Corpay, Inc. (CPAY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+37.3%

$564.74

vs $411.35 price

Levered DCF

$496.51

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.58

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.73×	23.72×	20.98×	14.55×	21.88×	32.56×	27.77×	20.32×
P/B	5.43×	7.62×	6.28×	5.46×	6.41×	6.83×	6.7×	4.93×
P/S	4.66×	5.99×	5.48×	4.05×	6.48×	9.59×	9.38×	6.77×
EV / EBITDA	9.51×	14.27×	12.9×	11.06×	15.15×	20.75×	19.06×	13.44×
Gross margin	69.9%	78.1%	78.2%	77.7%	80.2%	75.0%	80.0%	80.0%
Operating margin	43.1%	45.0%	44.1%	42.2%	43.8%	40.7%	46.5%	44.8%
Net margin	23.6%	25.3%	26.1%	27.8%	29.6%	29.5%	33.8%	33.3%
Current ratio	0.98×	1×	1.04×	1.01×	1.04×	1×	1.03×	0.86×
Debt / equity	2.6×	2.56×	2.05×	2.77×	2.09×	1.28×	1.36×	1.44×
Interest coverage	4.83×	4.67×	4.75×	8.79×	10.93×	7.49×	8.21×	7.88×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.5%	32.1%	29.9%	37.5%	29.3%	21.0%	24.1%	24.3%
Return on invested capital	8.8%	10.8%	11.4%	10.4%	9.8%	9.2%	10.7%	9.2%
Return on assets	4.1%	5.6%	6.3%	6.8%	6.3%	6.3%	7.3%	7.2%
Free cash flow yield	6.2%	7.4%	9.5%	4.3%	5.9%	6.1%	4.4%	5.0%
Earnings yield	5.1%	4.2%	4.8%	6.9%	4.6%	3.1%	3.6%	4.9%
Enterprise value	$22.2B	$30.2B	$25.9B	$19.5B	$22.8B	$26.3B	$28.6B	$20.3B
Net debt / EBITDA	0.48×	3.04×	2.65×	3.18×	2.96×	2.66×	2.51×	2.51×
Cash conversion cycle (days)	-97	-468	-513	-529	-686	-437	-643	-623