CPAYCORPAY, INC.
Services-Business Services, NEC
- Revenue
- $4.5B
- 14% YoY
- Operating margin
- 44.0%
- 2.1% YoY
- EBITDA
- $2.4B
- 12% YoY
- Market cap
- $26.3B
- Employees
- 11,800
- $384K revenue each
- Net debt / EBITDA
- 3.1×
- $7.5B net debt
- AI in 10-K
- 3.2
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo140% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo52% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo25% of assetsOver 40% of assets
- Shareholder dissentYes56% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$384K · 38th pctBottom quartile of its SIC industry
- Quiet on AINo3.2 per 10K words · 72nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$26.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$146M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.8B | $3.4B | $3.8B | $4.0B | $4.5B | 14% |
| Operating income | $1.2B | $1.4B | $1.7B | $1.8B | $2.0B | 12% |
| Net income | $839M | $954M | $982M | $1.0B | $1.1B | 6.6% |
| Operating cash flow | $1.2B | $755M | $2.1B | $1.9B | $1.5B | 23% |
| Capex | $112M | $151M | $154M | $175M | $201M | 15% |
| Stock-based comp | $80M | $121M | $116M | $117M | $103M | 12% |
| Buybacks | $1.4B | $1.4B | $687M | $1.3B | $783M | 39% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $3M · 1
- Open-market sells, 12 mo
- $148M · 45
- Net
- −$146M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $3M | 110 | 132 |
| FY2024 | $28M | $48M | 124 | 132 |
| FY2023 | $3M | $21M | 104 | 120 |
| FY2022 | $4M | −$24M | 67 | 79 |
| FY2021 | $58M | $31M | 82 | 95 |