— Know what they know.
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Not Investment Advice

CPAY

NYSE · USD
Corpay, Inc.
Technology · Software - Infrastructure
CEO Ronald F. Clarke Employees 11,800 R&D / revenue 0.0%
Last price
$399.84−1.57%last session
Market cap
$26.3B
P/E (TTM)
24.0x
From 52w high
−6.5%
From 52w low
+58.1%
1-year return
+44.0%
RSI 14 · vs SMA200
50.0 · +13.8%
IS score
53.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CPAY   SPY   XLK (sector ETF) · weekly closes
100120140Jan 26Apr 26Jul 26Oct 26CPAY 144XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
80
Profitability
64
Growth
42
Value
87
Momentum
30
Risk (safety)
67
Quality
36
Balance sheet
69
Earnings quality

Flags

Strengths
✓ FCF yield 5%+
Warnings
▲ Altman distress zone
Observations
Moat model: Weak, Cost AdvantagePiotroski 7 / 9Altman Z 1.5Beta 0.872 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
42 open-market sales, $146.4M
Form 144 notices (12m): 15, $124.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+52
116 new holders, 57 closed
738 filers hold 98.3% · 276 added, 245 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+143
995 funds adding shares
852 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
72.7%
20-day avg 71.3%, 50-day avg 66.7%
Latest 1.4 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$4.5B
Revenue growth YoY+13.9%
Gross margin69.9%
Operating income$2.0B
Operating margin43.1%
Net income$1.1B
Net margin23.6%
EPS (diluted)$15.03
Cash flow
Operating cash flow$1.5B
Capital expenditure$200.8M
Free cash flow$1.3B
FCF conversion (FCF / OCF)86.6%
Stock-based compensation$102.6M
FCF less SBC$1.2B
Buybacks$782.8M
Dividends$0
Balance sheet & returns
Cash & short-term investments$9.0B
Total debt$10.0B
Net debt$1.0B
Shareholders' equity$4.2B
Goodwill & intangibles$10.8B
Debt / equity3.00
ROE (TTM)30.4%
ROIC (TTM)8.9%
Operating margin by fiscal year
43.8%FY202142.2%FY202244.1%FY202345.0%FY202442.9%FY2025
Revenue $2.8B (FY2021) to $4.5B (FY2025), a 12.4% CAGR.

Valuation

P/E (TTM)24.0x
EV / EBITDA13.2x
Price / sales5.23x
Price / FCF16.0x
FCF yield6.24%
Buyback yield2.98%
SBC / revenue2.3%
Price / book7.40x
Forward P/E FY202614.6x
Forward P/E FY202712.7x
Forward P/E FY202810.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $462.18 across 11 analysts last quarter is theirs, not ours.

CPAY vs industry median

296 companies in Software - Infrastructure
Gross margin 73.3% 65.7% Operating margin 40.8% -1.8% Net margin 22.7% -5.3% ROIC 8.9% 2.0%
CPAY (TTM)Industry median Asset turnover 0.18 vs industry 0.50 · financial leverage 7.97

Earnings delivery

Next report 2026-11-04 · consensus EPS $7.20
75%
beat rate, 9 of 12 quarters
+0.4%
median EPS surprise
5
longest beat streak
+0-1+0+1+1-0+0+0+1+2+6+6
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-08 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CPAY Corpay, Inc. $26.3B24.0x30.4%22.7%+13.9% +44.0%
MDB MongoDB, Inc. $27.2B462.1x2.0%5.3%+25.5% +7.4%
VRSN VeriSign, Inc. $27.3B32.8x-40.0%49.8%+6.9% +17.8%
FFIV F5, Inc. $25.0B34.8x19.8%24.1%+9.4% +49.7%
IOT Samsara Inc. $23.2B244.9x6.4%3.2%+29.5% +8.6%
RBRK Rubrik, Inc. $23.1Bn/m47.8%-14.5%+42.4% —
OKTA Okta, Inc. $31.3B110.8x4.3%14.4%+11.2% —
CYBR CyberArk Software Ltd. $20.6Bn/m-6.2%-4.6%+36.0% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-08-05Earnings Release; Regulation FD; Exhibits
2026-07-24Officer/Director Change
2026-05-22Material Agreement; Regulation FD; Exhibits
2026-05-12Shareholder Vote
2026-05-12Regulation FD
2026-05-07Earnings Release; Regulation FD; Exhibits

