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Corpay, Inc. — Intrinsic Value & Fair Price

CPAY
NYSETechnologySoftware - InfrastructureCIK 0001175454corpay.comAbout CPAY
Last close · Oct 16, 2026399.84−6.36 (−1.57%)
Market cap$26.3B
Model value · DCF · Perpetuity growth · 5y
672.85
Corpay closed at $399.84 — undervalued by 41% vs model.
353.93the model's range1,476.25

DCF · Perpetuity growth · 5y leads for profitable growth — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
16.01 – 759.43
Wall St. target
465.00 14% below
Below model, 1y
20 of 20 days

Price and model value

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How it is valued

Valued asProfitable Growth
Low/slowing growth (~10% recent)High profitability (24% net margin)Highly cyclical earningsHigh leverage (D/E 2.6x)
What growth the price implies: the reverse DCF

Key figures

FY2025
P/E
26.6×
EV / EBITDA
14.5×
FCF yield
4.6%
Dividend yield, TTM
0.00%
Beta
0.89
Cost of capital (WACC)
7.45%
Full financials

Analyst actions

third-party, quoted
09-02Scotiabank · target536.00
08-31RBC Capital · target438.00
08-25Wolfe Research · target530.00
01-26Morgan Stanley · “Overweight” from “Equal Weight”upgrade
Ratings, targets and estimates

Comparable companies

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About Corpay

Corpay, Inc. operates as a global financial technology firm, delivering payment solutions that assist both businesses and individual consumers in efficiently managing a diverse range of expenditures. Its expertise primarily covers vehicle-related costs, corporate financial transactions, and lodging expenses, with operations spanning the United States, Brazil, the United Kingdom, and numerous other international markets. Among its specialized services are comprehensive vehicle payment offerings, which include provisions for fuel, road tolls, parking fees, fleet maintenance, and long-distance transportation. The company also supplies prepaid vouchers and cards for food and transit requirements. For its corporate clientele, Corpay furnishes sophisticated payment instruments such as automated accounts payable systems, virtual payment cards, solutions for international transactions, and dedicated purchasing alongside travel and entertainment card products. Its lodging payment services cater to a broad spectrum of needs, supporting employees on overnight business trips, airline and cruise personnel or stranded passengers, and insurance policyholders displaced from their residences due due to damage or catastrophe. Furthermore, Corpay issues gift cards and payroll cards. Its diverse customer base extends to businesses, merchants, individual consumers, and payment network partners. Established in 1986 and based in Atlanta, Georgia, the company was previously known as FLEETCOR Technologies, Inc., before officially adopting the name Corpay, Inc. in March 2024.

CEO
Ronald F. Clarke
Headquarters
Atlanta, GA
Employees
11,800
IPO
2010-12-15
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.