What is CPAY's intrinsic value?

TickerWorth's valuation lenses put Corpay, Inc. (CPAY) between $316.19 and $905.20 per share, versus a market price of $399.84. They disagree too widely for us to state a single fair value, so we publish the range.

Is CPAY overvalued or undervalued?

At $399.84 the price sits inside a range too wide to call either way. We don't call CPAY overvalued or undervalued from a range this wide. This is an educational estimate, not advice.

What discount rate is used for CPAY?

A WACC of 8.4% and a terminal growth rate of 2.5%.

Is Corpay stock undervalued?

TickerWorth's fair-value range for Corpay, Inc. (CPAY) is $316.19 – $905.20 against a market price of $399.84. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.

Corpay (CPAY) DCF valuation and fair value

Our fair-value range for Corpay, Inc. (CPAY) is $316.19 – $905.20, built on a 8.4% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

What growth is priced into Corpay stock?

Today's price implies revenue growth of 9.8% a year for 5 years; our model assumes 9.2% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $399.84. A model estimate, not investment advice.

Corpay (CPAY) insider trading

The most recent insider filing (SEC Form 4) for Corpay, Inc. (CPAY): Sloan Jeffrey Steven, Director, open-market sale on 2026-02-17. The latest filings are listed on this page. A disclosure, not a signal to trade.

CPAY · Intrinsic value

Is Corpay, Inc. (CPAY) overvalued or undervalued?

Name: Corpay, Inc. (CPAY) DCF intrinsic value
Creator: TickerWorth

As of Oct 19, 2026, TickerWorth's valuation lenses put Corpay, Inc. (CPAY) at $316.19 – $905.20, too broad a range to say where the delayed market price of $399.84 sits in it, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full CPAY analysis

What is CPAY worth?

Backup data source

This price comes from our backup market-data feed.

Fair-value range: $316.19 – $905.20
Market price: $399.84
Gap to fair value: —
Verdict: Too wide to call

Price as of 19 Oct 2026, 13:16 UTC · Prices are delayed.Our valuation lenses disagree too widely on this company for us to publish a single number, so we publish the range instead. We do not call it over- or undervalued from a spread this wide.

Fair-value range against the delayed market price: Too wide to call.

Reverse DCF: Today's price implies revenue growth of 9.8% a year for 5 years; our model assumes 9.2% a year on average over the same horizon.

What is CPAY's TickerWorth Score?

B60/100

Scores higher than most companies we compare it with

Compared with Technology companies in US

Its strongest point: a profitable, high-quality business. Its weakest: balance sheet looks stretched.

Value · 64 of 100
Cheaper than 64% of Technology companies in US
Price vs worth · 81 of 100
Quality · 84 of 100
More profitable than 84% of Technology companies in US
Financial health · 16 of 100
Financially stronger than 16% of Technology companies in US
Growth · 39 of 100
Growing faster than 39% of Technology companies in US
Momentum · 69 of 100
Outperformed 69% of Technology companies in US over the past year

Confidence: Medium confidence · Scored 19 Oct 2026, 13:16 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

