Corpay, Inc. (CPAY)

NYSE: CPAY · USD

$396

-1.23 (-0.3%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-05

Our latest published analysis: CPAY rated Buy

Corpay, Inc.'s published Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$493 / share

Potential value

$587 / share

Upside to FV

+22.8%

from $396

Moat

7.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$26.4B
Revenue (ttm)	5B
Net income (ttm)	1.1B
EPS (ttm)	$16.4
Shares out	65.7M
P/E (trailing)	24.1x
P/E (forward)	12.8x
Volume	378,526
Beta	0.89

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 5B
Net income (ttm): 1.1B
EPS (ttm): $16.4
P/E (trailing): 24.1x
P/E (forward): 12.8x
Market cap: $26.4B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$2.83B	$3.43B	$3.76B	$3.97B	$4.53B	+12.4%
Gross profit	$2.27B	$2.66B	$2.94B	$3.11B	$3.17B	+8.6%
Operating income	$1.24B	$1.45B	$1.66B	$1.79B	$1.99B	+12.6%
Net income	$839.5M	$954.3M	$981.9M	$1.00B	$1.07B	+6.2%
EPS (diluted)	$9.99	$12.42	$13.20	$13.97	$15.03	+10.8%
EBITDA	$1.51B	$1.76B	$2.01B	$2.12B	$2.34B	+11.6%
R&D	—	—	—	—	—	—
SG&A	$485.8M	$584.1M	$603.4M	$616.9M	$733.0M	+10.8%

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ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	强力买入
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AIG	American International Group Inc.	41.7B	14.7x	1.6x	7.7%	-9.6%	+2.8%	强力买入
AIZ	Assurant, Inc.	14.1B	13.6x	1.0x	14.4%	+6.6%	+36.2%	持有

Base and Bull scenarios

Base55%

Price target

$493.18

+22.8% from spot

The Base case represents the modal analytical expectation. Vehicle Payments maintains its durable, high-margin cash flow foundation ($1,074.71M operating income in FY2025), while Corporate Payments delivers sustained mid-teens-plus expansion ($1,635.07M FY2025 revenue). International operations in Brazil ($713.30M FY2025 revenue) and the United Kingdom ($642.30M) provide geographic diversification and secular electronic toll tailwinds. Strong free cash flow ($1,299.15M in FY2025) funds net annual share repurchases of 1.0% to 2.5%, compounding per-share intrinsic value toward the synthesized Fair value of $493.18.

Consolidated revenue growth of 17.0% in FY2026 tapering to 6.0% by FY2030
Consolidated operating margin expands gradually from 44.2% in FY2026 to 45.2% by FY2030
Consensus FY2027 diluted EPS of $31.45 and FY2027 revenue of $5,778.48M
Terminal forward P/E multiple and perpetual terminal growth rate reflect mature cash-generative operations
WACC of 8.10% and moderate cost of equity of 9.56%

Bull20%

Price target

$586.98

+46.1% from spot

The Bull case reflects an acceleration scenario where Corporate Payments captures significant market share across middle-market corporate payables and international FX corridors. Distribution partnerships with major financial institutions expand rapidly, converting a high proportion of the 100+ pipeline institutions. Concurrently, Brazilian toll tag conversion surpasses expectations as free-flow mandates accelerate, driving operating leverage and expanding consolidated operating margins. Free cash flow conversion expands, enabling accelerated share buybacks and driving per-share intrinsic value toward Potential value of $586.98.

Corporate Payments revenue growth sustains 20%+ YoY driven by bank partner scaling
Brazil free-flow electronic toll tag adoption accelerates past 40% penetration
Consolidated operating margins expand on strong operating leverage
FY2027 diluted EPS reaches the upper analyst consensus estimate of $34.50
Terminal multiple expands on higher corporate payments mix

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($493.18). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
8.6%	$529	$542	$555	$571	$588
9.1%	$500	$510	$522	$534	$547
9.6%	$476	$484	$493	$503	$514
10.1%	$454	$461	$469	$477	$486
10.6%	$435	$441	$448	$455	$463

