# Corpay (CPAY.US)

Canonical: https://gigainvestors.com/s/CPAY

Analysis as of: 2026-10-16T07:27:40.959Z. Financial observations: FY2013–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $406.20 per share; close as of 2026-10-15.

Estimated value: low $368.84 per share, central $506.90 per share, high $587.30 per share. Buy at or below the central value $506.90 per share. Valuation as of 2026-10-16T07:27:40.959Z; scenarios are not confidence intervals.

Expected annual return: 11.9% at the stated quote. About 11.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.39×

- FY2018: 0.45×

- FY2019: 0.46×

- FY2020: 0.41×

- FY2021: 0.44×

- FY2022: 0.42×

- FY2023: 0.44×

- FY2024: 0.45×

- FY2025: 0.43×

- LTM to Jun 2026: 0.41×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- Recent gross margin fell 9.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 36.5%

- ROIC, second-lowest year: 23.4%

- Typical minus recent gross margin: 9.2 pp

- Typical gross margin (annual median): 79.1%

- Recent gross margin (lower of latest and 3-year median): 69.9%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 13.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 23.4%

- FY2017: 28.5%

- FY2018: 31.3%

- FY2019: 38.7%

- FY2020: 38.7%

- FY2021: 41.9%

- FY2022: 36.8%

- FY2023: 41.3%

- FY2024: 36.2%

- FY2025: 9.7%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.18×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.7B

- Net income, five-year total: $4.8B

- Return on incremental invested capital: 136.6%

- Working capital / revenue, annual change: 7.1 pp

- Working capital / revenue, change between three-year averages: 49.3 pp

- Working capital / revenue, final three-year average: 54.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.21×

- FY2022: 1.18×

- FY2023: 1.19×

- FY2024: 1.18×

- FY2025: 1.18×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 28.5% vs 36.2%

- Per-share earnings: 4.75 to 13.97 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.8%

- Ordinary dilution, 5-year annual growth: -3.9%

- Market cap gain: $7.6B

- Cumulative retained earnings: $8.0B

- Diluted shares, 10-year annual growth: -2.8%

- Diluted shares, 5-year annual growth: -3.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.4%

- Per-share value change: $9.22

- Per-share value, starting three-year median: $4.75

- Per-share value, ending three-year median: $13.97

- Buybacks concentrated in cheaper years (correlation): 0.62

- Average buyback yield: 4.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $6.0B

- Cumulative net income, 10 years: $8.5B

- ROIC, first three-year median: 28.5%

- ROIC, last three-year median: 36.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.75

- FY2017: $7.91

- FY2018: $8.81

- FY2019: $9.94

- FY2020: $8.12

- FY2021: $9.99

- FY2022: $12.42

- FY2023: $13.20

- FY2024: $13.97

- FY2025: $15.06

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 1.68×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.40×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 2.78×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: 0.5%

- FY2018: -0.8%

- FY2019: -2.2%

- FY2020: -6.9%

- FY2021: -2.7%

- FY2022: 1.4%

- FY2023: -7.2%

- FY2024: -5.2%

- FY2025: -1.6%

## Holders

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 3.4% a year for ten years · sales +10.9%

Story as of 2026-10-16T09:58:33.519Z; price observation 2026-10-15.

Price needs cash profits to grow 3.4% a year for ten years

- 2025-11-07: Why Corpay (CPAY) Is Up 9.0% After Raising 2025 Outlook and Completing Key Acquisitions ([finance.yahoo.com](https://finance.yahoo.com/news/why-corpay-cpay-9-0-021055826.html))

- 2026-02-05: Corpay projects 22% EPS growth for 2026 amid portfolio simplification and acquisition synergies ([seekingalpha.com](https://seekingalpha.com/news/4547673-corpay-projects-22-percent-eps-growth-for-2026-amid-portfolio-simplification-and-acquisition?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-04-15: WEX, Corpay Poised for Q1 Lift From Higher Fuel-Transaction Revenue, BofA Says ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/wex-corpay-poised-q1-lift-165134105.html))

- 2026-05-22: Corpay (CPAY) Is Up 5.6% After Embedding Stablecoin Wallets And Expanding Capital Return Plans ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/corpay-cpay-5-6-embedding-181315380.html))

- 2026-08-06: Corpay Q2 Earnings Beat Estimates on Corporate Payments Strength ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/corpay-q2-earnings-beat-estimates-152600313.html))

### Sales · FY2025–2026

sales +10.9%; source https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm; observed 2026-02-27.

