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Friday 6 November 2026
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Corpay, Inc.
CPAY Technology Software Infrastructure
Corpay, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.5 billion, up 13.9% from fiscal 2024.
- Revenue
- +17.9%
- EPS
- +45.1%
- Free cash flow
- −71.0%
- Total debt
- +4.30%
Quarter to September 2026, against a year earlier
451.95
33.35
+7.97%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,832 | 2,250 | 2,433 | 2,649 | 2,389 | 2,834 | 3,427 | 3,758 | 3,975 | 4,528 | 5,230 | +10.6% | 5,320 | 5,780 | 6,259 | +11.4% | |
| Gross margin, % | 94.30 | 94.97 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | +5.7 pt | ||||||
| EBT | 643 | 894 | 1,095 | 1,078 | 883 | 1,109 | 1,276 | 1,325 | 1,385 | 1,542 | 1,751 | +10.2% | ||||||
| EBT margin, % | 35.10 | 39.72 | 45.00 | 40.69 | 36.94 | 39.13 | 37.22 | 35.26 | 34.85 | 34.04 | 33.49 | (1.1) pt | ||||||
| Net income | 452 | 740 | 811 | 895 | 704 | 839 | 954 | 982 | 1,004 | 1,072 | 1,253 | +10.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 19.78 | 24.69 | 27.42 | 30.66 | 28.44 | 34.53 | 45.33 | 51.37 | 56.51 | 64.57 | 79.73 | +14.0% | |||||
| Earnings | 4.89 | 8.12 | 9.14 | 10.36 | 8.38 | 10.23 | 12.62 | 13.42 | 14.27 | 15.23 | 18.41 | +13.5% | ||||||
| Cash flow | 7.65 | 7.46 | 10.18 | 13.45 | 17.53 | 14.59 | 9.98 | 28.72 | 27.59 | 21.39 | 23.31 | +12.1% | ||||||
| Capex | (0.64) | (0.77) | (0.92) | (0.87) | (0.93) | (1.36) | (2.00) | (2.10) | (2.49) | (2.86) | (2.99) | +18.2% | ||||||
| Free cash flow | 7.01 | 6.69 | 9.26 | 12.58 | 16.60 | 13.23 | 7.98 | 26.62 | 25.10 | 18.52 | 20.33 | +11.4% | ||||||
| Book value | 33.31 | 40.34 | 37.64 | 42.96 | 39.94 | 34.93 | 33.62 | 44.87 | 44.73 | 55.99 | 50.97 | +5.9% | ||||||
| Shares, m | 93 | 91 | 89 | 86 | 84 | 82 | 76 | 73 | 70 | 70 | 67 | (3.0%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 29.82 | 23.82 | 20.28 | 27.77 | 32.52 | 21.88 | 14.50 | 20.98 | 23.68 | 19.76 | 24.55 | 23.5 | |||||
| P/S | 7.31 | 7.85 | 6.77 | 9.38 | 9.59 | 6.48 | 4.04 | 5.48 | 5.99 | 4.66 | 5.67 | 6.8 | ||||||
| P/B | 4.34 | 4.81 | 4.93 | 6.70 | 6.83 | 6.41 | 5.45 | 6.28 | 7.57 | 5.38 | 8.87 | 5.9 | ||||||
| EV/Sales | 8.34 | 8.64 | 7.34 | 9.99 | 10.27 | 7.26 | 4.75 | 5.87 | 6.18 | 4.15 | 5.03 | 7.3 | ||||||
| EV/FCF | 23.52 | 31.87 | 21.74 | 24.36 | 17.60 | 18.96 | 26.99 | 11.32 | 13.92 | 14.45 | 19.73 | 20.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 708 | 680 | 903 | 1,162 | 1,473 | 1,197 | 755 | 2,101 | 1,941 | 1,500 | 1,529 | +8.7% | |||||
| Capex | (59) | (70) | (81) | (75) | (78) | (112) | (151) | (154) | (175) | (201) | (196) | +14.6% | ||||||
| Free cash flow | 649 | 610 | 822 | 1,087 | 1,394 | 1,086 | 603 | 1,947 | 1,765 | 1,299 | 1,333 | +8.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (769) | (546) | (619) | 156 | (12) | 198 | 63 | 259 | (32) | (333) | (772) | (8.9%) | |||||
| Net debt | 1,878 | 1,771 | 1,384 | 1,615 | 1,621 | 2,209 | 2,434 | 1,455 | 770 | (2,336) | (3,341) | n/m | ||||||
| Shareholders’ equity | 3,084 | 3,677 | 3,340 | 3,712 | 3,355 | 2,867 | 2,541 | 3,282 | 3,146 | 3,927 | 3,344 | +2.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 5.17 | 7.07 | 7.21 | 7.63 | 6.01 | 6.83 | 6.94 | 6.64 | 6.00 | 4.82 | 5.15 | (0.4) pt | |||||
| ROIC | 9.50 | 10.14 | 14.43 | 14.45 | 12.21 | 15.30 | 18.17 | 21.86 | 28.53 | 78.34 | 60,347.59 | +68.8 pt | ||||||
| ROE | 15.30 | 21.90 | 23.13 | 25.39 | 19.93 | 26.98 | 35.29 | 33.72 | 31.23 | 30.21 | 32.99 | +14.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 7,100 | 7,890 | 7,580 | 8,700 | 8,400 | 9,700 | 9,900 | 10,500 | 11,200 | 11,800 | — | +5.8% | |||||
| Revenue/emp, $m | 0.26 | 0.29 | 0.32 | 0.30 | 0.28 | 0.29 | 0.35 | 0.36 | 0.35 | 0.38 | — | +4.5% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Vehicle Payments | 2,139 | 47.23% |
