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Side-by-side financial comparison of Corpay (CPAY) and MODINE MANUFACTURING CO (MOD). Click either name above to swap in a different company.
Corpay is the larger business by last-quarter revenue ($1.2B vs $805.0M, roughly 1.6× MODINE MANUFACTURING CO). Corpay runs the higher net margin — 21.2% vs -5.9%, a 27.1% gap on every dollar of revenue. On growth, MODINE MANUFACTURING CO posted the faster year-over-year revenue change (30.5% vs 20.7%). Corpay produced more free cash flow last quarter ($760.3M vs $-17.1M). Over the past eight quarters, Corpay's revenue compounded faster (15.5% 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.
Modine Manufacturing is a thermal management company established in 1916 in the United States. The company started as Modine Manufacturing Company by Arthur B Modine who patented the Spirex radiator for tractors. The Modine company manufactured the Turbotube radiator for Ford Model T cars. The company built the world's first vehicular wind tunnel in Racine, Wisconsin in 1941. During WWII, Modine manufactured aftercoolers for the P-51 Mustang fighter plane. After WWII, Modine introduced the Ai...
CPAY vs MOD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $805.0M |
| Net Profit | $264.5M | $-47.4M |
| Gross Margin | — | 23.1% |
| Operating Margin | 45.2% | 11.1% |
| Net Margin | 21.2% | -5.9% |
| Revenue YoY | 20.7% | 30.5% |
| Net Profit YoY | 7.5% | -215.6% |
| EPS (diluted) | $3.74 | $-0.90 |
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 | $805.0M | ||
| Q3 25 | $1.2B | $738.9M | ||
| Q2 25 | $1.1B | $682.8M | ||
| Q1 25 | $1.0B | $647.2M | ||
| Q4 24 | $1.0B | $616.8M | ||
| Q3 24 | $1.0B | $658.0M | ||
| Q2 24 | $975.7M | $661.5M | ||
| Q1 24 | $935.3M | $603.5M |
| Q4 25 | $264.5M | $-47.4M | ||
| Q3 25 | $277.9M | $44.4M | ||
| Q2 25 | $284.2M | $51.2M | ||
| Q1 25 | $243.2M | $49.6M | ||
| Q4 24 | $246.0M | $41.0M | ||
| Q3 24 | $276.4M | $46.1M | ||
| Q2 24 | $251.6M | $47.3M | ||
| Q1 24 | $229.8M | $25.8M |
| Q4 25 | — | 23.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 25.6% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 25.2% | ||
| Q2 24 | — | 24.6% | ||
| Q1 24 | — | 22.4% |
| Q4 25 | 45.2% | 11.1% | ||
| Q3 25 | 44.6% | 9.9% | ||
| Q2 25 | 43.5% | 11.1% | ||
| Q1 25 | 42.5% | 11.5% | ||
| Q4 24 | 47.2% | 9.6% | ||
| Q3 24 | 45.5% | 11.4% | ||
| Q2 24 | 44.4% | 11.2% | ||
| Q1 24 | 42.5% | 7.8% |
| Q4 25 | 21.2% | -5.9% | ||
| Q3 25 | 23.7% | 6.0% | ||
| Q2 25 | 25.8% | 7.5% | ||
| Q1 25 | 24.2% | 7.7% | ||
| Q4 24 | 23.8% | 6.6% | ||
| Q3 24 | 26.9% | 7.0% | ||
| Q2 24 | 25.8% | 7.2% | ||
| Q1 24 | 24.6% | 4.3% |
| Q4 25 | $3.74 | $-0.90 | ||
| Q3 25 | $3.91 | $0.83 | ||
| Q2 25 | $3.98 | $0.95 | ||
| Q1 25 | $3.40 | $0.92 | ||
| Q4 24 | $3.43 | $0.76 | ||
| Q3 24 | $3.90 | $0.86 | ||
| Q2 24 | $3.52 | $0.88 | ||
| Q1 24 | $3.12 | $0.48 |
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 | $98.7M |
