Corpay, Inc. (CPAY)

Financials · Transaction & Payment Processing Services · US stock · S&P 500 component

$415.01 ▲ +7.45 (1.83%)

At close 22 Oct 2026 · USD · Volume 344,231

Compare with MA

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueUndervalued

$518 +24.7% to fair value

$259fair band $441–$627$776

Day's range

$406.28 – $416.30

52-week range

$252.84 – $427.46

About Corpay, Inc.

Corpay provides business payment services, including fuel cards for vehicle fleets, corporate payment solutions, lodging and cross-border payments. Customers use its products to control spending and to pay suppliers and employees. The company earns revenue from fees charged to merchants and customers, interchange on card transactions, and foreign exchange margins, so payment volumes and fuel prices influence its results.

It does not pay a dividend. Looking at the numbers, trailing revenue is $5.0 billion, and it expanded at 9.7% a year across three years. Operating margin is 43.7%, while return on invested capital is 10%. Leverage, measured as net debt to EBITDA, is 4.5 times. Taken together, these figures give an X-Ray Score of 55 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $252.84 – $427.46Volume 344,231Daily, split-adjusted

Vitals

Market cap$27.5B

52-week range$252.84 – $427.46

Volume (last day)344,231

P/E (TTM)25.2

EBIT / EV yield5.6%

Free-cash-flow yield6.0%

Dividend yieldNo dividend

Revenue (TTM)$5.0B

Net income (TTM)$1.1B

Operating margin43.7%

Return on capital9.9%

Debt incl. leases$15.1B

Cash & securities$3.2B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$518middle half of models $365 – $634

Undervalued +24.7% to fair value

Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $415

Undervalued < $441Fair $441 – $627Overvalued > $627

P/E multiple

$405

P/B multiple

$352

P/S multiple

$347

EV/EBITDA multiple

$365

EV/EBIT multiple

$388

EV/revenue multiple

$327

10-year DCF, EBITDA exit

$711

5-year DCF, EBITDA exit

$614

10-year DCF, revenue exit

$705

5-year DCF, revenue exit

$607

10-year DCF, growth exit

$730

5-year DCF, growth exit

$634

Earnings power value

$544

Growth the price implies

5.9%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Weak business, but the price is low

Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 44 The price is not above fair value $518 fair value Debt looks manageable 4.5× EBITDA Revenue has been growing 9.7% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Fair

63/100

Priced about in line with its sector.

See the numbers →

EBIT / EV yield5.6%

Free-cash-flow yield6.0%

Fair value vs price1.2×

Growth Fair

65/100

Growing at a typical pace for its sector.

See the numbers →

Revenue growth (3y)9.7%

EPS growth (3y)6.6%

Growth consistency100%

Profitability Fair

67/100

Returns on capital are typical for its sector.

See the numbers →

Return on invested capital9.9%

Operating margin43.7%

Financial health Weak

22/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score5 / 9

Net debt / EBITDA4.5×

Interest cover5.0×

Dividends None

–/100

Pays no dividend.

See the numbers →

Quarterly results: last 6 quarters

+7.5%

Mar '25

+12.9%

Jun '25

+13.9%

Sep '25

+20.7%

Dec '25

+25.4%

Mar '26

+21.5%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $1.3B, diluted EPS $3.70.

Compare with peers

PYPL PayPal Holdings, Inc.65 JKHY Jack Henry & Associate...63 MA Mastercard Inc57 FISV Fiserv Inc49

Other Transaction & Payment Processing Services companies by X-Ray Score.

SWOT analysis: Corpay, Inc.

Strengthsinside the company

Operating margin of 43.7% is well above the 17.9% median of industry peers, a sign of pricing power or lower costs.
Free cash flow equals 6.0% of the market value, which funds dividends, buybacks or debt paydown.

Weaknessesinside the company

Net debt is 4.5x EBITDA, above the 3x level that lenders usually watch.

Opportunitiesvaluation and setting

Revenue growth picked up to 13.9% last year from 9.7% a year over three years.
The price is 25% below our fair value estimate, with the gap larger than the margin we allow for error.
Our Market Compass rates the backdrop for Financials as favourable.
Price momentum is strong on the weekly and monthly signals (trends can reverse).

