CORPAY, INC. (CPAY)

Price—Loading quote

AI: Fair-priced

Price checkStrong growth supports the price, but debt and accounting adjustments leave little obvious bargain.

MarketWatch showed a $417.60 regular-session close on August 14. That equals about 25 times trailing reported earnings and 21 times the midpoint of Corpay’s 2026 reported earnings guidance of $19.50-$19.90 per share. The multiple falls to about 15 times management’s $27.15-$27.55 adjusted range, which excludes items including acquisition-related amortization, share compensation, and legal charges. My inference is fair-priced: ten-percent underlying growth is valuable, but the lower adjusted multiple overstates the cushion unless exclusions remain genuinely unusual.

Big pictureProfits grew steadily, while cash generation stayed strong but uneven year to year.

Revenue rose from $2.39 billion in 2020 to $4.53 billion in 2025, roughly 14% annualized growth. Net income increased from $704 million to $1.07 billion, while the 2025 operating margin remained exceptionally high at 44%. Free cash flow—cash left after operating and capital spending—was $1.30 billion in 2025, versus $1.77 billion in 2024 and $1.95 billion in 2023. Low capital needs support durability, although fuel prices, currency activity, and lodging demand make annual cash and revenue less predictable.

Business strengthHigh margins and shrinking share count help, but debt limits the safety cushion.

Corpay held $3.16 billion of cash against $10.62 billion of debt at June 2026, leaving $7.46 billion of net debt; management reported leverage of 2.55 times its adjusted earnings measure. Acquisitions helped raise debt from only $1.21 billion in 2020. Meanwhile, more than $6.3 billion of 2020-2025 repurchases and another $1.11 billion in early 2026 reduced outstanding shares from 83.7 million to 65.7 million. That creates real per-share value and more than offsets recent share compensation, but debt-funded capital allocation reduces protection if growth disappoints.

What could change the storyFaster corporate payments growth could justify today’s price; debt or legal costs could not.

The strongest bull case is sustained Corporate Payments growth: underlying revenue rose 16% in both recent quarters, supporting management’s 28% adjusted earnings-per-share growth target for 2026. Continued cash-funded debt reduction would make that growth safer. The bear case is that the price requires several more years of near-double-digit underlying growth while interest expense reaches $435-$465 million. A preliminary $100 million regulatory settlement, acquisition adjustments, and fuel-sensitive revenue widen the reported-versus-adjusted earnings gap. Falling underlying growth below high single digits without faster deleveraging would weaken the valuation case.

$417.60 price considered

AI: News

Second-quarter beat and raiseCorpay exceeded its targets and lifted its full-year outlook as corporate payments remained strong.

On August 5, Corpay reported second-quarter revenue of $1.339 billion, up 21%, with underlying growth of 10%. Adjusted earnings per share rose 36% to $7.00, above management’s earlier $6.55 midpoint, while reported earnings fell 7% after a preliminary $100 million regulatory-settlement charge. Corpay raised adjusted full-year earnings guidance to $27.15-$27.55. Shares closed 1.0% higher the next session; the timing suggests a favorable response, although it does not prove the announcement caused the move.

Debt refinancing adds roomLonger maturities and greater borrowing capacity improved liquidity while preserving substantial financial leverage.

On May 21, Corpay expanded its revolving credit facility by $900 million to $3.7 billion, extended the revolving facility and Term Loan A to 2031, and increased term borrowings. The company said liquidity increased by more than $1 billion. This reduces near-term refinancing risk and supports the enlarged business, but it does not remove leverage: total debt reached $10.62 billion by June. The value effect therefore depends on acquisitions and repurchases earning more than their financing costs.

First-quarter outlook increaseAn early-year earnings surprise strengthened confidence and produced a large positive market reaction.

On May 7, Corpay reported first-quarter revenue of $1.261 billion, up 25%, and adjusted earnings per share of $5.80, up 29%. Underlying revenue grew 11%, led by 16% growth in Corporate Payments. Management raised its 2026 adjusted earnings midpoint from $26.00 to $26.70 and disclosed $786 million of quarterly repurchases. The stock moved from $305.75 one day before the report to $343.99 one day afterward, a 12.5% increase; the close timing supports, but cannot establish, attribution to the results.

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Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$4.53B	$3.97B	$3.76B	$3.43B	$2.83B	$2.39B	$2.65B	$2.43B	$2.25B	$1.83B	$1.70B	$1.20B	$895.2M	$707.5M	$519.6M	$433.8M	$354.1M
Operating income	$1.99B	$1.79B	$1.66B	$1.45B	$1.24B	$972.3M	$1.23B	$1.09B	$883.8M	$754.2M	$667.5M	$565.4M	$420.6M	$324.9M	$226.3M	$170.5M	$146.0M
EBITDAderived	$2.39B	$2.14B	$1.99B	$1.77B	$1.53B	$1.23B	$1.51B	$1.37B	$1.15B	$957.4M	$861.0M	$677.8M	$493.4M	$377.0M	$262.5M	$204.2M	$174.4M
Net income	$1.07B	$1.00B	$981.9M	$954.3M	$839.5M	$704.2M	$895.1M	$811.5M	$740.2M	$452.4M	$362.4M	$368.7M	$284.5M	$216.2M	$147.3M	$107.9M	$89.1M
Basic EPSper diluted share	$15.23	$14.27	$13.42	$12.62	$10.23	$8.38	$10.36	$9.14	$8.12	$4.89	$3.94	$4.37	$3.48	$2.59	$1.83	$3.00	$2.17
Diluted EPSper diluted share	$15.03	$13.97	$13.20	$12.42	$9.99	$8.12	$9.94	$8.81	$7.91	$4.75	$3.85	$4.24	$3.36	$2.52	$1.76	$1.34	$1.13

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$2.52M disclosed value

Sells (SEC code S)20$145.14M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	Netto Armando LinsGroupPresident Brazil&USVehPmt	SellCommon Stock	70.5K	$352.13	$24.82M	11.3K
Jun 11, 2026Form 4	Netto Armando LinsGroupPresident Brazil&USVehPmt	SellCommon Stock	4.6K	$351.60	$1.60M	11.3K
Jun 2, 2026Form 4	Stull Steven TDirector	SellCommon Stock	1.0K	$360.78	$360.8K	28.2K
May 29, 2026Form 4	Netto Armando LinsGroupPresident Brazil&USVehPmt	SellCommon Stock	2.7K	$357.02	$961.8K	15.8K
May 28, 2026Form 4	Netto Armando LinsGroupPresident Brazil&USVehPmt	SellCommon Stock	14.1K	$356.05	$5.02M	18.5K

Review ownership filings at SEC.gov ↗

CORPAY, INC. (CPAY)

Financial charts

Financial statements

Insider buys & sells