Corpay vs Euronet Worldwide
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The short version
- Corpay is the larger business, with $4.5B of revenue in fiscal 2025 against $4.2B for Euronet Worldwide.
- Corpay grew revenue faster (13.9%, against 6.4%).
- Corpay kept more of each dollar of sales as operating profit (44.0% operating margin, against 12.5%).
- Corpay turned more of its sales into free cash flow (28.7% FCF margin, against 10.2%).
- Euronet Worldwide earned a higher return on the capital invested in it (29.9%, against 11.5%).
- Investors pay more for each dollar of Corpay’s earnings: a P/E of 24.9x against 10.4x for Euronet Worldwide.
| Latest fiscal year | CPAY · FY25 | EEFT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.1B | $3.0B |
| Revenue | $4.5B | $4.2B |
| Free cash flow | $1.3B | $434M |
| Net income | $1.1B | $310M |
| Growth | ||
| Revenue growth | 13.9% | 6.4% |
| 5-year growth | 13.6% | 11.3% |
| Share count change | −1.1% | −4.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 44.0% | 12.5% |
| Net margin | 23.6% | 7.3% |
| FCF margin | 28.7% | 10.2% |
| Return on capital | 11.5% | 29.9% |
| Return on equity | 30.5% | 24.4% |
| Balance sheet | ||
| Net debt | $9.1B | $32.2M |
| Net debt / EBITDA | 3.8x | 0.1x |
| Dividends and buybacks | $783M | $668M |
| Valuation & quality | ||
| P/E | 24.9x | 10.4x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
CPAY $1.8B
EEFT $2.0B
FY17
CPAY $2.2B
EEFT $2.3B
FY18
CPAY $2.4B
EEFT $2.5B
FY19
CPAY $2.6B
EEFT $2.8B
FY20
CPAY $2.4B
EEFT $2.5B
FY21
CPAY $2.8B
EEFT $3.0B
FY22
CPAY $3.4B
EEFT $3.4B
FY23
CPAY $3.8B
EEFT $3.7B
FY24
CPAY $4.0B
EEFT $4.0B
FY25
CPAY $4.5B
EEFT $4.2B
CPAY
EEFT
Operating margin
FY16
CPAY 41.2%
EEFT 12.8%
FY17
CPAY 39.3%
EEFT 11.8%
FY18
CPAY 44.8%
EEFT 14.1%
FY19
CPAY 46.5%
EEFT 17.3%
FY20
CPAY 40.7%
EEFT 1.9%
FY21
CPAY 43.9%
EEFT 6.1%
FY22
CPAY 42.2%
EEFT 11.5%
FY23
CPAY 44.1%
EEFT 11.7%
FY24
CPAY 45.0%
EEFT 12.6%
FY25
CPAY 44.0%
EEFT 12.5%
CPAY
EEFT
Free cash flow
FY16
CPAY $649M
EEFT $304M
FY17
CPAY $610M
EEFT $189M
FY18
CPAY $822M
EEFT $285M
FY19
CPAY $1.1B
EEFT $373M
FY20
CPAY $1.4B
EEFT $156M
FY21
CPAY $1.1B
EEFT $314M
FY22
CPAY $603M
EEFT $644M
FY23
CPAY $1.9B
EEFT $549M
FY24
CPAY $1.8B
EEFT $616M
FY25
CPAY $1.3B
EEFT $434M
CPAY
EEFT
Return on capital
FY16
CPAY 8.3%
EEFT 24.1%
FY17
CPAY 9.6%
EEFT 15.3%
FY18
CPAY 9.9%
EEFT 25.5%
FY19
CPAY 12.4%
EEFT 32.8%
FY20
CPAY 10.0%
EEFT 2.1%
FY21
CPAY 12.6%
EEFT 9.0%
FY22
CPAY 12.8%
EEFT 17.6%
FY23
CPAY 13.2%
EEFT 17.6%
FY24
CPAY 12.7%
EEFT 24.2%
FY25
CPAY 11.5%
EEFT 29.9%
CPAY
EEFT
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.