CPAY Technology

Corpay, Inc.

$406.58-0.66%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Technology
Industry: Software - Infrastructure
Country: United States
Market cap: 26.7B USD
Enterprise value: 33.7B USD
Full-time employees: 11,800

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.97 vs a peer median of 1.83) and more debt relative to equity (3.00× vs a peer median of 0.25×)higher risk: less liquidity (current ratio 0.97 vs peers 1.83) and more debt vs equity (3.00× vs peers 0.25×)

Ranks #587 of 1,612 technology companies (top 37%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 3.0× equity vs a peer median of 0.2×.Debt is 3.0× equity vs peers 0.2×.
Debt is 3.0× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.0× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Share count shrinking. Shares outstanding down 10% from December 2022 to July 2026.
Corpay had 10% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $2.4B in 2020 to $4.5B in 2025.
Corpay's fiscal-year revenue rose in each of the five years to 2025, from $2.4B to $4.5B.
Profit is backed by cash. Free cash flow is 144% of reported profit.
Corpay's free cash flow is 144% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

57/ 100▼ 1 since Oct 27 close

Oct 5 58 → Nov 4 57 (-1)

Valuation

Is the price right?

73/100

Moderate▼ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 76 → 73

Share price +2.4%-1
Peer companies moved-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ FCF yield
▲ EBITDA yield
▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.3%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.90Sector median: 0.0225 · MAD: 0.0225

EBITDA yield7.7%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.97Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield6.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.24Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield13.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

69/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.9%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth16.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.19Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth11.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.84Sector median: 0.0483 · MAD: 0.0793

Revenue growth20.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.16Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

81/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 2.3 points to 43.7%

Why

Stronger than most peers on:

▲ Operating margin
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin43.7%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.63Sector median: 0.0631 · MAD: 0.0710

Return on assets4.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.31Sector median: 0.0293 · MAD: 0.0362

Return on invested capital15.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.05Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin80.5%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity32.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.89

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.06Sector median: 0.8710 · MAD: 0.3700

Current ratio0.97×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.25Sector median: 1.8295 · MAD: 0.6848

Debt / equity3.00×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Corpay

Is Corpay getting weaker?: Its latest SEC filing (Aug 10, 2026) got weaker in some ways: operating margin fell 2.3 points to 43.7%. Its overall score is 57/100, down 1 since Oct 28, 2026.
How is Corpay valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 73/100 against 1,711 technology peers. Free cash flow yield 6.1% vs a peer median of 2.7% (stronger than 73% of peers).Free cash flow yield 6.1% vs peers 2.7% (stronger than 73% of peers).
Is Corpay growing?: Yes, faster than most of its peers. Growth scores 69/100 against 1,711 technology peers. Revenue growth 20.4% vs a peer median of 8.5% (stronger than 77% of peers).Revenue growth 20.4% vs peers 8.5% (stronger than 77% of peers).
How profitable is Corpay?: More profitable than most of its peers. Profitability scores 81/100 against 1,711 technology peers. Operating margin 43.7% vs a peer median of 6.3% (stronger than 95% of peers).Operating margin 43.7% vs peers 6.3% (stronger than 95% of peers).
How risky is Corpay?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 3.00× vs a peer median of 0.25× (weaker than 100% of peers).Debt / equity 3.00× vs peers 0.25× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 2.3 points to 43.7%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	4.8B USD	5.0B USD	+4.9%
Net income (12 months)	1.2B USD	1.1B USD	−3.0%
Operating margin	46.1%	43.7%	−2.3 pts
Free cash flow (12 months)	1.3B USD	1.6B USD	+25.0%
Debt	10.4B USD	10.6B USD	+2.5%
Cash	2.5B USD	3.2B USD	+24.7%
Shares outstanding	65.4M	65.7M	+0.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Infrastructure · 71 companies

