Tearsheet

Corpay (CPAY)

Market Price (12/26/2025): $303.6 | Market Cap: $21.3 Bil
Sector: Financials | Industry: Transaction & Payment Processing Services

Corpay (CPAY)

Market Price (12/26/2025): $303.6
Market Cap: $21.3 Bil
Sector: Financials
Industry: Transaction & Payment Processing Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 44%	Weak multi-year price returns 2Y Excs Rtn is -34%, 3Y Excs Rtn is -7.5%	Key risks CPAY key risks include [1] heightened vulnerability to cybersecurity threats due to its heavy reliance on technology for payments and [2] an ongoing investigation into its corporate governance for potential breaches of fiduciary duties.
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%
2	Attractive yield FCF Yield is 5.2%
3	Low stock price volatility Vol 12M is 37%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, AI in Financial Services, and Automation & Robotics. Themes include Digital Payments, Show more.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 44%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%
2	Attractive yield FCF Yield is 5.2%
3	Low stock price volatility Vol 12M is 37%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, AI in Financial Services, and Automation & Robotics. Themes include Digital Payments, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -34%, 3Y Excs Rtn is -7.5%
6	Key risks CPAY key risks include [1] heightened vulnerability to cybersecurity threats due to its heavy reliance on technology for payments and [2] an ongoing investigation into its corporate governance for potential breaches of fiduciary duties.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$303.60	$338.42	$282.61	$183.68	$223.84
Market Cap CYE ($ Bil)	21.3	23.7	20.4	13.5	17.9
Total Debt ($ Bil)	8.1	8.0	6.7	7.0	6.0
Total Cash ($ Bil)	2.0	1.6	1.4	1.4	1.5
Enterprise Value ($ Bil)	27.5	31.7	27.1	20.5	23.9
Valuation Ratios
P/S TTM	4.9	6.0	5.5	4.1	6.5
P/EBIT TTM	11.1	13.5	12.4	9.6	15.0
P/E TTM	20.3	23.7	21.1	14.6	21.9
P/FCF TTM	18.7	13.5	10.6	23.0	16.9
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	8.1	8.3	7.3	7.6	7.2
P/E TTM (Sector)	12.0	11.6	10.1	9.4	10.1
P/FCF TTM (Sector)	8.8	8.8	7.8	6.5	7.4

	12/26/25	2024	2023
Share Price CYE	$303.60	$338.42	$282.61
Market Cap CYE ($ Bil)	21.3	23.7	20.4
Total Debt ($ Bil)	8.1	8.0	6.7
Total Cash ($ Bil)	2.0	1.6	1.4
Enterprise Value ($ Bil)	27.5	31.7	27.1
Valuation Ratios
P/S TTM	4.9	6.0	5.5
P/EBIT TTM	11.1	13.5	12.4
P/E TTM	20.3	23.7	21.1
P/FCF TTM	18.7	13.5	10.6
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8
P/EBIT TTM (Sector)	8.1	8.3	7.3
P/E TTM (Sector)	12.0	11.6	10.1
P/FCF TTM (Sector)	8.8	8.8	7.8

	CPAY	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	4.3
Rev Chg Q	13.9%	7.3%
Rev Chg LTM	11.3%	6.1%
Rev Chg 3Y Avg	8.9%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	1.9
CFO LTM ($ Bil)	1.3
Net Inc LTM ($ Bil)	1.1
Op Mgn LTM	43.7%	18.8%
CFO/Rev LTM	31.0%	20.4%
Net Inc Mgn	24.4%	13.1%
VALUATION	MODERATE
P/S	4.9	3.3
P/CFO	16.0	15.8
P/FCF	18.7	20.7
P/E	20.3	23.5
STABILITY	GOOD
Debt/Equity	0.38	0.21
Cash/Assets	0.10	0.07

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Metric	Value	Date	Source
Lodging Payments - Room nights	8.7 million	6302024	Link
Spend volume - Corporate Payments	42.88 million	6302024	Link
Other - Transactions	349.3 million	6302024	Link
Customer retention	92.3%	6302025	Link
Payments managed	$400B+	12312024	Link
Annual rebates paid to customers	$800M+	12312024	Link

Upcoming
2/04/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $5.92 (E)

CPAY Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Overall Stock Decline in Early Part of Period. A report on September 24, 2025, indicated that Corpay's shares had dipped by 2.7% in the prior week and experienced a 10.0% drop over the preceding 30 days. This decline, which occurred in late August and early September 2025, aligns with the negative movement observed.

2. Evolving Buyer Sentiment and Broader Market Conditions. The analysis from September 2025 highlighted that broader market conditions were shifting, and financial technology companies like Corpay were navigating evolving buyer sentiment, which contributed to the stock's performance.

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Stock Movement Drivers

Fundamental Drivers

The 6.6% change in CPAY stock from 9/25/2025 to 12/25/2025 was primarily driven by a 6.1% change in the company's P/E Multiple.

