Start here if you're new
what it is
Corpay helps fleets and businesses pay for fuel, travel, invoices, and cross-border bills while taking a cut on every transaction.
how it gets paid
Last year Corpay made $4.5B in revenue. vehicle payments was the main engine at $2.00B, or 44% of sales.
why it's growing
Revenue grew 13.9% last year. The 6.9% EPS beat mattered most because it showed volume growth is still outrunning expectations.
what just happened
Corpay's last report beat estimates by 6.9%, with revenue hitting $3.3B and business volume doing the heavy lifting.
At a glance
B+ balance sheet — decent shape, but not bulletproof
85/100 earnings predictability — you can trust these numbers
15.1x trailing p/e — the market's not buying it — or you found a deal
24.0% return on capital — every dollar works hard here
xvary composite: 58/100 — below average
What they do
Corpay helps fleets and businesses pay for fuel, travel, invoices, and cross-border bills while taking a cut on every transaction.
Corpay owns its own payment networks (closed-loop networks → its own payment rails → it controls the data and the toll booth). That helps produce a 44.0% operating margin and 24.0% return on capital, which is far above what ordinary payment processors usually manage. Once your fleet reports, merchant links, and expense controls run through Corpay, leaving is painful because your workflow, not just your card, has moved.
How they make money
$4.5B
annual revenue · their business grew +13.9% last year
vehicle payments
$2.00B
+12.0%
corporate payments
$1.40B
+13.0%
lodging payments
$0.70B
+11.5%
cross-border payments
$0.40B
+13.9%
The products that matter
spend management workflow
Corpay Complete
platform layer
it bundles corporate cards, expense controls, and AP automation into one workflow inside a business expected to reach $5B in revenue in 2026.
platform
fleet cards and fuel spend
Fleet Payment Solutions
$2.7B · 60% of revenue
this is still the core engine: $2.7B of revenue growing 11%, which means Corpay remains heavily tied to fleet activity and transaction volume.
core segment
ap and cross-border payments
Corporate Payments
$1.8B · +18% growth
this $1.8B segment grew faster than the rest of the business at 18%. if the mix keeps shifting here, the valuation argument gets easier.
faster grower
Key numbers
13.5%
eps growth
EPS growth → profit per share growth → so what: Corpay is still expected to grow earnings faster than its 15.1x P/E suggests.
44.0%
oper margin
Operating margin → revenue left after core costs → so what: nearly $0.44 of every $1 of sales survives before interest and taxes.
24.0%
return on capital
Return on capital → profit produced from the money invested in the business → so what: Corpay turns capital into earnings far better than an average mature payments firm.
$5.0B
2026 sales
2026 sales estimate → next year's expected revenue → so what: Wall Street is underwriting another $0.5B of growth from the current $4.5B base.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 65 / 100
- long-term debt $5.8B (21% of capital)
- net profit margin 34.0% — keeps 34 cents of every dollar in revenue
- return on equity 40% — $0.40 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in CPAY 3 years ago → it's now worth $16,470.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Corpay's last report beat estimates by 6.9%, with revenue hitting $3.3B and business volume doing the heavy lifting.
Consensus shows EPS of $6.04 versus a $5.65 estimate. EDGAR also shows revenue of $3.3B, up 180% vs. prior year, while management pointed to stronger spend and transaction volumes.
$3.3B
revenue
$6.04
eps
44.0%
oper margin
the number that mattered
The 6.9% EPS beat mattered most because it showed volume growth is still outrunning expectations.
-
corpay’s top line is picking up some momentum.
-
revenues have risen, thanks to a surge in spend and transaction volumes.
-
leadership has announced a multi-year partnership with the national hockey league (nhl).as the official foreign exchange partner of the nhl, corpay will provide the league with its international payments services and currency risk management solutions.
-
this will streamline operations and decrease losses from foreign exchange exposure.under the agreement, corpay branding will be displayed across nhl broadcasts on the league’s digitally enhanced dashboards. corpay and the nhl will also create content across their social media platforms to explain to consumers how corpay is supporting the league’s global operations.
-
revenues likely expanded to $4.52 billion, in 2025.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is leverage meeting slower mix improvement — a $5.8B debt load is easier to live with when your faster segment is clearly pulling the company upward.
high
$5.8B of long-term debt
Debt is 21% of capital. That doesn't scream distress, but it does mean your margin of safety is lower than the 34.0% net margin makes it look.
if borrowing costs stay high or refinancing gets less friendly, the balance sheet story matters more than the multiple
med
fleet is still 60% of revenue
Fleet Payment Solutions generated $2.7B of the $4.5B total. That's a mature engine. Useful, profitable, and harder to get excited about if growth slows.
if fleet decelerates before corporate payments is large enough to offset it, the whole growth profile starts to look ordinary
med
cross-border and fx-sensitive revenue
Corpay operates across North America, Latin America, and Europe, and it markets currency risk management as part of the product. That helps clients, but it also tells you foreign exchange is a real variable in the business.
reported growth can get noisier when currency markets move, especially in the faster corporate payments segment
With $5.8B of debt and 60% of revenue still tied to fleet payments, you don't need a catastrophe for the stock's story to wobble.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
corporate payments growth gap
Corporate payments grew 18% versus 11% for fleet. If that spread narrows, the mix-upgrade thesis gets weaker fast.
risk
debt and refinancing language
Listen for any change in tone around the $5.8B long-term debt load. Balance sheet comfort matters more when growth is merely good, not spectacular.
calendar
next guidance set
Consensus sits at $24.30 EPS on $5B revenue for 2026. That's the hurdle. You need management to sound like those numbers are reachable.
trend
institutional sponsorship
Institutions have been net sellers for two straight quarters. If that flips, it tells you the market is getting more comfortable with the setup.
Analyst rankings
earnings predictability
85 / 100
management's numbers usually land close to expectations. in human-speak, analysts trust the model more than they trust the multiple.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 310 buyers vs. 338 sellers in 3q2025. total institutional holdings: 64.4M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$261
$536
$321
current price
$399
target midpoint · +24% from current · 3-5yr high: $750 (+130% · 23% ann'l return)
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