Latest Ratios: P/E Ratio 23.7x · EV/EBITDA 10.4x · ROE 29.0%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23.3B | $21.4B | $24.3B | $21.0B | $14.1B | $18.8B | $23.7B | $25.9B | $17.1B | $18.0B | $13.5B |
| Enterprise Value | $24.4B | $22.5B | $30.8B | $26.4B | $19.7B | $23.3B | $27.0B | $29.7B | $20.9B | $21.6B | $16.9B |
| P/E Ratio → | 23.72 | 20.02 | 24.22 | 21.41 | 14.79 | 22.41 | 33.60 | 28.95 | 21.08 | 24.33 | 29.79 |
| P/S Ratio | 5.15 | 4.72 | 6.12 | 5.59 | 4.12 | 6.64 | 9.90 | 9.78 | 7.03 | 8.01 | 7.36 |
| P/B Ratio | 5.99 | 5.06 | 7.73 | 6.40 | 5.56 | 6.56 | 7.05 | 6.98 | 5.12 | 4.90 | 4.37 |
| P/FCF | 17.94 | 16.46 | 13.77 | 10.80 | 23.40 | 17.33 | 16.97 | 23.84 | 20.82 | 29.53 | 20.76 |
| P/OCF | 15.54 | 14.26 | 12.53 | 10.01 | 18.70 | 15.72 | 16.07 | 22.30 | 18.94 | 26.48 | 19.03 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.97 | 7.74 | 7.01 | 5.75 | 8.21 | 11.31 | 11.20 | 8.59 | 9.61 | 9.20 |
| EV / EBITDA | 10.42 | 9.60 | 14.38 | 13.22 | 11.15 | 15.24 | 22.03 | 19.71 | 15.31 | 18.82 | 17.70 |
| EV / EBIT | 12.52 | 11.57 | 17.40 | 15.75 | 13.69 | 19.04 | 26.70 | 24.17 | 16.94 | 21.60 | 23.58 |
| EV / FCF | — | 17.33 | 17.42 | 13.53 | 32.68 | 21.44 | 19.39 | 27.31 | 25.43 | 35.44 | 25.97 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.9% | 69.9% | 78.1% | 78.2% | 77.7% | 80.2% | 75.0% | 80.0% | 80.0% | 80.9% | 80.6% |
| Operating Margin | 43.1% | 43.1% | 45.0% | 44.1% | 42.2% | 43.8% | 40.7% | 46.5% | 44.8% | 39.3% | 41.2% |
| Net Profit Margin | 23.6% | 23.6% | 25.3% | 26.1% | 27.8% | 29.6% | 29.5% | 33.8% | 33.3% | 32.9% | 24.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.0% | 29.0% | 31.2% | 33.7% | 35.3% | 27.0% | 19.9% | 25.4% | 23.1% | 21.9% | 15.3% |
| ROA | 4.8% | 4.8% | 6.0% | 6.6% | 6.9% | 6.8% | 6.0% | 7.6% | 7.2% | 7.1% | 5.2% |
| ROIC | 19.6% | 19.6% | 14.7% | 14.8% | 14.0% | 13.3% | 10.3% | 12.6% | 11.4% | 9.6% | 9.6% |
| ROCE | 18.3% | 18.3% | 20.0% | 19.8% | 17.9% | 16.2% | 13.0% | 17.0% | 15.7% | 13.0% | 12.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.39 | 2.39 | 2.54 | 2.05 | 2.77 | 2.09 | 1.28 | 1.36 | 1.44 | 1.23 | 1.25 |
| Debt / EBITDA | 4.31 | 4.31 | 3.74 | 3.37 | 3.98 | 3.92 | 3.51 | 3.35 | 3.53 | 3.93 | 4.05 |
| Net Debt / Equity | — | 0.27 | 2.05 | 1.62 | 2.20 | 1.56 | 1.00 | 1.01 | 1.13 | 0.98 | 1.10 |
| Net Debt / EBITDA | 0.48 | 0.48 | 3.01 | 2.68 | 3.17 | 2.92 | 2.75 | 2.50 | 2.77 | 3.14 | 3.55 |
| Debt / FCF | — | 0.87 | 3.65 | 2.74 | 9.28 | 4.11 | 2.42 | 3.46 | 4.61 | 5.91 | 5.21 |
| Interest Coverage | 4.82 | 4.82 | 4.62 | 4.80 | 8.75 | 10.75 | 7.80 | 8.18 | 8.91 | 9.34 | 9.94 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.98 | 0.98 | 1.00 | 1.04 | 1.01 | 1.04 | 1.00 | 1.03 | 0.86 | 0.87 | 0.77 |
| Quick Ratio | 0.98 | 0.98 | 1.00 | 1.04 | 1.01 | 1.04 | 1.00 | 1.03 | 0.86 | 0.87 | 0.77 |
| Cash Ratio | 0.63 | 0.63 | 0.18 | 0.20 | 0.24 | 0.29 | 0.24 | 0.28 | 0.23 | 0.22 | 0.14 |
| Asset Turnover | — | 0.17 | 0.22 | 0.24 | 0.24 | 0.21 | 0.21 | 0.22 | 0.22 | 0.20 | 0.19 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 321.92 | 191.98 | 209.96 | 219.90 | 230.98 | 208.83 | 216.20 | 213.86 | 230.40 | 239.54 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 5.0% | 4.1% | 4.7% | 6.8% | 4.5% | 3.0% | 3.5% | 4.7% | 4.1% | 3.4% |
| FCF Yield | 5.6% | 6.1% | 7.3% | 9.3% | 4.3% | 5.8% | 5.9% | 4.2% | 4.8% | 3.4% | 4.8% |
| Buyback Yield | 3.4% | 3.7% | 5.3% | 3.3% | 10.0% | 7.2% | 3.6% | 2.7% | 5.6% | 2.2% | 1.4% |
| Total Shareholder Yield | 3.4% | 3.7% | 5.3% | 3.3% | 10.0% | 7.2% | 3.6% | 2.7% | 5.6% | 2.2% | 1.4% |
| Shares Outstanding | — | $71M | $72M | $74M | $77M | $84M | $87M | $90M | $92M | $94M | $95M |
Credit loss and float volatility
Based on reported figures, Corpay trades at a forward P/E of 12.42, which appears to discount the company as a mature industrial processor rather than a high-growth fintech, despite the accelerating revenue growth observed in recent quarterly filings compared to its historical valuation multiples.
