Corpay Inc (CPAY) AI Stock Analysis

• Market Cap: $19.46B
• Dividend Yield: N/A
• Average Volume (3M): 778.38K
• Price to Earnings (P/E): 19.7
• Beta (1Y): 1.16
• Revenue Growth: 11.27%
• EPS Growth: 4.47%
• Country: US
• Employees: 11,200
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 6.04
• Shares Outstanding: 68,050,290
• 10 Day Avg. Volume: 795,006
• 30 Day Avg. Volume: 778,380
• PEG Ratio: 2.87
• Price to Book (P/B): 5.43
• Price to Sales (P/S): 4.66
• P/FCF Ratio: 16.25
• Enterprise Value/Market Cap: 1.08
• Enterprise Value/Revenue: 4.64
• Enterprise Value/Gross Profit: 6.28
• Enterprise Value/Ebitda: 8.99
• 1Y Price Target: $378.50
• Price Target Upside: 32.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): 26.01
• Revenue Forecast (FY): $5.28B

• Rating: 77 Outperform
• Price Target: $325.00 ▲(13.67% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is driven primarily by strong profitability/cash generation (despite leverage risk) and a bullish technical setup, supported by an upbeat earnings outlook with double-digit organic growth targets. Valuation is less compelling at a mid-to-high P/E and leverage/integration risks temper the upside.

Positive Factors

High and Durable Profitability

Sustained high gross and operating margins (net margin in the mid-20s recently) indicate durable earnings power and strong unit economics. This margin profile supports reinvestment, M&A funding and shareholder returns, and provides resilience through business-cycle volatility.

Consistent Organic Revenue Growth & Strong Bookings

Multi-year ~10% organic growth and robust bookings (29% YoY) signal repeatable, demand-driven expansion and high customer retention (~92%). This recurring top-line momentum gives multi-quarter visibility, enabling scalable margins and predictable capital allocation over the medium term.

Strategic Partnerships and M&A Strengthen Reach

Targeted M&A and a major strategic investor (Mastercard) materially expand distribution and cross-border capabilities. These structural moves enhance network effects, accelerate revenue diversification, and create durable channel advantages vs peers if integrations and cross-sell execute as planned.

Negative Factors

Elevated Leverage and Rising Debt

Debt levels ~2–3x equity reduce financial flexibility and increase interest rate sensitivity; sizable net interest expense guidance (~$370–$400M) limits capacity for organic investment or M&A if cash flow softens, and makes deleveraging a structural priority that could constrain other capital uses.

Volatile Cash Flow and Free Cash Flow Swings

Year-to-year swings in operating and free cash flow make debt paydown and consistent capital deployment harder to plan and raise refinancing risk. Volatility reduces predictability of FCF-driven deleveraging and could force tougher trade-offs if revenue or margin pressures recur.

M&A/Portfolio Execution and Integration Risk

A divestiture of an underperforming acquisition highlights execution risk in sourcing and integrating deals. Ongoing acquisition-related costs, remediation and divestiture activity can suppress margins and delay synergies, making promised revenue and EPS upside from M&A less certain and timing-dependent.

Corpay Inc Business Overview & Revenue Model

Company Description

Corpay, 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.

How the Company Makes Money

Corpay makes money primarily by charging fees tied to payment volume and the value-added services embedded in its platforms across its operating segments. In Vehicle Payments, it earns revenue from fleet and fuel payment programs (e.g., fuel cards and related spend controls) through transaction-based fees and program economics tied to fuel and maintenance purchases processed on its networks; it may also earn fees from value-added fleet-related services and program administration. In Corporate Payments, it generates revenue from helping customers process and manage accounts payable (AP) and other business payments via automation and payment products; revenue is commonly driven by transaction/processing fees, subscription or platform fees for software-enabled AP workflows, and economics from commercial card-based payments (including card program revenues tied to spend on cards issued through banking partners). In Cross-Border, it earns revenue from foreign exchange and international payments by charging FX spreads/margins and transaction fees associated with converting and transmitting funds across currencies and countries. Across the business, key drivers include total payment volume, the number of active accounts and transactions, customer retention, and distribution relationships/partnerships (including bank partners for card issuance and acceptance relationships with merchants/service providers), which expand reach and support program economics.

Corpay Inc Financial Statement Overview

Summary

Strong and consistent profitability with high margins and generally solid cash conversion, but elevated leverage (debt well above equity) is a key risk and recent cash flow/margin softness adds some caution.

Income Statement

CPAY shows strong, consistent profitability with very high gross and operating margins across 2020–2025, supporting durable earnings power. Revenue has grown steadily over the period (with a dip in 2020), including ~5% growth in 2025, but the growth profile is moderate versus the margin profile. Profitability remains solid (net margin in the mid-20s recently), though margins have softened somewhat in 2025 versus 2023–2024, suggesting incremental pressure on operating leverage.

Balance Sheet

The balance sheet is the key constraint: leverage is elevated, with debt running well above equity (debt-to-equity consistently around ~2–3x) and total debt increasing materially by 2025. Equity returns are strong (ROE has been consistently high), but that strength is partly amplified by leverage, which raises financial risk and reduces flexibility if growth or cash generation slows.

