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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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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
29.82 | 23.82 | 20.28 | 27.77 | 32.52 | 21.88 | 14.50 | 20.98 | 23.68 | 19.76 |
Piotroski F-Score |
6 | 8 | 8 | 7 | 5 | 7 | 6 | 7 | 4 | 5 |
P/S ratio |
7.31 | 7.85 | 6.77 | 9.38 | 9.59 | 6.48 | 4.04 | 5.48 | 5.99 | 4.66 |
Altman Z-Score |
1.88 | 2.14 | 2.21 | 2.85 | 2.93 | 2.23 | 2.03 | 2.37 | 2.23 | 1.51 |
Altman Z″-Score (non-manufacturers) |
1.25 | 1.57 | 1.85 | 2.47 | 2.60 | 2.53 | 2.62 | 2.84 | 2.55 | 1.88 |
P/FCF ratio |
20.63 | 28.96 | 20.05 | 22.87 | 16.44 | 16.92 | 22.95 | 10.58 | 13.48 | 16.25 |
P/Operating CF |
44.07 | 71.11 | 47.36 | 67.02 | 88.87 | 30.74 | 43.80 | 28.75 | 36.69 | 25.97 |
Beneish M-Score |
(2.26) | (2.29) | (2.54) | (2.50) | (2.98) | (2.34) | (2.31) | (2.78) | (2.78) | (2.44) |
P/B ratio |
4.34 | 4.81 | 4.93 | 6.70 | 6.83 | 6.41 | 5.45 | 6.28 | 7.57 | 5.38 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
8.34 | 8.64 | 7.34 | 9.99 | 10.27 | 7.26 | 4.75 | 5.87 | 6.18 | 4.15 |
EV/EBITDA |
15.83 | 16.83 | 13.03 | 17.52 | 19.89 | 13.42 | 9.16 | 11.02 | 10.99 | 7.79 |
EV/Operating CF |
21.56 | 28.58 | 19.78 | 22.78 | 16.66 | 17.19 | 21.57 | 10.50 | 12.66 | 12.51 |
EV/FCF |
23.52 | 31.87 | 21.74 | 24.36 | 17.60 | 18.96 | 26.99 | 11.32 | 13.92 | 14.45 |
Quick Ratio |
0.74 | 0.82 | 0.82 | 0.94 | 0.89 | 0.98 | 0.93 | 0.97 | 0.90 | 0.91 |
Current Ratio |
0.77 | 0.87 | 0.86 | 1.03 | 1.00 | 1.04 | 1.01 | 1.04 | 1.00 | 0.98 |
Net Debt/EBITDA |
1.95 | 1.53 | 1.01 | 1.07 | 1.31 | 1.44 | 1.37 | 0.73 | 0.34 | (0.97) |
Debt/Assets |
26.20% | 25.64% | 24.53% | 26.86% | 27.67% | 33.27% | 33.52% | 29.70% | 29.10% | 25.20% |
Debt/Equity |
0.82 | 0.79 | 0.82 | 0.89 | 0.92 | 1.56 | 1.86 | 1.40 | 1.66 | 1.70 |
Asset Turnover |
0.21 | 0.21 | 0.22 | 0.23 | 0.20 | 0.23 | 0.25 | 0.25 | 0.24 | 0.20 |
Operating CF/Net income |
1.57 | 0.92 | 1.11 | 1.30 | 2.09 | 1.43 | 0.79 | 2.14 | 1.93 | 1.40 |
Capex/Depreciation |
(0.28) | (0.26) | (0.29) | (0.27) | (0.30) | (0.38) | (0.46) | (0.45) | (0.39) | (0.48) |
Interest Coverage |
10.49 | 8.25 | 7.88 | 8.21 | 7.49 | 10.93 | 8.79 | 4.75 | 4.67 | 4.94 |
| 15.30% | 21.90% | 23.13% | 25.39% | 19.93% | 26.98% | 35.29% | 33.72% | 31.23% | 30.21% | |
| 5.17% | 7.07% | 7.21% | 7.63% | 6.01% | 6.83% | 6.94% | 6.64% | 6.00% | 4.82% | |
ROIC |
9.50% | 10.14% | 14.43% | 14.45% | 12.21% | 15.30% | 18.17% | 21.86% | 28.53% | 78.34% |
Return on Tangible Assets |
(72.25%) | (202.38%) | (187.40%) | 251.90% | 369.64% | 193.44% | 267.03% | 163.20% | 290.36% | 769.31% |
Average Days of Receivables |
357.32 | 361.99 | 346.75 | 349.99 | 315.79 | 374.99 | 356.97 | 336.92 | 313.47 | 319.88 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
42.07% | 43.92% | 43.54% | 43.14% | 48.72% | 46.15% | 48.38% | 46.93% | 46.97% | 48.17% |
Intangible Assets out of Total Assets |
0.71 | 0.66 | 0.62 | 0.59 | 0.61 | 0.55 | 0.52 | 0.50 | 0.47 | 0.41 |
Share Based Compensation of Revenue |
