CPAYCorporate payments and spend management
Corpay
Not investment advice. Kevin may own this stock. How we value stocks
By Kevin Amado
Updated
- Price
- $461.95
- Intrinsic value
- Intrinsic value from an AI estimate
- Analysts view
- Bullish
- Discount category
- Close to intrinsic value (AI estimate)
- Pick status
- Research only
- Next earnings
- Earnings Feb 3 · · estimated
- Market cap
- $30B
- Shares of Oct 30, 2026
- P/E (trailing)
- 25.4
- Price of Nov 12, 2026
- EPS (trailing)
- $18.19
- 12 months to Sep 30, 2026
- 52-week range
- $271.22 – $479.53
- To Nov 12, 2026
- Beta
- 0.95
- Vs S&P 500, 5 years monthly, to Oct 30, 2026
- Average volume
- 488K
- 3 months, to Nov 12, 2026
Check the numbers:ExchangeGoogle FinanceYahoo FinanceSEC filings
In short
- Thesis
- The market doubts that fast organic growth can last while debt is high and adjusted earnings leave out large costs, and steady growth with lower debt after the Maintenance sale can lift its value.
- Gap
- Can close. The Q4 2026 report in February 2027 and its 2027 guidance show whether organic growth holds and debt falls after the Maintenance sale.
Company guidance: 2026 revenue $5.340 billion to $5.360 billion; adjusted EPS $27.90 to $28.10; Q4 adjusted EPS about $7.65 (, Q3 2026 results release (8-K))
Price history
About
Corpay, Inc. (Corpay) is a business payments company based in Atlanta, Georgia. It describes itself as the Global Spend Management Company. It has four reporting lines. Corporate Payments (corporate and virtual cards, accounts payable automation, and cross-border payments) earned $571.3 million of the $1,381.9 million of revenue in Q3 2026.
Vehicle Payments (fuel cards, tolls and parking) earned $579.8 million. Lodging Payments earned $131.1 million, and Other earned $99.7 million. Ron Clarke is Chairman and Chief Executive Officer, and Peter Walker is Chief Financial Officer. The shares trade on NYSE in US dollars.
Corpay files 10-K and 10-Q reports. It had 63,971,827 shares outstanding at October 30, 2026.
Thesis
The price of Corpay depends on whether double-digit organic growth continues while debt and costs stay in check. In Q3 2026, revenue rose 18% to $1,381.9 million, organic revenue rose 11%, and adjusted net income per diluted share rose 32% to $7.54. Net income per diluted share under US GAAP was $5.66. The guidance for adjusted earnings per share of $27.90 to $28.10 in 2026 leaves out stock-based compensation of $134 million and amortization of $340 million before tax.
Corpay has bought 5.25 million shares for $1.85 billion in 2026, and diluted shares fell to 66.4 million in Q3. Debt was $11,233 million at September 30, 2026, after the purchase of Alpha in October 2025. In November 2026, Corpay sold its Maintenance business for about $800 million, and plans to use the proceeds to repay debt. For the price to hold or rise, three things must be true.
Organic growth must stay near 11%. Fuel prices and spreads must not fall. Debt must fall after the sale. The Q4 2026 report in February 2027 is the next test.
If these hold, the gap can close over the next two years. If cross-border or fuel profits fall, or if rates rise, the gap can last longer.
Valuation
AI estimate, checked by Kevin. How it is made
Show the method
The intrinsic value for Corpay is an AI estimate from November 12, 2026. It is not an analyst's value. An AI research agent calculated it from the filings of Corpay with the SEC. The method is a multiple of adjusted net income per diluted share for 2027, less share-based compensation.
The Q3 2026 release (8-K, November 4, 2026) gives guidance for 2026 of adjusted net income per diluted share of $27.90 to $28.10, which is $28.00 at the midpoint, with about 66 million diluted shares, interest expense of $435 million to $455 million and an adjusted tax rate of 24% to 26%. The reconciliation of the guidance shows stock-based compensation of $134 million and amortization of $340 million, both before tax, and adjusted earnings leave out both. Adjusted earnings are after interest, so the estimate makes no debt adjustment. The estimate deducts stock-based compensation as a cost, which is about $1.50 per share after tax at an assumed rate of 25%.
It does not deduct amortization of acquired intangible assets, and the multiples allow for this as an assumption. The Form 10-Q for the quarter ended September 30, 2026 gives 63,971,827 shares outstanding at October 30, 2026 and total debt of $11,233.1 million. The 2027 adjusted earnings per share and the multiples are assumptions. The low case assumes $29.50 before the deduction, up about 5% from the 2026 midpoint, which is $28.00 after it, at 13 times.
It gives $364.00 per share. The base case assumes $32.00 before the deduction, up about 14%, which is $30.50 after it, at 15 times. It gives $457.50 per share. The high case assumes $34.00 before the deduction, up about 21%, which is $32.50 after it, at 17 times.
It gives $552.50 per share. The estimate assumes weights of 25%, 50% and 25%. The weighted intrinsic value is $457.88 per share.
