Corpay (CPAY)
Financials · $29.3B market cap · SEC CIK 0001175454
ahead of 88% of the S&P 500 · #12 of 76 in Financials
Next reports on Feb 8, 2027, after the close, with analysts expecting $7.75 in earnings per share.
52-week range $271.22 to $479.53. 4% below its 52-week high and 69% above its low.
The case for CPAY
- Revenue up 20.4% on the year.
- Earns 30% back on shareholder equity.
- 23% of revenue drops through to net profit.
- Has compounded revenue at 13.6% a year over five years.
- Gross margin of 79% absorbs cost shocks.
- Within 4% of its 52-week high: the trend is up.
The case against
- Weakest against its peers: price/sales of 5.8× is higher than 81% of Financials companies.
- Its weakest area is value (44/100): 25.7× earnings against a fair 23× for its growth, 5.8× sales.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 44 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 73 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 84 |
| Momentumhow the price has behaved lately | 86 |
| Stabilityhow violently it moves, what it owes and what it pays you | 45 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 76 Financials companies.
The financials
Revenue growth
Is the business growing? Yes
| Last 12 months | +20.4% |
|---|---|
| Over 5 years | +13.6% a year |
| FY2025 revenue | $4.5B (+14%) |
Free cash flow
Is it generating real cash? Not meaningful for a financial company
Profit margins
Is profitability improving? No, slipping
| Gross margin | 79% |
|---|---|
| Operating margin | 44% |
| Net margin, FY24 → FY25 → now | 25.3% → 23.6% → 22.7% |
Debt vs. cash
Is the balance sheet healthy? Not judged for a financial company
| Cash | $2.4B |
|---|---|
| Long-term debt | $10.0B |
| Net debt | $7.6B |
Valuation
Is the stock price reasonable? Yes, about fair
| P/E | 25.7× |
|---|---|
| Fair P/E for its growth | 23× |
| Forward P/E | 16.4× |
| EV / EBITDA | 14.0× |
At 25.7× earnings it trades close to the 23× that 10%+ a year of growth would justify. It is judged on earnings alone: its book value is not what it earns on, as it would be for a bank or insurer.
The financials, five years deep
Pulled from Corpay's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $4.5B | $4.0B | $3.8B | $3.4B | $2.8B |
| Change on the year | +14% | +6% | +10% | +21% | — |
| Free cash flow | |||||
| Free cash flow | $1.3B | $1.8B | $1.9B | $603M | $1.1B |
| Of revenue | 29% | 44% | 52% | 18% | 38% |
| Profit margins | |||||
| Operating margin | 44.0% | 45.0% | 44.1% | 42.2% | 43.8% |
| Net margin | 23.6% | 25.3% | 26.1% | 27.8% | 29.6% |
| Debt vs. cash | |||||
| Cash | $2.4B | $1.6B | $1.4B | $1.4B | $1.5B |
| Long-term debt | $10.0B | $8.0B | $6.7B | $7.0B | $6.0B |
| Net cash (debt) | −$7.6B | −$6.4B | −$5.3B | −$5.6B | −$4.5B |
What Corpay says it does
Introduction Corpay, Inc. (the "Company") is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner. Corpay provides a broad suite of payment and spend management solutions, including accounts payable (AP) automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions), commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment solutions (e.g., fuel cards, toll payments and related services) and lodging payment solutions (e.g., hotel and extended stay bookings). Since its incorporation in 2000, Corpay has delivered payment and spend solutions with customized controls and robust capabilities that offer our customers a better way to pay. This results in our customers saving time and ultimately spending less. Corpay has been a member of the S&P 500 since 2018 and…