Corpay Inc.

FLT
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.3B
Q1 2026 · +25% YoY
TTM ROIC
12%
TTM 2026-Q1 · NOPAT / Tangible Invested Capital (excluding goodwill & intangibles) · WACC ~7.5% · Moat spread +4.5pp

Financial Snapshot


ticker: FLT step: 04 generated: 2026-05-13 source: quick-research

Corpay, Inc. (FLT / CPAY) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$3.4B ~$3.75B $3.97B +5.8%
Adj. EBITDA Margin ~45% ~46% ~47% improving
Adj. Net Income Margin ~33% ~34% ~35%
GAAP Net Income positive positive positive
Adj. EPS strong growth +13% mid-teens growth

FY2024: Revenue $3.97B (+5.8%); adj. net income margin ~35%; Corporate Payments +26% YoY to $1.23B (31% of total). FY2025: Revenue accelerated significantly with Alpha Group acquisition (closed July 2025) — Q4 2025 revenues $1.25B (+20.7% YoY). FY2026 guidance: revenue $5.27B midpoint. Corporate Payments expected to exceed $1.5B in FY2025 (40% of total). Mastercard minority investment in cross-border platform validates strategy. Q1 2026 EPS guidance ($5.38–5.52) was below Street consensus ($5.82) — near-term integration/transition headwind.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Adj. Free Cash Flow ~$1.5–2.0B
Capital Expenditures ~$150–200M
Cash & Equivalents ~$1.5B
Total Debt ~$7–8B (senior notes + term loans + revolving)
Shares Repurchased significant (part of $2.5B capital deployment in 2024)

Corpay carries significant debt from its acquisition-driven growth strategy, but generates $1.5–2B in annual FCF to service and reduce it. Adj. free cash flow conversion is high (~90%+ of adj. net income). The $2.2B Alpha Group acquisition (2025) increased leverage temporarily. The Mastercard investment (undisclosed size) provided capital to partially offset.

Key Ratios (approximate)

  • P/E: ~16–18x (non-GAAP) | EV/EBITDA: ~14–16x | FCF Yield: ~5–7%
  • Revenue Growth: +5.8% organic (FY2024), accelerating with Alpha Group
  • Adj. EBITDA Margin: ~47% (industry-leading for B2B payments)

Growth Profile

Corpay grew from ~$3.4B (FY2022) to $3.97B (FY2024) organically — modest but high-quality growth — then accelerated via the Alpha Group acquisition toward FY2026 guidance of $5.27B. The Corporate Payments segment is the strategic future: cross-border FX (Alpha Group, GPS Capital Markets) + AP automation (Paymerang, Corpay ONE) + virtual cards are compounding at 20–26% organically, far above the 5–8% fleet segment. The transformation from "fleet card company" to "global corporate payments platform" is the re-rating thesis.

Forward Estimates

  • FY2026: Revenue $5.27B midpoint (+10–15% organic + Alpha Group full-year contribution)
  • Adj. EPS FY2026: ~$22–25 (mid-teens growth)
  • Analyst consensus PT: ~$350–390 (majority Buy) vs. current ~$280–320
  • Morgan Stanley: Overweight, PT $390; Mizuho: Buy, PT $340
  • Q1 2026 guidance soft ($5.38–5.52 adj. EPS vs. Street $5.82) — integration headwind acknowledged

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $FLT.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/flt/financials/md · → thesis · → memo