Corpay, Inc.CPAY
NYSE•Technology•Software - Infrastructure
Corpay, Inc. operates as a payments company that helps businesses and consumers to manage and pay their expenses. It operates through Corporate Payments, Vehicle Payments, Lodging Payments, and Other segments. The company offers vehicle payment solutions for fuel, tolls and parking, vehicle compliance, auto insurance and road assistance, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards. It also provides corporate payment solutions, such as cross-border payments, spend management solutions, AP modernization, virtual cards, and purchasing and T&E cards. Additionally, it offers lodging payments solutions for employees who travel overnight for work purposes; traveling crews and stranded passengers from airlines and cruise lines; workforce lodging solutions for business travel programs; airline logistics, crew management, insurance, and other payments solutions. Further, the company offers gifts and payroll cards. It serves business, merchant, consumer, and payment network customers. The company was formerly known as FLEETCOR Technologies, Inc. and changed its name to Corpay, Inc. in June 2002. Corpay, Inc. was founded in 1986 and is headquartered in Atlanta, Georgia.
Corpay, Inc. (CPAY) reported trailing twelve months revenue of $4.78B as of March 2026, a 18.3% increase year-over-year. Quarterly revenue reached $1.26B, reflecting continued top-line momentum.
Corpay, Inc. generated $1.18B in TTM net income, with quarterly EBITDA of $750.99M. The operating margin expanded from 42.5% to 50.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (50.4%) and net margin (27.8%) indicates significant non-operating expenses or interest burden. Net margin has improved from 24.2% a year ago, signaling stronger bottom-line efficiency.
CPAY trades at a P/E of 16.7x (in line with broad market averages) and a P/S of 4.1x. The price-to-book ratio of 5.6x indicates a significant premium over book value.
The company reported negative free cash flow of $-107.71M, indicating cash consumption over the period. The balance sheet shows $26.66B in total assets with $10.36B in long-term debt against $3.51B in stockholders equity for a debt-to-equity ratio of 3.0, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~45.4%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 30.6% suggests a durable competitive advantage and efficient capital allocation.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~25.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~45.9% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio of 3.0 is elevated and rising. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 3.7% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation