Corpay (CPAY) Financials

$308.95 +3.47 (+1.14%)

As of 04/14/2025 03:58 PM Eastern

Annual Income Statements for Corpay

This table shows Corpay's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	362	452	740	811	895	704	839	954	982	1,004
Consolidated Net Income / (Loss)	362	452	740	811	895	704	839	954	982	1,004
Net Income / (Loss) Continuing Operations	362	452	740	811	895	704	839	954	982	1,004
Total Pre-Tax Income	536	643	894	1,095	1,078	883	1,109	1,276	1,325	1,385
Total Operating Income	668	754	884	1,091	1,231	972	1,243	1,447	1,657	1,787
Total Gross Profit	1,372	1,372	1,707	1,946	2,118	1,792	2,274	2,662	2,938	3,106
Total Revenue	1,703	1,832	2,250	2,433	2,649	2,389	2,834	3,427	3,758	3,975
Operating Revenue	1,703	1,832	2,250	2,433	2,649	2,389	2,834	3,427	3,758	3,975
Total Cost of Revenue	331	460	543	488	531	596	560	765	820	869
Operating Cost of Revenue	331	460	543	488	531	596	560	765	820	869
Total Operating Expenses	704	618	823	855	887	820	1,031	1,216	1,281	1,318
Selling, General & Admin Expense	515	415	558	572	612	567	748	893	944	998
Depreciation Expense	193	203	265	275	274	255	284	322	337	351
Other Operating Expenses / (Income)	-4.24	-0.69	0.06	8.73	0.52	-1.99	-0.78	0.28	0.75	0.79
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	90
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	0.00	-121
Total Other Income / (Expense), net	-132	-111	9.83	4.43	-154	-90	-134	-171	-332	-402
Interest Expense	71	72	110	141	150	130	130	167	349	388
Interest & Investment Income	-58	-36	-53	-7.15	-3.47	30	0.01	-1.38	0.12	-0.24
Other Income / (Expense), net	-2.52	-2.98	173	152	-0.09	10	-3.86	-3.00	17	-14
Income Tax Expense	174	191	153	284	183	178	269	321	343	381
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	0.00	0.00	-0.01
Basic Earnings per Share	$3.94	$4.89	$8.12	$9.14	$10.36	$8.38	$10.23	$12.62	$13.42	$14.27
Weighted Average Basic Shares Outstanding	92.02M	92.60M	91.13M	88.75M	86.40M	84.01M	82.06M	75.60M	73.16M	70.33M
Diluted Earnings per Share	$3.85	$4.75	$7.91	$8.81	$9.94	$8.12	$9.99	$12.42	$13.20	$13.97
Weighted Average Diluted Shares Outstanding	94.14M	95.21M	93.59M	92.15M	90.07M	86.72M	84.06M	76.86M	74.39M	71.85M
Weighted Average Basic & Diluted Shares Outstanding	92M	92.50M	91.20M	89.40M	85.43M	166.83M	155.77M	73.49M	71.85M	70.25M

This table shows Corpay's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	249	225	215	240	271	256	230	252	276	246
Consolidated Net Income / (Loss)	249	225	215	240	271	256	230	252	276	246
Net Income / (Loss) Continuing Operations	249	225	215	240	271	256	230	252	276	246
Total Pre-Tax Income	340	297	295	327	370	333	305	334	358	387
Total Operating Income	389	369	375	413	445	424	397	433	468	488
Total Gross Profit	690	682	696	743	763	736	728	767	806	806
Total Revenue	893	884	901	948	971	937	935	976	1,029	1,034
Operating Revenue	893	884	901	948	971	937	935	976	1,029	1,034
Total Cost of Revenue	203	202	205	205	208	201	207	209	224	229
Operating Cost of Revenue	203	202	205	205	208	201	207	209	224	229
Total Operating Expenses	301	313	321	330	318	312	331	333	337	317
Selling, General & Admin Expense	223	223	236	246	234	228	245	249	248	256
Depreciation Expense	77	90	84	84	85	84	85	84	90	92
Other Operating Expenses / (Income)	0.00	0.20	0.66	0.82	-0.85	0.12	0.29	0.01	0.01	0.48
Total Other Income / (Expense), net	-49	-72	-80	-86	-75	-91	-92	-99	-110	-101
Interest Expense	45	76	80	88	88	92	89	95	109	95
Interest & Investment Income	-0.17	-0.86	0.19	-0.02	-0.03	-0.03	0.17	0.04	-0.47	0.03
Other Income / (Expense), net	-3.69	5.12	-0.75	2.42	13	1.51	-3.13	-4.50	0.10	-6.20
Income Tax Expense	91	72	80	87	99	78	75	83	82	141
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.00	-	0.03	0.04	-0.14	0.05
Basic Earnings per Share	$3.34	$3.06	$2.92	$3.24	$3.71	$3.55	$3.20	$3.59	$3.98	$3.50
Weighted Average Basic Shares Outstanding	74.46M	75.60M	73.52M	73.89M	73.17M	73.16M	71.77M	70.11M	69.52M	70.33M
Diluted Earnings per Share	$3.29	$3.03	$2.88	$3.20	$3.64	$3.48	$3.12	$3.52	$3.90	$3.43
Weighted Average Diluted Shares Outstanding	75.56M	76.86M	74.48M	75.00M	74.60M	74.39M	73.55M	71.50M	70.90M	71.85M
Weighted Average Basic & Diluted Shares Outstanding	73.75M	73.49M	73.83M	73.96M	72.20M	71.85M	70.27M	69.43M	69.71M	70.25M