Context

Shares outstanding65,659,599
Free float96.1%
Institutional ownership98.3%
Beta0.87
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$404.29 / $350.81
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CPAY sits among 82 scored companies in Software - Infrastructure (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCPAYIndustry medianIndustry percentileSector median
P/E (TTM) 23.0x 30.5x
43rd		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 1.99 1.06
81st		 1.36
Price / sales 5.2x 3.5x
62nd		 3.9x
Price / book 7.4x 4.9x
70th		 4.4x
Price / tangible book —
Price / free cash flow 16.0x 19.2x
43rd		 20.3x
Price / operating cash flow 14.2x 13.8x
54th		 17.9x
Enterprise value $33.7B $5.3B
86th		 $5.5B
EV / sales 6.7x 4.0x
67th		 4.1x
EV / EBITDA 13.2x 20.0x
37th		 18.9x
EV / EBIT 16.0x 25.5x
31st		 26.7x
EV / free cash flow 20.6x 20.5x
51st		 21.9x
Earnings yield 4.3% 2.3%
67th		 2.0%
FCF yield 6.2% 4.6%
62nd		 3.3%
Operating cash flow yield 7.0% 7.1%
48th		 4.4%
Graham number (per share) $143.76 $13.16
98th		 $28.08

Profitability (TTM)

MeasureCPAYIndustry medianIndustry percentileSector median
Gross margin 73.3% 70.2%
63rd		 55.7%
EBITDA margin 50.8% 13.7%
94th		 13.7%
Operating margin 40.8% 8.9%
93rd		 8.2%
EBIT margin 42.0% 9.9%
95th		 8.6%
Net margin 22.7% 9.3%
84th		 5.7%
NOPAT margin 28.1% 7.5%
86th		 7.0%
FCF margin 32.6% 18.4%
88th		 15.0%
Operating cash flow margin 36.8% 24.1%
80th		 18.4%
R&D / revenue 0.0% 16.6%
0th		 12.9%
SG&A / revenue 27.5% 36.1%
40th		 25.6%
Stock comp / revenue 2.3% 6.6%
21st		 4.4%
Effective tax rate 31.2% 21.0%
87th		 21.0%

Returns on capital

MeasureCPAYIndustry medianIndustry percentileSector median
ROE (on average equity) 30.5% 13.4%
77th		 9.4%
ROA 4.7% 4.7%
49th		 4.1%
ROIC 12.8% 11.3%
57th		 9.0%
ROCE 18.7% 8.1%
84th		 8.6%
Return on tangible assets 8.7% 6.4%
68th		 5.9%
Cash ROIC (OCF / invested capital) 16.8% 30.3%
30th		 20.7%
Gross profitability (GP / assets) 13.0% 32.4%
11th		 30.0%
ROIC, 3-yr average 11.9% 8.3%
69th		 7.4%
ROIC, 5-yr average 16.9% 8.3%
65th		 7.9%
ROE, 5-yr average 31.8% -2.1%
92nd		 6.9%
Incremental ROIC 32.4% 29.1%
51st		 15.3%

