Explain this page
Arphra AIPlain-English read on Corpay, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +80.24% | +77.69% | +78.18% | +78.13% | +69.91% | +76.03% | +77.22% | +75.13% |
| Operating margin | +43.85% | +42.21% | +44.09% | +44.96% | +43.10% | +44.25% | +43.50% | +45.22% |
| EBITDA margin | +53.17% | +51.43% | +53.50% | +53.32% | +51.65% | +52.82% | +52.77% | +51.65% |
| EBIT margin | +43.14% | +42.03% | +44.54% | +44.49% | +42.96% | +45.05% | +43.31% | +43.16% |
| Pre-tax margin | +39.13% | +37.22% | +35.26% | +34.85% | +34.04% | +34.44% | +35.03% | +34.62% |
| Net margin | +29.63% | +27.85% | +26.13% | +25.25% | +23.62% | +25.35% | +25.13% | +25.71% |
| Cost structure | ||||||||
| Cost of revenue / sales | +19.76% | +22.31% | +21.82% | +21.87% | +30.09% | +25.00% | +24.76% | +23.98% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +26.39% | +26.06% | +25.11% | +25.10% | +26.76% | +26.11% | +26.29% | +25.66% |
| Effective tax rate | +24.29% | +25.19% | +25.90% | +27.53% | +30.47% | +28.82% | +28.13% | +27.36% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +29.29% | +37.55% | +29.91% | +31.91% | +25.30% | +29.41% | +27.87% | +29.14% |
| Return on assets (ROA) | +6.26% | +6.77% | +6.34% | +5.59% | +4.05% | +5.39% | +5.13% | +5.22% |
| Return on capital (ROC) | +14.05% | +15.10% | +16.56% | +16.04% | +13.61% | +15.46% | +14.67% | +15.84% |
| Return on invested capital (ROIC) | +9.49% | +9.96% | +9.81% | +9.01% | +7.46% | +8.85% | +8.48% | +9.00% |
| Asset turnover | +21.14% | +24.32% | +24.28% | +22.13% | +17.15% | +21.26% | +20.43% | +20.29% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +29.63% | +27.85% | +26.13% | +25.25% | +23.62% | +25.35% | +25.13% | +25.71% |
| Asset turnover (× revenue / assets) | +21.14% | +24.32% | +24.28% | +22.13% | +17.15% | +21.26% | +20.43% | +20.29% |
| Equity multiplier (× assets / equity) | +467.62% | +554.37% | +471.50% | +570.79% | +624.50% | +545.87% | +542.73% | +558.51% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.21 | 0.24 | 0.24 | 0.22 | 0.17 | 0.21 | 0.20 | 0.20 |
| Fixed-asset turnover | 11.99 | 11.63 | 10.95 | 10.52 | 7.92 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 1.58 | 1.66 | 1.74 | 1.90 | 1.13 | — | — | — |
| Payables turnover | 0.40 | 0.49 | 0.50 | 0.55 | 0.87 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 230.98 | 219.90 | 209.96 | 191.98 | 321.92 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 916.94 | 748.87 | 723.40 | 659.55 | 419.13 | — | — | — |
| Cash conversion cycle | -685.95 | -528.97 | -513.44 | -467.57 | -97.21 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.43 | 0.79 | 2.14 | 1.93 | 1.40 | 1.85 | 1.78 | 1.77 |
| FCF / Net income | 1.29 | 0.63 | 1.98 | 1.76 | 1.21 | 1.61 | 1.64 | 1.63 |
| FCF margin | +38.31% | +17.61% | +51.82% | +44.42% | +28.69% | +40.86% | +41.22% | +42.00% |
| OCF margin | +42.24% | +22.02% | +55.92% | +48.82% | +33.12% | +46.91% | +44.80% | +45.56% |
| CapEx / Revenue | +3.94% | +4.42% | +4.09% | +4.41% | +4.43% | +4.28% | +4.34% | +4.31% |
