Rankings Financial data & insurance broking Corpay
Corpay
77
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- FTC case and hidden fees−5
- Quality of growth−3
- Capital allocation−3
Strengths
- Raised guidance+2
- Strong core growth+1
How the score is built
From 100 to 77, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 409.29 USD
- Median analyst target
- 460.00 USD
- Upside to median
- +12.4%
- Analysts
- 16
- Target range
- 390.00 – 536.00 USD
- 52-week change
- +57%
- P/E (trailing)
- 24.9
- Forward P/E
- 13.9
- PEG
- 1.33
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−9 of −30
- −3Quality of growthRevenue rose 21% in Q2, but organically only 10%; Vehicle Payments grew 8% organically and got about USD 30m of tailwind from fuel prices and spreads, while Lodging grew only 2%.
- −2Future segmentFuel cards (Vehicle Payments) are still USD 2.27bn of 5.02bn in revenue (45%) and grew only from USD 1.95bn in 2022; Corporate Payments is growing, but mainly through acquisitions.
- −3Capital allocationBuybacks of USD 1.80bn TTM exceeded FCF of 1.64bn, alongside debt-financed acquisitions (Alpha 2.4bn, 34% of AvidXchange about 550m); gross debt has risen from 6.1 to 10.7bn USD since 2021.
- −1MarginOperating margin is high (49%), but net margin has fallen from 29.6% in 2021 to 22.6% due to higher interest and costs.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −3Multiples vs own historyForward P/E 13.8 vs 11.0-15.8 in 2021-2025 and EV/EBITDA 12.0 vs 11.3-14.9: in the middle of the range after +39% in a year.
- −1FCF yieldP/FCF 15.9 (FCF yield 6.2%), but FCF fell 15% TTM and swings sharply with customer funds; analysts expect USD 1.70bn in 2026.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−13 of −35
- −5FTC case and hidden feesThe court found in 2023 that FleetCor charged hidden and unauthorised fees, and the Eleventh Circuit upheld the ruling in January 2026; the company and CEO Ron Clarke personally have entered a preliminary USD 100m settlement (the FTC estimated customer harm at over 500m). This hurts trust in pricing and management.
- −3Debt and ratingCredit rating only BB+/Ba1 (below investment grade), gross debt 10.7bn USD and net debt 7.6bn; leverage 2.55x after the Alpha purchase.
- −2Fuel pricesPart of earnings follows fuel prices and spreads (about USD 30m positive effect in Q2), which may reverse.
- −2Credit lossesProvisions for losses on receivables rose to 90.7m USD in H1 2026 from 62.2m a year earlier (+46%).
- −1Portfolio reshapingMany simultaneous transactions – the sale of PayByPhone (gain of USD 122.5m in H1), the planned sale of Epyx, the integration of Alpha and the option on the rest of AvidXchange – make it hard to read the underlying performance.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Raised guidanceFull-year guidance for adjusted EPS raised to 27.15-27.55 USD and revenue to 5.29-5.33bn USD after Q2, where adjusted EPS rose 36%.
- +1Strong core growthCorporate Payments grew organically 16% in Q2 and is now USD 1.94bn in revenue (TTM) vs USD 0.60bn in 2021.
Caveats
What the score does not capture, or where the data is weak.
Formerly FleetCor. Reported growth (21% in Q2) is boosted by the acquisition of Alpha Group (USD 2.4bn, Oct 2025); organic growth is 10%. FCF swings widely due to customer funds and receivables (FCF margin 18-52% over the last five years), so the FCF yield is judged conservatively. An Altman Z of 1.52 is typical for payment companies with large customer balances and carries no standalone deduction. Q3 2026 reports on 4 Nov. Peer multiples (WEX, Edenred) have not been retrieved.
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