Financials · Transaction & Payment Processing Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$399.84
52-week range
$252.84 – $427.46
Market cap
$26.5B
P/E (trailing)
24.3×
EV / EBITDA
14.6×
Free-cash-flow yield
6.2%
Dividend yield
–
Revenue (last 12 months)
$5.0B
Revenue growth (3y a year)
9.7%
Operating margin
43.7%
Return on invested capital
9.9%
Net debt / EBITDA
4.5×
Fair value
Blended fair value$491.47 range $325 – $455
Versus priceFair+23% to fair value
Peer multiples
$233.38
Fundamentals-adjusted multiple
$416.36
10-year DCF (market-scaled)
$824.68
Earnings power value (floor, not blended)
$202.97
Model uncertainty
Medium
X-Ray Score
54/ 100 · High confidence · ahead of 66% of sector peers
Valuation57
Growth65
Profitability67
Financial health22
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Corpay provides business payment services, including fuel cards for vehicle fleets, corporate payment solutions, lodging and cross-border payments. Customers use its products to control spending and to pay suppliers and employees. The company earns revenue from fees charged to merchants and customers, interchange on card transactions, and foreign exchange margins, so payment volumes and fuel prices influence its results.
It does not pay a dividend. Looking at the numbers, trailing revenue is $5.0 billion, and it expanded at 9.7% a year across three years. Operating margin is 43.7%, while return on invested capital is 10%. Leverage, measured as net debt to EBITDA, is 4.5 times.
StocksXray gives Corpay, Inc. an X-Ray Score of 54 out of 100 (high confidence), ahead of 66% of the S&P 500 stocks in its sector. Its strongest lens is profitability (67) and its weakest is financial health (22).
Our fair value blend is $491.47 (range $324.87 to $454.95). At $399.84 the stock trades 19% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Corpay, Inc. (CPAY)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$223.84
$183.68
$282.61
$338.42
$300.93
$399.84
Market cap
$18.8B
$14.1B
$21.0B
$24.3B
$21.4B
$26.5B
P/E
22.4×
14.8×
21.4×
24.2×
20.0×
24.3×
EV / revenue
8.7×
6.4×
7.6×
8.4×
7.1×
7.7×
EV / EBITDA
16.2×
12.5×
14.3×
15.7×
13.6×
14.6×
Price / free cash flow
17.3×
23.4×
10.8×
13.8×
16.5×
16.2×
Free-cash-flow yield
5.8%
4.3%
9.3%
7.3%
6.1%
6.2%
Price / book
6.6×
5.6×
6.4×
7.8×
5.5×
7.5×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 5 Good · ● 4 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.5%Good
Free-cash-flow yield6.2%Average
Risk models
Altman Z score1.8×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)6.6%Bad
Free-cash-flow growth (3y)29.1%Good
Revenue growth (3y)9.7%Average
Growth consistency100%Good
Balance sheet
Current ratio1.0×Bad
Net debt / EBITDA4.5×Bad
Interest cover5.0×Bad
Valuation
Fair value vs price1.2×Good
EBIT / EV yield5.7%Bad
Profitability
Return on invested capital9.9%Average
Operating margin43.7%Good
XStocksXray
Corpay, Inc. (CPAY)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
2,834
3,427
3,758
3,975
4,528
5,021
Gross profit
–
–
–
–
–
–
Operating income
1,243
1,447
1,657
1,787
1,994
2,196
Net income
839
954
982
1,004
1,070
1,141
Diluted EPS ($)
9.99
12.42
13.20
13.97
15.03
16.48
Free cash flow
1,086
603
1,947
1,765
1,299
1,638
Gross margin
–
–
–
–
–
–
Operating margin
43.8%
42.2%
44.1%
45.0%
44.0%
43.7%
Net margin
29.6%
27.8%
26.1%
25.3%
23.6%
22.7%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
13,405
14,089
15,476
17,957
26,408
28,224
Cash
1,520
1,435
1,390
1,554
2,408
3,164
Total debt
7,495
9,351
8,850
10,766
13,347
15,149
Equity
2,867
2,541
3,282
3,122
3,884
3,542
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
1,006
1,102
1,172
1,248
1,261
1,339
Growth vs a year earlier
+7.5%
+12.9%
+13.9%
+20.7%
+25.4%
+21.5%
Net income ($M)
243
284
278
265
350
248
Diluted EPS ($)
3.40
3.98
3.91
–
5.07
3.70
XStocksXray
Corpay, Inc. (CPAY)
Peers in Transaction & Payment Processing Services
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.