Corpay, Inc. (CPAY)
NYSE:CPAY
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Corpay Inc
(NYSE:CPAY)
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Rating:78Outperform
Price Target:
$396.00
▲(18.34% Upside)
Action:Reiterated
Date:05/23/26
The score is driven primarily by solid financial performance (high profitability and strong cash conversion, tempered by leverage and recent margin compression) and strong technical momentum (uptrend with positive MACD). Valuation is supportive with a ~14 P/E, and the latest earnings call was a notable positive due to guidance raises and sustained organic growth, despite cost/margin and macro-related risks.
Positive Factors
Cash Generation
Consistently high free cash flow conversion (around 80–93% historically, ~86% TTM) provides durable internal funding for investments, acquisitions, share repurchases and interest coverage. Over the next 2–6 months this underpins financial flexibility and supports de‑leveraging or opportunistic M&A without relying solely on external capital.
Negative Factors
Elevated Leverage
Corpay's meaningful leverage (debt‑to‑equity and ~2.7x net leverage noted) constrains financial flexibility and magnifies downside if growth softens or interest costs rise. Even with refinancing improvements, high absolute debt levels mean internal cash would take many quarters to materially de‑lever, leaving the company exposed to covenant, rating and funding shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistently high free cash flow conversion (around 80–93% historically, ~86% TTM) provides durable internal funding for investments, acquisitions, share repurchases and interest coverage. Over the next 2–6 months this underpins financial flexibility and supports de‑leveraging or opportunistic M&A without relying solely on external capital.
Read all positive factors
Corpay Inc (CPAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$22.74B
Dividend YieldN/A
Average Volume (3M)542.23K
Price to Earnings (P/E)14.0
Beta (1Y)1.30
Revenue Growth18.26%
EPS Growth16.45%
CountryUS
Employees11,200
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)16.93
Shares Outstanding65,361,916
10 Day Avg. Volume569,858
30 Day Avg. Volume542,232
Financial Highlights & Ratios
PEG Ratio2.87
Price to Book (P/B)5.43
Price to Sales (P/S)4.66
P/FCF Ratio16.25
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue5.08
Enterprise Value/Gross Profit6.97
Enterprise Value/Ebitda9.78
Forecast
1Y Price Target
$386.70Price Target Upside15.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)26.77
Revenue Forecast (FY)$5.30B
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 veh...
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...
Corpay Inc Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive quarter and upgraded full-year guidance driven by robust organic growth (11%), a Q1 beat, and high-performing recent acquisitions (Alpha and Avid). Corporate Payments and cross-border businesses exhibited especially strong momentum, balance sheet metrics and share buybacks demonstrate financial flexibility, and management outlined a clear portfolio rotation strategy. Headwinds include float revenue compression, higher operating costs and modest margin pressure from acquisitions, plus some execution dependence for the middle-market push and sensitivity to macro/fuel prices. Overall, the highlights substantially outweigh the lowlights.Positive Updates
Blowout Q1 Financial Results
Reported revenue of $1.26 billion, up 25% year-over-year, and cash EPS of $5.80, up 29%; Q1 revenue beat vs guidance of ~$50 million with ~2/3 attributable to stronger business performance (not macro).
Negative Updates
Float Revenue Compression
Corporate Payments faced ~200 basis points drag from float revenue compression driven by lower interest rates, reducing what otherwise would have been higher organic growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Blowout Q1 Financial Results
Reported revenue of $1.26 billion, up 25% year-over-year, and cash EPS of $5.80, up 29%; Q1 revenue beat vs guidance of ~$50 million with ~2/3 attributable to stronger business performance (not macro).