Cash Flow

Cash generation is generally healthy, with free cash flow consistently tracking well to net income (roughly ~0.8–0.95x), indicating good earnings quality. However, operating cash flow and free cash flow have been somewhat volatile: free cash flow declined in 2021–2022 and again in 2024 before rebounding in 2025, and operating cash flow in 2025 is lower than in 2023–2024. Overall, cash conversion is solid, but the year-to-year swings temper the score.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.53B	3.97B	3.76B	3.43B	2.83B
Gross Profit	3.17B	3.11B	2.94B	2.66B	2.27B
EBITDA	2.34B	2.12B	2.01B	1.76B	1.51B
Net Income	1.07B	1.00B	981.89M	954.33M	839.50M
Balance Sheet
Total Assets	26.41B	17.96B	15.48B	14.09B	13.40B
Cash, Cash Equivalents and Short-Term Investments	8.99B	1.55B	1.39B	1.44B	1.52B
Total Debt	10.12B	8.00B	6.72B	7.04B	5.98B
Total Liabilities	22.18B	14.81B	12.19B	11.55B	10.54B
Stockholders Equity	3.88B	3.12B	3.28B	2.54B	2.87B
Cash Flow
Free Cash Flow	1.30B	1.77B	1.95B	603.37M	1.09B
Operating Cash Flow	1.50B	1.94B	2.10B	754.80M	1.20B
Investing Cash Flow	1.23B	-807.48M	-380.72M	-368.35M	-715.93M
Financing Cash Flow	1.56B	404.99M	-898.21M	-311.23M	343.93M

Corpay Inc Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 285.92
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CPAY, the sentiment is Negative. The current price of 285.92 is below the 20-day moving average (MA) of 325.65, below the 50-day MA of 326.33, and below the 200-day MA of 312.60, indicating a bearish trend. The MACD of -7.12 indicates Positive momentum. The RSI at 32.44 is Neutral, neither overbought nor oversold. The STOCH value of 6.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CPAY.

Corpay Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CPAY	77 Outperform	$19.46B	19.73	27.89%	―	11.27%	4.47%
TOST	72 Outperform	$16.40B	60.43	17.93%	―	25.76%	―
PAYO	71 Outperform	$1.60B	26.33	9.84%	―	10.58%	-45.52%
EEFT	68 Neutral	$2.66B	11.26	23.78%	―	7.25%	-1.12%
WEX	66 Neutral	$5.11B	17.39	29.38%	―	-1.15%	-2.52%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
FOUR	58 Neutral	$4.49B	42.45	7.54%	―	23.16%	27.38%

Corpay Inc Corporate Events

Corpay Sets 2026 Annual Meeting and Proposal Deadlines

Corpay, Inc. has set May 7, 2026, as the date for its 2026 annual meeting of stockholders, a change that moves the meeting more than 30 days earlier than the 2025 annual meeting and therefore triggers additional disclosure requirements under U.S. securities rules. The company said details on the record date, time, and location will be provided in its forthcoming proxy statement, signalling a formal reset of its annual governance calendar.

Corpay also established March 9, 2026, as the uniform deadline for shareholders to submit proposals or director nominations for the 2026 meeting, whether for inclusion in the proxy under SEC Rule 14a-8 or for presentation outside that process. The company further set March 9, 2026, as the cutoff for investors intending to run alternative director slates and solicit proxies under Rule 14a-19, underscoring procedural requirements that could shape shareholder activism and board contest dynamics around the 2026 meeting.

The most recent analyst rating on (CPAY) stock is a Hold with a $340.00 price target. To see the full list of analyst forecasts on Corpay Inc stock, see the CPAY Stock Forecast page.

Corpay posts strong Q4 results and 2026 growth outlook

On February 4, 2026, Corpay reported strong fourth-quarter and full-year 2025 results, with fourth-quarter revenue up 21% to $1.25 billion, organic revenue growth of 11%, and adjusted earnings per share rising 13% to $6.04, while full-year revenue increased 14% to $4.5 billion and adjusted EPS climbed 12% to $21.38. Management highlighted robust performance in corporate payments, continued double-digit organic growth in its largest segments, significant capital deployment including over $4.3 billion for acquisitions and $782 million in share buybacks, and announced a definitive agreement to sell its PayByPhone mobile parking payments business to Lightyear Capital, all while issuing 2026 guidance that targets mid-teens revenue growth and more than 20% adjusted EPS growth, signaling an accelerated strategic shift toward higher-margin corporate payments and ongoing shareholder returns.

The most recent analyst rating on (CPAY) stock is a Buy with a $350.00 price target. To see the full list of analyst forecasts on Corpay Inc stock, see the CPAY Stock Forecast page.

Corpay Adds Global Mobility Executive David Bunch to Board

On January 22, 2026, Corpay appointed London-based executive David Bunch to its board of directors, adding a seasoned international operator with deep experience in large-scale mobility, convenience, and digital platform businesses. Bunch, who currently serves as Group Executive Vice President for Mobility & Convenience at Shell and has held senior roles across North America, Asia, and Europe, joins Corpay as an independent director and will receive the company’s customary non-employee director compensation and standard indemnification, bolstering Corpay’s governance and global expansion ambitions in corporate payments.

The most recent analyst rating on (CPAY) stock is a Buy with a $369.00 price target. To see the full list of analyst forecasts on Corpay Inc stock, see the CPAY Stock Forecast page.