Corpay
CPAYNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $461.95 Prior regular-session close from the quote source.
- $453.98–$465.06 Regular-session low and high so far today.
- 335.1K Regular-session shares traded · Nov 12, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $271.22–$479.53 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CPAY if Corpay converts the slow, manual B2B payments market into recurring, high-margin revenue by selling a suite of card, AP automation and cross-border FX services that drive wallet share and generate attractive cash returns.
CPAY price history
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Investment thesis
What must happen next
Revenue growth will continue to be driven by cross-selling multiple payment products to the same customers (wallet-share expansion on a multi-product platform), not primarily by one-off pricing or one large new customer.StrengtheningMateriality: High
Revenue grew from $3,757,719,000 (2023) to $3,974,589,000 (2024) to $4,528,403,000 (2025). If growth is true wallet-share expansion it is more durable and profitable; if growth is one-offs, revenue and margins can roll over quickly.
Watch: Large ERP/cloud vendors or fintechs embed AP/payments (e.g., ERP-native AP automation + payments) and take share from third-party platforms.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue grew from $3,757,719,000 (2023) to $3,974,589,000 (2024) to $4,528,403,000 (2025).
Open source ↗Operating cash flow and free cash generation will remain adequate to fund regular M&A and shareholder returns only insofar as working-capital/settlement asset growth (receivables/float) does not materially increase capital needs.HoldingMateriality: High
Operating cash flow has been material historically: $2,101,132,000 (2023), $1,940,565,000 (2024) and $1,499,901,000 (2025). If cash conversion remains strong, Corpay can grow and return capital without leverage; if settlement/float assets tie up cash, FCF will fall and leverage or dilution will rise.
Watch: A large increase in settlement receivables or other assets (assets rose from $17,957,031,000 in 2024 to $26,408,135,000 in 2025) that materially worsens cash conversion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow has been material historically: $2,101,132,000 (2023), $1,940,565,000 (2024) and $1,499,901,000 (2025).
Open source ↗Corpay's combination of acceptance networks, FX/hedging capability and global footprint provides a defendable moat that preserves pricing power in cross-border and card-based corporate payments.HoldingMateriality: Medium
Operating income increased year-over-year: $1,656,873,000 (2023) → $1,787,157,000 (2024) → $1,994,108,000 (2025). A real moat preserves spreads and enable steady adjusted EBITDA; loss of this advantage would cause margin and revenue pressure.
Watch: Large banks or agile global fintechs scale low-cost cross-border FX for corporates (e.g., Wise/Revolut expansions or banks bundling FX with ERP integrations).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating income increased year-over-year: $1,656,873,000 (2023) → $1,787,157,000 (2024) → $1,994,108,000 (2025).
Open source ↗
Full investment case & evidence
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Original research
Revenue growth will continue to be driven by cross-selling multiple payment products to the same customers (wallet-share expansion on a multi-product platform), not primarily by one-off pricing or one large new customer. If growth is true wallet-share expansion it is more durable and profitable; if growth is one-offs, revenue and margins can roll over quickly.
Operating cash flow and free cash generation will remain adequate to fund regular M&A and shareholder returns only insofar as working-capital/settlement asset growth (receivables/float) does not materially increase capital needs. If cash conversion remains strong, Corpay can grow and return capital without leverage; if settlement/float assets tie up cash, FCF will fall and leverage or dilution will rise.
Corpay's combination of acceptance networks, FX/hedging capability and global footprint provides a defendable moat that preserves pricing power in cross-border and card-based corporate payments. A real moat preserves spreads and enable steady adjusted EBITDA; loss of this advantage would cause margin and revenue pressure.
All standing thesis claims
Original report summary
Corpay converts the slow, manual B2B payments market into recurring, high-margin revenue by selling a suite of card, AP automation and cross-border FX services that drive wallet share and generate attractive cash returns.
Bull case and bear case
Bull case and bear case for Corpay
Where the evidence on Corpay stands: Holding on the latest evidence (Nov 12, 2026). Of its 3 thesis points, 1 strengthening and 2 holding.
Bull case: what the evidence supports
Revenue growth will continue to be driven by cross-selling multiple payment products to the same customers (wallet-share expansion on a multi-product platform), not primarily by one-off pricing or one large new customer.
Operating cash flow and free cash generation will remain adequate to fund regular M&A and shareholder returns only insofar as working-capital/settlement asset growth (receivables/float) does not materially increase capital needs.
Corpay's combination of acceptance networks, FX/hedging capability and global footprint provides a defendable moat that preserves pricing power in cross-border and card-based corporate payments.
Bear case: what would count against it
Large ERP/cloud vendors or fintechs embed AP/payments (e.g., ERP-native AP automation + payments) and take share from third-party platforms.
A large increase in settlement receivables or other assets (assets rose from $17,957,031,000 in 2024 to $26,408,135,000 in 2025) that materially worsens cash conversion.
Large banks or agile global fintechs scale low-cost cross-border FX for corporates (e.g., Wise/Revolut expansions or banks bundling FX with ERP integrations).
Company research
Research on Corpay
- Reporting · Corpay, Inc. (NYSE: CPAY) Resolves FTC Case for $100 Million
The payment was already charged in the second quarter. Friday's agreement removes uncertainty but keeps the 2023 court order in place.
Thesis-Break Engine
Thesis-break watch · Corpay
No break has crossed Corpay’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Corpay filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Corpay filed an SEC 8-K on 2026-08-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Corpay filed an SEC 8-K on 2026-07-24: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large ERP/cloud vendors or fintechs embed AP/payments (e.g., ERP-native AP automation + payments) and take share from third-party platforms.
- A large increase in settlement receivables or other assets (assets rose from $17,957,031,000 in 2024 to $26,408,135,000 in 2025) that materially worsens cash conversion.
- Large banks or agile global fintechs scale low-cost cross-border FX for corporates (e.g., Wise/Revolut expansions or banks bundling FX with ERP integrations).
CPAY news
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Financial statements
CPAY income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CPAY: quick answers
- What is CPAY's short interest?
- As of October 30, 2026, 3.6M CPAY shares were sold short, 5.59% of its shares outstanding, up 2.1% from the count before. At the stock's average daily volume that is 8.8 days to cover. FINRA publishes the count twice a month. CPAY short interest history
- Have members of Congress traded CPAY?
- Reports made public in the last 90 days disclose 3 trades in CPAY by 1 filer: 0 purchases and 3 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed CPAY trade
- Which well-known investors own CPAY?
- 2 of the 37 well-known funds tracked here reported CPAY shares in their latest 13F filings. By share of the fund's portfolio: Tiger Global Management (Chase Coleman), 3.0%; Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
CPAY in well-known investors’ portfolios
2 of 37 funds reported CPAY shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Chase ColemanTiger Global Management | 3.0% | $716M | +22.7% | Q2 2026 |
| Ray DalioBridgewater Associates | 0.01% | $2.6M | New | Q2 2026 |