Corpay vs Global Payments
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The short version
- Global Payments is the larger business, with $7.7B of revenue in fiscal 2025 against $4.5B for Corpay, about 1.7 times as much.
- Corpay grew revenue faster (13.9%, against −0.4%).
- Corpay kept more of each dollar of sales as operating profit (44.0% operating margin, against 22.8%).
- Corpay turned more of its sales into free cash flow (28.7% FCF margin, against 26.5%).
- Corpay earned a higher return on the capital invested in it (11.5%, against 3.8%).
| Latest fiscal year | CPAY · FY25 | GPN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.1B | $22.4B |
| Revenue | $4.5B | $7.7B |
| Free cash flow | $1.3B | $2.0B |
| Net income | $1.1B | $1.4B |
| Growth | ||
| Revenue growth | 13.9% | −0.4% |
| 5-year growth | 13.6% | 0.8% |
| Share count change | −1.1% | −5.0% |
| Profitability | ||
| Gross margin | — | 72.6% |
| Operating margin | 44.0% | 22.8% |
| Net margin | 23.6% | 18.2% |
| FCF margin | 28.7% | 26.5% |
| Return on capital | 11.5% | 3.8% |
| Return on equity | 30.5% | 6.2% |
| Balance sheet | ||
| Net debt | $9.1B | $13.2B |
| Net debt / EBITDA | 3.8x | 4.4x |
| Dividends and buybacks | $783M | $1.4B |
| Valuation & quality | ||
| P/E | 24.9x | — |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
CPAY $1.8B
GPN $2.9B
FY17
CPAY $2.2B
GPN $4.0B
FY18
CPAY $2.4B
GPN $3.4B
FY19
CPAY $2.6B
GPN $4.9B
FY20
CPAY $2.4B
GPN $7.4B
FY21
CPAY $2.8B
GPN $8.5B
FY22
CPAY $3.4B
GPN $9.0B
FY23
CPAY $3.8B
GPN $7.4B
FY24
CPAY $4.0B
GPN $7.7B
FY25
CPAY $4.5B
GPN $7.7B
CPAY
GPN
Operating margin
FY16
CPAY 41.2%
GPN 14.7%
FY17
CPAY 39.3%
GPN 14.1%
FY18
CPAY 44.8%
GPN 21.9%
FY19
CPAY 46.5%
GPN 16.1%
FY20
CPAY 40.7%
GPN 12.0%
FY21
CPAY 43.9%
GPN 15.9%
FY22
CPAY 42.2%
GPN 7.1%
FY23
CPAY 44.1%
GPN 17.8%
FY24
CPAY 45.0%
GPN 25.5%
FY25
CPAY 44.0%
GPN 22.8%
CPAY
GPN
Free cash flow
FY16
CPAY $649M
GPN $501M
FY17
CPAY $610M
GPN $330M
FY18
CPAY $822M
GPN $893M
FY19
CPAY $1.1B
GPN $1.1B
FY20
CPAY $1.4B
GPN $1.9B
FY21
CPAY $1.1B
GPN $2.3B
FY22
CPAY $603M
GPN $1.6B
FY23
CPAY $1.9B
GPN $1.9B
FY24
CPAY $1.8B
GPN $2.4B
FY25
CPAY $1.3B
GPN $2.0B
CPAY
GPN
Return on capital
FY16
CPAY 8.3%
GPN 8.2%
FY17
CPAY 9.6%
GPN 8.2%
FY18
CPAY 9.9%
GPN 8.3%
FY19
CPAY 12.4%
GPN 3.2%
FY20
CPAY 10.0%
GPN 2.2%
FY21
CPAY 12.6%
GPN 3.3%
FY22
CPAY 12.8%
GPN 0.9%
FY23
CPAY 13.2%
GPN 2.8%
FY24
CPAY 12.7%
GPN 4.5%
FY25
CPAY 11.5%
GPN 3.8%
CPAY
GPN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.