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Introduction Corpay, Inc. (the "Company") is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner. Corpay provides a broad suite of payment and spend management solutions, including accounts payable (AP) automation and cross-border payment solutions (including foreign exchange spot, forward and option transac…
44.04% operating margin is above average. ROIC at 9.73%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 13.9%, still solid. Free cash flow declined 26% despite revenue growth, conversion is weakening.
Free cash flow declined 26% versus the prior year, cash generation momentum has weakened. Net debt of $11.05B represents 8.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$4.78B
▲ +13.9% YoY
Net Income (TTM)
$1.18B
▲ +6.6% YoY
Op. Margin
46.06%
▼ -0.9pp YoY
ROIC
10.45%
▼ -1.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.31B
▼ -26.4% YoY
Op. Cash Flow (TTM)
$1.52B
▼ -22.7% YoY
Net Debt
$11.58B
Cash & Equiv.
$2.54B
5Y CAGR: +13.6%
5Y CAGR: -1.4%
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