Checkpoints
- Feb 3, 2027 · est.PendingQ4 2026 results and 2027 guidanceOrganic growth stays near 11% and 2027 guidance for adjusted earnings per share is above the 2026 guidance, and this passes; slower growth or a lower guide fails.
- May 2027 · est.PendingQ1 2027 results: debt after the Maintenance saleTotal debt falls after the sale proceeds and free cash flow, and this passes; a flat debt level fails.
Recent events
- November 4, 2026Corpay reported Q3 2026 results. Revenue rose 18% to $1,381.9 million, and net income was $378.4 million, or $5.66 per diluted share. Adjusted net income per diluted share was $7.54. Corporate Payments grew 18% on an organic basis.
- November 4, 2026Corpay raised its 2026 guidance. It now expects revenue of $5.340 billion to $5.360 billion, and adjusted net income per diluted share of $27.90 to $28.10. For Q4 2026, it expects revenue of about $1.37 billion and adjusted net income per diluted share of about $7.65.
- November 2, 2026Corpay completed the sale of its Maintenance business for about 600 million pounds, about $800 million. It expects a pre-tax gain of $460 million to $515 million.
Show 2 older eventsHide older events
- May 21, 2026Corpay made the eighteenth amendment to its credit agreement. It repaid Term Loan B-5 with new Term Loan A, revolving credit and Term Loan B-6 funds. The revolver and Term Loan A are due May 21, 2031, and Term Loan B-6 is due November 5, 2032.
- March 31, 2026Corpay completed the sale of PayByPhone, a mobile parking payments business. It received proceeds of about $424.7 million, net of cash disposed, and a pre-tax gain of $125.5 million.
Latest news and filings
- Last earnings
- November 4, 2026 (8-K on sec.gov)
- Next earnings
- Expected about February 3, 2027. The company has not confirmed the date.
- 10-QQuarterly report for the period ended Sep 30, 2026Filed · cpay-20260930
- 8-KEarnings release and Investor disclosureFiled · Press release and exhibits
- 10-QQuarterly report for the period ended Jun 30, 2026Filed · cpay-20260630
- 8-KEarnings release and Investor disclosureFiled · Press release and exhibits
- 8-KChange of directors or officersFiled · flt-20260722
- 8-KNew material agreement and Investor disclosureFiled · flt-20260521
- 8-KInvestor disclosureFiled · flt-20260512
- 8-KShareholder vote resultsFiled · flt-20260507
- 10-QQuarterly report for the period ended Mar 31, 2026Filed · cpay-20260331
- 8-KEarnings release and Investor disclosureFiled · Press release and exhibits
Risks
- Debt is large. Total debt was $11,233 million at September 30, 2026, of which $5,161 million is current. This includes a securitization facility of $2,300 million. A rise in rates raises interest cost. Corpay expects interest expense of $435 million to $455 million in 2026.
- Fuel prices and spreads drive Vehicle Payments. The guidance assumes a fuel price of $4.90 per gallon and flat spreads for the rest of 2026.
- Adjusted earnings leave out costs. The 2026 guidance adds back stock-based compensation of $134 million and amortization of $340 million, and the GAAP earnings per share guidance is $20.03 to $20.23.
- Cross-border payments and foreign exchange can change results. Brazil earned 16% and the United Kingdom earned 15% of revenue in Q3 2026.
- Corpay holds about 35% of the equity of the AvidXchange partnership with TPG, for which it paid about $578 million. The agreement gives Corpay a right to buy the rest after 33 months.
Balance sheet
- Cash
- $3.1B
- Debt
- $11.2B
- Net debt
- $8.2B
Cash against debt
debt covered by cashnet debt $8.2B
When the debt is due
At September 30, 2026, Corpay had cash of $3,073 million and total debt of $11,233 million, of which $5,161 million is current. Term Loan A was $3,271 million, Term Loan B was $2,906 million, revolving credit was $2,755 million and the securitization facility was $2,300 million. Restricted cash of $6,340 million is held for customers and does not belong to Corpay. Corpay repaid Term Loan B-5 in May 2026. It plans to use the proceeds of the Maintenance sale and free cash flow to repay debt. It was in compliance with all covenants.
Dividends
Corpay does not pay a dividend.
Source: company filings and market data, read on November 13, 2026.
Questions about Corpay
What does Corpay do?
Corpay, Inc. (Corpay) is a business payments company based in Atlanta, Georgia. It describes itself as the Global Spend Management Company. Its market cap is $30B at the current price of $461.95.
When does Corpay report earnings next?
This is an estimate: Corpay may report on February 3, 2027. It last reported results on November 4, 2026.
Is Corpay stock below its intrinsic value?
Corpay stock is close to intrinsic value. The source of the intrinsic value is: AI estimate. This is general information, not advice.
What changed recently at Corpay?
The latest update is from November 4, 2026. Corpay reported Q3 2026 results.
What are the main risks for Corpay?
Debt is large. Fuel prices and spreads drive Vehicle Payments. Adjusted earnings leave out costs.
How much debt and cash does Corpay have?
At September 30, 2026, Corpay had $11.2B of debt and $3.1B of cash.
Does Corpay pay a dividend?
No. Corpay does not pay a dividend.
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