Corpay (CPAY)
Financials · $26.1B market cap · SEC CIK 0001175454
fundamentals score out of 100
Next reports on Nov 2, 2026, after the close, with analysts expecting $7.33 in earnings per share.
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.
The case against
- Value is weak (37/100): 22.9× earnings, 5.2× sales.
- Weakest against its peers: price/sales of 5.2× is higher than 79% of Financials companies.
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. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 37 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 72 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 83 |
| Momentumhow the price has behaved lately | 79 |
| Stabilityhow violently it moves, what it owes and what it pays you | 44 |
- 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 74 Financials companies.
Key numbers
| Price / earnings | 22.9× |
|---|---|
| Price / book | 6.15× |
| Price / sales | 5.2× |
| Revenue growth (YoY) | +20.4% |
| EPS growth (YoY) | +12.4% |
| Gross margin | 79% |
| Operating margin | 44% |
| Net margin | 23% |
| Return on equity | 30% |
| Debt / equity | 3.00× |
| Current ratio | 0.97 |
| Dividend yield | none |
| Beta | 0.97 |
| 52-week range | $252.84 – $427.46 |
| Position in that range | 80% of the way up |
| 3-month return | +15.0% |
| 1-year return | +31.6% |
Five years of financials, as filed
Pulled from Corpay's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $4.5B | $4.0B | $3.8B | $3.4B | $2.8B |
| Operating income | $2.0B | $1.8B | $1.7B | $1.4B | $1.2B |
| Net income | $1.1B | $1.0B | $982M | $954M | $839M |
| Operating cash flow | $1.5B | $1.9B | $2.1B | $755M | $1.2B |
| Capital expenditure | $201M | $175M | $154M | $151M | $112M |
| Total assets | $26.4B | $18.0B | $15.5B | $14.1B | $13.4B |
| Shareholder equity | $3.9B | $3.1B | $3.3B | $2.5B | $2.9B |
| Cash | $2.4B | $1.6B | $1.4B | $1.4B | $1.5B |
| Long-term debt | $10.0B | $8.0B | $6.7B | $7.0B | $6.0B |
| Free cash flow | $1.3B | $1.8B | $1.9B | $603M | $1.1B |
| Operating margin | 44.0% | 45.0% | 44.1% | 42.2% | 43.8% |
| Net margin | 23.6% | 25.3% | 26.1% | 27.8% | 29.6% |
| Diluted shares | 71.1M | 71.8M | 74.4M | 76.9M | 84.1M |
Share count is down 15.5% over 4 years. Buybacks have been shrinking the pie.
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…
Risk factors CPAY lists in its 10-K
- You should carefully consider the following risks applicable to us. If any of the following risks actually occur, our business,
- operating results, financial condition and the trading price of our common stock could be materially adversely affected. The
- risks discussed below also include forward-looking statements, and our actual results may differ substantially from those
- discussed in these forward-looking statements. See "Note Regarding Forward-Looking Statements" in this report
- Risks related to information technology and security
- We are dependent on the efficient and uninterrupted operation of interconnected computer systems, telecommunications,
- data centers and call centers, including technology and network systems managed by multiple third parties, which could
- result in our inability to prevent disruptions in our services
- We may experience cybersecurity incidents, software defects, system errors, outages and development delays, which could
- damage customer relationships, decrease our profitability and expose us to liability
- We may not be able to adequately protect our systems or the data we collect from continually evolving cybersecurity and
- data-protection risks, which could subject us to liability and damage our reputation
- Risks related to our business and operations
- If we fail to develop and implement new technology, products and services, adapt our products and services to changes in