FIT OF AN FCF-DCF. Corpay is not a bank, but its balance sheet behaves partly like one: deposits, settlement receivables/payables, a securitization conduit and a $90.7M H1 2026 credit-loss provision (up from $62.2M). The unlevered-FCF method works only because those items are netted out as operating; the answer is sensitive to that classification. Netting ALL unrestricted cash would give ~$419/share; the naive netting of all debt against all cash (incl. restricted) would give ~$488/share. This file uses neither.
YEAR-1 FCF IS ~21% ABOVE FY2025 REPORTED FCF ($1,570M modelled vs $1,299.1M = OCF $1,499.9M less capex $200.8M), past the 20% threshold. It is ~4% BELOW the TTM figure to 2026-06-30 ($1,638.4M). The gap to FY2025 is growth (+17% guided revenue, incl. Alpha) and Corpay's noisy OCF, which swung $2,101M -> $1,941M -> $1,500M over FY2023-25 on deposit and receivable movements.
TERMINAL VALUE IS ~78% OF ENTERPRISE VALUE; the five explicit years contribute ~22%. A 2.0% terminal rate instead of 2.5% takes ~$32/share off.
DEPRECIATION-ONLY ADD-BACK IS THE BIGGEST METHOD CHOICE. Acquired-intangible amortization (~$330M guided for FY2026) stays a cost, standing in for Corpay's continuing acquisitions (no future deals are modelled in revenue). Treating acquisitions as free and adding amortization back would lift the value to roughly $490/share.
MACRO TAILWINDS IN YEAR 1. The FY2026 guide assumes US fuel at $4.02/gal for the rest of the year; in Q2 2026 alone fuel prices/spreads added ~$27M and FX ~$37M of revenue (Exhibit 5). A fuel or FX reversal would hit Vehicle Payments revenue and margin almost one-for-one.
AVIDXCHANGE CONTINGENCIES NOT MODELLED: a ~2.5x-invested-capital call (~mid-2028) and a ~1.6x minimum-return guarantee if Corpay does not call and TPG sells. Either could require a large cash outlay; neither is in net debt.
Y1 EBIT MARGIN IS DERIVED, NOT GUIDED. Corpay guides revenue, GAAP and adjusted net income, interest and tax — not operating income. The 43.0% is backed out of those figures (bridge in forecast.ebit_margin) and requires H2 2026 to run ~44.5% against H1's 41.8%.
SBC ($102.6M in FY2025; $150M guided for FY2026) stays expensed inside GAAP EBIT; Corpay adds it back in 'adjusted' EBITDA and EPS, which is one reason its headline metrics look richer than this model.
Re-run after Q3 2026 results (expected 2026-11-04) and after the epyx sale closes, when the proceeds and the lost revenue can both be entered.

Why CPAY gets a range, not one number

At a recent price of $399.84, Corpay, Inc. (CPAY) sits inside a range too wide to call either way: our valuation lenses put the business somewhere between $316.19 and $905.20 per share. They disagree too widely for us to state a single fair value. We publish the range rather than a midpoint because a number that precise would claim more than the methods can support. This is an educational model, not a price target or a recommendation.

Read the full reasoning

The valuation discounts Corpay, Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 8.4%, with a long-run terminal growth rate of 2.5%. About 78% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly 9.8% annual revenue growth for CPAY. Our base case instead compounds to about 9.2% a year over the same forecast, so the market's implied growth is broadly in line with our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, CPAY's modeled DCF value ranges from about $250.26 to $736.78 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what Corpay, Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of CPAY's intrinsic value. Figures update as new filings and prices come in.

