CORPAY, Inc. (CPAY) intrinsic value & 10-year financials
CORPAY, Inc. (CPAY) has a Graham intrinsic value of $317.69 per share. At $399.84 on Oct 17, 2026, the stock trades 26% above that value. Over the last 10 fiscal years revenue grew 10.6% a year to $4.5B, with an average return on invested capital of 15.1%.
- Graham intrinsic value
- $317.69
- Share price (Oct 17, 2026)
- $399.84
- Price vs Graham value
- 26% above
- Market cap
- $28.4B
- Revenue (FY2025)
- $4.5B
- Revenue growth (10-yr CAGR)
- 10.6%
- ROIC (10-yr avg)
- 15.1%
- Free cash flow (FY2025)
- $1.3B
CPAY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.5B | $1.1B | $15.03 | $1.3B | 44.0% | 10.1% |
| FY2024 | $4.0B | $1.0B | $13.97 | $1.8B | 45.0% | 11.2% |
| FY2023 | $3.8B | $981.9M | $13.20 | $1.9B | 44.1% | 11.5% |
| FY2022 | $3.4B | $954.3M | $12.42 | $603.4M | 42.2% | 11.1% |
| FY2021 | $2.8B | $839.5M | $9.99 | $1.1B | 43.8% | 14.9% |
| FY2020 | $2.4B | $704.2M | $8.12 | $1.4B | 40.7% | 19.5% |
| FY2019 | $2.6B | $895.1M | $9.94 | $1.1B | 46.5% | 23.6% |
| FY2018 | $2.4B | $811.5M | $8.81 | $822.0M | 44.8% | 18.5% |
| FY2017 | $2.2B | $740.2M | $7.91 | $605.6M | 39.3% | 17.6% |
| FY2016 | $1.8B | $452.4M | $4.75 | $646.9M | 41.2% | 13.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Corpay is a consistent compounder, expanding top-line revenue at 10.6% annually over the past decade.
Corpay has earned high returns on invested capital, averaging 15.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Corpay shows that management has aggressively returned capital to shareholders by retiring 25.4% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Corpay is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $317.69 per share.