This table details how cash moves in and out of Corpay's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-30	29	487	234	310	-199	774	38	852	1,315
Net Cash From Operating Activities	755	708	680	903	1,162	1,473	1,197	755	2,101	1,941
Net Cash From Continuing Operating Activities	755	708	680	903	1,162	1,473	1,197	755	2,101	1,941
Net Income / (Loss) Continuing Operations	362	452	740	811	895	704	839	954	982	1,004
Consolidated Net Income / (Loss)	362	452	740	811	895	704	839	954	982	1,004
Depreciation Expense	30	36	47	53	63	65	76	92	110	120
Amortization Expense	170	174	225	227	217	196	215	238	234	239
Non-Cash Adjustments To Reconcile Net Income	142	135	20	-0.58	139	170	133	256	228	195
Changes in Operating Assets and Liabilities, net	50	-91	-351	-187	-152	337	-67	-786	547	383
Net Cash From Investing Activities	-99	-1,390	-498	-26	-524	-106	-716	-368	-381	-807
Net Cash From Continuing Investing Activities	-99	-1,390	-498	-26	-524	-106	-716	-368	-381	-807
Purchase of Property, Plant & Equipment	-42	-59	-70	-81	-75	-78	-112	-151	-154	-175
Acquisitions	-49	-1,332	-705	-21	-448	-81	-602	-217	-428	-822
Sale and/or Maturity of Investments	-	-	-	0.00	0.00	53	0.00	-	197	186
Other Investing Activities, net	-8.47	1.41	-39	-23	-0.26	0.00	-2.28	0.00	4.40	4.12
Net Cash From Financing Activities	-648	754	252	-578	-310	-1,417	344	-311	-898	405
Net Cash From Continuing Financing Activities	-648	754	252	-578	-310	-1,417	344	-311	-898	405
Repayment of Debt	-652	-905	-1,491	-508	-141	-450	-129	-2,665	-77	-271
Repurchase of Common Equity	0.00	-188	-402	-959	-695	-850	-1,356	-1,405	-687	-1,288
Issuance of Debt	0.00	1,825	2,101	1,932	2,649	1,244	3,759	10,236	8,871	10,814
Issuance of Common Equity	20	21	45	56	169	137	49	49	114	428
Other Financing Activities, net	-16	-	-	-1,099	-2,292	-1,497	-1,979	-6,526	-9,119	-9,278
Effect of Exchange Rate Changes	-37	-43	53	-65	-18	-148	-51	-37	30	-223
Cash Interest Paid	73	70	113	157	178	126	133	230	448	496
Cash Income Taxes Paid	83	102	392	208	201	165	230	358	408	374

This table details how cash moves in and out of Corpay's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-56	-12	530	164	-187	345	61	345	608	301
Net Cash From Operating Activities	397	316	878	221	286	717	350	541	401	649
Net Cash From Continuing Operating Activities	397	316	878	221	286	717	350	541	401	649
Net Income / (Loss) Continuing Operations	249	225	215	240	271	256	230	252	276	246
Consolidated Net Income / (Loss)	249	225	215	240	271	256	230	252	276	246
Depreciation Expense	23	25	26	28	28	28	29	30	30	31
Amortization Expense	56	67	60	58	58	58	58	57	61	63
Non-Cash Adjustments To Reconcile Net Income	72	63	66	71	44	48	50	55	62	27
Changes in Operating Assets and Liabilities, net	-2.79	-63	511	-175	-116	327	-17	148	-29	281
Net Cash From Investing Activities	-167	-101	-159	-42	-144	-35	-102	-44	-232	-429
Net Cash From Continuing Investing Activities	-167	-101	-159	-42	-144	-35	-102	-44	-232	-429
Purchase of Property, Plant & Equipment	-41	-44	-37	-42	-38	-37	-41	-44	-46	-44
Acquisitions	-126	-57	-127	-0.00	-303	1.59	-56	-3.55	-186	-576
Other Investing Activities, net	-	-	4.40	-	-	-	-4.83	3.37	-	5.57
Net Cash From Financing Activities	-163	-271	-218	-24	-260	-397	-159	-81	415	229
Net Cash From Continuing Financing Activities	-163	-271	-218	-24	-260	-397	-159	-81	415	229
Repayment of Debt	-2,453	3,439	284	-75	-170	-115	10	39	-275	-46
Repurchase of Common Equity	-500	-110	-9.60	-2.38	-535	-140	-289	-658	-92	-249
Issuance of Debt	2,788	2,898	1,964	2,348	2,364	2,195	1,895	2,474	3,630	2,815
Issuance of Common Equity	3.27	27	33	33	35	13	91	9.40	84	244
Other Financing Activities, net	-	-	-2,490	-2,327	-1,953	-2,349	-1,866	-1,945	-2,932	-2,535
Effect of Exchange Rate Changes	-122	44	29	9.10	-69	61	-28	-71	23	-147
Cash Interest Paid	65	91	105	111	111	121	116	122	132	126
Cash Income Taxes Paid	94	49	35	203	81	89	39	146	79	109

This table presents Corpay's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	7,890	9,627	11,318	11,202	12,249	11,195	13,405	14,089	15,476	17,957
Total Current Assets	1,945	2,528	3,550	3,876	4,619	3,956	5,488	6,106	7,084	8,676
Cash & Equivalents	447	475	914	1,031	1,271	935	1,520	1,435	1,390	1,554
Restricted Cash	167	169	217	334	404	542	731	854	1,752	2,903
Accounts Receivable	1,253	1,793	2,231	2,312	2,540	2,067	2,911	3,352	3,469	3,414
Prepaid Expenses	68	91	188	199	403	413	326	465	474	806
Plant, Property, & Equipment, net	81	143	180	186	200	203	236	295	343	378
Total Noncurrent Assets	5,864	6,957	7,589	7,140	7,430	7,036	7,680	7,688	8,049	8,903
Long-Term Investments	77	36	33	43	30	7.48	52	74	70	60
Goodwill	3,546	4,195	4,716	4,542	4,833	4,719	5,079	5,201	5,645	5,985
Intangible Assets	2,184	2,653	2,725	2,408	2,342	2,116	2,335	2,131	2,086	2,410
Other Noncurrent Operating Assets	58	72	115	148	225	193	214	282	249	448
Total Liabilities & Shareholders' Equity	7,890	9,627	11,318	11,202	12,249	11,195	13,405	14,089	15,476	17,957
Total Liabilities	5,060	6,543	7,642	7,862	8,537	7,839	10,538	11,548	12,194	14,811
Total Current Liabilities	2,247	3,296	4,096	4,495	4,463	3,968	5,290	6,043	6,826	8,708
Short-Term Debt	875	1,337	1,617	2,071	1,747	1,206	1,518	2,314	2,127	2,770
Accounts Payable	670	1,151	1,437	1,118	1,250	1,054	1,406	1,569	1,625	1,570
Accrued Expenses	151	239	238	262	276	283	369	352	356	445
Customer Deposits	507	531	732	927	1,008	1,175	1,789	1,505	2,397	3,266
Other Current Liabilities	45	39	71	119	184	250	209	304	321	656
Total Noncurrent Liabilities	2,812	3,246	3,546	3,367	4,074	3,871	5,248	5,504	5,368	6,103
Long-Term Debt	2,060	2,522	2,902	2,748	3,290	3,098	4,460	4,723	4,596	5,226
Noncurrent Deferred & Payable Income Tax Liabilities	713	669	519	492	520	498	566	527	470	439
Other Noncurrent Operating Liabilities	39	56	125	127	264	275	221	254	302	438
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,830	3,084	3,677	3,340	3,712	3,355	2,867	2,541	3,282	3,146
Total Preferred & Common Equity	2,830	3,084	3,677	3,340	3,712	3,355	2,867	2,541	3,282	3,122
Total Common Equity	2,830	3,084	3,677	3,340	3,712	3,355	2,867	2,541	3,282	3,122
Common Stock	1,989	2,074	2,214	2,307	2,495	2,750	2,879	3,050	3,266	3,811
Retained Earnings	1,766	2,219	2,959	3,818	4,713	5,417	6,256	7,211	8,193	9,196
Treasury Stock	-355	-542	-945	-1,871	-2,523	-3,448	-4,804	-6,209	-6,888	-8,171
Accumulated Other Comprehensive Income / (Loss)	-571	-666	-552	-914	-972	-1,363	-1,465	-1,510	-1,289	-1,714
Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	24

