Skip to content
stoqly

Corpay

CPAY NYSE Transaction & Payment Processing Services Financials FY2016–FY2025

Corpay's revenue rose 13.9% to $4.5 billion in fiscal 2025. Its operating margin was 44.0%, down from 45.0% a year earlier. Free cash flow was $1.3 billion, down 26.4%. It paid out $783 million in dividends and buybacks, 60% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$408.46

1.6%
Value it Compare
Revenue Total sales reported in the income statement.
$4.5B
13.9% vs prior year
Operating margin Operating income as a share of revenue.
44.0%
0.9 pts
Net income Profit after all expenses, interest and tax.
$1.1B
6.6%
Free cash flow Cash from operations minus capital spending.
$1.3B
26.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.5%
1.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$27.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
24.9x
On $16.43 EPS (TTM)

About these figures. Total debt is the balance sheet's notes payable plus its current portion of notes payable, lines of credit and securitization facility; another debt figure in its filings leaves out the current portion of its notes.

What Corpay does

No business description yet.

Legal name
Corpay, Inc
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001175454-26-000018
0001175454

Revenue and margins

Corpay had $4.5B of revenue in fiscal 2025, up 13.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 13.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.3B in fiscal 2025, 28.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Corpay returned $783M to shareholders in fiscal 2025, 60% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Corpay yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$9.1B and divides by 71.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 24.9x · peers 10.4x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Corpay can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$1.4B$1.4B$1.6B$2.4B
Debt incl. finance leases $6.4B$8.1B$7.5B$9.4B$11.5B
Net debt / EBITDA 3.2x3.8x3.1x3.7x3.8x
Debt / equity 2.2x3.2x2.3x3.0x3.0x
Interest coverage 9.4x8.8x4.8x4.7x4.9x
Current ratio 1.0x1.0x1.0x1.0x1.0x
Quick ratio 1.0x1.0x1.0x1.0x1.0x
Total assets $13.4B$14.1B$15.5B$18.0B$26.4B
Total liabilities $10.5B$11.5B$12.2B$14.8B$22.5B
Shareholders' equity $2.9B$2.5B$3.3B$3.1B$3.9B
Net debt (− = net cash) $4.9B$6.6B$6.2B$7.9B$9.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$138M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 25, 2026 Ronald ClarkeCEO & Chairman of BOD, Director Sold 119,486 $412.40 $49.3M Form 4
Aug 24, 2026 Ronald ClarkeCEO & Chairman of BOD, Director Sold 94,374 $415.77 $39.2M Form 4
Aug 21, 2026 Alan KingGroupPresident IntlVehiclePmts Sold 3,805 $416.61 $1.6M Form 4
Aug 20, 2026 Alan KingGroupPresident IntlVehiclePmts Sold 18,423 $414.64 $7.6M Form 4
Aug 20, 2026 Steven T StullDirector Sold 2,357 $413.62 $1.0M Form 4
Aug 19, 2026 Steven T StullDirector Sold 4,000 $410.66 $1.6M Form 4
Aug 18, 2026 Alan KingGroupPresident IntlVehiclePmts Sold 18,663 $410.57 $7.7M Form 4
Aug 18, 2026 Steven T StullDirector Sold 643 $410.68 $0.3M Form 4
Aug 14, 2026 Alan KingGroupPresident IntlVehiclePmts Sold 7,122 $419.58 $3.0M Form 4
Aug 13, 2026 Joseph W FarrellyDirector Sold 1,751 $415.03 $0.7M Form 4
Aug 12, 2026 Joseph W FarrellyDirector Sold 3,549 $407.52 $1.4M Form 4
Jun 15, 2026 Armando Lins NettoGroupPresident Brazil&USVehPmt Sold 70,476 $352.13 $24.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 7 / 84 / 85 / 8
Accruals ratio −7.6%−5.6%−1.9%
Altman Z'' 2.842.551.88

