Corpay vs Western Union
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KIRA’s take AI analyst
I put Corpay and Western Union side by side, using each one’s latest annual report. Here is what stands out:
- 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 24.3x against 5.1x for Western Union.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Corpay
CPAY
5/9
Revenue growth5-year growthOperating marginNet marginFCF margin
Western Union
WU
4/9
Return on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CPAY FY25 | WU FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.5B | $1.9B |
| 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 | 24.3x | 5.1x |
| Piotroski F-score | 5 | — |
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.