This table presents Corpay's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	14,486	14,089	14,588	15,179	15,264	15,476	15,830	16,197	17,638	17,957
Total Current Assets	6,586	6,106	6,359	6,924	6,860	7,084	7,437	7,976	8,781	8,676
Cash & Equivalents	1,318	1,435	1,272	1,254	1,094	1,390	1,312	1,358	1,303	1,554
Restricted Cash	983	854	997	1,457	1,221	1,752	1,891	2,190	2,852	2,903
Accounts Receivable	3,667	3,352	3,653	3,709	4,051	3,469	3,797	3,821	3,953	3,414
Prepaid Expenses	619	465	436	504	493	474	438	529	606	806
Plant, Property, & Equipment, net	273	295	310	329	330	343	352	358	378	378
Total Noncurrent Assets	7,627	7,688	7,919	7,926	8,074	8,049	8,041	7,863	8,479	8,903
Long-Term Investments	74	74	68	70	68	70	68	64	65	60
Goodwill	5,069	5,201	5,380	5,474	5,554	5,645	5,674	5,546	5,928	5,985
Intangible Assets	2,169	2,131	2,198	2,107	2,165	2,086	2,033	1,957	2,153	2,410
Other Noncurrent Operating Assets	315	282	273	276	288	249	266	296	334	448
Total Liabilities & Shareholders' Equity	14,486	14,089	14,588	15,179	15,264	15,476	15,830	16,197	17,638	17,957
Total Liabilities	12,259	11,548	11,706	11,915	12,205	12,194	12,548	13,421	14,524	14,811
Total Current Liabilities	6,638	6,043	6,204	6,436	6,738	6,826	6,951	7,843	8,350	8,708
Short-Term Debt	2,476	2,314	2,097	2,071	2,346	2,127	1,901	2,516	2,491	2,770
Accounts Payable	1,694	1,569	1,908	1,680	1,895	1,625	1,850	1,903	1,826	1,570
Accrued Expenses	390	352	405	393	393	356	409	368	435	445
Customer Deposits	1,600	1,505	1,481	2,013	1,783	2,397	2,534	2,764	3,205	3,266
Other Current Liabilities	478	304	313	279	320	321	257	283	386	656
Total Noncurrent Liabilities	5,621	5,504	5,503	5,479	5,467	5,368	5,597	5,578	6,175	6,103
Long-Term Debt	4,745	4,723	4,701	4,678	4,637	4,596	4,863	4,818	5,272	5,226
Noncurrent Deferred & Payable Income Tax Liabilities	571	527	545	539	549	470	473	445	462	439
Other Noncurrent Operating Liabilities	304	254	257	262	281	302	261	316	441	438
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,227	2,541	2,882	3,263	3,059	3,282	3,282	2,776	3,114	3,146
Total Preferred & Common Equity	2,227	2,541	2,882	3,263	3,059	3,282	3,254	2,751	3,087	3,122
Total Common Equity	2,227	2,541	2,882	3,263	3,059	3,282	3,254	2,751	3,087	3,122
Common Stock	3,002	3,050	3,109	3,177	3,228	3,266	3,382	3,419	3,532	3,811
Retained Earnings	6,985	7,211	7,426	7,665	7,937	8,193	8,422	8,674	8,950	9,196
Treasury Stock	-6,100	-6,209	-6,219	-6,221	-6,743	-6,888	-7,209	-7,843	-7,933	-8,171
Accumulated Other Comprehensive Income / (Loss)	-1,660	-1,510	-1,434	-1,357	-1,362	-1,289	-1,341	-1,499	-1,462	-1,714
Noncontrolling Interest	-	-	-	-	-	0.00	28	25	27	24