Growth

MeasureCPAYIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 20.4% 14.3%
62nd		 14.3%
Revenue growth (QoQ) 6.2% 5.9%
53rd		 6.6%
Revenue CAGR, 3 yr 11.5% 12.0%
47th		 9.6%
Revenue CAGR, 5 yr 15.2% 14.2%
54th		 11.5%
Gross profit CAGR, 3 yr 9.4% 12.7%
38th		 10.9%
Operating income CAGR, 3 yr 9.8% 17.3%
35th		 11.3%
Net income growth (TTM YoY) 8.7% 16.7%
35th		 21.6%
Net income CAGR, 3 yr 7.1% 10.1%
45th		 9.9%
EPS growth (TTM YoY) 17.0% 21.5%
46th		 22.3%
EPS CAGR, 3 yr 11.6% 13.1%
45th		 11.2%
EPS CAGR, 5 yr 13.5% 13.8%
46th		 12.0%
FCF growth (TTM YoY) -15.0% 17.2%
16th		 24.6%
FCF CAGR, 3 yr -0.2% 21.6%
12th		 19.3%
Operating cash flow CAGR, 3 yr 0.6% 22.3%
9th		 17.9%
Book value CAGR, 3 yr 7.1% 7.1%
48th		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 30.5% 15.9%
82nd		 14.2%

Margin history & stability

MeasureCPAYIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 76.6% 70.5%
71st		 53.2%
Operating margin, 3-yr average 43.3% 5.3%
97th		 6.6%
Net margin, 3-yr average 24.8% 3.4%
90th		 5.2%
FCF margin, 3-yr average 45.6% 14.7%
99th		 12.7%
Revenue stability (0-1) 0.97 0.96
52nd		 0.87
Earnings stability (0-1) 0.93 0.57
91st		 0.45
Margin stability (0-1) 0.97 0.96
57th		 0.95

Liquidity (latest quarter)

MeasureCPAYIndustry medianIndustry percentileSector median
Cash & short-term investments $3.2B $689.5M
84th		 $494.1M
Net cash (− = net debt) −$7.5B $140.9M
6th		 $49.8M
Working capital −$475.1M $260.0M
7th		 $391.0M
Current ratio 0.97 1.42
21st		 1.92
Quick ratio 0.97 1.38
21st		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.19 0.94
6th		 0.95
Defensive interval (days) 1,814 days 494 days
88th		 521 days

Leverage & solvency (latest quarter)

MeasureCPAYIndustry medianIndustry percentileSector median
Total debt $10.6B $511.2M
95th		 $349.3M
Debt / equity 3.00 0.39
88th		 0.29
Net debt / equity 2.11 −0.33
90th		 −0.13
Debt / assets 37.6% 27.1%
60th		 16.9%
Debt / capital 75.0% 29.8%
87th		 22.3%
Debt / EBITDA 4.16 2.44
75th		 1.78
Net debt / EBITDA 2.92 −0.49
79th		 −0.18
Interest coverage (EBIT / interest) 4.8x 3.9x
55th		 5.8x
Cash interest coverage 4.2x 14.1x
25th		 12.8x
Debt payback (years of OCF) 5.8 yrs 2.2 yrs
82nd		 1.6 yrs
Liabilities / assets 87.3% 63.9%
74th		 48.7%
IS credit model rating BB- — —
Implied credit spread (bps) 550 225
75th		 175

Efficiency

MeasureCPAYIndustry medianIndustry percentileSector median
Asset turnover 0.21 0.58
11th		 0.62
Fixed asset turnover 10.63 10.05
53rd		 9.25
Inventory turnover —
Receivables turnover 1.5 6.2
1st		 6.2
Days sales outstanding 251 days 58 days
99th		 59 days
Days inventory outstanding —
Days payables outstanding 580 days 32 days
100th		 46 days
Cash conversion cycle (days) −329 days 34 days
0th		 50 days
Capex / revenue 4.2% 2.1%
74th		 2.3%
Capex / depreciation 0.47 0.47
51st		 0.56
Operating expense ratio 44.3% 57.7%
37th		 44.3%

Cash flow & earnings quality

MeasureCPAYIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.62 1.79
42nd		 1.61
FCF / net income 1.44 1.53
42nd		 1.33
FCF / operating cash flow 88.7% 90.7%
47th		 88.0%
Capex / operating cash flow 11.3% 9.3%
53rd		 12.0%
Accruals ratio -2.9% -7.9%
83rd		 -6.3%
Sloan accruals ratio -8.4% -2.3%
31st		 -1.8%
Earnings quality score (0-1) 1.00 0.75
73rd		 0.75