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E12.8

P25 n/aP50 n/aP75 n/a

Trailing P/E23.7

P25 n/aP50 n/aP75 n/a

ROE29.2

P25 n/aP50 n/aP75 n/a

ROIC14.5

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All CPAY indicators

Market & fundamental data

Available fields

266

Groups with data

Currency

USD

Showing 266 of 266 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001175454
Company name	Corpay, Inc.
Country	United States
Country code	US
CUSIP number	219948106
Earnings date	2026-11-04
Earnings time	amc
Employees	11,800
Employees change	600
Employees growth	5.36%
Enterprise value	$33.5B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1986
In index	SP500
Industry	Software - Infrastructure
IPO date	2010-12-15
Is primary listing	Yes
Is SPAC	No
ISIN number	US2199481068
Last 10-K release date	2026-02-27
Last earnings date	2026-08-05
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$26B
Market cap category	Large-Cap
Next earnings date	2026-11-04
Options	Yes
Price	$395.78
Price currency	USD
Sector	Technology
SIC code	7389
Stock price date	2026-10-28
Symbol	CPAY
U.S. state	Georgia
Website	https://www.corpay.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	16.13x
Average P/E ratio (10Y)	23.39x
Average P/E ratio (3Y)	20.66x
Average P/E ratio (5Y)	19.98x
Earnings yield	4.15%
EV/Earnings	29.54x
EV/EBIT	13.62x
EV/EBITDA	11.97x
EV/FCF	20.44x
EV/Sales	6.67x
FCF / EV yield	4.89%
FCF yield	6.32%
Forward EV/Sales	6.07x
Forward P/E	13.46x
Forward P/S	4.7x
Graham number	141.15409
Graham upside	-64.25%
Industry forward P/E	29.19x
Industry P/E	38.8x
Lynch fair value	$127.80
Lynch upside	-67.64%
P/(FCF - SBC) ratio	17.02x
P/(OCF - SBC) ratio	14.97x
P/B ratio	7.36x
P/E ratio	24.11x
P/FCF ratio	15.82x
P/OCF ratio	14.03x
P/S ratio	5.16x
PEG ratio	1.29x
Price/EBITDA ratio	9.27x
Sector forward P/E	18.47x
Sector P/E	32.85x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	48.97%
EBITDA margin	55.74%
Effective tax rate	31.2%
FCF margin	32.63%
Gross margin	80.54%
Operating margin	48.97%
Pretax margin	33.28%
Profit margin	22.72%
Profit per employee	$96,060
Profitable quarters	67
Profitable years	18
Revenue per employee	$425,466
ROA	6.32%
ROA (5Y)	6.5%
ROCE	21.82%
ROE	29.22%
ROE (5Y)	31.26%
ROIC	14.55%
ROIC (5Y)	13.77%
SBC / revenue	2.29%
Tax / revenue	10.38%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	11.54%
EPS growth (Q)	-7.04%
EPS growth (QoQ)	-27.02%
EPS growth 10Y	14.62%
EPS growth 3Y	9.78%
EPS growth 5Y	12.57%
EPS growth years	5
FCF growth	-15.03%
FCF growth (Q)	30.16%
FCF growth 3Y	-0.2%
FCF growth 5Y	11.76%
Gross profit growth	24.09%
Gross profit growth (Q)	25.15%
Gross profit growth 3Y	12.88%
Gross profit growth 5Y	15.14%
Net income growth	8.67%
Net income growth (Q)	-12.62%
Net income growth (QoQ)	-29.28%
Net income growth 3Y	6.87%
Net income growth 5Y	7.79%
Net income growth years	5
OCF growth	-12.68%
OCF growth (Q)	28.93%
OCF growth 10Y	9.17%
OCF growth 3Y	0.65%
OCF growth 5Y	12.46%
Operating income growth	34.22%
Operating income growth (Q)	31.04%
Operating income growth 3Y	16.71%
Operating income growth 5Y	16.98%
Revenue growth	20.36%
Revenue growth (Q)	21.49%
Revenue growth (QoQ)	6.17%
Revenue growth 10Y	11.34%
Revenue growth 3Y	11.46%
Revenue growth 5Y	15.16%
Revenue growth quarters	21
Revenue growth years	5

