapEx/OCF | 4.4% | 5.5% | 8.3% | 10.3% | 9.0% | 6.5% | 5.3% | 9.3% | 20.1% | 7.3% | 9.0% | 13.4% | 13.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 188M | 402M | 959M | 695M | 850M | 1.4B | 1.4B | 687M | 1.3B | 783M | 1.5B |
| Buyback Yield | N/A | N/A | 1.4% | 2.2% | 5.7% | 2.7% | 3.6% | 7.2% | 10.2% | 3.3% | 5.3% | 3.5% | 6.2% |
| Stock-Based Comp | 38M | 90M | 64M | 93M | 70M | 61M | 43M | 80M | 121M | 116M | 117M | 103M | 112M |
| Debt Repayment | 326M | 0 | 787M | 1.0B | 1.1B | 2.3B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 4.0B | 2.6B | 4.7B | 4.8B | 2.6B | 2.4B | 363M | 6.1B | 8.0B | 7.6B | 9.3B | 11.1B | 1.2B |
| Cash & Equiv. | 477M | 447M | 475M | 914M | 1.0B | 1.3B | 935M | 1.5B | 1.4B | 1.4B | 1.6B | 2.4B | 2.5B |
| Long-Term Debt | 2.3B | 2.2B | 2.6B | 3.0B | 38M | 42M | 211K | 6.0B | 7.0B | 6.7B | 8.0B | 10.0B | 753K |
| Debt/Equity | 1.72 | 1.07 | 1.69 | 1.55 | 1.08 | 1.00 | 0.39 | 2.65 | 3.72 | 2.73 | 3.48 | 3.47 | 1.07 |
| Interest Coverage | 10.8 | 9.4 | 10.5 | 8.2 | 7.9 | 8.2 | 7.5 | 10.9 | 8.8 | 4.8 | 4.7 | 4.9 | 91.1 |
| Equity | 2.6B | 2.8B | 3.1B | 3.7B | 3.3B | 3.7B | 3.4B | 2.9B | 2.5B | 3.3B | 3.1B | 3.9B | 3.5B |
| Total Assets | 8.5B | 7.9B | 9.6B | 11.3B | 11.2B | 12.2B | 11.2B | 13.4B | 14.1B | 15.5B | 18.0B | 26.4B | 26.7B |
| Total Liabilities | 5.9B | 5.1B | 6.5B | 7.6B | 7.9B | 8.5B | 7.8B | 10.5B | 11.5B | 12.2B | 14.8B | 22.5B | 848M |
| Intangibles | 2.4B | 2.2B | 2.7B | 2.7B | 2.4B | 2.3B | 2.1B | 2.3B | 2.1B | 2.1B | 2.4B | 3.2B | 3.1B |
| Retained Earnings | 1.4B | 1.8B | 2.2B | 3.0B | 3.8B | 4.7B | 5.4B | 6.3B | 7.2B | 8.2B | 9.2B | 10.3B | 10.6B |
| Working Capital | -759M | -303M | -769M | -546M | -619M | 156M | -12M | 198M | 63M | 259M | -32M | -333M | -352M |
| Current Assets | 2.1B | 1.9B | 2.5B | 3.5B | 3.9B | 4.6B | 4.0B | 5.5B | 6.1B | 7.1B | 8.7B | 14.0B | 14.6B |
| Current Liabilities | 2.9B | 2.2B | 3.3B | 4.1B | 4.5B | 4.5B | 4.0B | 5.3B | 6.0B | 6.8B | 8.7B | 14.3B | 15.0B |
| Per Share Data | |||||||||||||
| EPS | 4.24 | 3.85 | 4.75 | 7.91 | 8.81 | 9.94 | 8.12 | 9.99 | 12.42 | 13.20 | 13.97 | 15.03 | 17.09 |
| Owner EPS | 5.86 | 6.18 | 5.60 | 4.88 | 7.25 | 9.85 | 13.41 | 9.38 | 3.15 | 19.76 | 17.36 | 9.64 | 10.15 |
| Book Value | 30.11 | 30.06 | 32.38 | 39.29 | 36.26 | 41.22 | 38.69 | 34.11 | 33.08 | 44.13 | 43.46 | 54.64 | 53.08 |
| Cash Flow/Share | 7.00 | 8.02 | 7.44 | 7.27 | 9.81 | 12.91 | 16.98 | 14.25 | 9.82 | 28.25 | 27.01 | 21.10 | 28.83 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 87.0M | 94.1M | 95.2M | 93.6M | 92.1M | 90.0M | 86.7M | 84.0M | 76.8M | 74.4M | 71.9M | 71.1M | 66.1M |
| Valuation | |||||||||||||
| P/E Ratio | 35.2 | 37.4 | 29.9 | 24.4 | 20.8 | 28.8 | 33.7 | 22.5 | 14.5 | 21.4 | 24.4 | 20.6 | 21.7 |
| P/FCF | 22.3 | 19.0 | 20.8 | 29.7 | 20.6 | 23.7 | 17.0 | 17.4 | 22.9 | 10.8 | 13.9 | 17.0 | 18.7 |
| EV/EBIT | 26.1 | 20.9 | 20.7 | 22.6 | 17.9 | 22.8 | 24.7 | 18.1 | 12.6 | 15.4 | 16.4 | 13.8 | 11.7 |
