# Corpay, Inc. (CPAY) — Stock CV

Corpay, Inc. is a $26.1B technology company. Revenue grew 20.4% over the last year, it keeps 23¢ of every dollar of sales as profit, and its net debt equals ~3.3 years of free cash flow. It trades at 22.9× earnings — around the middle of its own history.

> Corpay Inc is a corporate payments company that helps businesses and consumers manage and pay their expenses. The company offers payment and spend management solutions, including accounts payable automation, cross-border payments, commercial card programs, vehicle payment solutions, and lodging payment services.

## Identity

- **Ticker**: CPAY
- **Sector**: Technology
- **Industry**: Services-Business Services, Nec
- **Headquarters**: ATLANTA, GA
- **Employees**: 11 800
- **Website**: https://www.corpay.com
- **Market cap**: $26.1B
- **Last price**: $397.92
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $5.02B
- **Net income**: $1.13B
- **Free cash flow**: $1.64B
- **Net debt**: $5.47B
- **P/E**: 22.9
- **Revenue growth (YoY)**: 20.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 64 |
| Growth | 77 |
| Profitability | 87 |
| Health | 39 |
| Quality | 77 |
| Moat | 100 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +20.4% YoY
- [x] Profitable — $1.13B TTM
- [x] Profit growing — +6.7% YoY
- [x] Generates cash — $1.64B TTM
- [x] Debt under control — ~3.3y of cash flow to repay
- [x] Established company — $26.1B market cap
- [x] Not printing shares — -15.4% shares over ~5y
- [x] Proven track record — 5/5 profitable years
- [ ] Financially stable — Altman Z 1.4 — distress
- [x] Valuation not extreme — P/E 22.9

## Experience (career milestones)

- **FY2025** — Best year on record: $1.07B net income
- **2024** — The company changed its name to Corpay
- **FY2021** — Profitable every year on record: 5 consecutive profitable years in our data
- **FY2021** — Revenue already above $1B: $2.83B in first reported year
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **2010** — Fleetcor became a public company via an initial public offering, raising $335 million
- **1986** — The predecessor of the company was founded in 1986

## Strengths

- High gross margin (79.0%)
- Strongly profitable — 22.6% net margin
- Revenue growing 20.4% year over year
- Strong cash conversion — FCF is 32.6% of revenue
- Interest covered 6.2× by operating earnings

## Watch-outs

- Altman Z-Score 1.40 — elevated financial-distress risk

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.83B | $839M | $1.09B |
| FY2022 | $3.43B | $954M | $603M |
| FY2023 | $3.76B | $982M | $1.95B |
| FY2024 | $3.97B | $1.00B | $1.77B |
| FY2025 | $4.53B | $1.07B | $1.30B |

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Source: https://stockcv.com/CPAY — derived from company filings; may be delayed or incomplete. Information, not investment advice.