| Total DebtLower is stronger | $10.0B | $570.7M |
| Stockholders' EquityBook value | $3.9B | $1.1B |
| Total Assets | $26.4B | $2.5B |
| Debt / EquityLower = less leverage | 2.58× | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $98.7M | ||
| Q3 25 | $2.0B | $83.8M | ||
| Q2 25 | $2.2B | $124.5M | ||
| Q1 25 | $1.6B | $71.6M | ||
| Q4 24 | $1.6B | $83.8M | ||
| Q3 24 | $1.3B | $78.6M | ||
| Q2 24 | $1.4B | $72.9M | ||
| Q1 24 | $1.3B | $60.1M |
| Q4 25 | $10.0B | $570.7M | ||
| Q3 25 | $8.1B | $525.8M | ||
| Q2 25 | $8.1B | $482.1M | ||
| Q1 25 | $8.2B | $296.7M | ||
| Q4 24 | $8.0B | $330.0M | ||
| Q3 24 | — | $359.1M | ||
| Q2 24 | — | $405.7M | ||
| Q1 24 | — | $399.9M |
| Q4 25 | $3.9B | $1.1B | ||
| Q3 25 | $4.1B | $1.1B | ||
| Q2 25 | $3.9B | $1.0B | ||
| Q1 25 | $3.5B | $910.2M | ||
| Q4 24 | $3.1B | $855.1M | ||
| Q3 24 | $3.1B | $858.8M | ||
| Q2 24 | $2.8B | $788.4M | ||
| Q1 24 | $3.3B | $747.6M |
| Q4 25 | $26.4B | $2.5B | ||
| Q3 25 | $19.7B | $2.4B | ||
| Q2 25 | $20.4B | $2.2B | ||
| Q1 25 | $18.5B | $1.9B | ||
| Q4 24 | $18.0B | $1.8B | ||
| Q3 24 | $17.6B | $1.9B | ||
| Q2 24 | $16.2B | $1.9B | ||
| Q1 24 | $15.8B | $1.9B |
| Q4 25 | 2.58× | 0.51× | ||
| Q3 25 | 1.99× | 0.50× | ||
| Q2 25 | 2.07× | 0.48× | ||
| Q1 25 | 2.37× | 0.33× | ||
| Q4 24 | 2.56× | 0.39× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 0.53× |
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 | $24.7M |
| Free Cash FlowOCF − Capex | $760.3M | $-17.1M |
| FCF MarginFCF / Revenue | 60.9% | -2.1% |
| Capex IntensityCapex / Revenue | 4.2% | 5.2% |
| Cash ConversionOCF / Net Profit | 3.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $-20.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $812.7M | $24.7M | ||
| Q3 25 | $-378.9M | $1.4M | ||
| Q2 25 | $1.1B | $27.7M | ||
| Q1 25 | $-74.2M | $54.8M | ||
| Q4 24 | $648.7M | $60.7M | ||
| Q3 24 | $400.8M | $57.3M | ||
| Q2 24 | $540.9M | $40.5M | ||
| Q1 24 | $350.2M | $39.6M |
| Q4 25 | $760.3M | $-17.1M | ||
| Q3 25 | $-429.8M | $-30.5M | ||
| Q2 25 | $1.1B | $200.0K | ||
| Q1 25 | $-118.9M | $27.1M | ||
| Q4 24 | $604.6M | $44.7M | ||
| Q3 24 | $355.0M | $43.8M | ||
| Q2 24 | $496.8M | $13.7M | ||
| Q1 24 | $309.0M | $-4.3M |
| Q4 25 | 60.9% | -2.1% | ||
| Q3 25 | -36.7% | -4.1% | ||
| Q2 25 | 98.7% | 0.0% | ||
| Q1 25 | -11.8% | 4.2% | ||
| Q4 24 | 58.4% | 7.2% | ||
| Q3 24 | 34.5% | 6.7% | ||
| Q2 24 | 50.9% | 2.1% | ||
| Q1 24 | 33.0% | -0.7% |
| Q4 25 | 4.2% | 5.2% | ||
| Q3 25 | 4.3% | 4.3% | ||
| Q2 25 | 4.8% | 4.0% | ||
| Q1 25 | 4.5% | 4.3% | ||
| Q4 24 | 4.3% | 2.6% | ||
| Q3 24 | 4.4% | 2.1% | ||
| Q2 24 | 4.5% | 4.1% | ||
| Q1 24 | 4.4% | 7.3% |
| Q4 25 | 3.07× | — | ||
| Q3 25 | -1.36× | 0.03× | ||
| Q2 25 | 4.01× | 0.54× | ||
| Q1 25 | -0.30× | 1.10× | ||
| Q4 24 | 2.64× | 1.48× | ||
| Q3 24 | 1.45× | 1.24× | ||
| Q2 24 | 2.15× | 0.86× | ||
| Q1 24 | 1.52× | 1.53× |
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% |
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
