Corpay, Inc.
- Open
- 420.44
- Day high
- 427.46
- Day low
- 414.93
- Prev close
- 416.40
- Volume
- 454K
- Mkt cap
- $27.6B
- P/E (TTM)
- 25.2
- EPS (TTM)
- $16.65
- P/B
- 7.8
- P/S
- 5.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$140.2M over the last 3 months (0 open-market buys, 39 sales)
- 🏛Institutions accumulating (13F)
Corpay, Inc. (CPAY) is a Technology company listed on NYSE. The stock is up 31% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 39 sales (SEC Form 4). Drillr has 1 published research article covering CPAY.
Corpay, Inc. (CPAY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CPAY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $6.58 | $7.00 | +6.4% | $1.3B | +3.0% |
| May 7, 2026 | $5.50 | $5.80 | +5.5% | $1.3B | +4.0% |
| Feb 4, 2026 | $5.95 | $6.04 | +1.5% | $1.2B | +3.3% |
| Nov 5, 2025 | $5.63 | $5.70 | +1.2% | $1.2B | +0.8% |
| Aug 6, 2025 | $5.12 | $5.13 | +0.2% | $1.1B | +0.2% |
| Feb 5, 2025 | $5.37 | $5.36 | -0.2% | $1.0B | -1.6% |
| Nov 7, 2024 | $4.97 | $5.00 | +0.6% | $1.0B | +0.3% |
| Mar 4, 2024 | $4.48 | $4.44 | -0.9% | $937M | -3.1% |
CPAY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 9,581 | $414.57 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 40 | $419.62 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 6,854 | $409.56 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 12,109 | $410.56 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 15,575 | $411.49 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 50,504 | $412.58 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 24,670 | $413.42 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 193 | $415.11 |
| Aug 25, 2026 | King Alanofficer: GroupPresident IntlVehiclePmts | Sell | 3,805 | $416.61 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Option | 450,000 | $150.74 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Tax | 290,043 | $417.13 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 5,882 | $414.16 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 51,919 | $415.12 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 16,540 | $415.82 |
| Aug 25, 2026 | Clarke Ronalddirector, officer: CEO & Chairman of BOD | Sell | 8,409 | $417.29 |
Source: CPAY SEC Form 4 filings, latest Aug 25, 2026. For informational purposes only — not investment advice.
See the full CPAY insider & 13F page →Corpay, Inc. company profile
Overview
Corpay, Inc. (NYSE:CPAY) is a payments technology company founded in 1986 and headquartered in Atlanta, Georgia. Originally established as FLEETCOR Technologies, the company rebranded to Corpay in March 2024 to better reflect its evolution beyond fleet management into a comprehensive B2B payments platform. The company went public in December 2010 and has grown through strategic acquisitions to become a leading provider of commercial payment solutions across vehicle expenses, corporate payments, and lodging services, operating in the United States, Brazil, the United Kingdom, and other international markets.
Business
Corpay operates in the business-to-business payments technology sector, providing specialized payment solutions that help companies manage and control various types of commercial expenses. The company's business is organized into three primary segments that collectively generated approximately $4.0 billion in revenue in 2024. The Corporate Payments segment represents the fastest-growing division, accounting for roughly 35-40% of total revenue. This segment provides accounts payable automation solutions, virtual payment cards, cross-border payment services, and purchasing cards. The accounts payable automation helps businesses digitize their invoice processing and payment workflows, while virtual cards generate unique card numbers for each transaction to enhance security and control. Cross-border services facilitate international payments and currency exchange for multinational corporations, and the Multi-Currency Account (MCA) product allows clients to hold and manage multiple currencies efficiently. The Vehicle Payments segment, historically the company's core business, generates approximately 45-50% of revenue and provides fuel cards, toll payments, parking solutions, fleet maintenance services, and long-haul transportation payments. In Brazil, this segment has expanded to include consumer vehicle services through mobile applications. The fuel card business allows fleet operators to control where, when, and what type of fuel purchases their drivers can make, while providing detailed reporting and analytics. The Lodging segment comprises roughly 10-15% of revenue and serves three distinct markets: corporate travelers who need overnight accommodations, airline crews and stranded passengers requiring emergency lodging, and insurance policyholders displaced from their homes due to property damage. This segment provides both payment processing and booking services, often working directly with insurance companies and travel management companies to arrange and pay for temporary accommodations.
Revenue model
Corpay generates revenue primarily through transaction-based fees and spreads rather than traditional product sales. The company acts as a financial intermediary, earning money each time a payment flows through its platform. In the Corporate Payments segment, revenue comes from transaction fees on virtual card payments, foreign exchange spreads on cross-border transactions, and subscription fees for accounts payable automation software. When a business uses Corpay's virtual cards to pay suppliers, Corpay earns interchange fees from the card networks. For cross-border payments, the company profits from the spread between buying and selling currencies, similar to how banks operate in foreign exchange markets. The Vehicle Payments segment generates revenue through merchant discount fees paid by fuel stations and other service providers, as well as transaction fees from cardholders. When a fleet driver uses a Corpay fuel card, the gas station pays Corpay a percentage of the transaction value, and Corpay may also charge the fleet operator a per-transaction fee. In Brazil, the consumer vehicle payments business generates revenue through transaction fees and partnerships with service providers. The Lodging segment earns revenue through booking fees and payment processing charges. Hotels and other accommodation providers pay Corpay commissions for bookings, while corporate clients and insurance companies pay transaction fees for payment processing services. Several factors influence Corpay's margins and profitability. Interest rate environments significantly impact the company's economics, as higher rates increase the value of float (money held temporarily during payment processing) and improve spreads on certain products. Foreign exchange volatility generally benefits the cross-border business by increasing transaction volumes as companies hedge currency risks. Economic growth drives commercial activity and increases payment volumes across all segments. Competitive pressure from traditional banks, fintech companies, and payment processors can compress spreads and fees. Regulatory changes in payment processing and financial services can create both opportunities and compliance costs. The company's margins also benefit from operating leverage, as many costs are fixed while transaction volumes can scale significantly.