3.49% | 4.15% | 2.87% | 2.30% | 1.82% | 2.83% | 3.54% | 3.09% | 2.94% | 2.27% |
Graham Net Nets |
(0.30) | (0.23) | (0.24) | (0.16) | (0.17) | (0.27) | (0.39) | (0.25) | (0.26) | (0.40) |
Graham Number |
60.29 | 85.96 | 88.07 | 100.07 | 86.83 | 89.67 | 97.74 | 116.40 | 119.93 | 138.51 |
Earnings Yield |
3.35% | 4.20% | 4.93% | 3.60% | 3.08% | 4.57% | 6.89% | 4.77% | 4.22% | 5.06% |
Free Cash Flow Yield |
4.85% | 3.45% | 4.99% | 4.37% | 6.08% | 5.91% | 4.36% | 9.45% | 7.42% | 6.16% |
Revenue per Share |
19.78 | 24.69 | 27.42 | 30.66 | 28.44 | 34.53 | 45.33 | 51.37 | 56.51 | 64.57 |
Operating CF per Share |
7.65 | 7.46 | 10.18 | 13.45 | 17.53 | 14.59 | 9.98 | 28.72 | 27.59 | 21.39 |
Capex per Share |
(0.64) | (0.77) | (0.92) | (0.87) | (0.93) | (1.36) | (2.00) | (2.10) | (2.49) | (2.86) |
Free Cash Flow per Share |
7.01 | 6.69 | 9.26 | 12.58 | 16.60 | 13.23 | 7.98 | 26.62 | 25.10 | 18.52 |
Cash per Share |
6.95 | 12.41 | 15.38 | 19.39 | 17.58 | 27.43 | 30.28 | 42.94 | 63.36 | 128.21 |
Shareholders Equity per Share |
33.31 | 40.34 | 37.64 | 42.96 | 39.94 | 34.93 | 33.62 | 44.87 | 44.73 | 55.99 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
33.31 | 40.34 | 37.64 | 42.96 | 39.94 | 34.93 | 33.62 | 44.87 | 44.73 | 55.99 |
Free Cash Flow |
649.21 | 609.97 | 822.00 | 1,086.90 | 1,394.16 | 1,085.53 | 603.37 | 1,947.31 | 1,765.39 | 1,299.15 |
Working Capital |
(768.62) | (545.80) | (619.23) | 155.50 | (11.99) | 197.70 | 62.70 | 258.51 | (32.01) | (333.44) |
Capital Expenditures |
(59.01) | (70.09) | (81.39) | (75.17) | (78.42) | (111.53) | (151.43) | (153.82) | (175.18) | (200.76) |
Net Current Asset Value |
(4,015.00) | (4,092.14) | (3,986.31) | (3,918.35) | (3,882.85) | (5,050.02) | (5,441.62) | (5,109.62) | (6,135.17) | (8,518.22) |
EV/EBIT |
20.25 | 22.00 | 16.38 | 21.50 | 25.24 | 16.56 | 11.26 | 13.31 | 13.75 | 9.41 |
Capex to Sales |
0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
Price to Operating Income |
17.76 | 19.99 | 15.11 | 20.19 | 23.57 | 14.78 | 9.57 | 12.43 | 13.32 | 10.58 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.48 | 1.51 | 1.50 | 1.40 | 1.29 | 1.23 | 1.12 | 1.00 | 1.19 | 0.88 |
Cash ROIC |
10.39% | 7.91% | 11.03% | 12.53% | 17.58% | 11.33% | 6.32% | 17.67% | 13.76% | 6.64% |
Accounts Receivable Turnover |
1.20 | 1.12 | 1.07 | 1.09 | 1.04 | 1.14 | 1.09 | 1.10 | 1.16 | 1.23 |
Accounts Payable Turnover |
0.11 | 0.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
Average Days of Payables |
4,027.72 | 4,637.19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
Average Receivables |
1,522.98 | 2,012.01 | 2,271.41 | 2,425.87 | 2,303.35 | 2,489.02 | 3,131.51 | 3,410.17 | 3,441.04 | 3,691.09 |
Average Payables |
910.48 | 1,294.37 | 1,277.48 | 1,183.62 | 1,152.03 | 1,230.41 | 1,487.65 | 1,596.97 | 1,597.71 | 1,567.49 |
Average Assets |
8,758.27 | 10,472.55 | 11,260.42 | 11,725.51 | 11,721.56 | 12,299.62 | 13,746.96 | 14,782.76 | 16,716.64 | 22,182.58 |
Average Common Equity |
2,957.04 | 3,380.28 | 3,508.35 | 3,525.90 | 3,533.51 | 3,111.00 | 2,704.04 | 2,911.93 | 3,214.17 | 3,536.33 |
Columns are period end dates · fundamentals updated 5 Nov 2026