Dividends & buybacks

MeasureCPAYIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 6.9% 2.0%
83rd		 1.2%
Shareholder yield (dividends + buybacks) 6.9% 2.3%
83rd		 1.7%
Share count change (YoY) -7.1% 0.0%
11th		 0.1%
Buybacks, last 5 years $5.1B $224.2M
95th		 $215.3M

Scores & forensic checks

MeasureCPAYIndustry medianIndustry percentileSector median
IS score 54 58
42nd		 56
IS profitability 80 44
85th		 40
IS growth 64 65
48th		 65
IS value 42 37
59th		 39
IS momentum 87 81
64th		 78
IS risk (safety) 30 65
21st		 100
IS quality 67 68
48th		 67
IS balance sheet 36 65
23rd		 72
IS earnings quality 69 62
73rd		 61
IS cash flow 70 67
52nd		 66
Piotroski F-score (0-9) 7 6
58th		 6
Altman Z-score 1.5 2.9
27th		 4.0
Beneish M-score −2.41 −2.61
70th		 −2.58
Ohlson O-score −6.00 −6.95
65th		 −8.00
IS credit score 39 64
25th		 69

Per share

MeasureCPAYIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $17.20 $0.68
99th		 $0.84
Book value per share $53.40 $4.49
95th		 $9.77
Tangible book per share −$98.89 $1.24
0th		 $3.22
Revenue per share $75.70 $10.67
98th		 $13.00
FCF per share $24.70 $1.54
100th		 $1.78
Operating cash flow per share $27.85 $2.14
100th		 $2.40
Cash per share $47.70 $4.92
99th		 $4.50

Size (TTM)

MeasureCPAYIndustry medianIndustry percentileSector median
Market cap $26.3B $4.3B
81st		 $4.7B
Revenue $5.0B $1.3B
83rd		 $1.2B
EBITDA $2.6B $176.5M
93rd		 $185.8M
Net income $1.1B $87.5M
93rd		 $84.9M
Free cash flow $1.6B $176.3M
91st		 $170.6M
Total assets $28.2B $2.4B
93rd		 $2.4B
Shareholders' equity $3.5B $594.2M
84th		 $1.1B
Employees 11,800 2,856
93rd		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-25Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 6,854$409.56$2.8M2,466,962
2026-08-25Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 12,109$410.56$5.0M2,454,853
2026-08-25Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 15,575$411.49$6.4M2,439,278
2026-08-25Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 50,504$412.58$20.8M2,388,774
2026-08-25Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 24,670$413.42$10.2M2,364,104
2026-08-25Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 9,581$414.57$4.0M2,354,523
2026-08-25Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 193$415.11$80,1172,354,330
2026-08-24Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 5,882$414.16$2.4M2,562,308
2026-08-24Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 51,919$415.12$21.6M2,510,389
2026-08-24Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 16,540$415.82$6.9M2,493,849
2026-08-24Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 8,409$417.29$3.5M2,485,440
2026-08-24Clarke Ronald
Director, CEO & Chairman of BOD
 Open-market sale 7,545$418.08$3.2M2,477,895