Competitive moat
Corpay's competitive moat stems from several interconnected factors, though the strength varies across its business segments. The company benefits from significant switching costs in its core markets, as businesses integrate Corpay's payment systems into their accounting, fleet management, and expense management workflows. Changing payment processors requires substantial operational disruption, employee retraining, and system integration work that most companies prefer to avoid. The network effects in certain segments provide additional protection. In vehicle payments, Corpay's acceptance network of fuel stations, maintenance providers, and other service locations creates value that increases with scale. Fleet operators prefer payment solutions accepted at the most locations, while service providers want to accept cards used by the most fleet customers. Similarly, in lodging, the company's relationships with hotels and corporate travel managers create a two-sided marketplace dynamic. Corpay also possesses valuable data and analytics capabilities built over decades of processing commercial payments. The company can identify spending patterns, detect fraud, and provide business intelligence that would be difficult for new entrants to replicate quickly. Regulatory compliance and licensing requirements in financial services create barriers to entry, particularly for cross-border payments and multi-jurisdictional operations. However, the competitive landscape presents ongoing challenges. Large technology companies like Amazon and Google are expanding into B2B payments, while traditional banks are investing heavily in commercial payment platforms. Fintech companies are targeting specific niches with innovative solutions, and blockchain-based payment systems could potentially disrupt traditional payment processing. The corporate payments segment faces particularly intense competition from established players like American Express and newer entrants offering similar virtual card and AP automation services. The strength of Corpay's moat is moderate but varies by segment. The vehicle payments business has the strongest defensive characteristics due to established relationships and switching costs, while the corporate payments segment, despite its growth, operates in a more competitive environment with lower barriers to entry.
Risks & safety
Corpay presents a moderate margin of safety with some areas of concern regarding leverage and valuation metrics. • **Liquidity and Solvency**: The company maintains $1.6 billion in cash and short-term investments against $15.1 billion in total liabilities. Current ratio of 1.10 indicates adequate short-term liquidity, though the ratio is relatively tight. Free cash flow turned negative at -$119 million in Q1 2025, primarily due to timing of working capital changes, but the company generated strong positive free cash flow of $1.8 billion for full year 2024. • **Debt and Leverage**: Debt-to-equity ratio of 2.37 indicates high leverage, which is typical for financial services companies but creates vulnerability to economic downturns. The company's business model involves holding customer funds temporarily, which inflates the balance sheet but represents operational rather than traditional debt obligations. • **Valuation Metrics**: Trading at 25.2x earnings and 15.2x EBITDA, the stock appears expensive relative to historical norms. Price-to-book ratio of 7.1x reflects the asset-light nature of the business but suggests limited downside protection. Graham number of $61.83 indicates the stock trades well above conservative valuation metrics. • **Other Considerations**: Strong EBITDA margins above 50% provide operational cushion, and the recurring nature of payment processing revenues offers some stability. However, the business is sensitive to economic cycles and interest rate changes.
Recent development
Over the past few years, Corpay has undergone significant strategic transformation focused on portfolio optimization and growth acceleration. The company rebranded from FLEETCOR Technologies to Corpay in March 2024 to better reflect its evolution into a comprehensive B2B payments platform beyond its historical fleet management roots. The most significant recent development is the strategic partnership with Mastercard announced in Q1 2025, involving a $300 million investment by Mastercard for a 3% stake in Corpay's cross-border business. This partnership designates Corpay as the exclusive cross-border services provider for Mastercard's financial institution clients, potentially adding 2-3% incremental revenue growth. Concurrently, Corpay made a $500 million minority investment in Avid, a complementary payments company, with a call option to acquire the remaining equity, positioning for potential earnings accretion in 2026. The company has been actively reshaping its portfolio through strategic acquisitions and divestitures. Key acquisitions include Paymerang in the corporate payments space, which added accounts payable automation capabilities and new vertical markets, and Gringo in Brazil for approximately $140 million, expanding the consumer vehicle payments business with 5 million monthly active users. Management has indicated plans to potentially divest up to $2 billion worth of non-core businesses to focus resources on higher-growth segments. Operationally, Corpay has reorganized its U.S. sales structure under new Chief Revenue Officer Mike Jeffrey, implementing field sales teams and cross-selling initiatives to accelerate growth in the domestic market. The company is expanding its payables business upmarket to enterprise clients and launching international expansion with products like Corpay Complete Payables in the UK. In the cross-border segment, the Multi-Currency Account product is being enhanced to allow clients to hold and manage multiple currencies more efficiently. The Brazilian market has become increasingly important, with the vehicle payments business there achieving 22% organic revenue growth and expansion into consumer services through mobile applications. This success has informed the company's strategy to replicate similar consumer vehicle payment models in other markets including the UK and potentially the United States.
CPAY company profile · for informational purposes only — not investment advice.
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