Corpay, Inc

CPAY · Technology · $25.1B mkt cap · FY2025 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power100

Median gross margin 95.3% over 2y, very stable.

Returns on capital74

Median ROIC 13.9%, above the 9% hurdle in 100% of years.

Balance-sheet safety19

Net debt/EBITDA 3.2x, interest coverage 5x.

Capital discipline88

Owner earnings +8.7%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

20% above value

Owner earnings (normalized): $1.2B
Est. intrinsic value / share: $306.66
Recent price: $366.88
Discount to value: 20% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CPAY. See the disclaimer.