CPAY — Corpay, Inc.
Snapshot dated August 27, 2026.
Corpay, Inc. provides corporate payment solutions, primarily focusing on commercial card and expense management programs for businesses of various sizes. The company operates through three main business segments: Vehicle Payments, Corporate Payments, and Lodging Payments. Its Vehicle Payments segment manages fuel card programs, while the Corporate Payments segment offers accounts payable automation and cross-border payment processing. The company serves a large customer base primarily across North America, Europe, and Brazil, processing trillions of dollars in annual spend. Corpay maintains a significant position in the B2B payments market, competing with major financial institutions and specialized fintech providers that operate similar commercial payment networks. Recently, the company rebranded from Fleetcor Technologies to better reflect its shift beyond fleet-specific services toward broader corporate expense management.
Fair Value / Share
$275.95
Price on August 27, 2026
$407.55
Margin of Safety
-32.29%
Data by Equibles and SEC filings. Figures are as of August 27, 2026 and are not live.
Earnings Yield
Earnings Yield shows how much profit a company generates relative to its share price. EPS ÷ Stock Price.
Stock Price
$407.55
Market Cap
$27,030,753,750
Net Income (TTM)
$1,140,798,000
Diluted Shares
66.3 million
EPS (TTM)
$17.20
Earnings Yield
4.22%
AI Analysis
Corpay, Inc. has an earnings yield of 4.22%, derived from an EPS of $17.20 and a stock price of $407.55. This yield sits within the 4-5% range generally available from safer, guaranteed alternatives like bonds. A yield at this level implies that the current market price reflects an expectation of future earnings growth rather than purely current cash flow performance. If the company's future net income increases while the share price remains constant, the earnings yield would rise; conversely, if the price increases without a corresponding boost in EPS, the yield would compress. This metric provides a snapshot of current earnings power relative to price but does not capture non-earnings factors like debt obligations, changes in future growth rates, or potential capital expenditures.
Return on Capital
EBIT ÷ (Net Working Capital + Net Fixed Assets) — how efficiently the business turns capital into profit.
EBIT (TTM)
$2,196,033,000
Net Working Capital
$886,743,000
Net Fixed Assets
$472,324,000
Invested Capital
$1,359,067,000
Return on Capital
161.58%
AI Analysis
Corpay, Inc. (CPAY) generated $2.2B in EBIT using $1.4B in invested capital, which consists of $886.7M in net working capital and $472.3M in net fixed assets. This results in a return on capital of 161.58%. This figure is well above the 30% benchmark established for efficient use of capital, indicating that the business generates significant operating profit relative to the tangible capital required to sustain its operations. This measure illustrates how efficiently the company turns its capital base into profit, though it does not account for the impact of intangible assets or varying degrees of capital intensity between industries. A result of this magnitude can fluctuate based on the company's current reinvestment needs or shifts in the operational efficiency of the underlying assets. It provides an instrument-like reading of the relationship between the capital deployed in the business and the operating profit produced.
Acquirer's Multiple
Enterprise Value ÷ Operating Earnings — how many years of operating earnings it would take to buy the whole business.
| Company | Operating earnings | Enterprise value | Multiple |
|---|---|---|---|
| WEXWEX Inc. | $711.2M | $11.1B | 15.7x |
| CPAYCorpay, Inc. | $2.2B | $34.9B | 15.9x |
| BILLBILL Holdings, Inc. | -$73.4M | $6B | — |
Where CPAY sits: 15.9x against a peer median of 15.7x (peers: 15.7x) — in line with the median, within 1.3%.
Show the enterprise value bridge for each companyHide the enterprise value bridge
CPAY
Debt $10.6B. This is the company's reported total debt — borrowings due within a year plus long-term borrowings. It carries no separately reported lease obligations.
WEX
Named as a competitor: Directly competes in fleet cards, commercial payment solutions, and corporate expense management
Debt $5.4B. This is the company's reported total debt — borrowings due within a year plus long-term borrowings. It carries no separately reported lease obligations.
