TacticScaleWhat Corpay Does & How It Makes Money (CPAY)
Updated October 2026 · reflects Corpay's latest reported financials
Business payments company for fuel, corporate spending, and lodging expenses. Corpay provides payment programs, cards, and software to business, merchant, consumer, and payment network customers.
How Corpay makes money
Corpay provides payment programs, cards, and software to business, merchant, consumer, and payment network customers. It earns revenue from the payments and spending that flow through its vehicle, corporate, lodging, and prepaid card solutions.
What Corpay does
Corpay, Inc., formerly FLEETCOR Technologies, is an Atlanta-based payments company founded in 1986. It helps businesses and consumers manage and pay their expenses. It reports four segments: Corporate Payments, Vehicle Payments, Lodging Payments, and Other. Vehicle Payments covers fuel, tolls, parking, vehicle compliance, auto insurance, roadside assistance, fleet maintenance, and long-haul transportation services, along with prepaid food and transportation vouchers. Corporate Payments includes cross-border payments, spend management, accounts payable modernization, virtual cards, and purchasing and T&E cards. The Lodging segment arranges and pays for overnight stays for traveling employees, workforce travel programs, and airline and cruise line crews and stranded passengers. It also offers airline logistics, crew management, and insurance-related payments. Gift and payroll cards round out the portfolio. Corpay's customers include businesses, merchants, consumers, and payment networks.
Products & services
- Vehicle payment solutions (fuel, tolls, parking, fleet maintenance)
- Cross-border payments
- AP modernization and virtual cards
- Purchasing and T&E cards
- Workforce and airline crew lodging solutions
- Gift, payroll, and prepaid food/transport cards
What is Corpay worth?
On an owner-earnings DCF, Corpay's most-likely value is about $724 versus a recent price near $398 (82% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$273) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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