Corpay Inc. CPAY

Name: CPAY Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 14, 2026

Price at analysis: $291.83

Crucible Score

67.5

B-

Quality × Value Composite

KQI — Quality

64.5

B-

Fundamental Quality Index

KVI — Value

71.1

Valuation Attractiveness Index

Crucible Verdict — CPAY

Corpay Inc. (CPAY) trades at a 16% discount to fair value despite solid financial quality metrics, though growth concerns weigh on the overall assessment. The company's 47 growth profile score stands as the primary weakness against otherwise decent operational fundamentals and strong performance-based executive compensation alignment. CPAY presents a value opportunity if management can reignite growth momentum.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

77.8

Growth Profile

46.7

Moat Durability⚠

62.9

Management Effectiveness

66.9

Diversification & Resilience

62.0

Market Position

62.0

Weakest dimension: Growth Profile (46.7)

◆ KVI Value Dimensions

DCF Margin of Safety

67.3

FCF Yield & Cash Returns

80.8

Relative Valuation

84.6

Growth-Adjusted Value

39.0

Historical Valuation

85.0

Macro Context

84.6

◆ DCF Valuation Scenarios

Bear Case

$228.50

Base Case

$338.75

Bull Case

$478.20

Price at Analysis

$291.83

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$228.50	7.0%	40.0%	9.3%
🟢 Base	$338.75	10.0%	43.0%	8.7%
🟢 Bull	$478.20	13.0%	46.0%	8.2%

Key Assumptions: Revenue growth anchored to 5-year CAGR of ~12.4%, decelerating over the projection period. Operating margins held near historical 42-45% range with scenario-dependent trajectories. WACC derived from CAPM using 0.82 beta and 5.5% ERP, with scenario adjustments of +/-50bps. Net debt of approximately $1.1B (total debt $10.1B less cash $9.0B) subtracted from enterprise value to arrive at equity value. D&A assumed to converge toward capex over time, and FCF conversion remains strong given asset-light software infrastructure model.

◆ Financial Snapshot

Profitability

Gross Margin74.0%

Operating Margin42.9%

Net Margin23.6%

ROIC9.2%

ROE26.1%

Balance Sheet

Balance SheetCR: 0.98

Cash ConversionFCF/EPS: 1.21x

Capital IntensityCapex/Rev: 4.4%

Altman Z-Score1.54 (Distress)

Piotroski F-Score5/9 (Mixed)

Growth

Revenue CAGR-36.8% CAGR (suspect)

Earnings CAGR6.2% CAGR

Growth ConsistencyCV: 79.24

Segment Breadth2/3 growing (67%)

Quarterly TrendRev↑, Margin↘, Cash↓, WC↓, Exp↓

Earnings CredibilityMixed

◆ Analyst Consensus & Leadership

Leadership & Governance

CEOPaal Kibsgaard · 6 years

CEO Ownership5.0%

Compensation96% performance-based

Insider ActivityNeutral

Capital AllocationROIC 9.2% vs WACC 3.2%

Earnings Beat Rate61% (13/22)

◆ Related Companies in Our Universe

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ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 14, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.