|---|---|---|
| Corporate Payments | 1,635 | 36.11% |
| Lodging Payments | 470 | 10.37% |
| Other | 285 | 6.30% |
| Gross margin | 100.00% | |
| Operating margin | 44.04% | |
| Pre-tax margin | 34.04% |
Corpay, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| TWLO Twilio Inc. | $31.1B | 24.3× | 22.8× | +19.93% (above 0%: growing) | +333.33% (above 0%: growing) | +54.25% (above 0%: growing) | 48.77% | 9.53% | Compare |
| OKTA Okta, Inc. | $29.9B | 102× | 105× | +10.58% (above 0%: growing) | +76.32% (above 0%: growing) | +38.89% (above 0%: growing) | 79.63% | 13.29% | Compare |
| CPAY Corpay, Inc. | $29.4B | 24.5× | 20.1× | +17.86% (above 0%: growing) | +45.06% (above 0%: growing) | −71.00% (below 0%: shrinking) | 100.00% | 44.96% | |
| VRSN VeriSign, Inc. | $28.0B | 33.5× | 32.3× | +5.70% (above 0%: growing) | +3.51% (above 0%: growing) | −13.96% (below 0%: shrinking) | 88.76% | 66.93% | Compare |
| GPN Global Payments Inc. | $25.1B | — (loss-making) | — (loss-making) | +68.63% (above 0%: growing) | −94.95% (below 0%: shrinking) | −35.83% (below 0%: shrinking) | 61.04% | 10.15% | Compare |
| MDB MongoDB, Inc. | $24.5B | 413× | 544× | +30.50% (above 0%: growing) | n/m | +94.79% (above 0%: growing) | 73.83% | 3.68% | Compare |
| CRWV CoreWeave Inc. | $24.1B | — (loss-making) | — (loss-making) | +112.46% (above 0%: growing) | n/m | −112.39% (below 0%: shrinking) | 65.86% | (1.90%) | Compare |
| IOT Samsara Inc. | $24.1B | 253× | 223× | +29.88% (above 0%: growing) | n/m | +46.50% (above 0%: growing) | 77.21% | 0.96% | Compare |
| RBRK Rubrik, Inc. | $21.9B | — (loss-making) | — (loss-making) | +37.89% (above 0%: growing) | n/m | +14.13% (above 0%: growing) | 78.44% | (16.83%) | Compare |
| Median of peers | $24.8B | 102× | 105× | +30.19% | +39.92% | +26.51% | 75.52% | 6.61% |
From the latest earnings call
- CEO Ron Clarke said corporate payments organic growth accelerated in the third quarter, while new bookings rose and customer retention remained stable.
- Clarke said Corpay is simplifying its portfolio, pursuing corporate payments acquisitions and considering further international expansion of its spend-management platform.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
97.66%
Held by the ten largest
59.20%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 7.61m | 11.60% | −516.11k |
| BlackRock | 5.71m | 8.70% | −463.64k |
| Orbis Allan Gray Ltd | 5.41m | 8.24% | +63.08k |
| JPMorgan Chase | 4.77m | 7.26% | −55.02k |
| Fidelity (FMR) | 3.34m | 5.09% | +647.12k |
| State Street | 2.83m | 4.31% | −111.07k |
| Boston Partners | 2.81m | 4.28% | +390.77k |
| T. Rowe Price | 2.45m | 3.74% | −327.64k |
| TIGER GLOBAL MANAGEMENT LLC | 2.15m | 3.27% | +397.73k |
| Geode Capital Management | 1.78m | 2.70% | −170.21k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 10 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 3.41m | 2.72m | 110.30 |
| 2024 | 28.05m | 48.36m | 124.04 |
| 2023 | 2.67m | 21.14m | 103.58 |
| 2022 | 3.99m | (24.35m) | 67.32 |
| 2021 | 57.92m | 31.19m | 82.04 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Corpay, Inc. (CPAY) Latest News
5 Nov
4 Nov
28 Oct
26 Oct
22 Oct
21 Oct
CPAY metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Corpay is a global payments company that helps businesses and consumers pay and manage expenses. Founded in 2000 and headquartered in Atlanta, it is led by Chief Executive Officer Ronald F. Clarke.
Its Corporate Payments business helps companies pay suppliers at home and abroad. It automates accounts payable—the process of approving and paying bills—and offers virtual cards, purchasing cards, employee expense tools and foreign-exchange services. For international payments, customers can also use currency contracts to manage exchange-rate exposure.