	9252025	12252025	Change
Stock Price ($)	292.18	311.57	6.64%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4171.32	4314.61	3.43%
Net Income Margin (%)	25.17%	24.37%	-3.18%
P/E Multiple	19.64	20.84	6.14%
Shares Outstanding (Mil)	70.55	70.32	0.32%
Cumulative Contribution			6.64%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
CPAY	6.6%
Market (SPY)	4.9%	35.9%
Sector (XLF)	4.2%	54.2%

Fundamental Drivers

The -4.4% change in CPAY stock from 6/26/2025 to 12/25/2025 was primarily driven by a -7.5% change in the company's P/E Multiple.

	6262025	12252025	Change
Stock Price ($)	326.04	311.57	-4.44%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4045.01	4314.61	6.67%
Net Income Margin (%)	25.15%	24.37%	-3.11%
P/E Multiple	22.54	20.84	-7.53%
Shares Outstanding (Mil)	70.32	70.32	-0.00%
Cumulative Contribution			-4.44%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
CPAY	-4.4%
Market (SPY)	13.1%	42.3%
Sector (XLF)	8.0%	62.2%

Fundamental Drivers

The -10.0% change in CPAY stock from 12/25/2024 to 12/25/2025 was primarily driven by a -12.2% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	346.25	311.57	-10.02%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3877.48	4314.61	11.27%
Net Income Margin (%)	26.14%	24.37%	-6.79%
P/E Multiple	23.75	20.84	-12.24%
Shares Outstanding (Mil)	69.52	70.32	-1.15%
Cumulative Contribution			-10.03%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
CPAY	-10.0%
Market (SPY)	15.8%	73.1%
Sector (XLF)	14.9%	79.4%

Fundamental Drivers

The 71.9% change in CPAY stock from 12/26/2022 to 12/25/2025 was primarily driven by a 47.3% change in the company's P/E Multiple.

	12262022	12252025	Change
Stock Price ($)	181.22	311.57	71.93%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3345.77	4314.61	28.96%
Net Income Margin (%)	28.51%	24.37%	-14.55%
P/E Multiple	14.14	20.84	47.34%
Shares Outstanding (Mil)	74.46	70.32	5.56%
Cumulative Contribution			71.40%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
CPAY	11.8%
Market (SPY)	48.3%	63.2%
Sector (XLF)	52.6%	70.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CPAY Return	-5%	-18%	-18%	54%	20%	-8%	8%
Peers Return	�	-13%	-5%	28%	27%	-23%	�
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
CPAY Win Rate	58%	42%	50%	67%	50%	42%
Peers Win Rate	62%	47%	50%	55%	62%	48%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
CPAY Max Drawdown	-40%	-26%	-27%	-2%	-12%	-25%
Peers Max Drawdown	�	-28%	-24%	-6%	-14%	-41%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: WEX, GPN, FISV, AXP, FOUR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	CPAY	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-44.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	78.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	462 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-47.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	91.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	1,656 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-23.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	29.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	60 days	120 days

Compare to V, JKHY, MA, PYPL, XYZ

In The Past

Corpay's stock fell -44.1% during the 2022 Inflation Shock from a high on 5/3/2021. A -44.1% loss requires a 78.9% gain to breakeven.

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About Corpay (CPAY)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

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Here are 1-3 brief analogies for Corpay (CPAY):

Corpay is like a specialized SAP Concur for fleet and corporate travel expense management.
Corpay is like Bill.com for automating and paying a range of business expenses, including fuel, tolls, and supplier invoices.
Corpay is like American Express Corporate Cards, but specifically tailored for managing fleet and lodging payments.

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Corpay (CPAY) provides the following major services:

Fleet & Vehicle Payments: Provides payment solutions like fuel cards and toll programs for businesses to manage their vehicle-related expenses.
Corporate Payments & Accounts Payable Automation: Offers services that automate and streamline business-to-business payments, including supplier payments and invoice processing.
Cross-Border Payments & FX Solutions: Facilitates international payments for businesses, offering tools to manage foreign exchange risks and reduce transaction costs.
Branded Payments: Delivers solutions for companies to create and manage gift card and other branded payment programs for their customers.

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Corpay (symbol: CPAY) primarily sells its services to other companies (B2B). Given the nature of Corpay's business – providing payment solutions, spend management, and workforce payment products – its customer base is highly diversified across numerous industries and company sizes. While Corpay does not typically disclose specific major customer companies by name due to the broad and fragmented nature of its client base, it serves various categories of businesses. Here are the major categories of customers that Corpay serves: * **Commercial Fleets and Transportation Companies:** This segment represents a significant portion of Corpay's business through its fuel card and toll management solutions. Customers include trucking companies, delivery services, utility companies, construction firms, taxi and ride-share operators, and other businesses that manage commercial vehicle fleets. * **Small and Medium-Sized Businesses (SMBs) and Large Enterprises:** Corpay provides a wide array of corporate payment solutions, including accounts payable automation, expense management, virtual cards, cross-border payments, and payroll solutions. These customers span diverse sectors such as professional services, manufacturing, retail, healthcare, and government entities, seeking to streamline their financial operations and manage spending more efficiently. * **Retailers and Consumer Brands:** Through its gift card and prepaid card solutions, Corpay partners with retailers and other consumer-facing brands. These businesses utilize Corpay's platforms to issue, distribute, and manage their branded gift cards and other prepaid programs, which they then sell or provide to their own customers.