This table displays calculated financial ratios and metrics derived from Corpay's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	41.98%	7.56%	22.82%	8.18%	8.85%	-9.82%	18.62%	20.94%	9.65%	5.77%
EBITDA Growth	27.38%	11.15%	38.12%	14.61%	-0.80%	-17.68%	23.01%	15.95%	13.74%	5.71%
EBIT Growth	17.46%	12.96%	40.74%	17.56%	-0.93%	-20.22%	26.10%	16.54%	15.92%	5.97%
NOPAT Growth	11.05%	17.57%	37.95%	10.40%	26.53%	-24.14%	21.26%	15.04%	13.45%	5.48%
Net Income Growth	-1.70%	24.82%	63.62%	9.63%	10.30%	-21.32%	19.21%	13.68%	2.89%	2.22%
EPS Growth	-9.20%	23.38%	66.53%	11.38%	12.83%	-18.31%	23.03%	24.32%	6.28%	5.83%
Operating Cash Flow Growth	24.04%	-6.14%	-3.98%	32.84%	28.64%	26.72%	-18.71%	-36.95%	178.37%	-7.64%
Free Cash Flow Firm Growth	130.86%	-178.72%	94.37%	3,036.39%	-32.76%	124.72%	-65.10%	-28.75%	303.21%	-11.22%
Invested Capital Growth	-7.04%	23.42%	12.28%	-3.98%	4.31%	-12.33%	5.94%	10.29%	-5.83%	-2.48%
Revenue Q/Q Growth	3.27%	4.83%	4.41%	1.37%	2.16%	-3.30%	6.98%	2.43%	1.45%	2.50%
EBITDA Q/Q Growth	-2.61%	9.28%	2.29%	15.01%	-7.06%	-2.47%	3.90%	2.84%	2.30%	3.16%
EBIT Q/Q Growth	-4.89%	9.97%	2.50%	18.90%	-8.61%	-2.75%	3.91%	2.43%	3.15%	3.30%
NOPAT Q/Q Growth	-8.36%	8.84%	29.16%	-11.59%	4.66%	-2.35%	2.04%	2.48%	3.83%	-1.27%
Net Income Q/Q Growth	-13.53%	10.39%	33.87%	2.44%	-6.91%	-3.52%	1.84%	0.03%	3.21%	-0.97%
EPS Q/Q Growth	-14.63%	10.21%	34.52%	3.28%	-6.49%	-2.29%	3.20%	2.39%	3.53%	-0.36%
Operating Cash Flow Q/Q Growth	-4.11%	15.03%	-7.54%	12.38%	2.01%	-7.13%	39.61%	-27.15%	23.54%	-3.38%
Free Cash Flow Firm Q/Q Growth	133.95%	-15.66%	-145.27%	7.12%	-19.59%	1.27%	346.84%	-50.66%	176.36%	-38.29%
Invested Capital Q/Q Growth	-5.58%	-2.61%	1.68%	-0.91%	2.35%	2.03%	-4.44%	2.01%	-11.29%	0.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.56%	74.90%	75.87%	79.96%	79.97%	75.04%	80.24%	77.69%	78.18%	78.13%
EBITDA Margin	50.83%	52.52%	59.07%	62.58%	57.03%	52.06%	53.98%	51.75%	53.69%	53.65%
Operating Margin	39.20%	41.18%	39.29%	44.82%	46.49%	40.70%	43.85%	42.21%	44.09%	44.96%
EBIT Margin	39.05%	41.01%	47.00%	51.07%	46.49%	41.12%	43.71%	42.12%	44.53%	44.62%
Profit (Net Income) Margin	21.28%	24.70%	32.90%	33.35%	33.79%	29.48%	29.63%	27.85%	26.13%	25.25%
Tax Burden Percent	67.62%	70.36%	82.83%	74.10%	83.04%	79.80%	75.71%	74.81%	74.10%	72.47%
Interest Burden Percent	80.60%	85.59%	84.52%	88.11%	87.53%	89.84%	89.51%	88.36%	79.18%	78.10%
Effective Tax Rate	32.38%	29.64%	17.17%	25.90%	16.96%	20.20%	24.29%	25.19%	25.90%	27.53%
Return on Invested Capital (ROIC)	8.57%	9.36%	11.01%	11.73%	14.83%	11.74%	14.80%	15.73%	17.53%	19.30%
ROIC Less NNEP Spread (ROIC-NNEP)	5.07%	6.48%	11.26%	11.82%	11.04%	9.41%	11.68%	12.67%	11.52%	10.97%
Return on Net Nonoperating Assets (RNNOA)	4.73%	5.94%	10.88%	11.40%	10.56%	8.19%	12.19%	19.56%	16.19%	11.93%
Return on Equity (ROE)	13.30%	15.30%	21.90%	23.13%	25.39%	19.93%	26.98%	35.29%	33.72%	31.23%
Cash Return on Invested Capital (CROIC)	15.87%	-11.61%	-0.56%	15.79%	10.61%	24.88%	9.03%	5.94%	23.54%	21.81%
Operating Return on Assets (OROA)	8.10%	8.58%	10.09%	11.04%	10.50%	8.38%	10.07%	10.50%	11.32%	10.61%
Return on Assets (ROA)	4.42%	5.17%	7.07%	7.21%	7.63%	6.01%	6.83%	6.94%	6.64%	6.00%
Return on Common Equity (ROCE)	13.30%	15.30%	21.90%	23.13%	25.39%	19.93%	26.98%	35.29%	33.72%	31.11%
Return on Equity Simple (ROE_SIMPLE)	12.81%	14.67%	20.13%	24.29%	24.12%	20.99%	29.29%	37.55%	29.91%	32.15%
Net Operating Profit after Tax (NOPAT)	451	531	732	808	1,023	776	941	1,082	1,228	1,295
NOPAT Margin	26.51%	28.97%	32.54%	33.21%	38.61%	32.48%	33.20%	31.58%	32.67%	32.58%
Net Nonoperating Expense Percent (NNEP)	3.50%	2.89%	-0.25%	-0.10%	3.78%	2.33%	3.12%	3.06%	6.01%	8.33%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	11.30%	12.27%	11.62%
Cost of Revenue to Revenue	19.44%	25.10%	24.13%	20.04%	20.03%	24.96%	19.76%	22.31%	21.82%	21.87%
SG&A Expenses to Revenue	30.25%	22.66%	24.82%	23.50%	23.11%	23.75%	26.39%	26.06%	25.11%	25.10%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.36%	33.72%	36.59%	35.14%	33.48%	34.34%	36.40%	35.48%	34.09%	33.17%
Earnings before Interest and Taxes (EBIT)	665	751	1,057	1,243	1,231	982	1,239	1,444	1,673	1,773
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	866	962	1,329	1,523	1,511	1,244	1,530	1,774	2,017	2,133
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.65	4.26	4.69	6.83	6.73	6.78	6.34	5.33	6.22	7.56
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.74	7.17	7.66	9.38	9.43	9.53	6.41	3.95	5.43	5.94
Price to Earnings (P/E)	36.35	29.03	23.28	28.12	27.90	32.31	21.65	14.20	20.78	23.50
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.75%	3.44%	4.30%	3.56%	3.58%	3.09%	4.62%	7.04%	4.81%	4.25%
Enterprise Value to Invested Capital (EV/IC)	3.04	2.60	2.93	3.88	4.02	4.14	3.34	2.53	3.52	4.09
Enterprise Value to Revenue (EV/Rev)	9.05	8.91	9.15	10.78	10.68	10.71	7.71	5.32	6.36	6.82
Enterprise Value to EBITDA (EV/EBITDA)	17.81	16.95	15.50	17.22	18.73	20.56	14.28	10.27	11.86	12.71
Enterprise Value to EBIT (EV/EBIT)	23.18	21.71	19.48	21.10	22.98	26.03	17.64	12.62	14.29	15.28
Enterprise Value to NOPAT (EV/NOPAT)	34.15	30.74	28.12	32.45	27.67	32.96	23.23	16.84	19.48	20.92
Enterprise Value to Operating Cash Flow (EV/OCF)	20.43	23.03	30.28	29.03	24.35	17.37	18.25	24.14	11.38	13.96
Enterprise Value to Free Cash Flow (EV/FCFF)	18.45	0.00	0.00	24.11	38.68	15.56	38.08	44.56	14.51	18.51
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.04	1.25	1.23	1.44	1.36	1.28	2.09	2.77	2.05	2.54
Long-Term Debt to Equity	0.73	0.82	0.79	0.82	0.89	0.92	1.56	1.86	1.40	1.66
Financial Leverage	0.93	0.92	0.97	0.96	0.96	0.87	1.04	1.54	1.41	1.09
Leverage Ratio	3.01	2.96	3.10	3.21	3.33	3.32	3.95	5.08	5.08	5.20