Every input behind CPAY's DCF

Input	Value	Source
Base-year revenueCorpay FY2025 10-K (accession 0001175454-26-000018, filed 2026-02-27): us-gaap:Revenues FY2025 $4,528,403K, +13.9% on FY2024 $3,974.6M (10-K: 'organic growth of 10%'; the rest is acquisitions, mainly Alpha Group from Q4 2025, and fuel/FX). Segment mix FY2025: Vehicle Payments $2,138.7M (47%), Corporate Payments $1,635.1M (36%), Lodging $469.5M (10%), Other $285.1M (6%). UNCHANGED as the base; the year in progress belongs in forecast Y1. CROSS-CHECK: H1 2026 revenue $2,599.8M, +23% on H1 2025 $2,107.7M (Q2 alone $1,338.8M, +21%, organic +10%) — the gap between reported and organic growth is Alpha, partly offset by the PayByPhone sale (closed March 2026).	$4,528,400,000	Corpay FY2025 10-K (accession 0001175454-26-000018, filed 2026-02-27): us-gaap:Revenues FY2025 $4,528,403K, +13.9% on FY2024 $3,974.6M (10-K: 'organic growth of 10%'; the rest is acquisitions, mainly Alpha Group from Q4 2025, and fuel/FX). Segment mix FY2025: Vehicle Payments $2,138.7M (47%), Corporate Payments $1,635.1M (36%), Lodging $469.5M (10%), Other $285.1M (6%). UNCHANGED as the base; the year in progress belongs in forecast Y1. CROSS-CHECK: H1 2026 revenue $2,599.8M, +23% on H1 2025 $2,107.7M (Q2 alone $1,338.8M, +21%, organic +10%) — the gap between reported and organic growth is Alpha, partly offset by the PayByPhone sale (closed March 2026).
Base EBIT marginCorpay FY2025 10-K (accession 0001175454-26-000018, filed 2026-02-27): GAAP operating income FY2025 $1,994.1M LESS the $42.3M 'gain on disposition, net' (a one-off) = $1,951.8M / $4,528.4M = 43.10%. Reported margin incl. the gain is 44.0%. This EBIT is AFTER $261.9M of acquired-intangible amortization and $102.6M of SBC; it is far below the 'adjusted EBITDA margin' (~56%) Corpay headlines. CROSS-CHECK H1 2026 on the same basis: operating income $1,108.4M less the $122.5M PayByPhone gain plus the $100M FTC settlement charge (one-off, carried in net debt instead — see market.net_debt) = $1,085.9M / $2,599.8M = 41.8%; H1 2025 was 43.0% ($906.5M/$2,107.7M). The H1 2026 dip is Alpha's added amortization (D&A rose to 9.0% of revenue from 8.7%) and $55M of integration/deal costs. Corpay is seasonally stronger in H2: FY2025 H2 margin was 43.2%.	43.1%	Corpay FY2025 10-K (accession 0001175454-26-000018, filed 2026-02-27): GAAP operating income FY2025 $1,994.1M LESS the $42.3M 'gain on disposition, net' (a one-off) = $1,951.8M / $4,528.4M = 43.10%. Reported margin incl. the gain is 44.0%. This EBIT is AFTER $261.9M of acquired-intangible amortization and $102.6M of SBC; it is far below the 'adjusted EBITDA margin' (~56%) Corpay headlines. CROSS-CHECK H1 2026 on the same basis: operating income $1,108.4M less the $122.5M PayByPhone gain plus the $100M FTC settlement charge (one-off, carried in net debt instead — see market.net_debt) = $1,085.9M / $2,599.8M = 41.8%; H1 2025 was 43.0% ($906.5M/$2,107.7M). The H1 2026 dip is Alpha's added amortization (D&A rose to 9.0% of revenue from 8.7%) and $55M of integration/deal costs. Corpay is seasonally stronger in H2: FY2025 H2 margin was 43.2%.
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	17% → 8% → 8% → 7% → 6%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation; program-wide input shared by every researched model.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation; program-wide input shared by every researched model.
Betayfinance 'beta' (Yahoo 5Y monthly): Published 5Y-monthly beta 0.894, used as published (rounded to 0.89). Not normalized: Corpay has a long, unbroken return history as FleetCor/Corpay and no spin-off distorts it. Arguments both ways — fuel-price and FX sensitivity argue higher; recurring B2B payments argue lower — so the published figure stands. Each 0.1 of beta moves the value by roughly $30/share (0.99 gives ~$359).	0.89	yfinance 'beta' (Yahoo 5Y monthly): Published 5Y-monthly beta 0.894, used as published (rounded to 0.89). Not normalized: Corpay has a long, unbroken return history as FleetCor/Corpay and no spin-off distorts it. Arguments both ways — fuel-price and FX sensitivity argue higher; recurring B2B payments argue lower — so the published figure stands. Each 0.1 of beta moves the value by roughly $30/share (0.99 gives ~$359).
Terminal growthESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP). Kept despite ~10% organic growth today because ~45% of revenue is fuel-card and lodging payments facing EV adoption and a shrinking per-transaction take; the faster-growing Corporate Payments half argues higher. Must remain well below WACC (~8.4%).	2.5%	ESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP). Kept despite ~10% organic growth today because ~45% of revenue is fuel-card and lodging payments facing EV adoption and a shrinking per-transaction take; the faster-growing Corporate Payments half argues higher. Must remain well below WACC (~8.4%).
Diluted sharesCorpay 2Q 2026 earnings release, 8-K Ex-99.1 (accession 0001175454-26-000045, filed 2026-08-05): Q2 2026 weighted-average diluted shares 66,325K (H1 2026 67,379K; FY2025 71,058K). The count is FALLING fast: Corpay bought back $1,112.5M of stock in H1 2026 (1M shares for $321M in Q2 alone) and guides to 'approximately 66 million fully diluted shares'. Shares outstanding per yfinance are 65.66M. Using 66.3M does not credit future buybacks — consistent with the house method (cash returned is already counted once in FCF).	66M	Corpay 2Q 2026 earnings release, 8-K Ex-99.1 (accession 0001175454-26-000045, filed 2026-08-05): Q2 2026 weighted-average diluted shares 66,325K (H1 2026 67,379K; FY2025 71,058K). The count is FALLING fast: Corpay bought back $1,112.5M of stock in H1 2026 (1M shares for $321M in Q2 alone) and guides to 'approximately 66 million fully diluted shares'. Shares outstanding per yfinance are 65.66M. Using 66.3M does not credit future buybacks — consistent with the house method (cash returned is already counted once in FCF).
Market priceBackup price feed · as of 2026-10-19 13:16 UTC	$399.84	Backup price feed · as of 2026-10-19 13:16 UTC

