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Side-by-side financial comparison of Corpay (CPAY) and Fabrinet (FN). Click either name above to swap in a different company.
Corpay is the larger business by last-quarter revenue ($1.2B vs $1.1B, roughly 1.1× Fabrinet). Corpay runs the higher net margin — 21.2% vs 9.9%, a 11.2% gap on every dollar of revenue. On growth, Fabrinet posted the faster year-over-year revenue change (35.9% vs 20.7%). Corpay produced more free cash flow last quarter ($760.3M vs $-5.3M). Over the past eight quarters, Fabrinet's revenue compounded faster (24.4% CAGR vs 15.5%).
Corpay, Inc., headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes. The company focuses on vehicle-related expenses, lodging expenses, and corporate payments.
FabrinetFNEarnings & Financial Report
Below is a list of companies having stocks that are included in the S&P MidCap 400 stock market index. The index, maintained by S&P Dow Jones Indices, comprises the common stocks of 400 mid-cap, mostly American, companies. Although called the S&P 400, the index sometimes contains more than 400 stocks when it includes two or more share classes of stock from one of its component companies.
CPAY vs FN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.1B |
| Net Profit | $264.5M | $112.6M |
| Gross Margin | — | 12.2% |
| Operating Margin | 45.2% | 10.1% |
| Net Margin | 21.2% | 9.9% |
| Revenue YoY | 20.7% | 35.9% |
| Net Profit YoY | 7.5% | 30.0% |
| EPS (diluted) | $3.74 | $3.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.2B | $978.1M | ||
| Q2 25 | $1.1B | $909.7M | ||
| Q1 25 | $1.0B | $871.8M | ||
| Q4 24 | $1.0B | $833.6M | ||
| Q3 24 | $1.0B | $804.2M | ||
| Q2 24 | $975.7M | $753.3M | ||
| Q1 24 | $935.3M | $731.5M |
| Q4 25 | $264.5M | $112.6M | ||
| Q3 25 | $277.9M | $95.9M | ||
| Q2 25 | $284.2M | $87.2M | ||
| Q1 25 | $243.2M | $81.3M | ||
| Q4 24 | $246.0M | $86.6M | ||
| Q3 24 | $276.4M | $77.4M | ||
| Q2 24 | $251.6M | $81.1M | ||
| Q1 24 | $229.8M | $80.9M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | 11.9% | ||
| Q2 25 | — | 12.2% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | 12.1% | ||
| Q3 24 | — | 12.3% | ||
| Q2 24 | — | 12.3% | ||
| Q1 24 | — | 12.4% |
| Q4 25 | 45.2% | 10.1% | ||
| Q3 25 | 44.6% | 9.6% | ||
| Q2 25 | 43.5% | 9.8% | ||
| Q1 25 | 42.5% | 9.0% | ||
| Q4 24 | 47.2% | 9.5% | ||
| Q3 24 | 45.5% | 9.6% | ||
| Q2 24 | 44.4% | 9.7% | ||
| Q1 24 | 42.5% | 9.7% |
| Q4 25 | 21.2% | 9.9% | ||
| Q3 25 | 23.7% | 9.8% | ||
| Q2 25 | 25.8% | 9.6% | ||
| Q1 25 | 24.2% | 9.3% | ||
| Q4 24 | 23.8% | 10.4% | ||
| Q3 24 | 26.9% | 9.6% | ||
| Q2 24 | 25.8% | 10.8% | ||
| Q1 24 | 24.6% | 11.1% |
| Q4 25 | $3.74 | $3.11 | ||
| Q3 25 | $3.91 | $2.66 | ||
| Q2 25 | $3.98 | $2.41 | ||
| Q1 25 | $3.40 | $2.25 | ||
| Q4 24 | $3.43 | $2.38 | ||
