Corpay, Inc. (CPAY) Stock

Corpay, Inc. (CPAY) is a Technology stock trading at $417.07 (as of 2026-08-21), with a market capitalization of $27.26B and a trailing P/E of 23.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Corpay, Inc. provides payment solutions for vehicle-related and travel expenses and for corporate payments. Its offerings include vehicle payment products, prepaid vouchers/cards for food and transportation, and accounts payable and virtual card solutions, serving customers across the U.S. and internationally, including business and payment network clients.

Understand Corpay, Inc.: how it makes money

Corpay provides payments solutions for vehicle-related expenses, lodging expenses, and corporate payments, including vehicle payment services (fuel, tolls, parking, fleet maintenance, long-haul transportation) and corporate payment tools like accounts payable automation and virtual and cross-border payments.

As a payments platform across vehicle, lodging, and corporate spend categories, Corpay’s profit engine is the ongoing processing and management of transaction flows, monetized through its specific payment solutions such as vehicle payments, prepaid vouchers/cards, and corporate payment automation (including virtual and cross-border options).

Revenue by segment (latest quarter)
Vehicle Pay	$0.6B
Corporate Pay	$0.5B
Lodging Pay	$0.1B
Other	$0.1B

Business quality (Strong): High-level view is clear (vehicle, lodging, and corporate payment solutions), but the provided data does not include key profitability detail beyond operating margin (gross margin is not provided), and segment revenue figures do not fully reconcile to the total.

Valuation: Trades at 21× trailing earnings · $23B market cap.

Bull case

Breadth of payment categories: The business covers multiple spend types, including vehicle payments (fuel, tolls, parking, fleet maintenance, long-haul transportation), lodging payments (prepaid food and transportation vouchers and cards), and corporate payments (accounts payable automation, virtual and cross-border solutions).
Very strong operating profitability in the latest period: Latest quarter operating margin is 50.4% (2026-03-31).

Bear case

Exposure to transportation and travel-linked spend categories: A meaningful share of revenue is tied to vehicle-related expenses and lodging-related vouchers/cards, so shifts in those end markets can pressure transaction activity and mix.
Limited visibility into unit economics: Gross margin is not provided in the facts here, which limits how much the investor can assess underlying profitability drivers versus operating expense effects.

Valuation — source: SEC EDGAR (first-party)
Price	$417.07
Market Cap	$27.26B
P/E Ratio	23.6
EV / EBITDA	13.2
Price / Book	7.67
Price / Sales	6.00
FCF Yield	4.7%
DCF Value (model)	$268.92
DCF Upside vs Price	-35.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$4.53B
Net Margin	23.6%
Revenue Growth (YoY)	13.9%
EPS Growth (YoY)	6.7%
FCF Growth (YoY)	-26.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.71 (distress)

Valuation vs Sector & Industry
Stock P/E	23.6
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	29.9
vs Sector	-30.4%
vs Industry	-21.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($2.45B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Technology
Industry	Business Services
CEO	Ronald F. Clarke
Employees	11,200
Country	US
IPO Date	2010-12-15

Related Companies (Business model: IT Services / Consulting and Managed Services; 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.