BILL
Named as a competitor: Competes in automated B2B payment processing and corporate spend management solutions
Debt $1.5B. This is the company's reported total debt — borrowings due within a year plus long-term borrowings. It carries no separately reported lease obligations.
Operating earnings — CPAY
AI Analysis
Corpay, Inc. (CPAY) has an enterprise value of $34.9B and operating earnings of $2.2B, resulting in an Acquirer's Multiple of 15.9x. Its competitor WEX has an enterprise value of $11.1B and operating earnings of $711.2M, yielding a multiple of 15.7x. The second competitor, BILL, has an enterprise value of $6B, but because it is losing money right now, its operating earnings are negative, meaning no multiple can be calculated. Among the companies with a valid metric, WEX has the lower multiple at 15.7x and Corpay, Inc. has the higher at 15.9x. The computed comparison for Corpay, Inc. is 15.9x against a peer median of 15.7x (peers: 15.7x) — in line with the median, within 1.3%. Differences in debt loads, capital requirements, or operating margins could cause these multiples to diverge, and the gap would close if the companies' relative operating profitability or enterprise values shifted to bring their ratios into closer alignment.
FS-Score
A 10-check read on financial health, across profitability, balance-sheet stability and operating momentum.
FS-Score
6/10
Decent score — worth a deeper look before investing.
Section 1
Current Profitability
3/3
This section is Strong because the company generated positive net income and free cash flow relative to its asset base, with cash from operations comfortably exceeding net income.
- Return on Assets is positive at 4.05%.
- Free Cash Flow to Total Assets is positive at 4.92%.
- The Accruals check passes with a Cash Flow from Operations to Net Income ratio of 1.4.
A score of 3/3 indicates high-quality earnings, though the result would weaken if cash from operations fell below the level of reported net income.
Return on Assets (ROA > 0)
PassFree Cash Flow to Total Assets (FCFTA > 0)
PassAccruals (CFO / Net Income > 1)
PassSection 2
Stability
3/3
This section is Strong, reflecting a disciplined capital structure characterized by reduced leverage, a decreased share count, and a healthy liquidity exemption.
- Long-term debt to total assets decreased from 0.29 to 0.25 year over year.
- Liquidity passes by exemption; excluding deferred revenue representing 57% of short-term obligations, current assets cover remaining bills 2.3 times over.
- Net dilution is negative as diluted shares outstanding fell from 71.8 million to 71.1 million.
Maintaining this score depends on the company continuing to fund share repurchases or debt repayments without relying on outside capital.
Change in Leverage (↓ or unchanged)
PassChange in Liquidity (↑ Current Ratio)
PassCustomers pay in advance here: 57% of what this company owes within the year is revenue it has already collected but not yet delivered, not money it has to pay out. A current ratio below 1 is how this business model works, not a warning sign — setting that revenue aside, current assets cover the remaining obligations 2.3 times over.
Net Dilution (annual diluted weighted-average shares, this year vs last)
PassSection 3
Recent Operational Improvements
0/4
This section is Weak as every measurable operational metric showed a year-over-year decline in efficiency and profitability.
- Return on Assets fell from 5.59% to 4.05% over the last year.
- Free Cash Flow to Total Assets declined from 9.83% to 4.92%.
- Gross margin data is not available.
- Asset Turnover decreased from 0.22 to 0.17, indicating lower revenue generation per dollar of assets.
This score would only improve if the company reversed the current trend of declining asset productivity and shrinking cash flow margins.
Change in ROA (↑)
FailChange in FCFTA (↑)
FailChange in Gross Margin (↑)
—Change in Asset Turnover (↑)
FailFramework conclusion
The total score is 6/10, a result that is solid but mixed. While the company is currently profitable and maintains a stable balance sheet with no net dilution, the weakness in the operational improvement metrics suggests the business is becoming less efficient. This mixed profile indicates that if the stock is priced cheaply, that price may reflect a genuine slowing of operational momentum rather than a simple mispricing of a healthy company.
