Corpay, Inc. (CPAY) 10-Year Financial Performance & Capital Metrics

CPAY • • Industrial / General

TechnologyInfrastructure SoftwarePayment Processing & Digital CommerceFinancial Infrastructure & Billing

AboutCorpay, Inc. operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards. It also provides corporate payment solutions consisting of accounts payable automation; virtual cards, cross-border solutions; and purchasing and travel and entertainment card products, as well as lodging payments solutions for employees who travel overnight for work purposes; traveling crews and stranded passengers from airlines and cruise lines; and insurance policyholders displaced from their homes due to damage or catastrophe. In addition, 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 March 2024. Corpay, Inc. was founded in 1986 and is headquartered in Atlanta, Georgia.Show more

Revenue $3.97B +5.8%
EBITDA $2.14B +7.3%
Net Income $1B +2.2%
EPS (Diluted) 13.97 +5.8%
Gross Margin 78.13%
EBITDA Margin 53.8% +1.4%
Operating Margin 44.96% +2.0%
Net Margin 25.25% -3.4%
ROE 31.23% -7.4%
ROIC 14.73% -0.7%
Debt/Equity 2.54 +24.1%
Interest Coverage 4.67 -1.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 33.4%
✓FCF machine: 44.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.4% through buybacks
✓Healthy 5Y average net margin of 27.7%

✗Weaknesses

✗High debt to equity ratio of 2.5x
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.73%

5Y8.45%

3Y11.94%

TTM11.27%

Profit (Net Income) CAGR

10Y10.53%

5Y2.32%

3Y6.14%

TTM3.71%

EPS CAGR

10Y12.66%

5Y7.04%

3Y11.83%

TTM5.06%

ROCE

10Y Avg15.7%

5Y Avg17.37%

3Y Avg19.24%

Latest19.97%

Peer Comparison

Financial Infrastructure & Billing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MQMarqeta, Inc.	1.8B	4.41	83.84	-25.02%	-6.74%	-4.72%	3.1%	0.01
PAYSPaySign, Inc.	259.8M	4.72	68.80	23.5%	10.1%	16.53%	5.18%	0.10
CSGSCSG Systems International, Inc.	2.27B	79.48	26.23	2.39%	6.85%	28.79%	5%	2.03
CPAYCorpay, Inc.	23.14B	330.77	23.68	5.77%	24.37%	25.52%	7.63%	2.54
PAYOPayoneer Global Inc.	1.92B	5.40	17.42	17.64%	6.96%	9.64%	6.05%	0.03
IMXIInternational Money Express, Inc.	460.64M	15.50	8.66	-0.01%	6.26%	26.14%	5.01%	1.35
ATCHAtlasClear Holdings, Inc.	38.17M	0.26	-0.69	171.31%	-44.2%	-79.32%	4.12%
LSAKLesaka Technologies, Inc.	392.68M	4.67	-4.10	16.92%	-11.78%	-32.78%		0.90