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Visa Inc. (V)
Mastercard Incorporated (MA)

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Ron Clarke, Chief Executive Officer and Chairman of the Board of Directors

Ron Clarke has served as Corpay's Chief Executive Officer since August 2000 and was appointed Chairman of the Board of Directors in March 2003. He founded the company in 2000, initially focusing on being a pure-play fleet card provider. He led the company to go public on the New York Stock Exchange in 2010. Prior to Corpay, he was President and Chief Operating Officer of AHL Services, Inc. from 1999 to 2000. From 1990 to 1998, he was Chief Marketing Officer and a Division President with Automatic Data Processing, Inc. Earlier in his career, he was a Principal with Booz Allen Hamilton and a marketing manager for General Electric Company. Before Corpay went public, it received private equity investments from Summit Partners in 2002, Bain Capital in 2005, and Advent in 2006, indicating a pattern of managing companies backed by private equity firms.

Peter Walker, Chief Financial Officer

Peter Walker joined Corpay as Chief Financial Officer in 2025. He has nearly 20 years of experience as a CFO for both public and private companies. Most recently, he served as CFO of Instructure, where he oversaw its privatization through a sale to KKR. Before Instructure, he was CFO of Sterling Check Corporation, Jackson Hewitt, and Assurant's Global Housing business. His experience with Instructure's sale to KKR demonstrates a pattern of managing companies involved with private equity firms.

Alissa Vickery, Chief Accounting Officer

Alissa Vickery was appointed Chief Accounting Officer in September 2020 and joined Corpay in 2011. She also serves as Senior Vice President of Accounting and Controls, overseeing external reporting, technical accounting, and internal audit.

Mark Frey, Group President, Corpay Cross-Border Solutions

Mark Frey has been the Group President of Corpay Cross-Border Solutions since March 2022. He has over 20 years of experience in trading and treasury operations and has been with Corpay for over a decade. He led the successful acquisitions and integrations of AFEX and Global Reach. Prior to Corpay, Mark was with Western Union.

Rick Fletcher, President of Corpay Payables

Rick Fletcher was appointed President of Corpay Payables in March 2022. He has been a senior leader with Corpay for more than 15 years, driving significant organic growth across various lines of business including Gift, Prepaid, and Corporate Payments. Before joining Corpay, Rick held strategy roles with Deloitte Consulting and GE Capital.

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Corpay (CPAY) faces several key risks to its business operations.

Macroeconomic Challenges: Corpay's financial performance and operational stability are significantly impacted by fluctuations in foreign exchange rates, fuel prices, and interest rates. These macroeconomic headwinds can pressure the company's revenue and profitability, particularly in its cross-border business segments, and have led to revisions in financial guidance.
Cybersecurity Threats and Reliance on Technology: As a corporate payments company, Corpay heavily relies on its technology infrastructure. Cybersecurity threats, including data breaches, fraudulent activity, and failures of information security controls, pose a substantial risk. Recent research commissioned by Corpay indicated that nearly all UK CFOs surveyed experienced payments-related cyber incidents, identifying cybersecurity as their top operational risk.
Regulatory Changes and Compliance Risks: The corporate payments industry is subject to stringent and evolving regulations. Changes in laws or compliance requirements related to data privacy, anti-money laundering (AML), and anti-terrorism financing can significantly impact Corpay's operations. There is also an ongoing investigation into Corpay's corporate governance regarding potential breaches of fiduciary duties.

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The rise of modern B2B fintech platforms offering integrated spend management, corporate cards, and automated accounts payable solutions poses a clear emerging threat. Companies like Brex, Ramp, Airbase, Divvy (now Bill.com), and Tipalti are gaining significant market share by providing agile, user-friendly, and often more cost-effective platforms that streamline B2B payments and expense management. These platforms frequently offer superior technological integration, real-time data insights, and mobile-first experiences, directly competing with and potentially disrupting Corpay's established payment and expense solutions, particularly among small to medium-sized businesses and tech-forward enterprises.

The accelerating global shift towards the electrification of commercial fleets represents a significant emerging threat to Corpay's core fuel card business. As businesses transition from internal combustion engine vehicles to electric vehicles (EVs), the demand for traditional fuel cards diminishes. While Corpay is developing EV charging payment solutions, the fundamental shift in energy source requires a significant adaptation of its long-standing business model and established network, potentially eroding a substantial portion of its legacy revenue streams over the long term as the market for fossil fuel-based fleet payments contracts.

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Corpay (CPAY) operates in several key markets. The primary addressable market for Corpay's main products and services is the global corporate payments market, which is valued at $12 trillion. Corpay's offerings in this sector include cross-border solutions, accounts payable (AP) automation, and commercial cards. Corpay also provides solutions for vehicle payments and lodging payments. While these are significant areas of their business, a specific overall addressable market size (e.g., a total dollar value for the global or U.S. market) for these individual product categories was not explicitly identified in the available information.