- Return on Assets of 4.05% confirms current profitability despite year-over-year contraction.
- Long-term debt to total assets fell to 0.25, meeting the stability benchmark.
- The 1.4 accruals ratio indicates that earnings are well-supported by actual cash flow from operations.
- Asset turnover fell to 0.17, signaling a recent decline in operational efficiency.
Intrinsic Value (DCF)
A 10-year discounted cash flow, then the bridge from business value to value per share.
Reported cash flow → unlevered free cash flow
Free Cash Flow (reported)
$1.6B
+ After-Tax Interest Expense
$301.3M
= Unlevered Free Cash Flow
$1.9B
Business value (10-year DCF)
PV of Years 1–10
$13.7B
PV of Terminal Value
$12.1B
= Business Value
$25.8B
Business value → share value
Intrinsic Value (business)
$25.8B
+ Cash & Equivalents
$3.2B
− Debt
$10.6B
= Shareholders' Value
$18.3B
÷ Diluted Shares
66.3 million
= Fair Value / Share
$275.95
Divided by 66.3 million diluted shares — the weighted-average diluted count from the most recent quarterly income statement, for the quarter ended 2026-06-30.
Risk bucket → discount rate
mid (12%)
Year-1 FCF
$1.9B
Growth rate (yrs 1–10)
6%
Terminal growth (after yr 10)
3%
AI Analysis
This valuation estimates Corpay, Inc.'s fair value by discounting projected future cash flows back to today. The model uses a 12% discount rate, placing the company in the mid-risk category; this reflects a stable business-to-business payments model balanced against recent volatility in its reported free cash flow. A 6.00% growth rate was applied over the next ten years, consistent with historical cash flow expansion and steady demand for the company’s services. The forecast begins with a fixed Year-1 FCF of $1.9B. To account for long-term potential, the model applies a fixed 3% terminal growth rate, which represents a conservative proxy for long-run economic growth. The terminal value accounts for 46.9% of the total business value. To arrive at the fair value per share, the intrinsic value of the business—the sum of the present value of cash flows and the terminal value—was adjusted for the company's $3.2B in cash and $10.6B in debt. Dividing this adjusted total by 66.3 million shares yields a fair value per share of $275.95. Currently, the stock trades at $407.55, resulting in a margin of safety of -32.29%. This figure represents the buffer built into the estimate to account for potential inaccuracies. The result is most sensitive to the 6.00% growth rate; if long-term demand shifts or operational performance deviates from this projection, the intrinsic value estimate would adjust significantly.
Overall Verdict
How the five signals above stack up together, then the full synthesis.
Earnings Yield
4.22% vs ~4-5% bond-yield benchmark
Return on Capital
161.58% ROC vs ~30% benchmark
Acquirer's Multiple
15.9x against a peer median of 15.7x (peers: 15.7x) — in line with the median, within 1.3%.
FS-Score
6/10 — Solid but mixed
Intrinsic Value
-32.29% margin of safety
Corpay, Inc. presents a mixed profile when evaluated through these five lenses. The Return on Capital of 161.58% demonstrates substantial operational efficiency relative to the 30% benchmark, and the FS-Score of 6/10 indicates a moderately stable financial position. However, these quality metrics contrast with the price-focused measures. The Earnings Yield of 4.22% sits within the 4-5% bond-yield range, reflecting a neutral return profile, while the Acquirer’s Multiple of 15.9x tracks closely alongside the peer median of 15.7x. The tension in this analysis arises from the Intrinsic Value check, which shows a -32.29% margin of safety, suggesting that the current market price deviates significantly from the calculated value. While the business operations appear efficient, the valuation gap remains the primary conflict. A shift in the Intrinsic Value calculation, driven by changes in future free cash flow projections or discount rate assumptions, would have the most material impact on this overall assessment.