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Corpay CPAY $27.1B 13.9% 44.0% 28.7% 11.5% 24.9x 5
Affirm AFRM $24.4B 32.2% 9.8% 23.3% — 12.7x — Compare →
Euronet Worldwide EEFT $3.0B 6.4% 12.5% 10.2% 29.9% 10.4x 7 Compare →
Shift4 FOUR $50.4M 25.5% 8.4% 14.9% 6.5% — 6 Compare →
Western Union WU $2.0B −3.8% 18.7% 12.5% 24.0% 5.2x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.8B $2.2B $2.4B $2.6B $2.4B $2.8B $3.4B $3.8B $4.0B $4.5B
Gross profit $1.7B $2.2B — — — — — — — —
Operating income $754M $884M $1.1B $1.2B $972M $1.2B $1.4B $1.7B $1.8B $2.0B
Interest expense $70.3M $113M $157M $178M $127M $133M $165M $349M $383M $404M
Pretax income $643M $894M $1.1B $1.1B $883M $1.1B $1.3B $1.3B $1.4B $1.5B
Income tax $191M $153M $284M $183M $178M $269M $321M $343M $381M $470M
Net income $452M $740M $812M $895M $704M $840M $954M $982M $1.0B $1.1B
Diluted EPS $4.75 $7.91 $8.81 $9.94 $8.12 $9.99 $12.42 $13.20 $13.97 $15.03
Diluted shares 0.10B 0.09B 0.09B 0.09B 0.09B 0.08B 0.08B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $708M $680M $903M $1.2B $1.5B $1.2B $755M $2.1B $1.9B $1.5B
Capital expenditure $59.0M $70.1M $81.4M $75.2M $78.4M $112M $151M $154M $175M $201M
Free cash flow $649M $610M $822M $1.1B $1.4B $1.1B $603M $1.9B $1.8B $1.3B
Depreciation and amortization $203M $265M $275M $274M $255M $284M $322M $337M $351M $393M
Stock-based compensation $63.9M $93.3M $69.9M $61.0M $43.4M $80.1M $121M $116M $117M $103M
Acquisitions $1.3B $705M $20.8M $448M $80.8M $602M $217M $428M $822M $1.9B
Share buybacks $188M $402M $959M $695M $850M $1.4B $1.4B $687M $1.3B $783M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $188M $402M $959M $695M $850M $1.4B $1.4B $687M $1.3B $783M
Balance sheet
Cash and short-term investments $475M $914M $1.0B $1.3B $935M $1.5B $1.4B $1.4B $1.6B $2.4B
Total debt $4.6B $5.3B $6.0B $5.8B $4.8B $6.4B $8.1B $7.5B $9.4B $11.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.5B $3.5B $3.9B $4.6B $4.0B $5.5B $6.1B $7.1B $8.7B $14.0B
Current liabilities $3.3B $4.1B $4.5B $4.5B $4.0B $5.3B $6.0B $6.8B $8.7B $14.3B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $143M $180M $186M $200M $203M $236M $295M $343M $378M $472M
Total assets $9.6B $11.3B $11.2B $12.2B $11.2B $13.4B $14.1B $15.5B $18.0B $26.4B
Total liabilities $6.5B $7.6B $7.9B $8.5B $7.8B $10.5B $11.5B $12.2B $14.8B $22.5B
Shareholders' equity $3.1B $3.7B $3.3B $3.7B $3.4B $2.9B $2.5B $3.3B $3.1B $3.9B
Margins
Gross margin 95.0% 95.7% — — — — — — — —
Operating margin 41.2% 39.3% 44.8% 46.5% 40.7% 43.9% 42.2% 44.1% 45.0% 44.0%
EBITDA margin 52.3% 51.1% 56.1% 56.8% 51.4% 53.9% 51.6% 53.1% 53.8% 52.7%
Net margin 24.7% 32.9% 33.4% 33.8% 29.5% 29.6% 27.9% 26.1% 25.3% 23.6%
FCF margin 35.5% 27.1% 33.8% 41.0% 58.4% 38.3% 17.6% 51.8% 44.4% 28.7%
Returns
Return on capital 8.3% 9.6% 9.9% 12.4% 10.0% 12.6% 12.8% 13.2% 12.7% 11.5%
Return on capital employed 12.6% 13.0% 15.7% 17.0% 13.0% 16.2% 17.9% 19.9% 20.0% 18.7%
Return on equity 15.3% 21.9% 23.1% 25.4% 19.9% 27.0% 35.3% 33.7% 31.3% 30.5%
Return on assets 5.2% 7.1% 7.2% 7.6% 6.0% 6.8% 6.9% 6.6% 6.0% 4.8%
Growth
Revenue growth 7.6% 22.8% 8.2% 8.9% −9.8% 18.6% 20.9% 9.7% 5.8% 13.9%
Net income growth 24.8% 63.6% 9.6% 10.3% −21.3% 19.2% 13.7% 2.9% 2.2% 6.6%
EPS growth 23.4% 66.5% 11.4% 12.8% −18.3% 23.0% 24.3% 6.3% 5.8% 7.6%
FCF growth −8.9% −6.0% 34.8% 32.2% 28.3% −22.1% −44.4% 222.7% −9.3% −26.4%
Share count change 1.1% −1.7% −1.5% −2.3% −3.7% −3.1% −8.6% −3.2% −3.4% −1.1%
Financial health
Net debt / EBITDA 4.3x 3.8x 3.6x 3.0x 3.2x 3.2x 3.8x 3.1x 3.7x 3.8x
Debt / equity 1.5x 1.5x 1.8x 1.6x 1.4x 2.2x 3.2x 2.3x 3.0x 3.0x
Interest coverage 10.7x 7.8x 7.0x 6.9x 7.7x 9.4x 8.8x 4.8x 4.7x 4.9x
Current ratio 0.8x 0.9x 0.9x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x
Quick ratio 0.8x 0.9x 0.9x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x
Capital allocation
Capex / revenue 3.2% 3.1% 3.3% 2.8% 3.3% 3.9% 4.4% 4.1% 4.4% 4.4%
Stock comp / revenue 3.5% 4.2% 2.9% 2.3% 1.8% 2.8% 3.5% 3.1% 2.9% 2.3%
Payouts / FCF 28.9% 66.0% 116.6% 63.9% 61.0% 124.9% 232.9% 35.3% 73.0% 60.3%
Quality scores
Piotroski F-score 5.0 8.0 4.0 8.0 5.0 7.0 4.0 7.0 4.0 5.0
Altman Z'' 1.3 1.6 1.9 2.5 2.6 2.5 2.6 2.8 2.6 1.9
Accruals ratio −2.9% 0.6% −0.8% −2.3% −6.6% −2.9% 1.5% −7.6% −5.6% −1.9%

Source: SEC EDGAR XBRL filings (CIK 0001175454). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open