Compound Leverage Factor	2.43	2.54	2.62	2.83	2.91	2.98	3.54	4.49	4.02	4.06
Debt to Total Capital	50.91%	55.58%	55.14%	59.06%	57.57%	56.19%	67.59%	73.47%	67.19%	71.76%
Short-Term Debt to Total Capital	15.18%	19.25%	19.73%	25.38%	19.97%	15.74%	17.16%	24.16%	21.26%	24.86%
Long-Term Debt to Total Capital	35.73%	36.32%	35.41%	33.68%	37.61%	40.45%	50.43%	49.31%	45.94%	46.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.21%
Common Equity to Total Capital	49.09%	44.42%	44.86%	40.94%	42.43%	43.81%	32.41%	26.53%	32.81%	28.02%
Debt to EBITDA	3.39	4.01	3.40	3.16	3.33	3.46	3.91	3.97	3.33	3.75
Net Debt to EBITDA	2.59	3.30	2.52	2.24	2.21	2.27	2.40	2.63	1.74	1.63
Long-Term Debt to EBITDA	2.38	2.62	2.18	1.80	2.18	2.49	2.92	2.66	2.28	2.45
Debt to NOPAT	6.50	7.27	6.17	5.96	4.93	5.55	6.35	6.50	5.48	6.17
Net Debt to NOPAT	4.97	5.99	4.58	4.22	3.26	3.63	3.91	4.32	2.86	2.69
Long-Term Debt to NOPAT	4.56	4.75	3.96	3.40	3.22	3.99	4.74	4.36	3.74	4.04
Altman Z-Score	2.32	1.88	2.17	2.74	2.86	2.92	2.22	2.01	2.36	2.22
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.37%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.87	0.77	0.87	0.86	1.03	1.00	1.04	1.01	1.04	1.00
Quick Ratio	0.76	0.69	0.77	0.74	0.85	0.76	0.84	0.79	0.71	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	836	-658	-37	1,088	732	1,644	574	409	1,649	1,464
Operating Cash Flow to CapEx	1,801.99%	1,200.15%	970.22%	1,109.98%	1,545.92%	1,877.70%	1,073.31%	498.45%	1,365.95%	1,107.78%
Free Cash Flow to Firm to Interest Expense	11.71	-9.15	-0.34	7.74	4.88	12.67	4.42	2.45	4.73	3.77
Operating Cash Flow to Interest Expense	10.58	9.85	6.16	6.43	7.74	11.34	9.22	4.53	6.03	5.00
Operating Cash Flow Less CapEx to Interest Expense	9.99	9.03	5.52	5.85	7.24	10.74	8.36	3.62	5.59	4.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.21	0.21	0.22	0.23	0.20	0.23	0.25	0.25	0.24
Accounts Receivable Turnover	1.31	1.20	1.12	1.07	1.09	1.04	1.14	1.09	1.10	1.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	22.07	16.41	13.95	13.29	13.72	11.88	12.92	12.91	11.78	11.03
Accounts Payable Turnover	0.48	0.51	0.42	0.38	0.45	0.52	0.46	0.51	0.51	0.54
Days Sales Outstanding (DSO)	278.84	303.51	326.46	340.69	334.28	351.94	320.60	333.52	331.24	316.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	764.13	722.82	870.47	956.09	814.11	705.09	802.23	710.06	710.93	671.01
Cash Conversion Cycle (CCC)	-485.29	-419.32	-544.01	-615.40	-479.83	-353.16	-481.63	-376.55	-379.68	-355.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,074	6,262	7,031	6,752	7,043	6,175	6,542	7,215	6,794	6,626
Invested Capital Turnover	0.32	0.32	0.34	0.35	0.38	0.36	0.45	0.50	0.54	0.59
Increase / (Decrease) in Invested Capital	-384	1,188	769	-280	291	-868	367	673	-421	-169
Enterprise Value (EV)	15,416	16,310	20,589	26,227	28,300	25,574	21,850	18,220	23,917	27,095
Market Capitalization	13,173	13,132	17,234	22,816	24,969	22,754	18,175	13,547	20,406	23,592
Book Value per Share	$30.71	$33.24	$41.05	$27.19	$42.77	$40.23	$35.30	$34.46	$45.46	$44.79
Tangible Book Value per Share	($31.46)	($40.57)	($42.03)	($29.38)	($39.91)	($41.72)	($56.01)	($64.96)	($61.61)	($75.64)
Total Capital	5,765	6,942	8,195	8,159	8,748	7,659	8,844	9,578	10,005	11,142
Total Debt	2,935	3,858	4,519	4,819	5,037	4,303	5,978	7,037	6,723	7,996
Total Long-Term Debt	2,060	2,522	2,902	2,748	3,290	3,098	4,460	4,723	4,596	5,226
Net Debt	2,244	3,178	3,355	3,411	3,331	2,819	3,675	4,673	3,512	3,480
Capital Expenditures (CapEx)	42	59	70	81	75	78	112	151	154	175
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-42	-76	-60	86	227	-283	-535	88	-756	-1,718
Debt-free Net Working Capital (DFNWC)	572	568	1,071	1,451	1,902	1,194	1,715	2,377	2,385	2,738
Net Working Capital (NWC)	-303	-769	-546	-619	156	-12	198	63	259	-32
Net Nonoperating Expense (NNE)	89	78	-8.14	-3.28	128	72	101	128	246	291
Net Nonoperating Obligations (NNO)	2,244	3,178	3,355	3,411	3,331	2,819	3,675	4,673	3,512	3,480
Total Depreciation and Amortization (D&A)	201	211	272	280	279	261	291	330	344	359
Debt-free, Cash-free Net Working Capital to Revenue	-2.49%	-4.14%	-2.67%	3.55%	8.57%	-11.84%	-18.89%	2.56%	-20.13%	-43.23%
Debt-free Net Working Capital to Revenue	33.61%	31.01%	47.60%	59.64%	71.82%	49.97%	60.53%	69.35%	63.48%	68.89%
Net Working Capital to Revenue	-17.78%	-41.97%	-24.26%	-25.45%	5.87%	-0.50%	6.98%	1.83%	6.88%	-0.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.94	$4.89	$8.12	$9.14	$10.36	$8.38	$10.23	$12.62	$13.42	$14.27
Adjusted Weighted Average Basic Shares Outstanding	92.02M	92.60M	91.13M	88.75M	86.40M	84.01M	82.06M	75.60M	73.16M	70.33M
Adjusted Diluted Earnings per Share	$3.85	$4.75	$7.91	$8.81	$9.94	$8.12	$9.99	$12.42	$13.20	$13.97
Adjusted Weighted Average Diluted Shares Outstanding	94.14M	95.21M	93.59M	92.15M	90.07M	86.72M	84.06M	76.86M	74.39M	71.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	92.62M	91.89M	89.81M	85.86M	85.43M	166.83M	155.77M	73.49M	71.85M	70.25M
Normalized Net Operating Profit after Tax (NOPAT)	451	531	732	808	1,023	776	941	1,082	1,228	1,272
Normalized NOPAT Margin	26.51%	28.97%	32.54%	33.21%	38.61%	32.48%	33.20%	31.58%	32.67%	32.01%
Pre Tax Income Margin	31.48%	35.10%	39.72%	45.00%	40.69%	36.94%	39.13%	37.22%	35.26%	34.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.32	10.45	9.57	8.84	8.21	7.57	9.54	8.67	4.80	4.57
NOPAT to Interest Expense	6.33	7.38	6.63	5.75	6.82	5.98	7.24	6.50	3.52	3.34
EBIT Less CapEx to Interest Expense	8.73	9.63	8.94	8.26	7.71	6.96	8.68	7.76	4.36	4.12
NOPAT Less CapEx to Interest Expense	5.74	6.56	5.99	5.17	6.31	5.37	6.38	5.59	3.08	2.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	41.49%	54.36%	118.14%	77.64%	120.69%	161.49%	147.25%	69.95%	128.32%

