CPAY — Corpay, Inc.
Snapshot dated August 31, 2026.
Corpay, Inc. operates as a global business payments company that focuses on facilitating complex B2B payment transactions. The company primarily generates revenue by processing payments for corporate expenses, specifically within the vehicle fueling, lodging, and corporate purchasing sectors. Its business model relies on proprietary payment networks that connect businesses with vendors, allowing for automated reconciliation and expense management. Corpay operates across three main segments: Vehicle Payments, Corporate Payments, and Lodging Payments, each catering to different operational expense verticals. The company serves a diverse client base ranging from small fleet operators to large enterprise corporations across North America, Europe, and Brazil. It maintains a distinct position in the fintech space, competing with legacy payment processors and modern expense management software providers, while recently shifting its corporate identity from FleetCor Technologies to Corpay to reflect its broader strategic focus on corporate payment solutions beyond just fuel cards.
Fair Value / Share
$275.95
Price on August 31, 2026
$404.48
Upside to fair value
-31.78%
Data by Equibles and SEC filings. Figures are as of August 31, 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
$404.48
Market Cap
$26,827,136,000
Net Income (TTM)
$1,140,798,000
Diluted Shares
66.3 million
EPS (TTM)
$17.20
Earnings Yield
4.25%
AI Analysis
Corpay, Inc. currently displays an earnings yield of 4.25%, a figure derived from its EPS (TTM) of $17.20 divided by its stock price of $404.48. This return sits within the 4-5% range commonly available through safe, guaranteed bond alternatives. A yield at this level suggests that the market price is not currently discounting significant future earnings growth relative to these safer asset classes, nor is it pricing in a large risk premium. For this earnings yield to rise, the company would need to increase its annual net income without a corresponding rise in share price, or the share price would need to decrease. This measure relies strictly on past earnings and does not incorporate the company's debt levels or future capital expenditure requirements.
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. generated an EBIT of $2.2B on an invested capital base of $1.4B, resulting in a return on capital of 161.58%. This figure is calculated by dividing EBIT by the sum of net working capital of $886.7M and net fixed assets of $472.3M. By the framework's benchmark, a result above 30% indicates an highly efficient use of capital. This outcome reflects the company's ability to generate significant operating profit relative to the tangible assets and working capital required to support its business activities. This measure does not account for intangibles like brand value or intellectual property, nor does it reflect capital intensity differences between industries; a company in a capital-intensive sector might show lower figures even when performing well, whereas a software or service-focused firm often requires less physical capital, naturally inflating this ratio.
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 | $10.8B | 15.2x |
| CPAYCorpay, Inc. | $2.2B | $34.6B | 15.8x |
Where CPAY sits: 15.8x against a peer median of 15.2x (peers: 15.2x) — in line with the median, within 3.5%.
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. The company separately reports $114.5M of operating lease liabilities as of 2025-12-31 ($85.3M non-current, $29.2M current). These are excluded from debt because operating lease cost already sits inside operating earnings — counting the liability again as debt would charge the business twice for the same thing.
WEX
Named as a competitor: Direct competitor in commercial fleet cards and corporate payment processing
Debt $5.4B. This is the company's reported total debt — borrowings due within a year plus long-term borrowings. The company separately reports $63.5M of operating lease liabilities as of 2025-12-31 ($54M non-current, $9.5M current). These are excluded from debt because operating lease cost already sits inside operating earnings — counting the liability again as debt would charge the business twice for the same thing.
Operating earnings — CPAY
AI Analysis
Corpay, Inc. (CPAY) has an enterprise value of $34.6B and operating earnings of $2.2B, resulting in an Acquirer's Multiple of 15.8x. Its competitor, WEX, has an enterprise value of $10.8B and operating earnings of $711.2M, yielding an Acquirer's Multiple of 15.2x. Among these companies, WEX presents the lower multiple at 15.2x, while Corpay's 15.8x stands as the highest. Corpay's multiple is 15.8x against a peer median of 15.2x (peers: 15.2x) — in line with the median, within 3.5%. This measure does not capture differences in capital structures or future growth expectations that might explain variances in these figures. Any shift in the gap would require changes to the companies' underlying operating earnings relative to their enterprise values, or adjustments in how the market prices these firms relative to their core profitability. This calculation uses the ratio of enterprise value to operating earnings, which treats the company as an acquisition target regardless of financing or tax structures.
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
Profitability is Strong as Corpay generates positive earnings and cash flow relative to its assets, with cash flow from operations significantly 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 shows cash flow from operations is 1.4 times net income, indicating earnings are backed by cash.
This score indicates the business is currently profitable, though the result would weaken if the relationship between cash flow and net income were to invert.
