# Corpay, Inc. (CPAY)

> Source: Nexqual · https://nexqual.com/CPAY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Corpay, Inc. (CPAY), nexqual.com/CPAY" · informational, not investment advice.

**Price:** USD 415.01 (+1.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 407.56 · day 407.83–416.28 · 52w 252.84–427.46 · market cap $27.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.02B, net income $1.14B (22.7% margin), free cash flow $1.64B (SEC filings).
- Valuation: P/E 23.9x (avg 21.9x at the last 3 fiscal year-ends), EV/EBITDA 14.9x, net debt $12.0B.
- Earnings quality: non-operating income -$525M vs operating income $2.20B over the last four quarters; P/E excluding non-operating income ≈18.1x (estimate: non-operating income taxed at the company's 31.2% effective rate).
- 1 of 80 tracked superinvestors hold CPAY (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $146M; 11 not under a Rule 10b5-1 plan ($146M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.88 on a 1–5 scale) (16 analysts), mean target USD 460.33 (range 390–536).
- Total return with dividends: 1Y +45.9% vs S&P 500 +14.9%; 5Y +49.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 7.2, revenue estimate $1.36B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.83B | $3.43B | $3.76B | $3.97B | $4.53B | $5.02B |
| Operating income | $1.24B | $1.45B | $1.66B | $1.79B | $1.99B | $2.20B |
| Net income | $839M | $954M | $982M | $1.00B | $1.07B | $1.14B |
| EPS (diluted) | $9.99 | $12.42 | $13.20 | $13.97 | $15.03 | — |
| Free cash flow | $1.09B | $603M | $1.95B | $1.77B | $1.30B | $1.64B |
| Operating margin | 43.8% | 42.2% | 44.1% | 45.0% | 44.0% | 43.7% |
| Net margin | 29.6% | 27.8% | 26.1% | 25.3% | 23.6% | 22.7% |
| Revenue growth | +18.6% | +20.9% | +9.6% | +5.8% | +13.9% | — |
| Cash + short-term investments | $1.52B | $1.44B | $1.39B | $1.55B | $2.41B | — |
| Total debt | $7.50B | $9.35B | $8.85B | $10.8B | $13.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.9x · P/E ex non-operating (est.) ≈18.1x · P/S 5.4x · EV/EBITDA 14.9x · EV/Sales 7.8x · P/FCF 16.6x · P/B 7.7x · FCF yield 6.01% · Earnings yield 4.19% · Buyback yield (TTM) 6.62% · Net debt $12.0B · EV $39.2B
P/E at fiscal year-ends: Dec 2025 20.0x, Dec 2024 24.2x, Dec 2023 21.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CPAY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Chase Coleman | Tiger Global Management | 2.99% | $716M | Added +22.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-24…2026-08-25 | Clarke Ronald | CEO & Chairman of BOD | 213,860 | $88.5M | 8.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-21 | King Alan | GroupPresident IntlVehiclePmts | 3,805 | $1.6M | 15.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-20 | Stull Steven T | Director | 2,357 | $975K | 7.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-20 | King Alan | GroupPresident IntlVehiclePmts | 18,423 | $7.6M | 42.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-18…2026-08-19 | Stull Steven T | Director | 4,643 | $1.9M | 13.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14…2026-08-18 | King Alan | GroupPresident IntlVehiclePmts | 25,785 | $10.7M | 51.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-12…2026-08-13 | Farrelly Joseph W | Director | 5,300 | $2.2M | 43.4% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-15 | Netto Armando Lins | GroupPresident Brazil&USVehPmt | 70,476 | $24.8M | 86.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-11 | Netto Armando Lins | GroupPresident Brazil&USVehPmt | 4,560 | $1.6M | 28.8% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-02 | Stull Steven T | Director | 1,000 | $361K | 2.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-27…2026-05-29 | Netto Armando Lins | GroupPresident Brazil&USVehPmt | 17,201 | $6.1M | 52.1% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 16 analysts; mean target USD 460.33 (low 390, high 536).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-02 | Scotiabank | Initiated | Sector Outperform | $536 |
| 2026-08-31 | RBC Capital | Target raised | Sector Perform | $423 → $438 |
| 2026-08-25 | Wolfe Research | Target raised | Outperform | $475 → $530 |
| 2026-08-10 | Cantor Fitzgerald | Target raised | Overweight | $415 → $480 |
| 2026-08-06 | JP Morgan | Target raised | Overweight | $400 → $470 |
| 2026-08-06 | UBS | Target raised | Neutral | $385 → $415 |
| 2026-08-06 | RBC Capital | Target raised | Sector Perform | $363 → $423 |
| 2026-08-06 | Keefe, Bruyette & Woods | Target raised | Outperform | $400 → $470 |
| 2026-07-28 | Morgan Stanley | Target raised | Overweight | $400 → $415 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +45.9% | +49.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +46.1% | +8.4% |
| Volatility (annualized) | 36.3% | 32.3% |
| Max drawdown | -20.2% (Feb 2026→Mar 2026) | -39.7% (Oct 2021→Oct 2022) |

## Peers (Software - Infrastructure)
VRSN (VeriSign, Inc.) USD 304.59 -0.87% · FFIV (F5, Inc.) USD 450.08 -1.86% · IOT (Samsara Inc.) USD 43.78 +1.25% · RBRK (Rubrik, Inc.) USD 120.75 +0.31% · MDB (MongoDB, Inc.) USD 362.24 -7.30% · CRWV (CoreWeave, Inc.) USD 55.6 -10.06%

## More
Full page: https://nexqual.com/CPAY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CPAY's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1175454/000117545426000018/flt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Mastercard (MA) | "•In April 2025, we expanded our long-standing strategic partnership agreement with Mastercard to deliver an enhanced" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Vehicle Payments | $580.2M | 43.3% | +13.3% | $190.1M | 32.8% |
| Corporate Payments | $548.7M | 41.0% | +41.7% | $199.6M | 36.4% |
| Lodging Payments | $123.2M | 9.2% | +2.8% | $49.5M | 40.2% |
| Other | $86.7M | 6.5% | +4.6% | $33.1M | 38.2% |
| Total revenue | $1.34B | 100% | — | $472.3M | 35.3% |

## Revenue by product line (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Vehicle Payments | $2.14B | 47.2% | +6.5% |
| Corporate Payments | $1.64B | 36.1% | +33.8% |
| Lodging Payments | $469.5M | 10.4% | -3.9% |
| Other | $285.1M | 6.3% | +11.7% |
| Total revenue | $4.53B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $2.20B | 48.7% | +6.1% |
| Other Countries | $968.2M | 21.4% | +27.4% |
| BRAZIL | $713.3M | 15.8% | +20.0% |
| UNITED KINGDOM | $642.3M | 14.2% | +18.5% |
| Total revenue | $4.53B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Third Quarter of 2026 Outlook: "Revenue for the third quarter of 2026 is expected to be approximately $1.355 billion at the midpoint, growing 16% year over year, and adjusted net income per diluted share is expected to be $7.15 at the midpoint, growing 26% year over year," said Peter Walker."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $7.20 | $7.03 | +2.4% | $1.36B | 16 |
| Next quarter (ends 2026-12-31) | $7.43 | $7.38 | +0.6% | $1.36B | 15 |
| Current fiscal year (ends 2026-12-31) | $27.42 | $26.78 | +2.4% | $5.32B | 16 |
| Next fiscal year (ends 2027-12-31) | $31.55 | $30.59 | +3.1% | $5.78B | 16 |