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.7B	1.83B	2.25B	2.43B	2.65B	2.39B	2.83B	3.43B	3.76B	3.97B
Revenue Growth %	0.42%	0.08%	0.23%	0.08%	0.09%	-0.1%	0.19%	0.21%	0.1%	0.06%
Cost of Goods Sold+	331.07M	355.41M	429.61M	487.69M	530.67M	596.36M	559.82M	764.71M	819.91M	869.09M
COGS % of Revenue	0.19%	0.19%	0.19%	0.2%	0.2%	0.25%	0.2%	0.22%	0.22%	0.22%
Gross Profit+	1.37B	1.48B	1.82B	1.95B	2.12B	1.79B	2.27B	2.66B	2.94B	3.11B
Gross Margin %	0.81%	0.81%	0.81%	0.8%	0.8%	0.75%	0.8%	0.78%	0.78%	0.78%
Gross Profit Growth %	0.34%	0.08%	0.23%	0.07%	0.09%	-0.15%	0.27%	0.17%	0.1%	0.06%
Operating Expenses+	704.26M	721.98M	936.16M	855.1M	886.75M	820.23M	1.03B	1.22B	1.28B	1.32B
OpEx % of Revenue	0.41%	0.39%	0.42%	0.35%	0.33%	0.34%	0.36%	0.35%	0.34%	0.33%
Selling, General & Admin	406.79M	519.41M	671.54M	571.76M	612.02M	567.41M	747.95M	893.22M	943.58M	997.78M
SG&A % of Revenue	0.24%	0.28%	0.3%	0.23%	0.23%	0.24%	0.26%	0.26%	0.25%	0.25%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	189.21M	202.57M	264.62M	283.33M	274.73M	252.82M	283.41M	322.56M	337.36M	320.57M
Operating Income+	667.53M	754.15M	883.76M	1.09B	1.23B	972.26M	1.24B	1.45B	1.66B	1.79B
Operating Margin %	0.39%	0.41%	0.39%	0.45%	0.46%	0.41%	0.44%	0.42%	0.44%	0.45%
Operating Income Growth %	0.18%	0.13%	0.17%	0.23%	0.13%	-0.21%	0.28%	0.16%	0.15%	0.08%
EBITDA+	857.74M	952.24M	1.15B	1.37B	1.51B	1.23B	1.53B	1.77B	1.99B	2.14B
EBITDA Margin %	0.5%	0.52%	0.51%	0.56%	0.57%	0.51%	0.54%	0.52%	0.53%	0.54%
EBITDA Growth %	0.28%	0.11%	0.21%	0.19%	0.1%	-0.19%	0.24%	0.16%	0.13%	0.07%
D&A (Non-Cash Add-back)	190.2M	198.09M	264.56M	274.61M	274.21M	254.8M	284.2M	322.28M	336.6M	351.09M
EBIT	607.34M	714.82M	1B	1.23B	1.23B	1.01B	1.22B	1.44B	1.67B	1.77B
Net Interest Income+	-71.34M	-71.9M	-107.15M	-138.49M	-150.05M	-129.8M	-113.7M	-164.66M	-348.61M	-383.04M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	71.34M	71.9M	107.15M	138.49M	150.05M	129.8M	113.7M	164.66M	348.61M	383.04M
Other Income/Expense	-131.53M	-111.23M	9.83M	-9.3M	-153.61M	-89.74M	-133.75M	-170.98M	-331.87M	-402.04M
Pretax Income+	536M	642.92M	893.59M	1.1B	1.08B	882.52M	1.11B	1.28B	1.33B	1.39B
Pretax Margin %	0.31%	0.35%	0.4%	0.45%	0.41%	0.37%	0.39%	0.37%	0.35%	0.35%
Income Tax+	173.57M	190.53M	153.39M	283.64M	182.75M	178.31M	269.31M	321.33M	343.12M	381.38M
Effective Tax Rate %	0.68%	0.7%	0.83%	0.74%	0.83%	0.8%	0.76%	0.75%	0.74%	0.72%
Net Income+	362.43M	452.38M	740.2M	811.48M	895.07M	704.22M	839.5M	954.33M	981.89M	1B
Net Margin %	0.21%	0.25%	0.33%	0.33%	0.34%	0.29%	0.3%	0.28%	0.26%	0.25%
Net Income Growth %	-0.02%	0.25%	0.64%	0.1%	0.1%	-0.21%	0.19%	0.14%	0.03%	0.02%
Net Income (Continuing)	362.43M	452.38M	740.2M	811.48M	895.07M	704.22M	839.5M	954.33M	981.89M	1B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	23.65M
