Corpay vs Shift4
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The short version
- Corpay is the larger business, with $4.5B of revenue in fiscal 2025 against $4.2B for Shift4.
- Shift4 grew revenue faster (25.5%, against 13.9%).
- Corpay kept more of each dollar of sales as operating profit (44.0% operating margin, against 8.4%).
- Corpay turned more of its sales into free cash flow (28.7% FCF margin, against 14.9%).
- Corpay earned a higher return on the capital invested in it (11.5%, against 6.5%).
| Latest fiscal year | CPAY · FY25 | FOUR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.1B | $50.4M |
| Revenue | $4.5B | $4.2B |
| Free cash flow | $1.3B | $624M |
| Net income | $1.1B | $119M |
| Growth | ||
| Revenue growth | 13.9% | 25.5% |
| 5-year growth | 13.6% | 40.4% |
| Share count change | −1.1% | −20.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 44.0% | 8.4% |
| Net margin | 23.6% | 2.9% |
| FCF margin | 28.7% | 14.9% |
| Return on capital | 11.5% | 6.5% |
| Return on equity | 30.5% | 10.6% |
| Balance sheet | ||
| Net debt | $9.1B | $3.6B |
| Net debt / EBITDA | 3.8x | 4.6x |
| Dividends and buybacks | $783M | $453M |
| Valuation & quality | ||
| P/E | 24.9x | — |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
CPAY $1.8B
FOUR —
FY17
CPAY $2.2B
FOUR —
FY18
CPAY $2.4B
FOUR $561M
FY19
CPAY $2.6B
FOUR $731M
FY20
CPAY $2.4B
FOUR $767M
FY21
CPAY $2.8B
FOUR $1.4B
FY22
CPAY $3.4B
FOUR $2.0B
FY23
CPAY $3.8B
FOUR $2.6B
FY24
CPAY $4.0B
FOUR $3.3B
FY25
CPAY $4.5B
FOUR $4.2B
CPAY
FOUR
Operating margin
FY16
CPAY 41.2%
FOUR —
FY17
CPAY 39.3%
FOUR —
FY18
CPAY 44.8%
FOUR −2.3%
FY19
CPAY 46.5%
FOUR −0.6%
FY20
CPAY 40.7%
FOUR −7.5%
FY21
CPAY 43.9%
FOUR −3.6%
FY22
CPAY 42.2%
FOUR 4.8%
FY23
CPAY 44.1%
FOUR 4.5%
FY24
CPAY 45.0%
FOUR 7.4%
FY25
CPAY 44.0%
FOUR 8.4%
CPAY
FOUR
Free cash flow
FY16
CPAY $649M
FOUR —
FY17
CPAY $610M
FOUR —
FY18
CPAY $822M
FOUR $23.9M
FY19
CPAY $1.1B
FOUR −$0.2M
FY20
CPAY $1.4B
FOUR −$0.8M
FY21
CPAY $1.1B
FOUR −$5.2M
FY22
CPAY $603M
FOUR $267M
FY23
CPAY $1.9B
FOUR $332M
FY24
CPAY $1.8B
FOUR $493M
FY25
CPAY $1.3B
FOUR $624M
CPAY
FOUR
Return on capital
FY16
CPAY 8.3%
FOUR —
FY17
CPAY 9.6%
FOUR —
FY18
CPAY 9.9%
FOUR —
FY19
CPAY 12.4%
FOUR —
FY20
CPAY 10.0%
FOUR −6.6%
FY21
CPAY 12.6%
FOUR −4.6%
FY22
CPAY 12.8%
FOUR 7.7%
FY23
CPAY 13.2%
FOUR 6.2%
FY24
CPAY 12.7%
FOUR 8.1%
FY25
CPAY 11.5%
FOUR 6.5%
CPAY
FOUR
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.