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-208.9M
Depreciation and amortization	$339.8M
EBIT	$2.5B
EBITDA	$2.8B
EPS	$16.41
FCF per share	$24.95
Financing cash flow	$1.1B
Free cash flow	$1.6B
Free cash flow minus SBC	$1.5B
Gross profit	$4B
Income taxes	$521.3M
Investing cash flow	$1.8B
Net borrowing	$2.5B
Net cash flow	$4.6B
Net income	$1.1B
Operating cash flow minus SBC	$1.7B
Operating income	$2.5B
Revenue	$5B
Stock-based compensation	$114.9M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	1.52
Book value per share	$53.95
Debt / EBITDA	3.8
Debt / equity	2.75
Debt / FCF	6.56
Goodwill	$7.1B
Interest coverage	5.61
Long-term assets	$11.7B
Long-term liabilities	$7.4B
Net cash (debt)	$-7.6B
Net cash / market cap	-29.15%
Net debt / EBITDA	2.7
Net debt / equity	1.94
Net debt / FCF	4.61
Piotroski F-Score	5
Property, plant and equipment	$472.3M
Shareholders' equity	$3.9B
Tangible book value	$-6.5B
Tangible book value per share	$-99.43
Total assets	$28.2B
Total cash	$3.2B
Total debt	$10.7B
Total liabilities	$24.3B
WACC	7.3%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.21
Current assets	$16.5B
Current liabilities	$17B
Current ratio	0.97
Net working capital	$915.9M
Quick ratio	0.48
Working capital	$-475.1M
Working capital turnover	15.58

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	3.28%
Dividend yield	0%
Shareholder yield	3.28%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	126.2%
10Y return CAGR	8.51%
10Y total return	126.2%
150-day SMA	$365.40
15Y price change	1,290.77%
15Y return CAGR	19.18%
15Y total return	1,290.77%
1D price change	-0.31%
1M price change	-1.42%
1M total return	-1.42%
1W price change	-3.89%
1W total return	-3.89%
1Y price change	38.08%
1Y return CAGR	38.11%
1Y total return	38.08%
20-day SMA	$401.11
200-day SMA	$354.73
3M price change	3.36%
3M total return	3.36%
3Y price change	76.87%
3Y return CAGR	20.93%
3Y total return	76.87%
50-day SMA	$403.61
50-day SMA vs 200-day SMA	50over200
52-week high	$427.46
52-week high date	2026-09-03
52-week low	$252.84
52-week low date	2025-10-31
5Y price change	49.4%
5Y return CAGR	8.36%
5Y total return	49.4%
6M price change	25.48%
6M total return	25.48%
All-time high	$427.46
All-time high date	2026-09-03
All-time low	$24.28
All-time low date	2011-08-23
Average true range (ATR)	$9.28
Average volume	452K
Beta (1Y)	1.25
Beta (2Y)	1.34
Beta (5Y)	0.89
Change from 52-week high	-7.41%
Change from 52-week low	56.53%
Change from all-time high	-8.18%
Change from all-time low	1,516.45%
Change from open	-0.41%
Day's gap	0.09%
Dollar volume	$149.8M
High price	$397.62
Low price	$391.19
Monthly RSI	60.8
Open price	$397.39
Position in 52-week range	71.38%
Previous close	$397.02
Price vs 150-day SMA	7.41%
Price vs 20-day SMA	-2.15%
Price vs 200-day SMA	10.64%
Price vs 50-day SMA	-2.76%
Relative volume	0.84
RSI	42.82
Sharpe ratio	0.95
Sharpe ratio (3Y)	0.55
Sharpe ratio (5Y)	0.26
Sortino ratio	1.7
Sortino ratio (3Y)	0.98
Sortino ratio (5Y)	0.55
Volume	378.5K
Weekly RSI	55.38
YTD price change	30.42%
YTD total return	30.42%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	63.1M
Float percentage	96.09%
Shares change (QoQ)	-3.09%
Shares change (YoY)	-3.28%
Shares held by insiders	3.8%
Shares held by institutions	99.87%
Shares outstanding	65.7M
Short % of float	5.51%
Short % of shares	5.29%
Short ratio	7.4 days

Deeper analysis on CPAY

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this CPAY report

What is the latest published CPAY stock rating?

Corpay, Inc. is shown with Buy in the latest published report, analyzed 2026-10-05. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full CPAY analysis?

The full latest published report, analyzed 2026-10-05, lives at /stocks/CPAY/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for CPAY?

The latest published report analyzed 2026-10-05 gives CPAY a fair value of USD 493 and a potential value of USD 587. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the CPAY page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-05). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

BuyCPAY · Fair value $493+22.8%

Read full analysis →

Corpay, Inc. (CPAY)

Our latest published analysis: CPAY rated Buy

Price

Financial snapshot

Fair-value bridge

Latest news · CPAY

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All CPAY indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on CPAY

Frequently asked questions

评级历史

Category	Score	Reading
Valuation	7.5
Management	8.5
Balance Sheet	1.5
Profitability	7.5
Revenue Growth	7.5
Risk Assessment	2.5
Competitive Moat	7.5
Earnings Quality	7.5
Capital Efficiency	5.5