EPS (Diluted)+	3.85	4.75	7.91	8.81	9.94	8.12	9.99	12.42	13.20	13.97
EPS Growth %	-0.09%	0.23%	0.67%	0.11%	0.13%	-0.18%	0.23%	0.24%	0.06%	0.06%
EPS (Basic)	3.85	4.89	8.12	9.14	10.36	8.38	10.23	12.62	13.42	14.27
Diluted Shares Outstanding	94.14M	95.21M	93.59M	92.15M	90.07M	86.72M	84.06M	76.86M	74.39M	71.85M
Basic Shares Outstanding	94.14M	92.6M	91.13M	88.75M	86.4M	84M	82.06M	75.6M	73.16M	70.33M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.94B	2.53B	3.55B	3.88B	4.62B	3.96B	5.49B	6.11B	7.08B	8.68B
Cash & Short-Term Investments	447.15M	475.02M	913.6M	1.03B	1.27B	934.9M	1.52B	1.44B	1.39B	1.55B
Cash Only	447.15M	475.02M	913.6M	1.03B	1.27B	934.9M	1.52B	1.44B	1.39B	1.55B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	638.95M	1.2B	1.42B	1.43B	1.57B	1.37B	1.79B	2.06B	2.16B	2.09B
Days Sales Outstanding	136.96	239.54	230.4	213.86	216.2	208.83	230.98	219.9	209.96	191.98
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	790.4M	759.75M	1.03B	1.22B	1.37B	1.24B	1.85B	2.61B	3.53B	5.03B
Total Non-Current Assets+	5.95B	7.1B	7.77B	7.33B	7.63B	7.24B	7.92B	7.98B	8.39B	9.28B
Property, Plant & Equipment	80.76M	142.5M	180.06M	186.2M	199.82M	202.51M	236.29M	294.69M	343.15M	377.7M
Fixed Asset Turnover	21.09x	12.85x	12.49x	13.07x	13.26x	11.80x	11.99x	11.63x	10.95x	10.52x
Goodwill	3.55B	4.2B	4.72B	4.54B	4.83B	4.72B	5.08B	5.2B	5.64B	5.98B
Intangible Assets	2.18B	2.65B	2.72B	2.41B	2.34B	2.12B	2.34B	2.13B	2.09B	2.41B
Long-Term Investments	76.57M	36.2M	32.86M	42.67M	30.44M	7.48M	52.02M	74.28M	69.52M	60.09M
Other Non-Current Assets	58.23M	71.95M	114.96M	147.63M	224.78M	193.21M	213.93M	281.73M	248.69M	448.26M
Total Assets+	7.89B	9.63B	11.32B	11.2B	12.25B	11.19B	13.4B	14.09B	15.48B	17.96B
Asset Turnover	0.22x	0.19x	0.20x	0.22x	0.22x	0.21x	0.21x	0.24x	0.24x	0.22x
Asset Growth %	-0.07%	0.22%	0.18%	-0.01%	0.09%	-0.09%	0.2%	0.05%	0.1%	0.16%
Total Current Liabilities+	2.25B	3.3B	4.1B	4.5B	4.46B	3.97B	5.29B	6.04B	6.83B	8.71B
Accounts Payable	669.53M	1.15B	1.44B	1.12B	1.25B	1.05B	1.41B	1.57B	1.62B	1.57B
Days Payables Outstanding	738.14	1.18K	1.22K	836.47	859.48	645.39	916.94	748.87	723.4	659.55
Short-Term Debt	875.1M	1.34B	1.62B	2.07B	1.75B	1.21B	1.52B	2.31B	2.13B	2.77B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	44.94M	38.78M	71.03M	118.67M	183.5M	250.13M	208.61M	303.52M	320.61M	656.42M
Current Ratio	0.87x	0.77x	0.87x	0.86x	1.03x	1.00x	1.04x	1.01x	1.04x	1.00x
Quick Ratio	0.87x	0.77x	0.87x	0.86x	1.03x	1.00x	1.04x	1.01x	1.04x	1.00x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	2.81B	3.25B	3.55B	3.37B	4.07B	3.87B	5.25B	5.5B	5.37B	6.1B
Long-Term Debt	2.06B	2.52B	2.9B	2.75B	3.29B	3.1B	4.46B	4.72B	4.6B	5.23B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	713.43M	668.58M	518.91M	491.95M	519.98M	498.15M	566.29M	527.47M	470.23M	439.18M
