Corpay, Inc. (CPAY) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Corpay, Inc.

Updated on October 16, 2026 · accounts published on August 5, 2026

Reading of October 15, 2026: A highly profitable business with strong cash generation and a leveraged balance sheet

Corpay trades at a P/E of 24.7 over the last 12 months, in line with its ten-year median of 24.8 and 25 % below its sector median.

• Is Corpay expensive or cheap? At 24.7× earnings, Corpay sits in line with its ten-year median and 25 % below the sector median of 33.0×.
• How is the business doing? Revenue grew 14 % over the last 12 months, but the 41 % operating margin is below the 43 % average of 2014-2025.
• How strong is the balance sheet? Net debt was just $21.79 per share in fiscal 2025, about 5 % of the price, yet the Altman Z of 1.5 sits in the danger zone.
• What to expect from the next earnings? Corpay reports on November 4, 2026; analysts expect EPS of $7.20, and it has beaten estimates in 6 of the last 8 quarters.
• Does Corpay grow with real cash or by diluting shareholders? Free cash flow was 29 % of revenue in fiscal 2025, while stock-based pay took only 2.3 %, far below the 10 % healthy limit.

Is Corpay expensive or cheap?

Over the last 12 months Corpay trades at a P/E of 24.7, almost exactly its ten-year median of 24.8. The stock has traded at a lower P/E 49 % of the time over the past decade, within a range of 14.8 to 45.2. Against 360 sector peers, whose median P/E is 33.0, it is 25 % cheaper. EV/EBITDA of 13.0× is close to its five-year average of 12.6×, inside the band that counts as neither cheap nor expensive. A 7.7 % free cash flow yield supports that reading. The caveat is momentum: the stock is up 41 % in 12 months and sits only 4 % below its 52-week high of $425.24.

How is the business doing?

Revenue rose 13.9 % over the last 12 months while EPS grew a slower 7.6 %, so less of each new dollar of sales is reaching shareholders. The operating margin of 40.8 % is below both fiscal 2025 and the 2014-2025 average, each at 43.1 %. It is still very high, but it is slipping. Net margin is 22.7 % and ROE 30.4 %, though that ROE is helped by heavy leverage. ROIC of 8.9 % is only 0.8 points above the sector median of 8.2 %, and it cleared 10 % in just 4 of the last 10 fiscal years.

How strong is the balance sheet?

The two readings pull in opposite directions. Measured against cash flow, the debt looks light: net debt equals 0.5× EBITDA in fiscal 2025, well under the 1.5× tolerated for software-style businesses, and only 5.4 % of the current share price. Measured against equity, it looks heavy: debt to equity of 3.0 over the last 12 months, a current ratio of 0.97 and an Altman Z of 1.5, in the danger zone. Gross debt of $149.99 per share is mostly offset by $128.21 of cash, so the comfort depends on that cash staying in place. The Piotroski score is a middling 5 of 9.

What to expect from the next earnings?

In the last report, on August 5, 2026, EPS came in at $7.00 against $6.58 expected, a 6.4 % beat, and Corpay has beaten the EPS estimate in 6 of the last 8 quarters. For November 4, 2026, the bar is $7.20. The consensus for fiscal 2026 EPS has barely moved in the last 30 days, from $27.38 to $27.41 across 11 analysts, and the revenue consensus is just as steady, so nobody is revising ahead of the report. Of the 18 analysts covering the company, 14 rate it a buy, 4 a hold and none a sell.

Does Corpay grow with real cash or by diluting shareholders?

In technology, generic ratios miss what decides returns: growth, pricing power and dilution from stock-based pay. On cash and dilution Corpay passes clearly, with free cash flow of 28.7 % of revenue in fiscal 2025 against a healthy threshold of 20 %, and stock-based compensation of 2.3 % of revenue. Its Rule of 40 score of 41 reaches elite level. Growth is weaker: revenue per share rose 12.5 % a year over fiscal 2022-2025, under the 15 % bar, and the 69.9 % gross margin sits right on the 70 % line for software. ROIC of 8.9 % falls short of the 15 % the sector treats as healthy.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.