Corpay vs Western Union
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The short version
- Corpay is the larger business, with $4.5B of revenue in fiscal 2025 against $4.1B for Western Union.
- Corpay grew revenue faster (13.9%, against −3.8%).
- Corpay kept more of each dollar of sales as operating profit (44.0% operating margin, against 18.7%).
- Corpay turned more of its sales into free cash flow (28.7% FCF margin, against 12.5%).
- Western Union earned a higher return on the capital invested in it (24.0%, against 11.5%).
- Investors pay more for each dollar of Corpay’s earnings: a P/E of 24.9x against 5.2x for Western Union.
| Latest fiscal year | CPAY · FY25 | WU · FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.1B | $2.0B |
| Revenue | $4.5B | $4.1B |
| Free cash flow | $1.3B | $505M |
| Net income | $1.1B | $500M |
| Growth | ||
| Revenue growth | 13.9% | −3.8% |
| 5-year growth | 13.6% | −3.5% |
| Share count change | −1.1% | −4.0% |
| Profitability | ||
| Gross margin | — | 37.0% |
| Operating margin | 44.0% | 18.7% |
| Net margin | 23.6% | 12.3% |
| FCF margin | 28.7% | 12.5% |
| Return on capital | 11.5% | 24.0% |
| Return on equity | 30.5% | 51.9% |
| Balance sheet | ||
| Net debt | $9.1B | $1.6B |
| Net debt / EBITDA | 3.8x | 1.8x |
| Dividends and buybacks | $783M | $544M |
| Valuation & quality | ||
| P/E | 24.9x | 5.2x |
| Piotroski F-score | 5 | — |
Revenue
FY16
CPAY $1.8B
WU $5.4B
FY17
CPAY $2.2B
WU $5.5B
FY18
CPAY $2.4B
WU $5.6B
FY19
CPAY $2.6B
WU $5.3B
FY20
CPAY $2.4B
WU $4.8B
FY21
CPAY $2.8B
WU $5.1B
FY22
CPAY $3.4B
WU $4.5B
FY23
CPAY $3.8B
WU $4.4B
FY24
CPAY $4.0B
WU $4.2B
FY25
CPAY $4.5B
WU $4.1B
CPAY
WU
Operating margin
FY16
CPAY 41.2%
WU 9.0%
FY17
CPAY 39.3%
WU 8.6%
FY18
CPAY 44.8%
WU 20.1%
FY19
CPAY 46.5%
WU 17.7%
FY20
CPAY 40.7%
WU 20.0%
FY21
CPAY 43.9%
WU 22.2%
FY22
CPAY 42.2%
WU 19.8%
FY23
CPAY 44.1%
WU 18.8%
FY24
CPAY 45.0%
WU 17.2%
FY25
CPAY 44.0%
WU 18.7%
CPAY
WU
Free cash flow
FY16
CPAY $649M
WU $973M
FY17
CPAY $610M
WU $673M
FY18
CPAY $822M
WU $685M
FY19
CPAY $1.1B
WU $867M
FY20
CPAY $1.4B
WU $841M
FY21
CPAY $1.1B
WU $1.0B
FY22
CPAY $603M
WU $550M
FY23
CPAY $1.9B
WU $760M
FY24
CPAY $1.8B
WU $369M
FY25
CPAY $1.3B
WU $505M
CPAY
WU
Return on capital
FY16
CPAY 8.3%
WU 11.8%
FY17
CPAY 9.6%
WU 10.5%
FY18
CPAY 9.9%
WU 50.0%
FY19
CPAY 12.4%
WU 38.5%
FY20
CPAY 10.0%
WU 47.2%
FY21
CPAY 12.6%
WU 48.6%
FY22
CPAY 12.8%
WU 40.3%
FY23
CPAY 13.2%
WU 39.0%
FY24
CPAY 12.7%
WU 35.0%
FY25
CPAY 11.5%
WU 24.0%
CPAY
WU
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.