| CapEx / D&A | 0.39 | 0.47 | 0.46 | 0.50 | 0.51 | — | — | — |
| Stock-based comp / Revenue | +2.83% | +3.54% | +3.09% | +2.94% | +2.27% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 9.99 | 12.42 | 13.20 | 13.97 | 15.03 | 26.78 | 30.66 | 35.67 |
| EPS · basic | 10.23 | 12.62 | 13.42 | 14.27 | 15.25 | 27.55 | 31.02 | 36.82 |
| Book value / share | 34.10 | 33.07 | 44.13 | 43.79 | 59.51 | 64.94 | 73.56 | 78.85 |
| Tangible BV / share | -54.10 | -62.33 | -59.80 | -73.06 | -92.51 | 64.94 | 73.56 | 78.85 |
| Sales / share | 33.71 | 44.59 | 50.52 | 55.32 | 63.73 | 75.36 | 81.56 | 89.37 |
| Operating CF / share | 14.24 | 9.82 | 28.25 | 27.01 | 21.11 | 35.35 | 36.54 | 40.71 |
| Free cash flow / share | 12.91 | 7.85 | 26.18 | 24.57 | 18.28 | 30.79 | 33.62 | 37.54 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +20.94% | +9.65% | +5.77% | +13.93% | +17.11% | +9.81% | +9.36% | +12.26% |
| Gross profit · YoY | — | +17.09% | +10.34% | +5.71% | +1.95% | +27.36% | +11.53% | +6.39% | +11.21% |
| Profit | |||||||||
| Operating income · YoY | — | +16.42% | +14.53% | +7.86% | +9.22% | +20.24% | +7.95% | +13.68% | +12.76% |
| EBITDA · YoY | — | +16.98% | +14.05% | +5.42% | +10.36% | +19.76% | +9.71% | +7.04% | +11.80% |
| Net income · YoY | — | +13.68% | +2.89% | +2.23% | +6.58% | +25.65% | +8.89% | +11.86% | +10.01% |
| Operating | |||||||||
| EBIT · YoY | — | +17.82% | +16.20% | +5.65% | +10.03% | +22.81% | +5.56% | +8.97% | +12.27% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +24.32% | +6.28% | +5.83% | +7.59% | +78.16% | +14.51% | +16.33% | +19.94% |
| EPS · basic · YoY | — | +23.36% | +6.34% | +6.33% | +6.87% | +80.66% | +12.58% | +18.72% | +20.08% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $5.98B | $7.04B | $6.72B | $8B | $10.12B | $10.61B | $12.01B | $12.57B |
| Net debt | $4.46B | $5.6B | $5.33B | $6.44B | $1.12B | $5.85B | $6.65B | $6.66B |
| Net debt / EBITDA | 2.96 | 3.18 | 2.65 | 3.04 | 0.48 | 2.09 | 2.16 | 2.02 |
| Debt / equity | 2.09 | 2.77 | 2.05 | 2.54 | 2.39 | 2.32 | 2.29 | 2.24 |
| Debt / assets | +44.59% | +49.95% | +43.44% | +44.53% | +38.31% | +42.54% | +42.13% | +40.05% |
| Equity / assets | +21.38% | +18.04% | +21.21% | +17.52% | +16.01% | +18.32% | +18.43% | +17.90% |
| Coverage | ||||||||
| EBITDA / interest expense | 13.25 | 10.70 | 5.77 | 5.53 | 5.79 | 5.64 | 5.81 | 5.50 |
| Operating income / interest | 10.93 | 8.79 | 4.75 | 4.67 | 4.83 | 4.72 | 4.79 | 4.82 |
| Interest expense | $113.71M | $164.66M | $348.61M | $383.04M | $403.85M | $496.79M | $528.95M | $597.73M |
| Liquidity | ||||||||
| Current ratio | 1.04 | 1.01 | 1.04 | 1.00 | 0.98 | — | — | — |
| Quick ratio | 0.63 | 0.58 | 0.52 | 0.42 | 0.91 | — | — | — |
| Cash ratio | 0.29 | 0.24 | 0.20 | 0.18 | 0.63 | — | — | — |
| Working capital | $197.7M | $62.7M | $258.51M | -$32.01M | -$344.64M | — | — | — |
| Working capital / revenue | +6.98% | +1.83% | +6.88% | -0.81% | -7.61% | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).