Other Non-Current Liabilities	38.96M	56.07M	125.32M	126.71M	263.93M	275.12M	221.39M	254.01M	301.75M	437.88M
Total Liabilities	5.06B	6.54B	7.64B	7.86B	8.54B	7.84B	10.54B	11.55B	12.19B	14.81B
Total Debt+	2.94B	3.86B	4.52B	4.82B	5.04B	4.3B	5.98B	7.04B	6.72B	8B
Net Debt	2.49B	3.38B	3.61B	3.79B	3.77B	3.37B	4.46B	5.6B	5.33B	6.44B
Debt / Equity	1.04x	1.25x	1.23x	1.44x	1.36x	1.28x	2.09x	2.77x	2.05x	2.54x
Debt / EBITDA	3.42x	4.05x	3.93x	3.53x	3.35x	3.51x	3.92x	3.98x	3.37x	3.74x
Net Debt / EBITDA	2.90x	3.55x	3.14x	2.77x	2.50x	2.75x	2.92x	3.17x	2.68x	3.01x
Interest Coverage	9.36x	10.49x	8.25x	7.88x	8.21x	7.49x	10.93x	8.79x	4.75x	4.67x
Total Equity+	2.83B	3.08B	3.68B	3.34B	3.71B	3.36B	2.87B	2.54B	3.28B	3.15B
Equity Growth %	0.08%	0.09%	0.19%	-0.09%	0.11%	-0.1%	-0.15%	-0.11%	0.29%	-0.04%
Book Value per Share	30.06	32.39	39.28	36.25	41.21	38.69	34.10	33.07	44.13	43.79
Total Shareholders' Equity	2.83B	3.08B	3.68B	3.34B	3.71B	3.36B	2.87B	2.54B	3.28B	3.12B
Common Stock	121K	121K	122K	123K	124K	126K	127K	128K	129K	131K
Retained Earnings	1.77B	2.22B	2.96B	3.82B	4.71B	5.42B	6.26B	7.21B	8.19B	9.2B
Treasury Stock	-354.52M	-542.5M	-944.89M	-1.87B	-2.52B	-3.45B	-4.8B	-6.21B	-6.89B	-8.17B
Accumulated OCI	-570.81M	-666.4M	-551.86M	-913.86M	-972.47M	-1.36B	-1.46B	-1.51B	-1.29B	-1.71B
Minority Interest	0	0	0	0	0	0	0	0	0	23.65M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	754.58M	708.22M	680.06M	903.38M	1.16B	1.47B	1.2B	754.8M	2.1B	1.94B
Operating CF Margin %	0.44%	0.39%	0.3%	0.37%	0.44%	0.62%	0.42%	0.22%	0.56%	0.49%
Operating CF Growth %	0.24%	-0.06%	-0.04%	0.33%	0.29%	0.27%	-0.19%	-0.37%	1.78%	-0.08%
Net Income	362.43M	452.38M	740.2M	811.48M	895.07M	704.22M	839.5M	954.33M	981.89M	1B
Depreciation & Amortization	190.2M	198.09M	264.56M	274.61M	274.21M	254.8M	284.2M	322.28M	336.6M	351.09M
Stock-Based Compensation	90.12M	63.95M	93.3M	69.94M	60.95M	43.38M	80.07M	121.42M	116.09M	116.72M
Deferred Taxes	30.63M	-28.68M	-247.71M	-2.75M	37.88M	15.67M	11.03M	-33.17M	-46.68M	-64.72M
Other Non-Cash Items	61.93M	84.3M	-66.78M	-65.18M	83.41M	133.04M	60.15M	142.44M	119.33M	85.89M
Working Capital Changes	19.28M	-61.82M	-103.51M	-184.72M	-189.46M	321.48M	-77.88M	-752.5M	593.9M	447.85M
Change in Receivables	40.02M	-338.8M	-431M	-159.02M	-196.03M	264.14M	-731.14M	-598.67M	-210.26M	-176.93M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	198.76M	-83.25M	480.51M	-83.95M	713.98M	663.22M
Cash from Investing+	-99.41M	-1.39B	-497.8M	-26.27M	-523.7M	-106.25M	-715.93M	-368.35M	-380.72M	-807.48M
Capital Expenditures	-41.88M	-59.01M	-70.09M	-81.39M	-75.17M	-78.42M	-111.53M	-151.43M	-153.82M	-175.18M
