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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…
$365.79
$6.02 (-1.62%)
EOD Jul 17, 2026
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.
21.9x earnings, 19.1x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
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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At a P/E of 21.9 and a price-to-free-cash-flow of 19.1, Corpay (CPAY) trades above a two-stage DCF intrinsic value of about $200.92 per share, so at $365.79 the stock looks overvalued (45.1% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Corpay scores 78/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $200.92 per share for CPAY, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $150.69. At today's $365.79, that puts the stock about 45.1% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Corpay scores 78 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 46.1% operating margin and a 10.4% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. CPAY currently trades above its estimated intrinsic value and scores 78/100 on quality (solid). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.