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Expected Drivers of Future Revenue Growth for Corpay (CPAY)

Continued Robust Growth in Corporate Payments: Corpay's Corporate Payments segment is consistently highlighted as a primary engine for future revenue expansion. The company aims to significantly increase its corporate payments revenue, with a stated goal to reach $10 billion, a fivefold increase from current levels. This growth is anticipated to be driven by enhanced offerings in spend management, accounts payable (AP) automation, cross-border payment solutions, and global bank accounts. The segment has demonstrated strong organic growth, with 17% in Q3 2025 and 19% in Q1 2025, even with some headwinds from float revenue compression.
Accelerated Performance in Vehicle Payments: The Vehicle Payments segment is expected to sustain its double-digit organic growth, which was 10% in Q3 2025 and 9% in Q2 2025. This acceleration is attributed to improved sales production, higher approval rates, and stronger client retention, particularly within the U.S. vehicle payments business.
Impact of Strategic Acquisitions: Recent strategic acquisitions, such as Alpha and AvidXchange, are projected to contribute meaningfully to Corpay's revenue and earnings per share (EPS) over the next 2-3 years. Alpha, a European cross-border business, and AvidXchange, an AP automation investment, are expected to provide incremental accretion to EPS in 2026. Corpay deployed over $1 billion in M&A in 2024, with acquisitions like Paymerang and GPS Capital Markets also anticipated to add significant revenue by 2025.
Expansion through Strategic Partnerships and New Technologies: Corpay is actively pursuing growth through strategic partnerships and by embracing new technologies. Collaborations with partners like Circle to provision stablecoin solutions and a strategic partnership with Mastercard for cross-border business are expected to drive incremental revenue growth, with the Mastercard partnership alone projected to add 2% to 3% to the cross-border business starting next year. The company also anticipates margin expansion from AI productivity and vendor rationalization initiatives.

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Share Repurchases

Corpay repurchased shares worth $1.41 billion in 2022, $1.36 billion in 2021, and $849.9 million in 2020.
In 2024, the company repurchased 4.2 million shares for approximately $1.28 billion.
As of April 15, 2025, $1.3 billion remained under the company's share repurchase authorization. By March 31, 2025, Corpay had repurchased 33,247,914 shares for an aggregate of $7.9 billion since the program's inception, with $1.2 billion in remaining authorization.

Share Issuance

No information is available for significant dollar amounts of shares issued by Corpay during the specified period.

Inbound Investments

No information is available for large inbound investments made in Corpay by third-parties during the specified period.

Outbound Investments

Corpay completed the acquisition of Alpha Group International plc for approximately $2.4 billion (£1.8 billion) on October 31, 2025, expanding its B2B cross-border FX solutions.
In October 2025, Corpay invested approximately $550 million to acquire a 34% equity stake in AvidXchange, an AP automation provider, as part of a take-private deal with TPG.
In 2024, Corpay completed the acquisitions of GPS, Paymerang, and Zapay for a total of $1.265 billion.

Capital Expenditures

Corpay's capital expenditures were $192.42 million in the last 12 months, $175 million in 2024, and $154 million in 2023.
The primary focus of capital expenditures has been incremental investments in technology over the past three years.
Capital expenditures also increased due to acquisitions completed in 2024 and 2025.

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SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CPAY: 8.9% | 5.1x)

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Royal Bank of Canada

TD (10.4% | 2.6x)

Toronto-Dominion Bank

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CPAY: 8.9% | 11.6x)

APO (89.3% | 10.9x)

Apollo Asset Management

IBKR (48.1% | 3.5x)

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Jefferies Financial

SNEX (29.6% | 2.6x)

StoneX

VCTR (11.0% | 8.4x)

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Higher Rev Chg LTM (Value for CPAY: 11.3%)

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Goldman Sachs

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Higher Rev Chg 3Y Avg (Value for CPAY: 8.9%)

BRK-B (19.8%)

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JPM (13.4%)

JPMorgan Chase

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AXP (11.6%)

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Higher Op Mgn LTM (Value for CPAY: 43.7%)

V (66.4%)

Visa

CME (65.0%)

CME

MA (58.3%)

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HOOD (47.7%)

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SPGI (37.6%)

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Goldman Sachs

Higher Total Yield (Value for CPAY: 4.8%)

WFC (8.7%)

Wells Fargo

BAC (7.1%)

Bank of America

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

V (5.1%)

Visa

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CPAY: 8.9% | 5.1x)

AMZN (11.3% | 3.7x)

Amazon.com

UNH (11.4% | 0.7x)

UnitedHealth

RTX (9.4% | 2.9x)

RTX

AMGN (11.2% | 5.0x)

Amgen

UBER (19.6% | 3.4x)

Uber Technologies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CPAY: 8.9% | 11.6x)

UNH (11.4% | 11.3x)

UnitedHealth

OKE (16.4% | 7.8x)

ONEOK

DAL (10.8% | 7.6x)

Delta Air Lines

EXC (8.9% | 8.7x)

Exelon

FANG (20.8% | 7.6x)

Diamondback Energy

Higher Rev Chg LTM (Value for CPAY: 11.3%)

NVDA (65.2%)

NVIDIA

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

Higher Rev Chg 3Y Avg (Value for CPAY: 8.9%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for CPAY: 43.7%)

NVDA (58.8%)

NVIDIA

APP (52.5%)

AppLovin

SCCO (50.3%)

Southern Copper

MSFT (46.3%)

Microsoft

MCD (46.1%)