Read all positive updates
Company Guidance
Corpay raised full‑year 2026 revenue guidance to $5.29 billion at the midpoint (implying ~17% y/y growth) and raised full‑year cash EPS guidance to $26.70 at the midpoint (about 25% y/y), driven by the $50 million Q1 revenue beat (and a $0.35 Q1 EPS beat) plus an incremental $50 million of rest‑of‑year revenue (largely higher fuel price expectations) offset by a $75 million reduction for the March 31 PayByPhone divestiture; management continues to expect 10% organic revenue growth for the year. For Q2 they guided revenue of $1.295 billion (18% y/y), organic growth of 9–11%, and adjusted EPS of $6.55 (28% y/y); the outlook also reflects the benefit of year‑to‑date share repurchases (≈$786 million for 2.4 million shares) which, along with expected lower share count, should largely offset higher interest expense (note the company expects a refinancing that upsizes the facility by >$1 billion and trims rates by ~10 bps but has not been incorporated into guidance).Corpay Inc Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
58
Neutral
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.78B | 4.53B | 3.97B | 3.76B | 3.43B | 2.83B |
| Gross Profit | 3.48B | 3.17B | 3.11B | 2.94B | 2.66B | 2.27B |
| EBITDA | 2.48B | 2.34B | 2.12B | 2.01B | 1.76B | 1.51B |
| Net Income | 1.18B | 1.07B | 1.00B | 981.89M | 954.33M | 839.50M |
Balance Sheet | ||||||
| Total Assets | 26.66B | 26.41B | 17.96B | 15.48B | 14.09B | 13.40B |
| Cash, Cash Equivalents and Short-Term Investments | 8.82B | 8.99B | 1.55B | 1.39B | 1.44B | 1.52B |
| Total Debt | 10.36B | 10.12B | 8.00B | 6.72B | 7.04B | 5.98B |
| Total Liabilities | 22.80B | 22.18B | 14.81B | 12.19B | 11.55B | 10.54B |
| Stockholders Equity | 3.51B | 3.88B | 3.12B | 3.28B | 2.54B | 2.87B |
Cash Flow | ||||||
| Free Cash Flow | 1.31B | 1.30B | 1.77B | 1.95B | 603.37M | 1.09B |
| Operating Cash Flow | 1.52B | 1.50B | 1.94B | 2.10B | 754.80M | 1.20B |
| Investing Cash Flow | 1.78B | 1.23B | -807.48M | -380.72M | -368.35M | -715.93M |
| Financing Cash Flow | 1.00B | 1.56B | 404.99M | -898.21M | -311.23M | 343.93M |
Corpay Inc Technical Analysis
Positive
334.64
Price Trends
314.32
Positive
320.49
Positive
309.22
Positive
Market Momentum
9.37
Negative
63.95
Neutral
78.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CPAY, the sentiment is Positive. The current price of 334.64 is above the 20-day moving average (MA) of 327.88, above the 50-day MA of 314.32, and above the 200-day MA of 309.22, indicating a bullish trend. The MACD of 9.37 indicates Negative momentum. The RSI at 63.95 is Neutral, neither overbought nor oversold. The STOCH value of 78.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CPAY.
Corpay Inc Risk Analysis
Corpay Inc disclosed 69 risk factors in its most recent earnings report. Corpay Inc reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Corpay Inc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $22.74B | 14.04 | 30.57% | ― | 18.26% | 16.45% | |
75 Outperform | $1.65B | 21.31 | 10.01% | ― | 7.19% | -36.03% | |
73 Outperform | $13.43B | 30.88 | 20.74% | ― | 23.44% | 151.36% | |
65 Neutral | $5.22B | 16.99 | 26.96% | ― | 3.29% | 14.76% | |
62 Neutral | $2.52B | 20.79 | 24.04% | ― | 7.22% | 6.31% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $3.43B | 53.67 | 6.42% | ― | 28.28% | -72.43% |
* Technology Sector Average
CPAY
Corpay Inc
349.61
16.38
4.92%
EEFT
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WEX
WEX
148.01
10.69
7.78%
FOUR
Shift4 Payments
42.79
-48.19
-52.97%
PAYO
Payoneer
4.95
-1.91
-27.84%
TOST
Toast Inc
23.32
-19.42
-45.44%
Corpay Inc Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Corpay Expands and Refinances Credit Facilities to 2032
Positive
May 22, 2026
On May 21, 2026, Corpay Inc. completed an amendment and refinancing of its long-standing credit facility, boosting its revolving credit commitments to $3.7 billion and increasing Term Loan A borrowings to $3.3 billion, both with new five-year matu...
Business Operations and Strategy
Corpay Highlights Cross-Border Business in New Investor Presentation
Positive
May 12, 2026
On May 12, 2026, Corpay, Inc. announced that it had posted an investor presentation on its website to support a virtual teach-in focused on its Cross-Border Business, scheduled for May 13, 2026. The presentation provides summary information about ...
Executive/Board ChangesShareholder Meetings
Corpay Shareholders Back Board, Auditor Amid Pay Scrutiny
Neutral
May 12, 2026
At its May 7, 2026 annual meeting, Corpay Inc. shareholders elected all twelve board nominees to one-year terms, with most directors receiving strong majorities despite a few drawing higher opposition. Investors also overwhelmingly ratified the re...
Business Operations and StrategyStock BuybackFinancial Disclosures
Corpay Raises 2026 Outlook After Strong First Quarter
Positive
May 7, 2026
Corpay reported strong first quarter 2026 results on May 7, with revenue up 25% year over year to $1.26 billion and net income up 44% to $350.1 million, aided by an $81 million gain on a business sale. Organic revenue grew 11% for the fourth strai...
Business Operations and StrategyFinancial Disclosures
Corpay Reaffirms First-Quarter 2026 Guidance to Investors
Neutral
Apr 27, 2026
On April 27, 2026, Corpay Inc. presented to institutional credit investors and reaffirmed its previously issued guidance for the first quarter of 2026, originally disclosed in early February. The update underscored that the company’s perform...
Regulatory Filings and ComplianceShareholder Meetings
Corpay Sets 2026 Annual Meeting and Proposal Deadlines
Neutral
Feb 27, 2026
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. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.