This table displays calculated financial ratios and metrics derived from Corpay's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.20%	10.14%	14.20%	10.09%	8.72%	6.08%	3.76%	2.90%	6.01%	10.36%
EBITDA Growth	12.46%	11.73%	16.39%	11.84%	17.33%	9.73%	4.46%	2.94%	2.67%	12.78%
EBIT Growth	14.33%	10.08%	18.18%	13.13%	18.92%	13.67%	5.28%	3.32%	2.14%	13.30%
NOPAT Growth	10.79%	10.51%	16.33%	7.16%	14.55%	16.30%	9.40%	7.74%	10.58%	-4.66%
Net Income Growth	6.36%	0.14%	-1.43%	-8.57%	9.08%	13.55%	6.97%	4.99%	1.76%	-3.85%
EPS Growth	17.50%	10.58%	4.73%	-4.48%	10.64%	14.85%	8.33%	10.00%	7.14%	-1.44%
Operating Cash Flow Growth	63.21%	-47.08%	881.86%	43.60%	-28.00%	126.60%	-60.10%	144.43%	40.30%	-9.47%
Free Cash Flow Firm Growth	110.72%	-245.85%	103.28%	158.42%	-551.35%	289.52%	4,672.90%	436.09%	647.51%	-35.83%
Invested Capital Growth	3.32%	10.29%	3.60%	1.29%	8.28%	-5.83%	-7.72%	-11.11%	-13.84%	-2.48%
Revenue Q/Q Growth	3.68%	-1.05%	2.01%	5.20%	2.40%	-3.46%	-0.22%	4.33%	5.48%	0.51%
EBITDA Q/Q Growth	3.79%	0.32%	-1.18%	8.70%	8.88%	-6.18%	-5.93%	7.12%	8.61%	3.06%
EBIT Q/Q Growth	5.06%	-2.88%	0.02%	10.85%	10.44%	-7.17%	-7.37%	8.79%	9.19%	2.97%
NOPAT Q/Q Growth	0.82%	-1.84%	-2.27%	10.79%	7.77%	-0.34%	-8.07%	9.10%	10.62%	-14.08%
Net Income Q/Q Growth	-5.07%	-9.47%	-4.65%	11.57%	13.26%	-5.76%	-10.18%	9.51%	9.77%	-10.95%
EPS Q/Q Growth	-1.79%	-7.90%	-4.95%	11.11%	13.75%	-4.40%	-10.34%	12.82%	10.80%	-12.05%
Operating Cash Flow Q/Q Growth	157.46%	-20.31%	177.58%	-74.79%	29.09%	150.81%	-70.75%	54.47%	-25.91%	61.85%
Free Cash Flow Firm Q/Q Growth	115.94%	-784.62%	104.61%	1,061.16%	-223.15%	387.47%	16.11%	30.42%	25.77%	-66.31%
Invested Capital Q/Q Growth	-0.94%	2.01%	1.77%	-1.51%	5.90%	-11.29%	-0.28%	-5.12%	2.65%	0.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.23%	77.18%	77.26%	78.35%	78.55%	78.51%	77.82%	78.56%	78.27%	77.88%
EBITDA Margin	52.02%	52.74%	51.09%	52.79%	56.13%	54.55%	51.43%	52.81%	54.37%	55.75%
Operating Margin	43.58%	41.79%	41.63%	43.52%	45.83%	45.24%	42.48%	44.41%	45.49%	47.21%
EBIT Margin	43.17%	42.37%	41.54%	43.78%	47.22%	45.40%	42.15%	43.95%	45.50%	46.61%
Profit (Net Income) Margin	27.87%	25.50%	23.84%	25.28%	27.96%	27.30%	24.57%	25.79%	26.84%	23.78%
Tax Burden Percent	73.22%	75.75%	72.86%	73.40%	73.36%	76.72%	75.27%	75.30%	77.11%	63.51%
Interest Burden Percent	88.17%	79.45%	78.74%	78.68%	80.73%	78.37%	77.44%	77.93%	76.52%	80.34%
Effective Tax Rate	26.78%	24.25%	27.14%	26.60%	26.64%	23.28%	24.73%	24.70%	22.89%	36.49%
Return on Invested Capital (ROIC)	15.34%	15.77%	14.88%	16.12%	16.91%	18.62%	17.18%	18.70%	19.08%	17.76%
ROIC Less NNEP Spread (ROIC-NNEP)	14.49%	14.47%	13.52%	14.62%	15.74%	16.92%	15.44%	16.74%	16.98%	15.93%
Return on Net Nonoperating Assets (RNNOA)	22.85%	22.34%	20.20%	20.69%	28.13%	23.78%	19.92%	21.13%	22.24%	17.32%
Return on Equity (ROE)	38.19%	38.11%	35.08%	36.80%	45.04%	42.40%	37.09%	39.83%	41.31%	35.08%
Cash Return on Invested Capital (CROIC)	11.91%	5.94%	12.01%	14.59%	8.10%	23.54%	25.79%	30.45%	33.27%	21.81%
Operating Return on Assets (OROA)	10.34%	10.56%	10.21%	10.62%	11.76%	11.54%	10.51%	10.70%	10.72%	11.08%
Return on Assets (ROA)	6.67%	6.36%	5.86%	6.13%	6.96%	6.94%	6.13%	6.28%	6.33%	5.65%
Return on Common Equity (ROCE)	38.19%	38.11%	35.08%	36.80%	45.04%	42.40%	36.93%	39.66%	41.13%	34.95%
Return on Equity Simple (ROE_SIMPLE)	42.84%	0.00%	33.01%	28.46%	31.10%	0.00%	30.63%	36.67%	32.83%	0.00%
Net Operating Profit after Tax (NOPAT)	285	280	273	303	326	325	299	326	361	310
NOPAT Margin	31.91%	31.66%	30.33%	31.94%	33.62%	34.71%	31.98%	33.44%	35.07%	29.98%
Net Nonoperating Expense Percent (NNEP)	0.85%	1.30%	1.35%	1.50%	1.16%	1.70%	1.74%	1.96%	2.10%	1.84%
Return On Investment Capital (ROIC_SIMPLE)	-	2.92%	-	-	-	3.25%	-	-	-	2.78%
Cost of Revenue to Revenue	22.77%	22.82%	22.74%	21.65%	21.45%	21.49%	22.18%	21.44%	21.73%	22.12%
SG&A Expenses to Revenue	25.01%	25.21%	26.21%	25.92%	24.08%	24.30%	26.24%	25.50%	24.08%	24.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.65%	35.39%	35.63%	34.83%	32.72%	33.27%	35.34%	34.15%	32.78%	30.67%
Earnings before Interest and Taxes (EBIT)	385	374	374	415	458	426	394	429	468	482
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	465	466	460	501	545	511	481	515	560	577
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.93	5.33	5.38	5.68	6.17	6.22	6.81	6.81	7.03	7.56
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.95	3.95	4.38	5.11	5.10	5.43	5.85	4.90	5.60	5.94
Price to Earnings (P/E)	13.85	14.20	16.29	19.96	19.85	20.78	22.24	18.56	21.42	23.50
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.22%	7.04%	6.14%	5.01%	5.04%	4.81%	4.50%	5.39%	4.67%	4.25%
Enterprise Value to Invested Capital (EV/IC)	2.55	2.53	2.72	3.11	3.07	3.52	3.79	3.49	3.83	4.09
Enterprise Value to Revenue (EV/Rev)	5.40	5.32	5.64	6.21	6.34	6.36	6.78	5.88	6.52	6.82
Enterprise Value to EBITDA (EV/EBITDA)	10.47	10.27	10.85	11.90	11.91	11.86	12.61	10.95	12.23	12.71
Enterprise Value to EBIT (EV/EBIT)	12.82	12.62	13.29	14.53	14.48	14.29	15.17	13.16	14.73	15.28
Enterprise Value to NOPAT (EV/NOPAT)	17.10	16.84	17.80	19.73	19.86	19.48	20.50	17.60	19.28	20.92
Enterprise Value to Operating Cash Flow (EV/OCF)	17.43	24.14	11.44	12.42	13.81	11.38	16.33	11.87	12.59	13.96
Enterprise Value to Free Cash Flow (EV/FCFF)	21.80	44.56	23.04	21.46	39.37	14.51	14.11	10.80	10.66	18.51
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.24	2.77	2.36	2.07	2.28	2.05	2.06	2.64	2.49	2.54
Long-Term Debt to Equity	2.13	1.86	1.63	1.43	1.52	1.40	1.48	1.74	1.69	1.66
Financial Leverage	1.58	1.54	1.49	1.42	1.79	1.41	1.29	1.26	1.31	1.09
Leverage Ratio	5.17	5.08	4.98	5.02	5.63	5.08	4.93	5.20	5.33	5.20