McDonald's

Higher CFO/Rev LTM (Value for CPAY: 31.0%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for CPAY: 26.5%)

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

ABBV (33.0%)

AbbVie

MSFT (26.6%)

Microsoft

Higher Total Yield (Value for CPAY: 4.8%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

HD (6.9%)

Home Depot

CSCO (5.4%)

Cisco Systems

PG (5.0%)

Procter & Gamble

		Best Bets In Financials Sector
	CPAY	JXN	FG	MTG	CME	KNSL	NMIH	CACC	ENVA	TW	FNF
What You Pay
P/E	20.8	13.2	9.1	9.0	26.4	19.4	8.5	11.3	14.0	36.3	12.7
P/EBIT	11.4	10.5	5.7	6.9	19.8	15.1	6.2	9.0	10.8	24.6	8.1
What You Get
Rev Chg Q	13.9%	-35.5%	17.8%	-0.7%	-3.0%	19.0%	7.6%	6.0%	16.3%	13.3%	11.9%
Rev Chg LTM	11.3%	24.0%	-4.9%	2.2%	5.8%	18.1%	8.9%	10.2%	21.1%	22.2%	3.9%
Rev Chg 3Y Avg	8.9%	429.4%	22.0%	1.2%	8.9%	32.4%	10.3%	7.6%	23.5%	19.7%	2.1%
FCF/Rev 3Y Avg	38.5%	847.0%	120.8%	62.2%	61.9%	60.8%	58.4%	55.6%	54.7%	49.8%	49.6%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Corpay Earnings Notes
2	Corpay Earnings Notes
3	Corpay Earnings Notes
4	With Corpay Stock Surging, Have You Considered The Downside?	Return
5	CPAY Testing Price Floor: Time to Load Up?	Actionable
6	CPAY Is Producing Cash, What Is Holding You Back?	Actionable
7	Corpay vs Cheniere Energy: Which Is A Better Investment?	Counter-Intuitive Comparisons
8	Corpay vs Interactive Brokers: Which Is A Better Investment?	Counter-Intuitive Comparisons
9	How Does Corpay Stock Stack Up Against Its Peers?	Peer Comparison
10	Better Bet Than CPAY Stock: Pay Less Than Corpay To Get More From OKE, CCL

	Title
0	ARTICLES

Trade Ideas

Select ideas related to CPAY. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.8%	13.8%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.3%	-0.3%	-0.5%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.4%	-4.4%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	7.6%	7.6%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-11.2%	-11.2%	-12.1%
CPAY_10312025_Dip_Buyer_FCFYield	10312025	CPAY	Corpay	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
CPAY_10312020_Dip_Buyer_FCFYield	10312020	CPAY	Corpay	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	30.2%	12.0%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Corpay

Peers to compare with:

Financials

	CPAY	WEX	GPN	FISV	AXP	FOUR	Median
Name	Corpay	WEX	Global P.	Fiserv	American.	Shift4 P.
Mkt Price	311.57	152.71	81.19	67.95	383.11	65.10	116.95
Mkt Cap	21.9	5.3	19.5	36.7	265.1	4.5	20.7
Rev LTM	4,315	2,624	10,680	21,160	70,428	3,878	7,497
Op Inc LTM	1,887	655	2,111	6,078	-	302	1,887
FCF LTM	1,143	643	2,866	4,619	18,944	299	2,005
FCF 3Y Avg	1,508	556	2,232	4,312	16,904	280	1,870
CFO LTM	1,336	798	3,500	6,339	21,139	541	2,418
CFO 3Y Avg	1,682	707	2,877	5,848	18,801	465	2,280

Growth & Margins

	CPAY	WEX	GPN	FISV	AXP	FOUR	Median
Name	Corpay	WEX	Global P.	Fiserv	American.	Shift4 P.
Rev Chg LTM	11.3%	-1.2%	21.0%	5.2%	9.1%	23.2%	10.2%
Rev Chg 3Y Avg	8.9%	5.7%	6.8%	6.8%	11.6%	27.9%	7.9%
Rev Chg Q	13.9%	3.9%	0.5%	0.9%	10.8%	29.4%	7.3%
QoQ Delta Rev Chg LTM	3.4%	1.0%	0.1%	0.2%	2.6%	7.4%	1.8%
Op Mgn LTM	43.7%	25.0%	19.8%	28.7%	-	7.8%	25.0%
Op Mgn 3Y Avg	43.8%	25.5%	19.8%	27.0%	-	6.8%	25.5%
QoQ Delta Op Mgn LTM	-0.2%	-0.7%	-0.1%	-1.3%	-	0.3%	-0.2%
CFO/Rev LTM	31.0%	30.4%	32.8%	30.0%	30.0%	14.0%	30.2%
CFO/Rev 3Y Avg	42.9%	27.3%	29.7%	29.1%	29.2%	15.1%	29.2%
FCF/Rev LTM	26.5%	24.5%	26.8%	21.8%	26.9%	7.7%	25.5%
FCF/Rev 3Y Avg	38.5%	21.5%	23.0%	21.5%	26.3%	9.2%	22.2%