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired7121,467—
Open-market saleDisposed42367,410$146.4M
Option exerciseAcquired12764,684$123.6M
Option exerciseDisposed12764,684$123.6M
Tax withholdingDisposed9428,718$169.5M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 15 notices · 304,683 shares · $124.2M
FiledFilerShares proposedEst. proceeds
2026-08-24Ronald F. Clarke213,860$88.5M
2026-08-21Alan King3,805$1.6M
2026-08-20Alan King18,423$7.6M
2026-08-20Steven T Stull2,357$971,084
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 2 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-06-12April McClain DelaneyHouseSale (Partial)$1,001 - $15,0002026-07-08
2026-06-11April McClain DelaneyHouseSale (Partial)$1,001 - $15,0002026-07-08
2025-09-29Ro KhannaHouseSale$1,001 - $15,0002025-10-03
2025-09-05Ro KhannaHouseSale$1,001 - $15,0002025-10-03
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.5,709,856$1.9B8.70%
Orbis Allan Gray Ltd5,408,507$1.8B8.24%
JPMORGAN CHASE & CO4,310,878$1.4B6.57%
VANGUARD CAPITAL MANAGEMENT LLC4,162,643$1.4B6.34%
FMR LLC3,344,049$1.1B5.09%
STATE STREET CORP2,831,554$943.7M4.31%
VANGUARD PORTFOLIO MANAGEMENT LLC2,776,845$925.4M4.23%
PRICE T ROWE ASSOCIATES INC /MD/2,454,914$818.1M3.74%
TIGER GLOBAL MANAGEMENT LLC2,149,877$716.5M3.27%
GEODE CAPITAL MANAGEMENT, LLC1,775,827$605.8M2.70%
Boston Partners970,073$323.3M1.48%
Invesco Ltd.963,155$321.0M1.47%
VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V.922,400$307.4M1.40%
WELLINGTON MANAGEMENT GROUP LLP920,505$306.8M1.40%
NORGES BANK865,723$288.5M1.32%

Institutional ownership by quarter

2023-092026-0698.3%
% of shares held by 13F filers
2023-092026-06738
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3073898.3%11627624557
2026-03-3168697.3%9428621167
2025-12-3167297.8%101231246104
2025-09-3068597.6%7424427971
2025-06-30689101.0%8126925876
2025-03-31694102.2%8725325279
2024-12-3169999.1%14225121547
2024-09-3061698.3%9122621258
2024-06-3058999.5%9819522067
2024-03-31564100.3%560200
2023-12-3140.0%2000
2023-09-3020.0%0000

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-10-15SCHEDULE 13G/AJPMORGAN CHASE & CO.7.3%4,824,775
2026-08-14SCHEDULE 13G/AOrbis Investment Management (U.S.), L.P.0.5%352,118
2026-08-06SCHEDULE 13GAbigail P. Johnson5.5%3,591,612
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%5,111,446
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$768.8M
VTSAX0.03%$768.8M
VTI0.03%$768.8M
VSMPX0.03%$768.8M
VFIAX0.04%$670.8M
VOO0.04%$670.8M