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What does Corpay, Inc. do?

What does it do?

Corpay, Inc. operates as a payments company that helps businesses and consumers to manage and pay their expenses. It operates in the Software - Infrastructure industry (Technology sector), headquartered in United States. The company employs roughly 11,800 people.

How does it make money?

The business turns $5.0B in annual revenue into profit. Out of every $100 of sales, about $47 is left as operating profit (operating margin of 46.9%), after a 81% gross margin on the products/services it sells. After all costs, taxes and interest, 22.7% of revenue becomes bottom-line net profit.

Is it financially healthy?

Financially it looks stretched: carries heavy debt (2.8× equity), may struggle to cover its short-term bills (1.0× current ratio), and is currently profitable.

Who at CPAY filed insider trades?

Recent insider filings for Corpay, Inc.
Date	Insider	Relationship	What happened	Value	Filing
17 Feb 2026	Sloan Jeffrey Steven	Director	Open-market sale	$1,237,015.44	Form 4 for Sloan Jeffrey Steven (opens sec.gov in a new tab)
14 Feb 2026	Netto Armando Lins	GroupPresident Brazil&USVehPmt	Shares withheld (tax)	$172,942.56	Form 4 for Netto Armando Lins (opens sec.gov in a new tab)
14 Feb 2026	Netto Armando Lins	GroupPresident Brazil&USVehPmt	Shares withheld (tax)	$76,189.12	Form 4 for Netto Armando Lins (opens sec.gov in a new tab)
14 Feb 2026	Netto Armando Lins	GroupPresident Brazil&USVehPmt	Grant / award	—	Form 4 for Netto Armando Lins (opens sec.gov in a new tab)
14 Feb 2026	Netto Armando Lins	GroupPresident Brazil&USVehPmt	Shares withheld (tax)	$157,435.04	Form 4 for Netto Armando Lins (opens sec.gov in a new tab)
14 Feb 2026	Netto Armando Lins	GroupPresident Brazil&USVehPmt	Grant / award	—	Form 4 for Netto Armando Lins (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans

Common questions

What is CPAY's intrinsic value?
TickerWorth's valuation lenses put Corpay, Inc. (CPAY) between $316.19 and $905.20 per share, versus a market price of $399.84. They disagree too widely for us to state a single fair value, so we publish the range.
Is CPAY overvalued or undervalued?
At $399.84 the price sits inside a range too wide to call either way. We don't call CPAY overvalued or undervalued from a range this wide. This is an educational estimate, not advice.
What discount rate is used for CPAY?
A WACC of 8.4% and a terminal growth rate of 2.5%.
Is Corpay stock undervalued?
TickerWorth's fair-value range for Corpay, Inc. (CPAY) is $316.19 – $905.20 against a market price of $399.84. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
Corpay (CPAY) DCF valuation and fair value
Our fair-value range for Corpay, Inc. (CPAY) is $316.19 – $905.20, built on a 8.4% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Corpay stock?
Today's price implies revenue growth of 9.8% a year for 5 years; our model assumes 9.2% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $399.84. A model estimate, not investment advice.
Corpay (CPAY) insider trading
The most recent insider filing (SEC Form 4) for Corpay, Inc. (CPAY): Sloan Jeffrey Steven, Director, open-market sale on 2026-02-17. The latest filings are listed on this page. A disclosure, not a signal to trade.