# Corpay Inc. (FLT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/FLT/thesis · /stocks/FLT/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/FLT/fundamental

## Navigation

- Overview: /stocks/FLT
- Financials (this page): /stocks/FLT/financials
- Thesis: /stocks/FLT/thesis
- Investment Memo: /stocks/FLT/memo
- Coverage universe: /stocks