Valuations in Software - Infrastructure are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +19% and earnings +22% (medians): prices and earnings moved broadly together.
Median price-to-sales is +97% vs the whole market, against a usual +103%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	43.8%	42.2%	44.1%	45.0%	44.0%	▼ 0.9 pts
Net margin	29.6%	27.8%	26.1%	25.3%	23.6%	▼ 1.6 pts
Return on assets (ROA)	6.3%	6.8%	6.3%	5.6%	4.1%	▼ 1.5 pts
Return on equity (ROE)	29.3%	37.5%	29.9%	32.1%	27.5%	▼ 4.6 pts
Free cash flow margin	38.3%	17.6%	51.8%	44.4%	28.7%	▼ 16 pts
Current ratio	1.04×	1.01×	1.04×	1.00×	0.98×	▼ 2.0%
Debt to equity	2.09×	2.77×	2.05×	2.56×	2.58×	▲ 0.6%
Interest coverage	—	8.79×	4.75×	4.67×	4.94×	▲ 5.8%

CPAY price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.97 vs a peer median of 1.83) and more debt relative to equity (3.00× vs a peer median of 0.25×)higher risk: less liquidity (current ratio 0.97 vs peers 1.83) and more debt vs equity (3.00× vs peers 0.25×)

Ranks #587 of 1,612 technology companies (top 37%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 3.0× equity vs a peer median of 0.2×.Debt is 3.0× equity vs peers 0.2×.

Debt is 3.0× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.0× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Share count shrinking. Shares outstanding down 10% from December 2022 to July 2026.

Corpay had 10% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $2.4B in 2020 to $4.5B in 2025.

Corpay's fiscal-year revenue rose in each of the five years to 2025, from $2.4B to $4.5B.

Profit is backed by cash. Free cash flow is 144% of reported profit.

Corpay's free cash flow is 144% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Corpay

Is Corpay getting weaker?

Its latest SEC filing (Aug 10, 2026) got weaker in some ways: operating margin fell 2.3 points to 43.7%. Its overall score is 57/100, down 1 since Oct 28, 2026.

How is Corpay valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 73/100 against 1,711 technology peers. Free cash flow yield 6.1% vs a peer median of 2.7% (stronger than 73% of peers).Free cash flow yield 6.1% vs peers 2.7% (stronger than 73% of peers).

Is Corpay growing?

Yes, faster than most of its peers. Growth scores 69/100 against 1,711 technology peers. Revenue growth 20.4% vs a peer median of 8.5% (stronger than 77% of peers).Revenue growth 20.4% vs peers 8.5% (stronger than 77% of peers).

How profitable is Corpay?

More profitable than most of its peers. Profitability scores 81/100 against 1,711 technology peers. Operating margin 43.7% vs a peer median of 6.3% (stronger than 95% of peers).Operating margin 43.7% vs peers 6.3% (stronger than 95% of peers).

How risky is Corpay?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 3.00× vs a peer median of 0.25× (weaker than 100% of peers).Debt / equity 3.00× vs peers 0.25× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

4.8B USD

5.0B USD

+4.9%

Net income (12 months)

1.2B USD

1.1B USD

−3.0%

Operating margin

46.1%

43.7%

−2.3 pts

Free cash flow (12 months)

1.3B USD

1.6B USD

+25.0%

Debt

10.4B USD

10.6B USD

+2.5%

Cash

2.5B USD

3.2B USD

+24.7%

Shares outstanding

65.4M

65.7M

+0.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

43.8%

42.2%

44.1%

45.0%

44.0%

▼ 0.9 pts

Net margin

29.6%

27.8%

26.1%

25.3%

23.6%

▼ 1.6 pts

Return on assets (ROA)

6.3%

6.8%

6.3%

5.6%

4.1%

▼ 1.5 pts

Return on equity (ROE)

29.3%

37.5%

29.9%

32.1%

27.5%

▼ 4.6 pts

Free cash flow margin

38.3%

17.6%

51.8%

44.4%

28.7%

▼ 16 pts

Current ratio

1.04×

1.01×

1.04×

1.00×

0.98×

▼ 2.0%

Debt to equity

2.09×

2.77×

2.05×

2.56×

2.58×

▲ 0.6%

Interest coverage

—

8.79×

4.75×

4.67×

4.94×

▲ 5.8%