Threatsvaluation and setting

Heavy debt makes profits sensitive to interest rates and refinancing conditions.
Trades at 24.1x earnings, 43% above the 16.8x median of industry peers, so the price already assumes better results.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare CPAY with peers and sector

Medians of 7 Transaction & Payment Processing Services peers and of 70 Financials stocks in our universe. Largest peers (X-Ray Score): MA 57, PYPL 65, XYZ 45, FISV 49, GPN 29, FIS 36.

Metric	CPAY	Peers	Sector
X-Ray Score (out of 100)	55	49	50
Valuation	63	51	52
Growth	65	54	54
Profitability	67	46	48
Financial health	22	61	51
Dividends	–	37	54

Sector leaders: highest X-Ray Score in Financials

CPAY ranks #25 of 71 in Financials and #4 of 8 in Transaction & Payment Processing Services by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 PGR Progressive Corp	69
#2 SCHW Schwab Charles Corp	68
#3 AMP Ameriprise Financial Inc	67
#4 AIZ Assurant, Inc.	66
#5 PYPL PayPal Holdings, Inc.	65
…
#25 CPAY Corpay, Inc. (this stock)	55

Metric	CPAY	Peers	Sector
P/E ratio	24.1x	16.8x	13.7x
PEG ratio	3.68	1.27	1.15
Price / book	7.8x	2.2x	2.2x
Price / sales	5.5x	1.9x	3.1x
EV / EBITDA	15.0x	11.7x	10.7x
Price / free cash flow	16.8x	14.6x	17.1x
Dividend yield	–	1.2%	1.9%
Gap to our fair value	+24.7%	+21.2%	+5.6%

Metric	CPAY	Peers	Sector
Price change, 1 month	+5.6%	+8.8%	+3.4%
Price change, 3 months	+15.6%	+3.9%	−0.3%
Price change, 6 months	+25.5%	+9.0%	+6.8%
Price change, 1 year	+46.6%	+1.6%	+13.8%

Metric	CPAY	Peers	Sector
Market value	$27.5B	$27.1B	$47.6B
Revenue (last 12 months)	$5.0B	$20.9B	$15.7B
EBITDA (last 12 months)	$2.6B	$4.2B	$4.7B
Net income (last 12 months)	$1.1B	$2.8B	$3.3B
Free cash flow (last 12 months)	$1.6B	$3.9B	$3.0B

Metric	CPAY	Peers	Sector
Revenue growth, last year	+13.9%	+4.3%	+6.8%
Revenue growth, 3 years a year	+9.7%	+6.4%	+8.1%
EPS growth, 3 years a year	+6.6%	+17.5%	+12.9%
Free cash flow growth, 3 years a year	+29.1%	+14.0%	+12.5%
Dividend growth	–	+0.2%	+5.4%

Metric	CPAY	Peers	Sector
Gross margin	–	45.0%	54.1%
EBITDA margin	52.6%	25.0%	31.1%
Operating margin	43.7%	17.9%	28.9%
Net margin	22.7%	15.0%	20.9%
Return on invested capital	9.9%	7.2%	13.6%
Return on equity	32.2%	21.0%	15.3%

Metric	CPAY	Peers	Sector
Net debt / EBITDA	4.5x	0.6x	1.1x
Interest cover	5.0x	13.4x	50.0x
Current ratio	1.0x	1.1x	1.1x
Piotroski F-score (0 to 9)	5	5	7

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for CPAY

Each factor is rated by where CPAY stands among the 71 Financials stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 7 Good · 5 Average · 9 Bad of 21 Growth: 1 · 1 · 1 Profitability: 2 · 2 · 0 Financial strength: 0 · 0 · 4 Valuation: 0 · 2 · 3 Cash flow: 4 · 0 · 0 Efficiency: 0 · 0 · 1