The current forward P/E of 12.42 suggests that the market remains skeptical of the company's transition toward a broader corporate payments platform, likely anchoring its valuation to legacy fleet-only peers. This valuation gap warrants further investigation, as it may overlook the durability of the company's specialized B2B niches and the potential for margin expansion as the corporate segment scales.
As reported in financial statements, Corpay's ROIC has remained in a narrow range between 3.3% and 7.6% over the last ten quarters, suggesting that the company's aggressive M&A strategy has significantly inflated the asset base with goodwill, thereby diluting the returns on invested capital.
The persistent gap between operating margins and ROIC indicates that while the core business is highly profitable, the capital-intensive nature of the company's roll-up strategy creates a drag on overall efficiency. Investors should monitor whether future organic growth can improve these returns, or if the reliance on acquisitions will continue to suppress capital productivity.
According to recent SEC filings, Corpay's DSO has fluctuated significantly, reaching 313 days in 2026Q1, a metric that appears heavily influenced by the timing of customer settlement flows and the inclusion of payment float rather than purely operational credit terms extended to customers.
The extreme variance in DSO and the lack of clear DIO data suggest that traditional working capital metrics are poor indicators of operational efficiency for this business model. The company's ability to manage these settlement cycles is critical, as any disruption in the timing of these flows could have outsized impacts on reported liquidity.
Based on reported figures, Corpay maintains an interest coverage ratio of 4.93x as of 2026Q1, which suggests that despite a D/E ratio of 2.68, the company's robust operating cash flow provides a comfortable buffer for servicing its debt obligations in the current rate environment.
While the absolute debt levels have increased to fund strategic acquisitions, the interest coverage ratio remains stable, indicating that the company is not currently over-leveraged relative to its earnings power. However, investors should monitor the sensitivity of this coverage to potential spikes in credit loss provisions, which could compress operating income and reduce the margin of safety.
As reported in financial statements, the most commonly misapplied metric for Corpay is the raw cash balance of $8.99 billion, which investors frequently mistake for discretionary liquidity, failing to account for the fact that a substantial portion represents restricted customer-owned funds held in transit.
Using the headline cash figure to assess financial health or potential for capital return is misleading, as it obscures the company's true net cash position and operational liquidity requirements. Analysts should instead focus on free cash flow generation and net debt, as these metrics provide a more accurate view of the company's ability to fund operations and growth without relying on settlement float.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying CPAY stock.
Corpay, Inc.'s current P/E ratio is 23.7x. The historical average is 26.7x. This places it at the 38th percentile of its historical range.
Corpay, Inc.'s current EV/EBITDA is 10.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.1x.
Corpay, Inc.'s return on equity (ROE) is 29.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 24.4%.
Based on historical data, Corpay, Inc. is trading at a P/E of 23.7x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Corpay, Inc. has 69.9% gross margin and 43.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Corpay, Inc.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.