Corpay vs Toast
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KIRA’s take AI analyst
I put Corpay and Toast side by side, using each one’s latest annual report. Here is what stands out:
- 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 40.7x against 24.3x for Corpay.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Corpay
CPAY
5/9
Operating marginNet marginFCF marginReturn on equityShare count change
Toast
TOST
4/9
Revenue growth5-year growthPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | CPAY FY25 | TOST FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.5B | $19.0B |
| 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 | 24.3x | 40.7x |
| Piotroski F-score | 5 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.