Valuation

	CPAY	WEX	GPN	FISV	AXP	FOUR	Median
Name	Corpay	WEX	Global P.	Fiserv	American.	Shift4 P.
Mkt Cap	21.9	5.3	19.5	36.7	265.1	4.5	20.7
P/S	5.1	2.0	1.8	1.7	3.8	1.2	1.9
P/EBIT	11.4	8.3	6.8	6.2	-	10.9	8.3
P/E	20.8	18.5	11.1	10.2	25.2	22.9	19.7
P/CFO	16.4	6.6	5.6	5.8	12.5	8.2	7.4
Total Yield	4.8%	5.4%	10.2%	9.8%	4.0%	4.4%	5.1%
Dividend Yield	0.0%	0.0%	1.2%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	7.5%	8.1%	9.4%	5.5%	10.7%	6.2%	7.8%
D/E	0.4	1.0	0.8	0.8	0.2	1.1	0.8
Net D/E	0.3	0.0	0.7	0.8	0.0	0.7	0.5

Returns

	CPAY	WEX	GPN	FISV	AXP	FOUR	Median
Name	Corpay	WEX	Global P.	Fiserv	American.	Shift4 P.
1M Rtn	6.7%	2.1%	10.0%	11.8%	5.6%	-7.2%	6.2%
3M Rtn	6.6%	-3.4%	-4.1%	-47.2%	12.9%	-18.4%	-3.7%
6M Rtn	-4.4%	2.2%	4.4%	-60.3%	23.6%	-33.6%	-1.1%
12M Rtn	-10.0%	-11.0%	-27.3%	-67.6%	27.6%	-38.2%	-19.2%
3Y Rtn	71.9%	-5.7%	-13.5%	-32.4%	170.5%	20.4%	7.4%
1M Excs Rtn	5.2%	0.7%	8.5%	8.6%	4.3%	-9.9%	4.7%
3M Excs Rtn	1.7%	-8.3%	-9.0%	-52.1%	7.9%	-23.4%	-8.7%
6M Excs Rtn	-17.3%	-10.7%	-8.5%	-73.2%	10.8%	-46.5%	-14.0%
12M Excs Rtn	-26.3%	-26.7%	-43.5%	-83.9%	12.8%	-54.0%	-35.1%
3Y Excs Rtn	-7.5%	-85.0%	-91.8%	-112.7%	92.7%	-56.0%	-70.5%

Comparison Analyses

	Title
0	How Does Corpay Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/10/2025	2/27/2025	2/29/2024	2/28/2023	3/1/2022	2/26/2021	3/2/2020
Key Financials
Total Revenue	4,315	3,975	3,758	3,427	2,834	2,389	2,649
EBITDA	2,284	2,119	2,010	1,763	1,507	1,267	1,502
Operating Income	1,887	1,756	1,657	1,447	1,243	972	1,231
Net Income	1,051	1,004	982	954	839	704	895
EPS	14.96	14.27	13.42	12.62	10.23	8.38	10.36
Growth Rates
Total Revenue Growth	11.3%	5.8%	9.6%	20.9%	18.6%	-9.8%	8.8%
EBITDA Growth	11.2%	5.4%	14.0%	17.0%	18.9%	-15.6%	-0.4%
Operating Income Growth	9.5%	6.0%	14.5%	16.4%	27.8%	-21.0%	12.9%
Net Income Growth	3.7%	2.2%	2.9%	13.7%	19.2%	-21.3%	10.3%
Margins
EBITDA Margin	52.9%	53.3%	53.5%	51.4%	53.2%	53.0%	56.7%
Operating Income Margin	43.7%	44.2%	44.1%	42.2%	43.8%	40.7%	46.5%
Net Income Margin	24.4%	25.3%	26.1%	27.8%	29.6%	29.5%	33.8%
Cash & Debt
Total Cash	2,006	1,554	1,390	1,435	1,520	935	1,271
Total Debt	8,123	7,996	6,723	7,037	5,978	4,303	5,037
Net Debt / (Cash)	6,117	6,442	5,333	5,602	4,458	3,368	3,765
Cash Flows
Net Cash from Operations	1,336	1,941	2,101	755	1,197	1,473	1,162
Free Cash from Operations	1,143	1,765	1,947	603	1,086	1,394	1,087
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	531	1,288	687	1,405	1,356	850	695