CapEx % of Revenue	0.02%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-8.47M	1.41M	-38.95M	-22.77M	-255K	0	-2.28M	0	4.4M	4.12M
Cash from Financing+	-648.07M	753.97M	251.94M	-577.82M	-310.17M	-1.42B	343.93M	-311.23M	-898.21M	404.99M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-16.13M	-2.95M	-12.45M	-4.04M	-2.82M	-2.98M	-39.73M	-10.63M	-2.66M	-6.47M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	712.71M	649.21M	609.97M	822M	1.09B	1.39B	1.09B	603.37M	1.95B	1.77B
FCF Margin %	0.42%	0.35%	0.27%	0.34%	0.41%	0.58%	0.38%	0.18%	0.52%	0.44%
FCF Growth %	0.23%	-0.09%	-0.06%	0.35%	0.32%	0.28%	-0.22%	-0.44%	2.23%	-0.09%
FCF per Share	7.57	6.82	6.52	8.92	12.07	16.08	12.91	7.85	26.18	24.57
FCF Conversion (FCF/Net Income)	2.08x	1.57x	0.92x	1.11x	1.30x	2.09x	1.43x	0.79x	2.14x	1.93x
Interest Paid	72.54M	70.34M	113.42M	156.75M	178.42M	126.46M	132.5M	229.64M	448.38M	496.1M
Taxes Paid	83.38M	101.95M	392.19M	207.5M	200.53M	165.31M	229.72M	358.23M	408.34M	374.04M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.3%	15.3%	21.9%	23.13%	25.39%	19.93%	26.98%	35.29%	33.72%	31.23%
Return on Invested Capital (ROIC)	9.06%	9.6%	9.64%	11.35%	12.65%	10.27%	13.27%	14.03%	14.83%	14.73%
Gross Margin	80.56%	80.59%	80.9%	79.96%	79.97%	75.04%	80.24%	77.69%	78.18%	78.13%
Net Margin	21.28%	24.7%	32.9%	33.35%	33.79%	29.48%	29.63%	27.85%	26.13%	25.25%
Debt / Equity	1.04x	1.25x	1.23x	1.44x	1.36x	1.28x	2.09x	2.77x	2.05x	2.54x
Interest Coverage	9.36x	10.49x	8.25x	7.88x	8.21x	7.49x	10.93x	8.79x	4.75x	4.67x
FCF Conversion	2.08x	1.57x	0.92x	1.11x	1.30x	2.09x	1.43x	0.79x	2.14x	1.93x
Revenue Growth	41.98%	7.56%	22.82%	8.18%	8.85%	-9.82%	18.62%	20.94%	9.65%	5.77%

Revenue by Segment

	2024
Payments	2.01B
Payments Growth	-
Corporate Payments	1.22B
Corporate Payments Growth	-
Lodging	488.6M
Lodging Growth	-

Revenue by Geography

	2024
UNITED STATES	2.08B
UNITED STATES Growth	-
BRAZIL	594.3M
BRAZIL Growth	-
UNITED KINGDOM	542M
UNITED KINGDOM Growth	-

Frequently Asked Questions

Valuation & Price

Corpay, Inc. (CPAY) has a price-to-earnings (P/E) ratio of 23.7x. This is roughly in line with market averages.

Growth & Financials

Corpay, Inc. (CPAY) reported $4.31B in revenue for fiscal year 2024. This represents a 382% increase from $895.2M in 2013.

Corpay, Inc. (CPAY) grew revenue by 5.8% over the past year. This is steady growth.

Yes, Corpay, Inc. (CPAY) is profitable, generating $1.05B in net income for fiscal year 2024 (25.3% net margin).

Dividend & Returns

Corpay, Inc. (CPAY) has a return on equity (ROE) of 31.2%. This is excellent, indicating efficient use of shareholder capital.

Corpay, Inc. (CPAY) generated $1.14B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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