| Price/Book | 5.0 | 4.8 | 4.4 | 4.9 | 5.1 | 6.9 | 7.1 | 6.6 | 5.4 | 6.4 | 7.9 | 5.7 | 7.0 |
| Price/Sales | 9.4 | 8.4 | 7.8 | 6.5 | 7.8 | 9.0 | 9.2 | 7.8 | 4.9 | 4.6 | 5.5 | 5.1 | 5.1 |
| FCF Yield | 4.5% | 5.3% | 4.8% | 3.4% | 4.9% | 4.2% | 5.9% | 5.7% | 4.4% | 9.3% | 7.2% | 5.9% | 5.3% |
| Market Cap | 13.0B | 13.5B | 13.5B | 18.1B | 16.9B | 25.7B | 23.7B | 18.9B | 13.8B | 21.0B | 24.5B | 22.1B | 24.5B |
| Avg. Price | 129.97 | 151.35 | 149.09 | 155.25 | 205.48 | 265.69 | 254.21 | 261.93 | 218.36 | 234.53 | 303.71 | 323.86 | 370.58 |
| Year-End Price | 149.18 | 143.85 | 141.86 | 193.38 | 183.49 | 285.82 | 273.44 | 224.81 | 179.49 | 282.46 | 341.23 | 310.18 | 370.58 |
CORPAY, INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
CORPAY, INC. trades at 24.7x trailing earnings, compared to its 15-year median P/E of 23.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.4x vs a median of 19.0x. The company's 5-year average ROIC is 15.7%. Total shareholder yield (buybacks) is 6.2%. At current prices, the estimated annualized return to fair value is +13.0%.
CORPAY, INC. (CPAY) has a net profit margin of 23.6%. This is a strong margin indicating high profitability.
CORPAY, INC. (CPAY) generated $1.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CORPAY, INC. (CPAY) has a debt-to-equity ratio of 3.47. This indicates higher leverage, which may increase financial risk.
CORPAY, INC. (CPAY) reported earnings per share (EPS) of $15.03 in its most recent fiscal year.
CORPAY, INC. (CPAY) has a return on equity (ROE) of 30.5%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 17 years of financial data for CORPAY, INC. (CPAY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CORPAY, INC. (CPAY) has a book value per share of $54.64, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued 10% organic revenue growth in 2026 as a core durability metric, with corporate payments segment anticipated to deliver mid-teens organic growth and vehicle payments expected to grow in the high single digits. The company is benefiting from favorable macroeconomic conditions including improved foreign exchange rates and is realizing synergies from recent acquisitions, particularly Alpha and Avid, which are expected to contribute meaningful accretion to earnings. Management is pursuing a strategic rotation toward higher-margin corporate payments solutions, which is expected to represent over 40% of company revenue, while simultaneously executing cost efficiency initiatives and artificial intelligence-driven productivity improvements to drive incremental margin expansion. Capital allocation priorities include maintaining leverage within target ranges while continuing to pursue attractive M&A opportunities and share repurchases, with the company generating substantial free cash flow to support these objectives.
Based on recent SEC filings and earnings calls, CORPAY, INC. (CPAY) has provided the following forward guidance: Revenue: $5.29 billion (FY2026); Cash EPS: $26.70 (FY2026); Organic revenue growth: 10% (FY2026).