Return on Assets (ROA > 0)
PassFree Cash Flow to Total Assets (FCFTA > 0)
PassAccruals (CFO / Net Income > 1)
PassSection 2
Stability
3/3
Stability is Strong, characterized by a reduction in long-term debt levels and a decrease in the diluted share count over the past year.
- Leverage decreased from 0.29 to 0.25 year over year.
- Liquidity improved because, although the current ratio is 0.98, the company covers non-deferred obligations 2.3 times over once prepaid revenue is excluded.
- Net dilution was negative as the annual weighted average share count fell from 71.8 million shares to 71.1 million shares.
The score reflects a healthier balance sheet and would only decline if the company increased its debt burden or issued new shares.
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
Operational improvements are Weak, as every measurable efficiency and return metric declined compared to the prior year's performance.
- Return on Assets fell from 5.59% to 4.05%.
- Free Cash Flow to Total Assets dropped from 9.83% to 4.92%.
- Gross Margin data is not available.
- Asset Turnover decreased from 0.22 to 0.17.
This section suggests a recent slowdown in operational efficiency, which would require a reversal in asset utilization and margins to improve.
Change in ROA (↑)
FailChange in FCFTA (↑)
FailChange in Gross Margin (↑)
—Change in Asset Turnover (↑)
FailFramework conclusion
Corpay earns a total score of 6/10, a result driven by strong current profitability and balance sheet stability but offset by weak recent operational trends. This score suggests the business remains fundamentally stable and cash-generative, yet it faces headwinds in maintaining its previous levels of efficiency and return on its assets. While the score indicates the company is not in a state of financial distress, the lack of operational momentum prevents it from reaching the highest health tier.
- Return on Assets stands at 4.05%, down from 5.59% a year ago.
- Long-term debt relative to assets improved from 0.29 to 0.25.
- Cash flow from operations is 1.4 times net income, suggesting high earnings quality.
- Asset Turnover declined to 0.17 from a prior 0.22, indicating lower revenue generation per dollar of assets.
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
Terminal value share
46.87%
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
Trailing twelve months.
FY2023 $1.9B · FY2024 $1.8B · FY2025 $1.3B
Growth rate (yrs 1–10)
6%
Terminal growth (after yr 10)
3%
AI Analysis
We applied a 12% discount rate to Corpay, reflecting the company’s position in a stable corporate payments market offset by transactional sensitivity and client concentration risk. The forecast utilizes a fixed Year-1 free cash flow of $1.9B, applying a 6.00% growth rate over the first decade to balance the company's historical cash flow generation against recent performance fluctuations. The terminal growth rate, fixed at 3% for all companies in this framework to reflect long-run economic expectations, accounts for 46.9% of the total business value. To determine the equity value, we took the intrinsic business value of $25.8B, added cash and equivalents of $3.2B, and subtracted $10.6B in debt. This calculation results in an equity value of $18.3B. Spread across 66.3 million shares, the computed fair value per share is $275.95. Compared to the current price of $404.48, the model yields a margin of safety of -31.78%, serving as a buffer for the potential inaccuracy of the forecast. The final result is most sensitive to the 6.00% growth rate assumption; if the company’s actual cash flow generation deviates from this trajectory, the fair value per share would shift accordingly.
Overall Verdict
How the five signals above stack up together, then the full synthesis.
Earnings Yield
4.25% vs ~4-5% bond-yield benchmark
Return on Capital
161.58% ROC vs ~30% benchmark
Acquirer's Multiple
15.8x against a peer median of 15.2x (peers: 15.2x) — in line with the median, within 3.5%.
FS-Score
6/10 — Solid but mixed
Intrinsic Value
-31.78% upside to fair value
The framework presents a distinct contrast between operational efficiency and current price. Corpay exhibits exceptional operational efficiency, evidenced by its 161.58% return on capital, which significantly outpaces the 30% benchmark. This suggests that the company generates substantial earnings relative to the capital invested in its operations. Conversely, the valuation indicators present a more cautious picture. The earnings yield of 4.25% sits within the yellow zone against the 4-5% bond-yield benchmark, while the intrinsic value check indicates a -31.78% margin of safety, suggesting that the current stock price exceeds the estimated intrinsic value. The acquirer’s multiple of 15.8x remains in line with the 15.2x peer median. This creates a tension where the company demonstrates high operational capability, yet the price metrics sit at or above established benchmarks. A shift in the intrinsic value calculation would most significantly alter this overall profile, as it currently represents the most substantial divergence from the other metrics.
Comments
Notes from readers on CPAY — one each. Comments stay with the company, so they carry across to a later snapshot, and each one shows the date it was written.
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