| Q3 24 | $3.90 | $2.13 | ||
| Q2 24 | $3.52 | $2.22 | ||
| Q1 24 | $3.12 | $2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $960.8M |
| Total DebtLower is stronger | $10.0B | — |
| Stockholders' EquityBook value | $3.9B | $2.2B |
| Total Assets | $26.4B | $3.3B |
| Debt / EquityLower = less leverage | 2.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $960.8M | ||
| Q3 25 | $2.0B | $968.8M | ||
| Q2 25 | $2.2B | $934.2M | ||
| Q1 25 | $1.6B | $950.7M | ||
| Q4 24 | $1.6B | $934.6M | ||
| Q3 24 | $1.3B | $908.9M | ||
| Q2 24 | $1.4B | $858.6M | ||
| Q1 24 | $1.3B | $794.0M |
| Q4 25 | $10.0B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.9B | $2.2B | ||
| Q3 25 | $4.1B | $2.1B | ||
| Q2 25 | $3.9B | $2.0B | ||
| Q1 25 | $3.5B | $1.9B | ||
| Q4 24 | $3.1B | $1.8B | ||
| Q3 24 | $3.1B | $1.8B | ||
| Q2 24 | $2.8B | $1.7B | ||
| Q1 24 | $3.3B | $1.7B |
| Q4 25 | $26.4B | $3.3B | ||
| Q3 25 | $19.7B | $3.0B | ||
| Q2 25 | $20.4B | $2.8B | ||
| Q1 25 | $18.5B | $2.6B | ||
| Q4 24 | $18.0B | $2.5B | ||
| Q3 24 | $17.6B | $2.4B | ||
| Q2 24 | $16.2B | $2.3B | ||
| Q1 24 | $15.8B | $2.2B |
| Q4 25 | 2.58× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.07× | — | ||
| Q1 25 | 2.37× | — | ||
| Q4 24 | 2.56× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $812.7M | $46.3M |
| Free Cash FlowOCF − Capex | $760.3M | $-5.3M |
| FCF MarginFCF / Revenue | 60.9% | -0.5% |
| Capex IntensityCapex / Revenue | 4.2% | 4.6% |
| Cash ConversionOCF / Net Profit | 3.07× | 0.41× |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $102.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $812.7M | $46.3M | ||
| Q3 25 | $-378.9M | $102.6M | ||
| Q2 25 | $1.1B | $55.1M | ||
| Q1 25 | $-74.2M | $74.2M | ||
| Q4 24 | $648.7M | $115.9M | ||
| Q3 24 | $400.8M | $83.2M | ||
| Q2 24 | $540.9M | $83.1M | ||
| Q1 24 | $350.2M | $100.9M |
| Q4 25 | $760.3M | $-5.3M | ||
| Q3 25 | $-429.8M | $57.3M | ||
| Q2 25 | $1.1B | $4.7M | ||
| Q1 25 | $-118.9M | $45.7M | ||
| Q4 24 | $604.6M | $94.0M | ||
| Q3 24 | $355.0M | $62.9M | ||
| Q2 24 | $496.8M | $70.4M | ||
| Q1 24 | $309.0M | $87.3M |
| Q4 25 | 60.9% | -0.5% | ||
| Q3 25 | -36.7% | 5.9% | ||
| Q2 25 | 98.7% | 0.5% | ||
| Q1 25 | -11.8% | 5.2% | ||
| Q4 24 | 58.4% | 11.3% | ||
| Q3 24 | 34.5% | 7.8% | ||
| Q2 24 | 50.9% | 9.3% | ||
| Q1 24 | 33.0% | 11.9% |
| Q4 25 | 4.2% | 4.6% | ||
| Q3 25 | 4.3% | 4.6% | ||
| Q2 25 | 4.8% | 5.5% | ||
| Q1 25 | 4.5% | 3.3% | ||
| Q4 24 | 4.3% | 2.6% | ||
| Q3 24 | 4.4% | 2.5% | ||
| Q2 24 | 4.5% | 1.7% | ||
| Q1 24 | 4.4% | 1.9% |
| Q4 25 | 3.07× | 0.41× | ||
| Q3 25 | -1.36× | 1.07× | ||
| Q2 25 | 4.01× | 0.63× | ||
| Q1 25 | -0.30× | 0.91× | ||
| Q4 24 | 2.64× | 1.34× | ||
| Q3 24 | 1.45× | 1.07× | ||
| Q2 24 | 2.15× | 1.02× | ||
| Q1 24 | 1.52× | 1.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