Share structure

Shares outstanding65,659,599
Float63,092,309
Free float96.1%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.8B$3.4B$3.8B$4.0B$4.5B
Cost of revenue$559.8M$764.7M$819.9M$869.1M$1.4B
Gross profit$2.3B$2.7B$2.9B$3.1B$3.2B
R&D$0$0$0$0$0
SG&A$747.9M$893.2M$943.6M$997.8M$1.2B
Operating income$1.2B$1.4B$1.7B$1.8B$2.0B
EBITDA$1.5B$1.8B$2.0B$2.1B$2.3B
Pretax income$1.1B$1.3B$1.3B$1.4B$1.5B
Income tax$269.3M$321.3M$343.1M$381.4M$469.7M
Net income$839.5M$954.3M$981.9M$1.0B$1.1B
EPS, diluted$9.99$12.42$13.20$13.97$15.03
Diluted shares84.1M76.9M74.4M71.8M71.1M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.5B$1.4B$1.4B$1.6B$9.0B
Receivables$1.8B$2.1B$2.2B$2.1B$4.0B
Inventory$0$0$0$0$0
Total current assets$5.5B$6.1B$7.1B$8.7B$14.0B
PP&E, net$236.3M$294.7M$343.2M$377.7M$572.0M
Goodwill & intangibles$7.4B$7.3B$7.7B$8.4B$10.8B
Total assets$13.4B$14.1B$15.5B$18.0B$26.4B
Accounts payable$1.4B$1.6B$1.6B$1.6B$1.6B
Total current liabilities$5.3B$6.0B$6.8B$8.7B$14.3B
Long-term debt$4.5B$4.7B$4.6B$5.2B$6.7B
Total liabilities$10.5B$11.5B$12.2B$14.8B$22.2B
Shareholders' equity$2.9B$2.5B$3.3B$3.1B$4.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$839.5M$954.3M$981.9M$1.0B$1.1B
Depreciation & amortization$284.2M$322.3M$336.6M$351.1M$393.3M
Stock-based compensation$80.1M$121.4M$116.1M$116.7M$102.6M
Change in working capital−$77.9M−$752.5M$593.9M$447.9M−$162.4M
Operating cash flow$1.2B$754.8M$2.1B$1.9B$1.5B
Capital expenditure−$111.5M−$151.4M−$153.8M−$175.2M−$200.8M
Free cash flow$1.1B$603.4M$1.9B$1.8B$1.3B
Investing cash flow−$715.9M−$368.3M−$380.7M−$807.5M$1.2B
Net debt issued / repaid$1.7B$1.1B−$322.4M$1.3B$2.0B
Buybacks−$1.4B−$1.4B−$686.9M−$1.3B−$782.8M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin80.2%77.7%78.2%78.1%74.0%
Operating margin43.8%42.2%44.1%45.0%42.9%
Net margin29.6%27.8%26.1%25.3%23.6%
FCF margin38.3%17.6%64.6%44.4%28.7%
ROE27.0%35.3%33.7%31.3%30.5%
ROIC12.8%13.3%14.3%13.5%26.9%
ROA6.8%6.9%6.6%6.0%4.8%
Debt / equity2.092.772.052.562.60
Interest coverage10.8x8.7x4.8x4.6x4.8x
Current ratio1.041.011.041.000.98
Revenue growth+18.6%+20.9%+9.6%+5.8%+13.9%
EPS growth+24.8%+25.5%+4.0%+5.1%+8.6%
P/E at year end21.9x14.3x21.1x24.1x19.7x
EV / EBITDA at year end15.1x10.9x13.0x14.5x9.5x
FCF yield at year end5.92%4.42%11.69%7.30%6.16%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2024FY2025
Payments$2.0B$2.1B
Corporate Payments$1.2B$1.6B
Lodging$488.6M$469.5M

Revenue by region · FY2025

UNITED STATES$2.2B · 62%
BRAZIL$713.3M · 20%
UNITED KINGDOM$642.3M · 18%

Street estimates by fiscal year

Next report 2026-11-04 · consensus EPS $7.20 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.3B$5.3B – $5.4B$27.41$27.34 – $27.671114.6x
2027$5.8B$5.6B – $5.9B$31.47$29.62 – $32.631112.7x
2028$6.3B$6.1B – $6.4B$36.87$33.72 – $39.33610.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$6.58$7.00+6.4%$1.3B$1.3B+3.0%
2026-05-07$5.47$5.80+6.0%$1.2B$1.3B+4.0%
2026-02-04$5.95$6.04+1.5%$1.2B$1.2B+1.1%
2025-11-05$5.63$5.70+1.2%$1.2B$1.2B+0.8%
2025-08-06$5.12$5.13+0.2%$1.1B$1.1B+0.2%
2025-05-06$4.51$4.510.0%$1.0B$1.0B−1.0%
2025-02-05$5.37$5.36−0.2%$1.1B$1.0B−1.6%
2024-11-07$4.97$5.00+0.6%$1.0B$1.0B+0.3%
2024-08-07$4.51$4.55+0.9%$975.5M$975.7M+0.0%
2024-05-08$4.09$4.10+0.2%$938.2M$935.3M−0.3%
2024-03-04$4.48$4.44−0.9%$967.0M$937.3M−3.1%
2023-11-08$4.19$4.20+0.2%$980.2M$970.9M−0.9%
2023-03-30$3.70$2.88−22.2%$881.1M$901.3M+2.3%
2022-06-29$3.88$3.35−13.7%$819.9M$861.3M+5.1%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.406-220.306-290.207-060.207-130.207-200.407-270.408-030.308-100.308-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$253.3M613,49233,624
2026-08-24$257.1M625,58334,071
2026-08-17$283.4M688,18833,316
2026-08-10$330.4M805,61132,740
2026-08-03$425.1M1,081,16247,587
2026-07-27$382.6M989,34939,903