- FY2017: $2.2B 

- FY2018: $2.4B 

- FY2019: $2.6B 

- FY2020: $2.4B 

- FY2021: $2.8B 

- FY2022: $3.4B 

- FY2023: $3.8B 

- FY2024: $4.0B 

- FY2025: $4.5B 

- FY2026: $5.0B 

### Gross margin · FY2025

gross margin 69.9%; source https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm; observed 2026-02-27.

- FY2016: 80.6% 

- FY2017: 80.9% 

- FY2018: 80.0% 

- FY2019: 80.0% 

- FY2020: 75.0% 

- FY2021: 80.2% 

- FY2022: 77.7% 

- FY2023: 78.2% 

- FY2024: 78.1% 

- FY2025: 69.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software infrastructure; annual sales are USD 4.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm (filed 2026-02-27); FY2025: revenue 4528403000; grossProfit 3165923000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CPAY.US: 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.

### Why customers stay

Margins ranged from 69.9% to 78.2% during 2023–25; it earns 36.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 78.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 78.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 69.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.23355188868110097],[2017,0.2853223958750415],[2018,0.3125290454230542],[2019,0.38679771245280087],[2020,0.38702077731425333],[2021,0.4190015320801856],[2022,0.36788452785973824],[2023,0.4133156830173584],[2024,0.3617416679004606],[2025,0.09693824209720318]]; median 0.3648130978800994. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 782.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 59011000; owner earnings 591465000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 70093000; owner earnings 934667000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 81387000; owner earnings 1004705000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 75170000; owner earnings 1094113000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 78425000; owner earnings 880592000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 111530000; owner earnings 1012164000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 151428000; owner earnings 1125181000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 153822000; owner earnings 1164672000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 175176000; owner earnings 1179658000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 200756000; owner earnings 1262373000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 782818000 USD.

### Are managers owners

Insiders own 3.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CPAY.US SharesStats.PercentInsiders = 3.782 percentage points; cache date 2026-10-16.

### What could break it

"We may incur substantial losses due to fraudulent use of our payment solutions." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm (filed 2026-02-27); We may incur substantial losses due to fraudulent use of our payment solutions.

### What the price says

The price assumes cash profits grow 3.4% yearly over ten years; actual growth was 12.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.03548148917748806. Price 406.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.425572823165744 → FY2025 17.765388837287848. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $175.30 per share

