Corpay vs Toast
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The short version
- Toast is the larger business, with $6.2B of revenue in fiscal 2025 against $4.5B for Corpay.
- Toast grew revenue faster (24.1%, against 13.9%).
- Corpay kept more of each dollar of sales as operating profit (44.0% operating margin, against 4.8%).
- Corpay turned more of its sales into free cash flow (28.7% FCF margin, against 9.9%).
- Investors pay more for each dollar of Toast’s earnings: a P/E of 41.4x against 24.9x for Corpay.
| Latest fiscal year | CPAY · FY25 | TOST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.1B | $19.3B |
| Revenue | $4.5B | $6.2B |
| Free cash flow | $1.3B | $608M |
| Net income | $1.1B | $342M |
| Growth | ||
| Revenue growth | 13.9% | 24.1% |
| 5-year growth | 13.6% | 49.5% |
| Share count change | −1.1% | 2.7% |
| Profitability | ||
| Gross margin | — | 25.9% |
| Operating margin | 44.0% | 4.8% |
| Net margin | 23.6% | 5.6% |
| FCF margin | 28.7% | 9.9% |
| Return on capital | 11.5% | — |
| Return on equity | 30.5% | 18.6% |
| Balance sheet | ||
| Net debt | $9.1B | −$2.0B |
| Net debt / EBITDA | 3.8x | −5.6x |
| Dividends and buybacks | $783M | $107M |
| Valuation & quality | ||
| P/E | 24.9x | 41.4x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
CPAY $1.8B
TOST —
FY17
CPAY $2.2B
TOST —
FY18
CPAY $2.4B
TOST —
FY19
CPAY $2.6B
TOST $665M
FY20
CPAY $2.4B
TOST $823M
FY21
CPAY $2.8B
TOST $1.7B
FY22
CPAY $3.4B
TOST $2.7B
FY23
CPAY $3.8B
TOST $3.9B
FY24
CPAY $4.0B
TOST $5.0B
FY25
CPAY $4.5B
TOST $6.2B
CPAY
TOST
Operating margin
FY16
CPAY 41.2%
TOST —
FY17
CPAY 39.3%
TOST —
FY18
CPAY 44.8%
TOST —
FY19
CPAY 46.5%
TOST −32.0%
FY20
CPAY 40.7%
TOST −26.7%
FY21
CPAY 43.9%
TOST −13.4%
FY22
CPAY 42.2%
TOST −14.1%
FY23
CPAY 44.1%
TOST −7.4%
FY24
CPAY 45.0%
TOST 0.3%
FY25
CPAY 44.0%
TOST 4.8%
CPAY
TOST
Free cash flow
FY16
CPAY $649M
TOST —
FY17
CPAY $610M
TOST —
FY18
CPAY $822M
TOST —
FY19
CPAY $1.1B
TOST −$135M
FY20
CPAY $1.4B
TOST −$153M
FY21
CPAY $1.1B
TOST −$10.0M
FY22
CPAY $603M
TOST −$172M
FY23
CPAY $1.9B
TOST $93.0M
FY24
CPAY $1.8B
TOST $306M
FY25
CPAY $1.3B
TOST $608M
CPAY
TOST
Return on capital
FY16
CPAY 8.3%
TOST —
FY17
CPAY 9.6%
TOST —
FY18
CPAY 9.9%
TOST —
FY19
CPAY 12.4%
TOST —
FY20
CPAY 10.0%
TOST —
FY21
CPAY 12.6%
TOST —
FY22
CPAY 12.8%
TOST —
FY23
CPAY 13.2%
TOST —
FY24
CPAY 12.7%
TOST —
FY25
CPAY 11.5%
TOST —
CPAY
TOST
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.