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1572.7%
DateShort shareShort volumeTotal volume
2026-10-1572.7%294,574405,388
2026-10-1471.2%120,976169,974
2026-10-1364.0%155,527243,104
2026-10-1271.6%90,603126,551
2026-10-0954.5%102,036187,180
2026-10-0859.0%181,926308,120
2026-10-0742.2%101,148239,415
2026-10-0682.7%108,871131,671
2026-10-0574.8%109,047145,843
2026-10-0291.9%197,814215,238
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.9Jan+5.2Feb-0.7Mar+3.7Apr-0.6May-0.4Jun+2.3Jul+3.7Aug-1.9Sep+0.3Oct+4.1Nov+0.8Dec
MonthAvg returnUp yearsYears
Jan+2.9%69%16
Feb+5.2%69%16
Mar−0.7%50%16
Apr+3.7%60%15
May−0.6%47%15
Jun−0.4%53%15
Jul+2.3%67%15
Aug+3.7%60%15
Sep−1.9%33%15
Oct+0.3%67%15
Nov+4.1%80%15
Dec+0.8%56%16
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1450.0
MFI48.4
ADX15.6
Stochastic %K / %D59.7 / 56.8
Williams %R-46.7
CCI82
TSI / signal-1.4 / -2.7
Chaikin money flow0.03
ATR$9.35
Bollinger width4.8%
Volume vs 20-day avg0.75x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$397.61 (+0.6%)
SMA 50$404.32 (−1.1%)
SMA 200$351.28 (+13.8%)
EMA 21$399.68 (+0.0%)
EMA 50$396.36 (+0.9%)
EMA 200$361.57 (+10.6%)
Bollinger upper$407.20 (−1.8%)
Bollinger lower$388.02 (+3.0%)
Parabolic SAR$389.76 (+2.6%)
Open the live chart, 110+ indicators

About Corpay, Inc.

Corpay, Inc. operates as a global financial technology firm, delivering payment solutions that assist both businesses and individual consumers in efficiently managing a diverse range of expenditures. Its expertise primarily covers vehicle-related costs, corporate financial transactions, and lodging expenses, with operations spanning the United States, Brazil, the United Kingdom, and numerous other international markets. Among its specialized services are comprehensive vehicle payment offerings, which include provisions for fuel, road tolls, parking fees, fleet maintenance, and long-distance transportation. The company also supplies prepaid vouchers and cards for food and transit requirements. For its corporate clientele, Corpay furnishes sophisticated payment instruments such as automated accounts payable systems, virtual payment cards, solutions for international transactions, and dedicated purchasing alongside travel and entertainment card products. Its lodging payment services cater to a broad spectrum of needs, supporting employees on overnight business trips, airline and cruise personnel or stranded passengers, and insurance policyholders displaced from their residences due due to damage or catastrophe. Furthermore, Corpay issues gift cards and payroll cards. Its diverse customer base extends to businesses, merchants, individual consumers, and payment network partners. Established in 1986 and based in Atlanta, Georgia, the company was previously known as FLEETCOR Technologies, Inc., before officially adopting the name Corpay, Inc. in March 2024.

https://www.corpay.com

Key executives

NameTitlePayBorn
Ronald F. ClarkeChairman, President & Chief Executive Officer$1.4M1956
Armando Lins NettoGroup President of Brazil Vehicle Payments & Strategic Transformation$1.1M1968
Alan KingGroup President of Vehicle Payments in UK, Europe, Australasia and Mexico$1.0M1977
Peter WalkerChief Financial Officer$755,2361973
Alissa VickeryChief Accounting Officer$304,8131979
Crystal WilliamsChief Human Resources Officer——
James EglsederSenior Vice President of Global Investor Relations——
Mark FreyGroup President of Corpay Cross Border Solutions——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
None on file.

Employees

8k20189k20198k202010k202110k202210k202311k202412k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Weak · Cost Advantage · 2026-06-30
Cost advantage62
Intangibles47
Switching costs58
Network effect42
Efficient scale60
Our component scores (0-100) and overall 54.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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