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/10/2025	8/7/2025	5/12/2025	2/27/2025	11/8/2024	8/9/2024	5/9/2024	2/29/2024	11/9/2023	8/9/2023	5/10/2023	2/28/2023
Key Financials Quarterly
Total Revenue	1,172	1,102	1,006	1,034	1,029	976	935	937	971	948	901	884
Ebitda	615	581	514	575	552	513	479	509	543	499	459	461
Operating Income	523	479	427	457	468	433	397	424	445	413	375	369
Net Income	278	284	243	246	276	252	230	256	271	240	215	225
EPS	3.95	4.03	3.46	3.52	3.98	3.59	3.20	3.55	3.71	3.24	2.92	3.07
Key Financials TTM
Total Revenue TTM	4,315	4,171	4,045	3,975	3,877	3,819	3,792	3,758	3,704	3,626	3,539	3,427
Ebitda TTM	2,284	2,222	2,154	2,119	2,054	2,045	2,030	2,010	1,962	1,882	1,828	1,763
Operating Income TTM	1,887	1,832	1,786	1,756	1,723	1,700	1,679	1,657	1,602	1,546	1,504	1,447
Net Income TTM	1,051	1,050	1,017	1,004	1,014	1,009	997	982	951	929	951	954
Growth Rates Quarterly
Total Revenue Growth	13.9%	12.9%	7.5%	10.4%	6.0%	2.9%	3.8%	6.1%	8.7%	10.1%	14.2%	10.1%
EBITDA Growth	11.3%	13.3%	7.2%	12.8%	1.7%	2.9%	4.4%	10.4%	17.4%	12.0%	16.6%	15.7%
Operating Income Growth	11.7%	10.6%	7.5%	7.8%	5.2%	5.0%	5.9%	14.8%	14.3%	11.4%	18.1%	8.5%
Net Income Growth	0.6%	12.9%	5.9%	-3.9%	1.8%	5.0%	7.0%	13.6%	9.1%	-8.6%	-1.4%	0.1%
Margins Quarterly
EBITDA Margin	52.4%	52.7%	51.1%	55.5%	53.7%	52.6%	51.2%	54.4%	55.9%	52.6%	50.9%	52.2%
Operating Income Margin	44.6%	43.5%	42.5%	44.2%	45.5%	44.4%	42.5%	45.2%	45.8%	43.5%	41.6%	41.8%
Net Income Margin	23.7%	25.8%	24.2%	23.8%	26.9%	25.8%	24.6%	27.3%	28.0%	25.3%	23.8%	25.5%
Cash & Debt
Total Cash	2,006	2,193	1,555	1,554	1,303	1,358	1,312	1,390	1,094	1,254	1,272	1,435
Total Debt	8,123	8,118	8,171	7,996	7,763	7,333	6,764	6,723	6,983	6,749	6,798	7,037
Net Debt / (Cash)	6,117	5,925	6,617	6,442	6,459	5,976	5,452	5,333	5,889	5,495	5,525	5,602
Cash Flows Quarterly
FCF from Operations	-379	1,140	-74	649	401	541	350	717	286	221	878	316
Cash Flows TTM
FCF from Operations TTM	1,336	2,116	1,516	1,941	2,008	1,893	1,574	2,101	1,701	1,812	1,745	755
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	192	32	59	249	92	658	289	140	535	2	10	110
Return on Invested Capital (ROIC) Quarterly
ROIC	22.6%	23.4%	19.2%	18.0%	22.4%	21.8%	21.9%	24.4%	22.2%	22.0%	19.8%	20.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	21.2%	22.1%	19.5%	19.8%	20.3%	21.4%	23.0%	23.0%	20.1%	20.8%	20.3%	19.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Vehicle Payments	2,006	1,950
Corporate payments	981	770	600	434	450
Lodging Payments	520	457	310	207	213
Other	251	251	236	244	276
Brazil			368
Fleet			1,320
Fuel				1,057	1,173
Gift				154	180
Tolls				292	357
Total	3,758	3,427	2,834	2,389	2,649

Operating Income by Segment

$ Mil	2024	2023	2022
Vehicle Payments	943	884
Corporate payments	382	274	198
Lodging Payments	254	219	149
Other	77	70	71
Brazil			154
Fleet			670
Total	1,657	1,447	1,243

Price Behavior

Price Behavior

Market Price	$311.57
Market Cap ($ Bil)	22.0
First Trading Date	12/15/2010
Distance from 52W High	-20.0%
	50 Days	200 Days
DMA Price	$289.60	$314.17
DMA Trend	down	indeterminate
Distance from DMA	7.6%	-0.8%
	3M	1YR
Volatility	32.8%	37.1%
Downside Capture	96.51	141.92
Upside Capture	104.92	110.88
Correlation (SPY)	36.3%	73.0%

CPAY Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.47	0.89	0.90	1.34	1.38	1.25
Up Beta	0.52	1.08	1.57	1.74	1.40	1.38
Down Beta	-0.70	1.04	0.93	1.01	1.53	1.41
Up Capture	192%	79%	27%	91%	102%	113%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	11	23	30	63	124	401
Down Capture	-8%	80%	104%	165%	124%	103%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	18	32	61	123	345

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of CPAY With Other Asset Classes (Last 1Y)
	CPAY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-8.1%	18.3%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	36.8%	19.0%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	-0.16	0.75	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		79.4%	73.1%	-5.3%	19.5%	62.0%	19.6%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of CPAY With Other Asset Classes (Last 5Y)
	CPAY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.2%	16.3%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	30.5%	18.9%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.11	0.72	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		67.6%	65.8%	3.6%	22.3%	54.3%	23.6%

Based On 10-Year Data

		Comparison of CPAY With Other Asset Classes (Last 10Y)
	CPAY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.0%	13.0%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	32.3%	22.3%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.32	0.54	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		65.3%	65.5%	-2.0%	30.2%	53.8%	14.1%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	1,914,701
Short Interest: % Change Since 11302025	28.7%
Average Daily Volume	544,888
Days-to-Cover Short Interest	3.51
Basic Shares Quantity	70,318,000
Short % of Basic Shares	2.7%