Compound Leverage Factor	4.56	4.04	3.92	3.95	4.54	3.98	3.82	4.05	4.08	4.18
Debt to Total Capital	76.43%	73.47%	70.23%	67.41%	69.53%	67.19%	67.33%	72.54%	71.37%	71.76%
Short-Term Debt to Total Capital	26.21%	24.16%	21.67%	20.69%	23.36%	21.26%	18.93%	24.89%	22.90%	24.86%
Long-Term Debt to Total Capital	50.22%	49.31%	48.56%	46.72%	46.18%	45.94%	48.40%	47.66%	48.47%	46.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.28%	0.25%	0.25%	0.21%
Common Equity to Total Capital	23.57%	26.53%	29.77%	32.59%	30.47%	32.81%	32.39%	27.21%	28.38%	28.02%
Debt to EBITDA	4.19	3.97	3.70	3.57	3.54	3.33	3.32	3.57	3.76	3.75
Net Debt to EBITDA	2.81	2.63	2.43	2.10	2.33	1.74	1.71	1.81	1.71	1.63
Long-Term Debt to EBITDA	2.75	2.66	2.56	2.47	2.35	2.28	2.39	2.35	2.55	2.45
Debt to NOPAT	6.84	6.50	6.06	5.92	5.91	5.48	5.40	5.74	5.92	6.17
Net Debt to NOPAT	4.59	4.32	3.98	3.48	3.89	2.86	2.79	2.92	2.70	2.69
Long-Term Debt to NOPAT	4.49	4.36	4.19	4.10	3.92	3.74	3.88	3.77	4.02	4.04
Altman Z-Score	1.64	1.76	1.85	2.01	2.01	2.10	2.16	1.92	1.94	1.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.45%	0.41%	0.44%	0.37%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.99	1.01	1.03	1.08	1.02	1.04	1.07	1.02	1.05	1.00
Quick Ratio	0.75	0.79	0.79	0.77	0.76	0.71	0.74	0.66	0.63	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	57	-394	18	211	-260	746	866	1,130	1,421	479
Operating Cash Flow to CapEx	967.65%	721.94%	2,389.05%	524.58%	747.12%	1,954.24%	850.11%	1,226.69%	875.50%	1,470.61%
Free Cash Flow to Firm to Interest Expense	1.27	-5.17	0.23	2.38	-2.94	8.11	9.72	11.93	12.98	5.05
Operating Cash Flow to Interest Expense	8.74	4.16	11.00	2.50	3.24	7.78	3.93	5.71	3.66	6.84
Operating Cash Flow Less CapEx to Interest Expense	7.83	3.58	10.54	2.02	2.80	7.39	3.47	5.25	3.24	6.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.25	0.25	0.24	0.25	0.25	0.25	0.24	0.24	0.24
Accounts Receivable Turnover	0.98	1.09	0.96	0.93	0.96	1.10	1.02	1.01	0.97	1.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	13.57	12.91	12.53	12.30	12.29	11.78	11.45	11.12	10.95	11.03
Accounts Payable Turnover	0.43	0.51	0.41	0.44	0.46	0.51	0.44	0.46	0.45	0.54
Days Sales Outstanding (DSO)	372.89	333.52	381.27	390.42	380.27	331.24	358.60	359.81	376.76	316.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	849.78	710.06	886.69	827.17	798.77	710.93	833.95	791.28	806.74	671.01
Cash Conversion Cycle (CCC)	-476.90	-376.55	-505.42	-436.76	-418.51	-379.68	-475.35	-431.48	-429.98	-355.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,073	7,215	7,342	7,232	7,659	6,794	6,775	6,429	6,599	6,626
Invested Capital Turnover	0.48	0.50	0.49	0.50	0.50	0.54	0.54	0.56	0.54	0.59
Increase / (Decrease) in Invested Capital	227	673	255	92	586	-421	-567	-803	-1,060	-169
Enterprise Value (EV)	18,061	18,220	19,956	22,507	23,484	23,917	25,691	22,467	25,286	27,095
Market Capitalization	13,215	13,547	15,496	18,538	18,884	20,406	22,170	18,720	21,716	23,592
Book Value per Share	$29.69	$34.46	$39.21	$44.20	$41.37	$45.46	$45.29	$39.15	$44.46	$44.79
Tangible Book Value per Share	($66.80)	($64.96)	($63.90)	($58.47)	($63.00)	($61.61)	($61.97)	($67.63)	($71.91)	($75.64)
Total Capital	9,448	9,578	9,679	10,013	10,042	10,005	10,046	10,109	10,877	11,142
Total Debt	7,221	7,037	6,798	6,749	6,983	6,723	6,764	7,333	7,763	7,996
Total Long-Term Debt	4,745	4,723	4,701	4,678	4,637	4,596	4,863	4,818	5,272	5,226
Net Debt	4,846	4,673	4,461	3,969	4,600	3,512	3,493	3,722	3,543	3,480
Capital Expenditures (CapEx)	41	44	37	42	38	37	41	44	46	44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	123	88	-17	-152	152	-756	-815	-898	-1,233	-1,718
Debt-free Net Working Capital (DFNWC)	2,424	2,377	2,252	2,559	2,468	2,385	2,388	2,649	2,922	2,738
Net Working Capital (NWC)	-52	63	155	488	122	259	486	133	431	-32
Net Nonoperating Expense (NNE)	36	54	59	63	55	69	69	75	85	64
Net Nonoperating Obligations (NNO)	4,846	4,673	4,461	3,969	4,600	3,512	3,493	3,653	3,485	3,480
Total Depreciation and Amortization (D&A)	79	92	86	85	87	86	87	86	91	95
Debt-free, Cash-free Net Working Capital to Revenue	3.68%	2.56%	-0.48%	-4.20%	4.11%	-20.13%	-21.49%	-23.52%	-31.79%	-43.23%
Debt-free Net Working Capital to Revenue	72.45%	69.35%	63.64%	70.57%	66.63%	63.48%	62.98%	69.36%	75.37%	68.89%
Net Working Capital to Revenue	-1.56%	1.83%	4.39%	13.45%	3.29%	6.88%	12.83%	3.49%	11.12%	-0.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.34	$3.06	$2.92	$3.24	$3.71	$3.55	$3.20	$3.59	$3.98	$3.50
Adjusted Weighted Average Basic Shares Outstanding	74.46M	75.60M	73.52M	73.89M	73.17M	73.16M	71.77M	70.11M	69.52M	70.33M
Adjusted Diluted Earnings per Share	$3.29	$3.03	$2.88	$3.20	$3.64	$3.48	$3.12	$3.52	$3.90	$3.43
Adjusted Weighted Average Diluted Shares Outstanding	75.56M	76.86M	74.48M	75.00M	74.60M	74.39M	73.55M	71.50M	70.90M	71.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	73.75M	73.49M	73.83M	73.96M	72.20M	71.85M	70.27M	69.43M	69.71M	70.25M
Normalized Net Operating Profit after Tax (NOPAT)	285	280	273	303	326	325	299	326	361	310
Normalized NOPAT Margin	31.91%	31.66%	30.33%	31.94%	33.62%	34.71%	31.98%	33.44%	35.07%	29.98%
Pre Tax Income Margin	38.06%	33.66%	32.71%	34.44%	38.12%	35.58%	32.64%	34.25%	34.81%	37.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.49	4.92	4.69	4.69	5.19	4.62	4.43	4.53	4.28	5.08
NOPAT to Interest Expense	6.28	3.68	3.43	3.42	3.70	3.53	3.36	3.45	3.30	3.27
EBIT Less CapEx to Interest Expense	7.59	4.35	4.23	4.21	4.76	4.23	3.96	4.06	3.86	4.62
NOPAT Less CapEx to Interest Expense	5.37	3.10	2.97	2.95	3.26	3.14	2.89	2.98	2.88	2.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	191.73%	147.25%	104.29%	66.96%	69.00%	69.95%	96.91%	160.78%	116.34%	128.32%