- 2016-11: $149.34 per share

- 2016-12: $141.52 per share

- 2017-01: $147.49 per share

- 2017-02: $170.00 per share

- 2017-03: $151.43 per share

- 2017-04: $141.14 per share

- 2017-05: $144.29 per share

- 2017-06: $144.21 per share

- 2017-07: $152.06 per share

- 2017-08: $143.77 per share

- 2017-09: $154.77 per share

- 2017-10: $165.27 per share

- 2017-11: $181.87 per share

- 2017-12: $192.43 per share

- 2018-01: $212.50 per share

- 2018-02: $199.93 per share

- 2018-03: $202.50 per share

- 2018-04: $207.28 per share

- 2018-05: $199.35 per share

- 2018-06: $210.65 per share

- 2018-07: $217.00 per share

- 2018-08: $213.74 per share

- 2018-09: $227.84 per share

- 2018-10: $200.03 per share

- 2018-11: $193.40 per share

- 2018-12: $185.72 per share

- 2019-01: $201.81 per share

- 2019-02: $233.28 per share

- 2019-03: $246.59 per share

- 2019-04: $260.95 per share

- 2019-05: $258.21 per share

- 2019-06: $280.85 per share

- 2019-07: $284.17 per share

- 2019-08: $298.40 per share

- 2019-09: $286.78 per share

- 2019-10: $294.22 per share

- 2019-11: $306.92 per share

- 2019-12: $287.72 per share

- 2020-01: $315.23 per share

- 2020-02: $265.79 per share

- 2020-03: $186.54 per share

- 2020-04: $241.25 per share

- 2020-05: $243.79 per share

- 2020-06: $251.53 per share

- 2020-07: $258.57 per share

- 2020-08: $251.45 per share

- 2020-09: $238.10 per share

- 2020-10: $220.91 per share

- 2020-11: $265.21 per share

- 2020-12: $272.83 per share

- 2021-01: $242.75 per share

- 2021-02: $277.31 per share

- 2021-03: $268.63 per share

- 2021-04: $287.72 per share

- 2021-05: $274.44 per share

- 2021-06: $256.06 per share

- 2021-07: $258.22 per share

- 2021-08: $263.28 per share

- 2021-09: $261.27 per share

- 2021-10: $247.41 per share

- 2021-11: $207.13 per share

- 2021-12: $223.84 per share

- 2022-01: $238.26 per share

- 2022-02: $234.20 per share

- 2022-03: $249.06 per share

- 2022-04: $249.52 per share

- 2022-05: $248.81 per share

- 2022-06: $210.11 per share

- 2022-07: $220.09 per share

- 2022-08: $212.53 per share

- 2022-09: $176.17 per share

- 2022-10: $186.12 per share

- 2022-11: $196.20 per share

- 2022-12: $183.68 per share

- 2023-01: $208.81 per share

- 2023-02: $214.79 per share

- 2023-03: $210.85 per share

- 2023-04: $213.92 per share

- 2023-05: $226.55 per share

- 2023-06: $251.08 per share

- 2023-07: $248.91 per share

- 2023-08: $271.73 per share

- 2023-09: $255.34 per share

- 2023-10: $225.17 per share

- 2023-11: $240.50 per share

- 2023-12: $282.61 per share

- 2024-01: $289.93 per share

- 2024-02: $279.27 per share

- 2024-03: $308.54 per share

- 2024-04: $302.14 per share

- 2024-05: $267.67 per share

- 2024-06: $266.41 per share

- 2024-07: $291.82 per share

- 2024-08: $315.55 per share

- 2024-09: $312.76 per share

- 2024-10: $329.72 per share

- 2024-11: $381.18 per share

- 2024-12: $338.42 per share

- 2025-01: $380.49 per share

- 2025-02: $367.05 per share

- 2025-03: $348.72 per share

- 2025-04: $325.37 per share

- 2025-05: $325.11 per share

- 2025-06: $331.82 per share

- 2025-07: $323.05 per share

- 2025-08: $325.67 per share

- 2025-09: $288.06 per share

- 2025-10: $260.35 per share

- 2025-11: $295.80 per share

- 2025-12: $300.93 per share

- 2026-01: $314.63 per share

- 2026-02: $325.10 per share

- 2026-03: $290.99 per share

- 2026-04: $306.47 per share

- 2026-05: $361.80 per share

- 2026-06: $333.27 per share

- 2026-07: $382.11 per share

- 2026-08: $404.30 per share

- 2026-09: $388.60 per share

- 2026-10: $406.20 per share

## Annual estimated value (USD per share)

- FY2017: low $106.10 per share, central $119.45 per share, high $137.22 per share

- FY2018: low $118.69 per share, central $133.58 per share, high $153.41 per share

- FY2019: low $146.24 per share, central $164.54 per share, high $188.90 per share

- FY2020: low $134.54 per share, central $151.68 per share, high $174.50 per share

- FY2021: low $169.53 per share, central $190.51 per share, high $218.43 per share

- FY2022: low $197.43 per share, central $222.20 per share, high $255.18 per share

- FY2023: low $262.97 per share, central $368.09 per share, high $429.30 per share

- FY2024: low $219.04 per share, central $246.41 per share, high $282.84 per share

- FY2025: low $393.80 per share, central $508.87 per share, high $575.88 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:20.947Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.