Factor	CPAY	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+9.7%	Average beats 62%	+8.3%	–	–
Revenue growth, last year	+13.9%	Good beats 80%	+6.9%	+13.9%	≈ In line
EPS growth, 3 years a year	+6.6%	Bad beats 30%	+12.7%	–	–
Profitability
Operating margin	43.7%	Good beats 76%	29.1%	44.0%	≈ In line
Net margin	22.7%	Average beats 55%	21.8%	26.1%	▼ Worse
Return on invested capital	9.9%	Average beats 36%	13.5%	–	–
Return on equity	32.2%	Good beats 86%	15.7%	29.9%	≈ In line
Financial strength
Net debt / EBITDA	4.5x	Bad beats 15%	1.1x	4.3x	≈ In line
Interest cover	5.0x	Bad beats 10%	50.0x	4.8x	≈ In line
Current ratio	0.97	Bad beats 24%	1.05	1.01	≈ In line
Piotroski F-score	5 / 9	Bad beats 23%	7 / 9	–	–
Valuation
P/E ratio	24.1x	Bad beats 21%	13.8x	21.4x	▼ Worse
Price / book	7.8x	Bad beats 6%	2.2x	6.4x	▼ Worse
Price / sales	5.5x	Bad beats 28%	3.1x	5.6x	≈ In line
EV / EBITDA	15.0x	Average beats 35%	10.8x	14.3x	≈ In line
Free cash flow yield	6.0%	Average beats 53%	5.8%	6.1%	≈ In line
Cash flow
Free cash flow margin	32.6%	Good beats 70%	23.2%	38.3%	▼ Worse
Cash from operations / net income	1.62	Good beats 78%	1.25	1.43	▲ Better
Free cash flow growth, 3 years a year	+29.1%	Good beats 77%	+12.7%	–	–
Accruals (lower is better)	−2.5%	Good beats 76%	−1.0%	–	–
Efficiency
Days sales outstanding	193 days	Bad beats 3%	53 days	210 days	≈ In line

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 5 Good · ● 5 Average · ● 5 Bad

Cash quality

Earnings backed by cashGood

Free-cash-flow yieldAverage

Risk models

Altman Z''Average

Piotroski F-ScoreBad

Growth

EPS growth (3y)Bad

Free-cash-flow growth (3y)Good

Revenue growth (3y)Average

Growth consistencyGood

Balance sheet

Current ratioBad

Net debt / EBITDABad

Interest coverBad

Valuation

Fair value vs priceGood

EBIT / EV yieldAverage

Profitability

Return on invested capitalAverage

Operating marginGood

Each check is graded against the company's sector, not a fixed number. Checklist score 51/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$2.8B	$3.4B	$3.8B	$4.0B	$4.5B
Operating income	$1.2B	$1.4B	$1.7B	$1.8B	$2.0B
Net income	$839M	$954M	$982M	$1.0B	$1.1B
Operating cash flow	$1.2B	$755M	$2.1B	$1.9B	$1.5B
Operating margin	43.8%	42.2%	44.1%	45.0%	44.0%
Free cash flow	$1.1B	$603M	$1.9B	$1.8B	$1.3B
Diluted EPS	$9.99	$12.42	$13.20	$13.97	$15.03

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bullish

12 bullish · 1 neutral · 3 bearish

Weekly

Strongly bullish

11 bullish · 1 neutral · 0 bearish

Monthly

Strongly bullish

7 bullish · 1 neutral · 0 bearish

Moving averages (daily)

SMA 10	402.7	Bullish
EMA 10	404.9	Bullish
SMA 20	400.0	Bullish
EMA 20	402.7	Bullish
SMA 50	404.8	Bullish
EMA 50	398.2	Bullish
SMA 100	384.1	Bullish
EMA 100	384.4	Bullish
SMA 200	353.3	Bullish
EMA 200	363.4	Bullish

Oscillators (daily)

RSI (14)	61.34	Neutral
MACD (12, 26)	2.05	Bullish
Momentum (12)	2.02	Bullish
Stochastic %K (14)	95.14	Bearish
Williams %R (14)	-4.86	Bearish
CCI (20)	187.6	Bearish

Pivot points (classic, last session)

398.7

402.5

408.8

Pivot

412.5

418.8

422.6

428.8

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

ETFs that hold CPAY

ETF	Share of the fund
TMSL T. Rowe Price Small-Mid Cap	0.72%
JEPI JPMorgan Equity Premium Income	0.63%
VOT Vanguard Mid-Cap Growth	0.46%
HELO Jpmorgan Hedged Equity Laddered Overla...	0.42%
JAVA JPMorgan Active Value	0.41%
DUHP DFA Investment Dimensions Group Inc.	0.30%
IYJ iShares U.S. Industrials	0.29%
VFH Vanguard Financials	0.29%

The eight funds with the largest weight in CPAY among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.