We publish no single base value for Corpay. Our valuation methods put it between $462.30 and $774.22 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | $774.22 | +69.8% | free cash flow $1.33bn, growth 17.9% for 5 years, then fading to 3% over 5 more, discounted at 9.4%; stress floor $344.38 |
| Exit multiple (P/E) | $462.30 | +1.4% | earnings per share $28.00 valued at 15.75× (the stock's own median P/E) in 5 years, discounted back |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | — | — | used only for lenders, where book value is the business |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
The discount rate:
| Risk-free rate | 5.13% (10-year US Treasury yield) |
| Company's own beta | 0.94 (5 years of monthly returns against the S&P 500; standard error 0.22) |
| Peer beta | 0.84 (median of 8 S&P 500 Transaction & Payment Processing Services companies) |
| Blend of own and peers | 0.92 (77% own, 23% peers, weighted by how precisely the company's own beta is measured) |
| Adjusted beta | 0.95 (0.67 × 0.92 + 0.33, pulled toward the market's 1.0) |
| Equity risk premium | 4.5% |
| Discount rate = risk-free + adjusted beta × premium | 9.40% |
Free cash flow grows 17.90% a year for 5 years, then fades in equal steps toward 3% over 5 more; each year is discounted by 1 ÷ (1 + rate)^year:
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Now | — | $1.33bn | — | — |
| Year 1 | 17.90% | $1.57bn | 0.9140 | $1.44bn |
| Year 2 | 17.90% | $1.85bn | 0.8355 | $1.55bn |
| Year 3 | 17.90% | $2.18bn | 0.7636 | $1.67bn |
| Year 4 | 17.90% | $2.58bn | 0.6980 | $1.80bn |
| Year 5 | 17.90% | $3.04bn | 0.6380 | $1.94bn |
| Year 6 | 15.42% | $3.51bn | 0.5831 | $2.04bn |
| Year 7 | 12.93% | $3.96bn | 0.5330 | $2.11bn |
| Year 8 | 10.45% | $4.37bn | 0.4872 | $2.13bn |
| Year 9 | 7.97% | $4.72bn | 0.4453 | $2.10bn |
| Year 10 | 5.48% | $4.98bn | 0.4070 | $2.03bn |
| Terminal value = year-10 cash flow × (1 + 3%) ÷ (9.40% − 3%) | $80.08bn |
| Terminal value in today's money | $32.59bn |
| Present value of years 1–10 | $18.80bn |
| Total present value | $51.40bn |
| Shares outstanding | 66.39m |
| Value per share = total ÷ shares | $774.22 |
How the DCF value moves with the discount rate and the starting growth (the middle cell is the published value):
| Discount rate | Growth 12.9% | Growth 17.9% | Growth 22.9% |
|---|---|---|---|
| 8.40% | $697.43 | $936.70 | $1,250.24 |
| 9.40% | $579.89 | $774.22 | $1,028.15 |
| 10.40% | $494.50 | $656.43 | $867.39 |
The same DCF at each beta, starting growth unchanged:
| Beta | Value | Discount rate | DCF value |
|---|---|---|---|
| Company's own beta | 0.94 | 9.36% | $780.42 |
| Peer beta | 0.84 | 8.91% | $847.65 |
| Adjusted beta (used) | 0.95 | 9.40% | $774.22 |
Earnings per share grow on the same fading path as the DCF:
| Year | Growth | Earnings per share |
|---|---|---|
| Now | — | $28.00 |
| Year 1 | 17.90% | $33.01 |
| Year 2 | 12.68% | $37.20 |
| Year 3 | 9.30% | $40.66 |
| Year 4 | 7.09% | $43.54 |
| Year 5 | 5.66% | $46.01 |
| Earnings per share in year 5 | $46.01 |
| Exit P/E (the stock's own median P/E) | 15.75× |
| Value in 5 years = earnings × P/E | $724.62 |
| Discounted at 9.40% over 5 years: ÷ 1.5674 | $462.30 |
We publish no single base value for Corpay. Our valuation methods put it between $462.30 and $774.22 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
One-year price simulation: a 10% chance the price is below $357.91 and a 10% chance it is above $660.11 in a year; a 61% chance it is higher than today's $456.01, from 23.76% volatility. The simulation assumes the price drifts up at our discount rate of 9.4% a year.
At $456.01 the price implies free cash flow growing 8.8% a year for five years and then fading toward 3% over five more; its revenue has grown 17.9%.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $394.60 | — |
| 9 Oct 2026 | $397.92 | — |
| 16 Oct 2026 | $399.84 | — |
| 23 Oct 2026 | $408.46 | — |
| 30 Oct 2026 | $400.94 | — |
| 6 Nov 2026 | $455.16 | — |
| 12 Nov 2026 | $456.01 | — |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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