Frequently Asked Questions About Corpay's Financials

When does Corpay's financial year end?

According to the most recent income statement we have on file, Corpay's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Corpay's net income changed over the last 9 years?

Corpay's net income appears to be on an upward trend, with a most recent value of $1.00 billion in 2024, rising from $362.43 million in 2015. The previous period was $981.89 million in 2023.

What is Corpay's operating income?

Corpay's total operating income in 2024 was $1.79 billion, based on the following breakdown:

Total Gross Profit: $3.11 billion
Total Operating Expenses: $1.32 billion

How has Corpay revenue changed over the last 9 years?

Over the last 9 years, Corpay's total revenue changed from $1.70 billion in 2015 to $3.97 billion in 2024, a change of 133.4%.

How much debt does Corpay have?

Corpay's total liabilities were at $14.81 billion at the end of 2024, a 21.5% increase from 2023, and a 192.7% increase since 2015.

How much cash does Corpay have?

In the past 9 years, Corpay's cash and equivalents has ranged from $447.15 million in 2015 to $1.55 billion in 2024, and is currently $1.55 billion as of their latest financial filing in 2024.

How has Corpay's book value per share changed over the last 9 years?

Over the last 9 years, Corpay's book value per share changed from 30.71 in 2015 to 44.79 in 2024, a change of 45.9%.

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This page (NYSE:CPAY) was last updated on 4/15/2025 by MarketBeat.com Staff

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Corpay (CPAY) Financials

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Corpay (CPAY) Financials

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