Returns Analyses

	Title
0	With Corpay Stock Surging, Have You Considered The Downside?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	6.2%	9.6%	16.1%
8/6/2025	-3.4%	0.5%	0.5%
5/6/2025	-0.1%	8.7%	1.5%
2/5/2025	0.2%	-5.5%	-13.6%
11/7/2024	5.6%	6.9%	4.4%
8/7/2024	5.9%	6.6%	12.1%
5/8/2024	-7.0%	-8.4%	-14.9%
2/7/2024	-9.2%	-6.7%	0.7%
...
SUMMARY STATS
# Positive	8	15	15
# Negative	16	9	9
Median Positive	6.1%	4.1%	8.6%
Median Negative	-3.1%	-7.3%	-9.5%
Max Positive	7.8%	10.1%	16.1%
Max Negative	-9.2%	-10.9%	-32.3%

	Forward Returns
11/5/2025	6.2%	9.6%	16.1%
8/6/2025	-3.4%	0.5%	0.5%
5/6/2025	-0.1%	8.7%	1.5%
2/5/2025	0.2%	-5.5%	-13.6%
11/7/2024	5.6%	6.9%	4.4%
8/7/2024	5.9%	6.6%	12.1%
5/8/2024	-7.0%	-8.4%	-14.9%
2/7/2024	-9.2%	-6.7%	0.7%
11/8/2023	-2.9%	0.1%	8.7%
8/8/2023	6.3%	8.2%	11.3%
5/3/2023	7.8%	10.1%	13.3%
2/8/2023	-2.4%	1.1%	-6.3%
11/2/2022	-2.3%	0.4%	8.6%
8/3/2022	-1.2%	-0.6%	-6.3%
5/5/2022	-8.0%	-7.7%	1.5%
2/8/2022	6.7%	3.4%	-2.3%
11/3/2021	-0.1%	0.7%	-14.0%
8/4/2021	5.3%	4.1%	6.0%
5/5/2021	-0.9%	-7.3%	-4.2%
2/4/2021	-2.4%	0.7%	7.5%
11/5/2020	-3.3%	8.5%	14.0%
8/6/2020	-8.5%	-10.8%	-9.5%
5/7/2020	-3.5%	-10.9%	11.4%
2/6/2020	-6.7%	-3.4%	-32.3%
SUMMARY STATS
# Positive	8	15	15
# Negative	16	9	9
Median Positive	6.1%	4.1%	8.6%
Median Negative	-3.1%	-7.3%	-9.5%
Max Positive	7.8%	10.1%	16.1%
Max Negative	-9.2%	-10.9%	-32.3%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11102025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5122025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	8092024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11092023	10-Q 9/30/2023
6302023	8092023	10-Q 6/30/2023
3312023	5102023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11082022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5092022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	MACCHIA RICHARD		2102025	Sell	375.23	2,427	910,683	4,583,434	Form

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Corpay (CPAY)

Market Price (12/26/2025): $303.6 | Market Cap: $21.3 BilSector: Financials | Industry: Transaction & Payment Processing Services

Corpay (CPAY)

Market Price (12/26/2025): $303.6Market Cap: $21.3 BilSector: FinancialsIndustry: Transaction & Payment Processing Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

CPAY Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Corpay (CPAY)

Expected Drivers of Future Revenue Growth for Corpay (CPAY)

Interactive Breakdown

Better Bets than Corpay (CPAY)

INDUSTRY: Transaction & Payment Processing Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for CPAY: 8.9% | 5.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CPAY: 8.9% | 11.6x)

Higher Rev Chg LTM (Value for CPAY: 11.3%)

Higher Rev Chg 3Y Avg (Value for CPAY: 8.9%)

Higher Op Mgn LTM (Value for CPAY: 43.7%)

Higher CFO/Rev LTM (Value for CPAY: 31.0%)

Higher FCF/Rev LTM (Value for CPAY: 26.5%)

Higher Total Yield (Value for CPAY: 4.8%)

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CPAY: 8.9% | 5.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CPAY: 8.9% | 11.6x)

Higher Rev Chg LTM (Value for CPAY: 11.3%)

Higher Rev Chg 3Y Avg (Value for CPAY: 8.9%)

Higher Op Mgn LTM (Value for CPAY: 43.7%)

Higher CFO/Rev LTM (Value for CPAY: 31.0%)

Higher FCF/Rev LTM (Value for CPAY: 26.5%)

Higher Total Yield (Value for CPAY: 4.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CPAY: 8.9% | 5.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CPAY: 8.9% | 11.6x)

Higher Rev Chg LTM (Value for CPAY: 11.3%)

Higher Rev Chg 3Y Avg (Value for CPAY: 8.9%)

Higher Op Mgn LTM (Value for CPAY: 43.7%)

Higher CFO/Rev LTM (Value for CPAY: 31.0%)

Higher FCF/Rev LTM (Value for CPAY: 26.5%)

Higher Total Yield (Value for CPAY: 4.8%)

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Market Price (12/26/2025): $303.6 | Market Cap: $21.3 Bil
Sector: Financials | Industry: Transaction & Payment Processing Services

Market Price (12/26/2025): $303.6
Market Cap: $21.3 Bil
Sector: Financials
Industry: Transaction & Payment Processing Services